European Equity Early Indications: earnings dominate, particularly from the DAX 40 (+0.3%)

• HSBC (HSBA LN), +1%: PBT and Net beat, approves a 2nd USD 0.10/shr interim dividend, up to USD 1bln buyback. FY NII guidance upgraded, confident in other targets.
• Bayer (BAYN GY), +2%: Revenue and adj. EBITDA beat. Confirms outlook.
• Continental (CON GY): Revenue in-line, adj. EBIT margin beat. FY guidance below-exp. Expects raw material costs to be “substantially” higher in H2.
• Fresenius Medical (FME GY), -7%: Revenue beat, confirms guidance; seemingly hit by weak US performance.
• Lufthansa (LHA GY), -5%: Revenue beat, adj. EBIT & Net miss, margins weak. FY guidance at the lower end of the range.
• Zalando (ZAL GY) -10%; Revenue miss. FY Guidance at the lower end of the range, narrows EBIT guide.
• Evonik (EVK GY): revenue beat. Raises FY guidance.
• ams-OSRAM (AMS SW), +6%: Revenue beat, adj. EBITDA higher. Guidance maintained. Key milestones in smart glasses.
• BP (BP/ LN), +1%: Revenue beat, adj. net beat. announcing intention to sell Archaea, biogas business in the US.
• Smith+Nephew (SN/ LN), -5%: Revenue & operating profit higher Y/Y. FY26 revenue growth guidance cut, following a soft H1.

• Segro (SGRO LN): To be acquired by Prologis (PLD) for just under USD 19bln.

% following the name/ticker is the pre-market indication for that stock, via Tradegate.