European Equity pre-Market Summary - 12th August 2026: Futures flat into US CPI, earnings continue to dominate

• Brenntag (BNR GY): Revenue beat, Operating EBITDA higher Y/Y. Lifts FY Operating EBITDA guidance.
• Hannover Re (HNR1 GY): Net & Reinsurance revenue beat. Confirms FY guidance.
• ABN AMRO (ABN NA), +5.5%: NII, Net Fee & Commission Income and Net beat. Raises FY26 commercial NII guidance.
• Vestas Wind Systems (VWS DC), +6.2%: Revenue & adj. EBIT beat. Raises FY adj. EBIT margin view.

• TUI (TUI GY), -3.0%: Revenue miss, Net beat. Confirms FY guidance.

• E.ON (EOAN GY): adj. EBITDA & Net higher Y/Y. Confirms FY guidance.

• TKMS (TKMS GY), +3.0%: Revenue & adj. EBITDA higher Y/Y, Order Intake lower. Raises FY sales growth and adj. EBIT margin guidance.

• Akzo Nobel (AKZA NA) upgraded to Overweight from Equal Weight at Barclays
• BBVA (BBVA SM) downgraded to Market Perform from Outperform at Keefe Bruyette
• CaixaBank (CABK SM) downgraded to Underperform from Market Perform at Keefe Bruyette

Note, the % after the Co. name and ticker is the pre-market indication via Tradegate.

European pre-market sessions of this shape, futures flat ahead of a US CPI print with a heavy domestic earnings slate, have historically traded as two distinct regimes: idiosyncratic single-stock moves on results in the morning, then a macro overlay once the US number lands that either validates or swamps the morning's work. The composition here is notable: beats with raised guidance across a distributor, a reinsurer, a bank and a wind-turbine maker is a cyclically tilted mix, and in past episodes of broad guidance upgrades across sectors the moves have tended to hold better than single-name beats, since they signal earnings-revision breadth rather than one-off execution. The ABN AMRO reaction, driven by a raised NII guide, fits the established pattern in European banks where net interest income trajectory, not the quarter itself, has been the dominant re-rating channel, and where peers with similar rate sensitivity tend to trade in sympathy on the read-across. The broker downgrades on the Spanish banks sit against that grain and are worth separating: single-broker actions on crowded performers have typically faded unless they mark the start of a revision cluster. The tells for the session are whether the guidance raisers hold their gaps through the US data, whether bank peers follow ABN's lead, and whether the CPI print shifts the rate differential that underpins the NII story.