European Equity pre-Market Summary - 13th August 2026: Earnings remain in focus, Maersk upgrades guidance significantly

• FTSE 100: Pershing Square (PSH LN), Babcock (BAB LN), GSK (GSK LN), Rio Tinto (RIO LN), Aberdeen (ABDN LN), Shell (SHEL LN), Rentokil (RTO LN), London Stock Exchange (LSEG LN), Haleon (HLN LN), IG Group (IGG LN), NatWest (NWG LN), Melrose (MRO LN), Pearson (PSON LN), IMI (IMI LN), BP (BP/ LN), HSBC (HSBA LN), Fresnillo (FRES LN), Hiscox (HSX LN), Tritax Big Box (BBOX LN)

• Hapag-Lloyd (HLAG GY), +0.7%: Revenue and EBITDA higher Y/Y. Raises FY26 guidance. Notes Q2 was better Q/Q, driven by significantly higher spot rates and robust demand.
• Pandora (PNDORA DC): Net beat, Revenue in-line. Gross margin solid, even excluding the IEEPA claim's positive benefit.
• Maersk (MAERSKB DC), +1.6%: Revenue, EBITDA & EBIT beat. Upgrades FY26 guidance, above market consensus.

• RWE (RWE GY), +1.8%: adj. EBITDA, net and EPS higher Y/Y. Confirms dividend target.
• Adyen (ADYEN NA), +2.3%: Revenue above exp. Raises FY26 guidance.
• Zealand Pharma (ZEAL DC): Revenue much lower Y/Y. Maintains guidance. Agreed to sell most of its rusfertide economics to Royalty Pharma for USD 100mln.

• EQT (EQT SS): Offered to purchase Cleanaway Waste Management (CWY AT) at a share price of AUD 3.13/shr in cash, valuing the Co. at c. AUD 6.9bln

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

The daily pre-market wrap format: a mixed tape where the tradeable content concentrates in a handful of names rather than the aggregate. The common thread here is container shipping, with both Maersk and Hapag-Lloyd raising guidance on stronger spot rates and demand, a pairing that has historically been read as a sector signal rather than idiosyncratic beats and tends to lift the peer complex, freight proxies and, at the margin, rate-sensitive fuel and logistics names. Guidance raises of this kind typically matter more than the prints themselves; the tell is whether the upgrades reflect sustained rate momentum or a front-loaded quarter, which management commentary and subsequent booking data will clarify. Adyen's revenue beat and guidance raise slots into the well-worn pattern of payments names trading on volume growth versus take-rate compression, a distinction the print breakdown will determine. The heavy ex-dividend slate across FTSE heavyweights, including index anchors in energy, banking and mining, mechanically drags the cash index on the day, a recurring effect worth netting out before reading index-level moves as directional. The EQT cash bid for Cleanaway follows the established infrastructure-fund appetite for waste assets, where financed all-cash offers at a premium have tended to hold and invite counterparty or regulatory scrutiny rather than competing bids. Follow-ons are the shipping peers' reactions, any read-across to freight-rate data, and whether the shipping upgrades hold through the session or fade on profit-taking as prior guide-up pops in the sector have sometimes done.