EUROPEAN OPEN: NOVOB DC outlook disappoints; FRE GY lifts EPS view; SDZ SW H1 EBITDA rises; IFX GY lifts cash flow guidance despite profit miss; DHL GY expands buyback, raises EBIT view; GLEN LN boosts shareholder returns; HEIA NA backs guidance

STOCK SPECIFICS

• HEALTHCARE: Novo Nordisk (NOVOB DC) fell after its revised 2026 guidance disappointed; now expects adj. sales and operating profit to decline by between 0-6%; Q2 sales rose +3% to DKK 78.49bln (exp. 71.6bln), while Wegovy pill sales reached DKK 3.22bln (exp. 3.3bln). Gilead (GILD) shares edged lower after acquisition-related research and development costs drove a quarterly loss, overshadowing stronger revenue, product sales and improved guidance. Fresenius (FRE GY) raised FY adj. EPS growth guidance to 10-15% (from 5-10%); Q2 EBIT rose 10% to EUR 719mln; growth came from Helios hospitals and Kabi, whose FY margin is now expected at the upper end of a 16.5-17% range. Sandoz (SDZ SW) H1 revenue USD 5.76bln (exp. 5.76bln), adj. EBITDA USD 1.21bln (prev. 1.05bln), adj. EPS USD 1.71 (prev. 1.46); Q2 sales USD 3.01bln (exp. 2.99bln); biosimilars +20% FXN to USD 1.88bln, generics -1% to USD 3.89bln.
• TECH: Infineon (IFX GY) net profit missed expectations (EUR 423mln vs exp. 452mln), Q3 revenue slightly bear (EUR 4.17bln vs exp. 4.13bln), and its segment result was also short (EUR 797mln vs exp. 809mln); CEO said AI data centre power solutions demand improved across all segments, and auto returned to moderate growth. Sees Q4 revenue around EUR 4.7bln (exp. 4.6bln), FY26 revenue around EUR 16.3bln; raises FY26 adj. free cash flow guidance to around EUR 1.85bln (prev. saw 1.65bln). Advanced Micro Devices (AMD) shares fell about 7.4% afterhours as the outlook, despite exceeding consensus, fell short of lofty investor expectations.
• INDUSTRIALS: SpaceX (SPCX) shares fell 7.3% in extended US trading after higher than expected capex on its AI business overshadowed stronger than forecast earnings, while an impending share-sale eligibility window added further pressure. Deutsche Post (DHL GY) Q2 revenue EUR 22.37bln (prev. 19.83bln Y/Y), EBIT EUR 1.86bln (prev. 1.43bln Y/Y), EPS 0.91 (prev. 0.72 Y/Y); expands its share buyback programme to up to EUR 6.5bln (prev. 500mln), extended through end-2027, and raised FY26 EBIT view to more than EUR 6.5bln (prev. saw more than 6.2bln). A trade union filed a strike notice covering all easyJet (EZJ LN) France cabin crew from 8th August to 2nd September over deteriorating working conditions. Siemens Energy (ENR GY) reported Q3 revenue of EUR 11.45bln (exp. 11.19bln), orders of EUR 17.93bln (exp. 16.72bln) and profit before special items of EUR 1.62bln (exp. 1.42bln); confirmed FY26 guidance, targeting the upper end of its 10-12% margin range, while Siemens Gamesa returned to profitability for the first time since 2022.
• MATERIALS: Glencore (GLEN LN) reported H1 revenue of USD 174.43bln (vs 117.4bln y/Y), adj. EBITDA of USD 10.12bln (exp. 9.8bln); announced about USD 1.5bln of additional shareholder returns, comprising a USD 1bln distribution and USD 500mln buyback, and plans to seek a secondary ASX listing.
• CONSUMER DEFENSIVE: Heineken (HEIA NA) Q2 total organic volume +1.9% (exp. -0.3%), Q2 revenue EUR 8.13bln (exp. 8.07bln). Consolidated organic volume +0.9%, while all five global brands delivered growth. H1 net revenue EUR 14.83bln (exp. 14.81bln), H1 operating profit EUR 2.17bln (exp. 2.18bln). Regional organic growth was led by Asia Pacific at +23.7% and Africa & Middle East at +8.4%, with Europe +1.0% and the Americas -8.4%. Management said strong demand in Asia and Africa offset continued weakness in Europe and the Americas, while about 3,000 roles were removed in H1 as part of the company’s cost programme. Maintains FY26 operating profit growth view between 2-6%. Ahold Delhaize (AD NA) Q2 revenue EUR 23.2bln (exp. 23.2bln), underlying operating income EUR 906mln (exp. 885mln); EBIT margin -0.1ppts Y/Y at 3.9%; it cited cost control and market-share gains, and confirmed its FY26 guidance. Coca-Cola HBC (CCH LN) H1 pretax profit EUR 723.3mln (exp. 712.6mln), comparable EBIT EUR 760.1mln (exp. 731.1mln), revenue EUR 6.23bln (prev. 5.62bln Y/Y); raises FY26 organic revenue growth view to the top-end of its 6-7% range, and organic EBIT growth of 8-10%.
• CONSUMER CYCLICAL: Schaeffler (SHA0 GY) H1 revenue EUR 11.67bln (prev. 11.85bln Y/Y), adj. EBIT of EUR 549mln (prev. 482mln Y/Y), Q2 adj. EBIT EUR 264mln (exp. 266mln), with a 4.5% margin (exp. 4.5%); confirmed FY26 guidance, expects about 1,300 German employees to accept expanded partial-retirement arrangements. Next (NXT LN) Q2 full-price sales growth +9.2% Y/Y (vs its 4.0% forecast); raises its FY27 pretax profit guidance to GBP 1.24bln (from GBP 1.21bln). Of note for luxury names, Chanel comp sales +16% Y/Y in H1, led by 25% growth in the US; fashion sales increased by a similar rate, while Watches and Fine Jewellery +35%, Fragrance and Beauty +8%.
• FINANCIALS: Allianz (ALV GY) will buy UOB’s (UOB SP) asset management division for SGD 555mln. EQT (EQT SS)-backed EdgeConneX is reportedly in early discussions to raise as much as USD 4bln of debt for a data centre project in Texas. Santander (SAN SM) and Webster Financial (WBS) received Fed approval for Santander’s acquisition of Webster; transaction has now secured the required regulatory approvals and is expected to close on 20th August. Legal & General (LGEN LN) H1 core operating profit GBP 918mln (exp. 883mln), operating profit of GBP 920mln (exp. 901mln); said it remains on track to meet or exceed its strategic targets.
• NOTABLE BROKER UPDATES: OHB (OHB GY) initiated with Buy at Berenberg. Nexans (NEX FP) upgraded at JPMorgan. HSBC (HSBA LN) downgraded at Citi; Smith+Nephew (SN/ LN) downgraded at Barclays; BBVA (BBVA SM) downgraded at Deutsche Bank.

DAY AHEAD:

• DATA: In Europe, final S&P Global PMI data are due; Eurozone seen at 51.9 (prev. 50.0), and Services at 51.6 (prev. 49.4); UK Composite expected at 52.1 (prev. 49.3) and Services at 51.8 (prev. 48.8); Germany Composite seen at 51.2 (prev. 49.5) and Services at 49.6 (prev. 48.6); France Composite expected at 49.6 (prev. 47.2) and Services at 49.8 (prev. 46.8). Eurozone PPI is also out today (prev. 5.9% Y/Y). In North America, US ADP employment change (exp. 70K, prev. 98K) comes ahead of Friday’s official jobs data. The ISM Services PMI is seen rising to 54.5 (prev. 54.0) with business activity seen at 56 (prev. 55.4), employment at 52 (prev. 51.2), new orders at 55.3 (prev. 55.1) and prices paid at 66.2 (prev. 67.7).
• CENTRAL BANKS: Fed’s Schmid (2028 voter, hawk) speaks on policy and the economy; Fed’s Cook (voter, neutral) on the economic outlook. ECB publishes a bulletin pre-release on uncertainty weighing on the Euro area economy. Brazil’s BCB is expected to deliver a 25bps rate cut (exp. 14.00%, prev. 14.25%). CBR releases July meeting minutes.
• SUPPLY: US Treasury publishes its Q3 Quarterly Refunding Announcement; Treasury Secretary will hold a press conference after the announcement. Germany auctions EUR 1.5bln of 2029 Green Bobl and 2053 Green.
• EARNINGS: Notable earnings releases due today include: Eli Lilly (LLY), Sandisk (SNDK), Western Digital (WDC), Walt Disney (DIS), Uber (UBER), AppLovin (APP), CVS Health (CVS), McKesson (MCK), MercadoLibre (MELI), DoorDash (DASH), Phillips 66 (PSX), EOG Resources (EOG), Motorola (MSI), Allstate (ALL), Honeywell (HONA), MetLife (MET), Cencora (COR), Realty Income (O), Occidental (OXY), eBay (EBAY), Block (XYZ), Axon (AXON), Iron Mountain (IRM), Expedia (EXPE), Nutrien (NTR), Kraft Heinz Company (KHC), Global Payments (GPN), CF Industries (CF), Flutter Entertainment (FLUT), News Corp (NWSA), Albemarle (ALB), Insulet (PODD), Etsy (ETSY), Zillow Group (Z).
• ENERGY: EIA releases weekly energy inventories; afterhours on Tuesday, API weekly inventory data reportedly showed headline crude stocks posting a surprise build of +2.7mln bbls (exp. -2.0mln), Cushing seeing a build of +2.4mln bbls, distillates posting a larger than expected draw of -1.2mln bbls (exp. -0.1mln), and gasoline stocks seeing a surprise build of +0.2mln bbls (exp. -1.3mln).
• PRIMER - US QRA (13:30BST/08:30EDT): The Quarterly Refunding Announcement is expected to see Q3 net marketable borrowing at USD 739bln, and Q4 at USD 628bln. Traders will eye whether guidance retains language that coupon and FRN auction sizes will hold “for at least the next several quarters.” JPM flags a USD 3.7tln four-year funding gap, and argues the wording should be tightened, but expects the Treasury to hold fire ahead of November’s midterms to avoid unsettling long-end rates. Our primer is here.