[MARKET ANALYSIS] European bourses softer with SMI underperforming despite positive ABB and Partners Group earnings; US equity futures unreactive following TSMC metrics

Newsquawk Staff · 16 Jul 2026, 08:45 UTC

European bourses (STOXX 600 -0.5%) begin Thursday’s trade entirely in the red, with underperformance in the SMI (-0.8%) after earnings from Partners Group and ABB (see more below). On the data front, UK GDP M/M printed 0.1% M/M, in line with expectations, while the 3M ticked down to 0.7%, from 0.8%, but beat the 0.5% consensus; no reaction seen in the FTSE 100.
Sectors highlight the negative bias, with Media (+0.6%) the only sector printing modest gains after earnings from Publicis (+2.1%), raising its FY revenue guidance. Underperformance is seen in Utilities (-1.1%), followed by Industrial Goods & Services (-1.0%) and Financial Services (-1.1%).
As stated above, underperformance in the SMI comes amid earnings reports by ABB (-3.4%) and Partners Group (-4.4%). Starting with ABB, Q2 revenue and order beat estimates while announcing the acquisition of Rotork (+66.9%) for an enterprise value of c. USD 5.5bln. In the earnings call, the executives highlighted that the Co. has a solid pipeline for future business with data centres and could spend up to USD 14bln on acquisitions following the Rotork purchase. For Partners Group, H1 inflows beat estimates and reconfirmed its gross new client demand guidance for FY26. However, the Co. said they are considering paring back the overall sizes of its evergreen funds.
Other key movers include: Telenor (-12.3%), Q2 revenue missed estimates and cuts its guidance; Delivery Hero (-0.4%), agrees to Uber’s USD 14.8bln acquisition offer; Diploma (+4.2%), raises its FY26 guidance.
US equity futures follow their European peers, trading entirely in the red, despite strong TSMC earnings and an Nvidia announcement. For TSMC, the Co. reported Q2 metrics that beat estimates and raised its Q3 revenue guidance. Additionally, the co. is to add another USD 100bln of US investment. For Nvidia, the Co. announced that Japan, through Noetra, will buy 27,500 Rubin chips to build AI models for robots.

What our latest note said

US Market Open, 22 Oct, 10:37 UTC · what it led with

Iran's IRGC Navy warned that US efforts to encourage passage could result in strikes on US bases.
Iran's Major General Rezaei said Iran has presented seven new conditions through mediators and will neither reopen the Strait of Hormuz nor resume negotiations until they are met.

Read the whole note Free to read.

Newsquawk Daily

Get the next one free, by email.

What moved overnight, where stocks, bonds, currencies and oil stand, and what’s due today. Written by our analysts.

Both market-open notes, EU and US, every weekday. No account needed. Unsubscribe any time.

If you trade

This headline was on the Newsquawk live feed at 08:25 UTC.

Use the Platform opens our news terminal in your browser, with the live headline feed. It’s news, not a broker.

Use the Platform

Free. No signup, no card.

Case studies

Headlines that moved markets

FX headlines from our feed, and what the market did next.

Fed’s Waller (voter) says more rate hikes are likely needed to tame inflation, but there is flexibility over the pace and hikes do not need to be consecutive.
DXY+0.1%
Japan's GPIF didn't discuss allocation at its September meeting, Bloomberg reports.
USD/JPY+0.1%
Japanese FX Official Mimura says they are closely watching to see if markets take the clear message they are giving at face value. Not satisfied with or reassured by recent JPY action.
USD/JPY−0.5%

See all 183

More on this story

Make Newsquawk a preferred source on GoogleSelect this to see Newsquawk more often in Top Stories when you search Google.

More on this story

Related headlines