Newsquawk Daily European Equity Opening News - 17th July 2026

ASIA

APAC stocks were pressured as the tech selling rolled over from Wall St and with sentiment weighed on by US-Iran escalation, in which the US conducted a sixth consecutive night of strikes on Iran and targeted infrastructure, including an airport, railway station and several bridges. ASX 200 was dragged lower by weakness in mining, materials, resources and tech, while telecoms, energy and defensives were at the other end of the spectrum, helping cushion the downside. Nikkei 225 underperformed and took the brunt of the semiconductor sell-off in the absence of its South Korean counterpart due to Constitution Day, while Kioxia was heavily pressured and has shed 50% of its market cap from last month's peak. Hang Seng and Shanghai Comp conformed to the downbeat mood amid the tech-related woes, and with sentiment also not helped by US President Trump's primetime address, in which he accused China of meddling in the 2024 US Election and called for Congress to pass the SAVE America Act.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.25% at 6,281, Dax 40 -0.53% at 24,866, FTSE 100 +0.54% at 10,572, CAC 40 -0.05% at 8,378, FTSE MIB -0.07% at 52,374, IBEX 35 -0.19% at 19,238, PSI -0.52% at 9,037, SMI -0.22% at 14,276, AEX +0.41% at 1,102

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

Lloyds (LLOY LN) downgraded to Market Perform from Outperform at Keefe Bruyette

Natwest (NWG LN) upgraded to Outperform from Market Perform at Keefe Bruyette

DAX

OTHER GERMAN COMPANIES

BROKER MOVES

BMW (BMW GY) upgraded to Buy from Hold at HSBC

CAC

Airbus (AIR FP), Boeing (BA) - Cos are reportedly looking to secure a major order from SMBC Aviation Capital, Bloomberg reports. Airbus is in talks for a commitment of around 100 of its A320neo, the report adds. (Bloomberg)

Dassault Systèmes (DSY FP) - Co. is reportedly in talks to buy drug trial software maker ArisGlobal from Nordic Capital for about USD 2bn, the FT reports. (FT)

TotalEnergies (TTE FP) - Co. cuts output at Port Arthur refinery as the reformer is undergoing repairs. (Newswires)

OTHER FRENCH COMPANIES

Accor (AC FP) - Co.'s board has reportedly hired a law firm to investigate the conduct of CEO Bazin following allegations of conflicts of interest and favourism, the FT reports. (FT)

Aeroports de Paris (ADP FP) - Co. reports June passenger traffic 33.4mln, +1.4% Y/Y. (ADP)

Vinci (DG FP) - Co. reports Q2 airports passenger traffic 85.1mln, -1.3% Y/Y. (Vinci)

BROKER MOVES

Sodexo (SW FP) upgraded to Reduce from Sell at AlphaValue

PAN EUROPE

CVC (CVC NA) - Co. is reportedly close to signing a deal to acquire Ecoeridania, according to Italian press. (Newswires)

Monte dei Paschi (BMPS IM), Intesa Sanpaolo (ISP IM), Banco BMP (BAMI IM) - BMPS's board says the premium offered by Intesa Sanpaolo in its takeover bid is too low, while saying the merger proposal from Banco BPM "deserves a comprehensive and rigorous assessment". (BMPS)

BROKER MOVES

ASML (ASML NA) maintained at Overweight at JPMorgan; PT raised to USD 2,400 (prev. USD 2,200)

SMI

Novartis (NOVN SW) - Co. announces that the US FDA approved Fabhalta to slow kidney function decline in adults with primary IgA nephropathy. (Novartis)

OTHER SWISS COMPANIES

DKSH Holding (DKSH SW) - H1 2026 (CHF): Core EBIT 163.4mln (prev. 169.3mln Y/Y), Revenue 5.47bln (prev. 5.52bln Y/Y), confirms mid-term roadmap. (DKSH)

BROKER MOVES

ABB (ABBN SW) upgraded to Buy from Hold at Pareto Securities

Adecco (ADEN SW) upgraded to Outperform from Neutral at BNP Paribas

SCANDINAVIA

Danske Bank (DANSKE NO)- H1 2026 (NOK): Net profit 11.9bln (prev. 11.2bln Y/Y), Total Income 29.1bln (prev. 27.9bln Y/Y), Operating expenses 12.9bln (prev. 12.7bln Y/Y), Loan impairments 265mln (prev. 266mln Y/Y), raises its FY26 net profit guidance to 23-25bln (prev. guided 22-24bln). (Danske Bank)

EQT (EQT SS) - H1 2026 (EUR): Revenue 1.61bln (prev. 1.27bln Y/Y), Adj. EBITDA 837mln (prev. 806mln), Net Income 663mln (prev. 346mln Y/Y), Fee-generating AuM 155bln (prev. 141bln). All key funds continue to perform on or above plan. Enters H2'26 with an attractive pipeline of new investments. (EQT)

Husqvarna (HUSQB SS) - Q2 2026 (SEK): Revenue 14.4bln (exp. 14.6bln), Operating income 1.6bln (prev. 2.06bln Y/Y). CEO: "Ongoing geopolitical uncertainty and weak consumer sentiment continued to weigh on demand, while unfavorable weather in Europe during the first six weeks of the quarter further slowed sell-out and replenishment. North America continued its recovery, delivering solid growth across most product categories."(Husqvarna)

Kemira (KEMIRA FH) - Q2 2026 (EUR): Revenue 693mln (exp. 698.7mln), operative EBITDA 111.7mln (prev. 131.8mln Y/Y), guides FY revenue to between 2.6-3bln (exp. 2.83bln). (Kemira)

Nordnet (SAVE SS) - Q2 2026 (SEK): Operating profit 1.19bln (prev. 0.89bln Y/Y), Diluted EPS 3.80 (prev. 2.84 Y/Y)

Saab (SAABB SS) - Q2 2026 (SEK): Revenue 25.45bln (exp. 23.88bln), Order Bookings 68.39bln (exp. 57.07bln), EBTI 2.79bln (exp. 2.45bln), Net profit 2.14bln (exp. 1.83bln), backs its medium term guidance for organic sales around 22% and operating income growth higher than organic sales growth. Says demand remains high as customers invest in both immediate and long-term needs and the Co. is well positioned to meet market demand. (Saab)

Skanska (SKAB SS) - Q2 2026 (SEK): EPS 4.27 (exp. 4.25, prev. 4.03 Y/Y), Revenue 44.6bln (prev. 44.6bln Y/Y), Operating income 2.1bln (prev. 1.8bln Y/Y). (Skanska)

SKF (SKFB SS) - Q2 2026 (SEK): Revenue 23.2bln (exp. 22.96bln, prev. 23.17bln Y/Y), Adj. Operating Profit 3.2bln (exp. 3.1bln), Organic growth 1.4% (prev. -0.2% Y/Y), driven by organic sales growth within the industrial segments, offset by negative market demand for the Automotive business. Expects Q3 organic sales to strengthen somewhat Y/Y, however, geopolitical turmoil, including the conflict in the Middle East, amplifies overall unpredictability. (SKF)

Swedbank (SWEDA SS) - Q2 2026 (SEK): Total Income 18.1bln (prev. 17.1bln Q/Q), NII 11.3bln (prev. 11.1bln Q/Q). CEO: "Swedbank stands strong and is well positioned for sustainable growth and profitability.” (Swedbank)

Telia (TELIA SS) - Q2 2026 (SEK): Revenue 20.7bln (exp. 20.6bln), Operating income 3.7bln (prev. 3.4bln Y/Y), Net Income 2.4bln (prev. 2.2bln Y/Y). CEO: “We continued our good momentum from the first quarter with solid service revenue development and EBITDA growth; we are on track to deliver on our full-year outlook and mid-term financial ambitions. We expect lower EBITDA growth in the third quarter, and higher growth in the fourth quarter." (Telia)

Tomra Systems (TOM NO) - Q2 2026 (EUR): Revenue 405mln (prev. 325mln Y/Y), Adj. EBITA 57mln (prev. 44mln Y/Y). (Tomra Systems)

Truecaller (TRUEB SS) - Q2 2026 (SEK): Net revenue 393.2mln (exp. 337.4mln). Co. enters into an agreement to buy TextPlus for USD 15mln. (Truecaller)

Volvo AB (VOLVB SS) - Q2 2026 (SEK): Adj. Operating Profit 14.78bln (exp. 14.32bln), Revenue 126.3bln (exp. 123.5bln), Operating income 13.48bln (prev. 9.96bln Y/Y). CEO: "Headwinds from US tariff costs, higher freight and material costs more than offset stronger service business, favourable brand and market mix. We are gradually offsetting cost increases from inflationary pressure through commercial discipline and operational efficiency." (Volvo)

Volvo Car (VOLCARB SS) - Q2 2026 (SEK): Revenue 77.67bln (exp. 82.04bln, prev. 93.49bln Y/Y), EBIT excluding JVs and Associates 700mln (exp. 999mln), Operating income 0.8bln (prev. -10bln Y/Y), Gross Margin 16.8% (prev. 13.5% Y/Y). Fully electric car sales 25% (prev. 21% Y/Y. Expects US recovery to continue in the second half of the year, as the negative effects from the withdrawal of incentives on electrified cars lessen. Guides significantly stronger sales in H2 than H1. Have already delivered the targeted SEK 5bln of cost savings. 6 months ahead of time. (Volvo Car)

BROKER MOVES

Atea (ATEA NO) upgraded to Buy from Hold at Danske Bank

Handelsbanken (SHBB SS) downgraded to Sell from Neutral at Citi

Outokumpu (OUT1V FH) downgraded to Hold from Buy at SEB

SOBI (SOBI SS) downgraded to Hold from Buy at DNB Markets

Tele2 (TEL2B SS) upgraded to Buy from Hold at Danske Bank

Telenor (TEL NO)upgraded to Buy from Hold at Danske Bank

US

CLOSES: SPX -0.51% at 7,534, NDX -1.62% at 29,026, DJI -0.20% at 52,554, RUT +0.01% at 2,977.

SECTORS: Consumer Staples +2.90%, Health +2.23%, Real Estate +2.08%, Energy +1.00%, Utilities +0.56%, Materials +0.46%, Financials +0.40%, Industrials +0.06%, Consumer Discretionary -0.29%, Technology -1.77%, Communication Services -2.84%.

Alcoa (AA) - Q2 adj. EPS 2.12 (exp. 2.33), Q2 revenue USD 4.0bln (exp. 3.91bln). Alumina production -6% sequentially to 2.2mln metric tons, due to lower production at the Pinjarra refinery in Australia after instability was worsened by gas supply disruption from Cyclone Narelle; Aluminium production +5% sequentially to 636,000 metric tons on smelter restarts in Spain, Brazil, Norway and Australia. Aluminium shipments +18% sequentially, driven by inventory repositioning in North America and higher output from restarted capacity. Sees Q3 Alumina adj. EBITDA benefiting by around USD 10mln sequentially from Pinjarra stability and lower energy prices, partly offset by planned maintenance in Brazil, while lower Section 232 tariff costs on US aluminium imports from Canada are expected to reduce costs by approximately USD 10mln sequentially. Alcoa lowered its FY26 alumina production guidance to 9.5-9.6mln metric tons, and alumina shipments to 11.5-11.6mln metric tons, while maintaining Aluminium production between 2.4-2.6mln metric tons, and shipments between 2.6-2.8mln metric tons.

Netflix (NFLX) - Shares fell almost 9% in extended US trading as investors were disappointed by its earnings forecast, and scrutiny over engagement updates overshadowed broadly in-line results and continued advertising growth. Q2 EPS 0.80 (exp. 0.79), Q2 revenue +13% Y/Y at USD 12.6bln (exp. 12.58bln), driven by membership growth, pricing and higher advertising revenue, while net income increased to USD 3.40bln (vs USD 3.13bln Y/Y). Netflix said engagement remains healthy, with more than 97bln hours of content watched in H1, although it will shift its “What We Watched” report to annual publication in Q1 from 2027, to keep earnings focused on financial metrics. Management said live events remain a top draw and continue to support advertising demand, while Q2 free cash flow of USD 1.5bln included higher cash tax payments partly due to the WBD termination fee. Sees Q3 EPS 0.82 (exp. 0.84), sees Q3 revenue USD 12.86bln (exp. 13.01bln). For FY26, sees revenue between USD 51.0-51.4bln (exp. 51.41bln), and continues to see FY26 operating margin of 31.5%; expects content amortisation to grow slower in H2 and increase about 10% for 2026.