Newsquawk Daily European Equity Opening News - 23rd July 2026

ASIA

APAC stocks were predominantly in the green as semiconductor strength helped the region shrug off the lacklustre lead from Wall Street and the widening geopolitical escalation in the Middle East. ASX 200 was lifted amid outperformance in the commodity-related and materials sectors, while sentiment was also helped by strong jobs data. Nikkei 225 rallied at the open but is well off today's best levels amid higher oil prices and after hitting resistance around the 67,000 level. KOSPI remained driven by semiconductor advances with both Samsung Electronics and SK Hynix in the green, while chaebols dominated the list of biggest gainers and participants also digested stronger-than-expected South Korean GDP data. Hang Seng and Shanghai Comp were mixed, with Hong Kong led higher by strength in mining names, while the mainland was lacklustre as trade-related frictions lingered, with the US investigating Chinese AI firm Moonshot over chip access and whether the Co. used US chips for model training.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.57% at 6,322, Dax 40 +0.65% at 25,174, FTSE 100 +1.24% at 10,717, CAC 40 +0.89% at 8,438, FTSE MIB +0.97% at 52,792, IBEX 35 +0.99% at 19,571, PSI +1.16% at 9,278, SMI +0.12% at 14,316, AEX +0.37% at 1,101.

FTSE 100

GSK (GSK LN) - Co. announces that its Jideytro has been approved in the US for certain lung cancers. (GSK)

Segro (SGRO LN) - Co. says Prologis (PLD) will commit contractually to Segro to establish a secondary listing of Prologis shares on LSE on or prior to completion. (Segro)

OTHER UK COMPANIES

Aston Martin (AML LN) - Co. says it has secured GBP 550mln in new debt financing led by HPS Investment Partners. (Aston Martin)

BROKER MOVES

DAX

Daimler Truck (DTG GY) - Co. raises FY guidance; sees FY26 industrial business segment revenue between EUR 43-47bln (prev. guided 42-46bln), adj. EBIT between 3.6-4.1bln (prev. guided 3.2-3.7bln) and unit sales guidance between 340-370k (prev. guided 330-360k). Due to weak market situations in Latin America and Mexico, Daimler Buses reduces its unit sales guidance for 2026 to between 20-25k. Altered guidance is based on the current USMCA framework. (EQS)

Dassault Systemes (DSY GY) - Q2 2026 (EUR): Revenue 1.56bln (exp. 1.54bln), Co. to acquire ArisGlobal for up to USD 2bln. (Dassault Systemes)

Deutsche Boerse (DB1 GY) - Q2 2026 (EUR): Sales Revenue 1.81bln (prev. 1.59bln Y/Y), EBITDA 980mln (prev. 891mln Y/Y), Net income 569mln (prev. 509mln Y/Y), confirms FY26 guidance. (Deutsche Boerse)

OTHER GERMAN COMPANIES

Porsche (P911 GY) - Co. is reportedly considering cutting another 5k jobs, Manager Magazin reports. Bild also reported that the Co. is planning to cut between 5-6k jobs by 2035. (Manager Magazin/Bild)

BROKER MOVES

CAC

BNP Paribas (BNP FP) - Q2 2026 (EUR): Net Income 4.35bln (exp. 4.23bln), Revenue 14.09bln (prev. 12.58bln Y/Y), PBT 6.06bln (prev. 4.55bln Y/Y). Interim dividend of EUR 3.23/shr; including the exceptional gain from the Ageas/AGI transaction. Guidance: Confirms objectives through to 2028. (BNP Paribas)

Pernod Ricard (RI FP) - Co. appoints Mauve Croizat as CFO, effective October 1st. (Pernod Ricard)

STMicroelectronics (STMPA FP) - Q2 2026 (USD): Revenue 3.49bln (exp. 3.46bln), Net Profit 222mln (exp. 209.9mln), Gross Profit 1.22bln (exp. 1.22bln), Gross margin 34.8% (guided "about" 34.8%). Guidance: Net revenue "about" 3.70bln (exp. 3.79bln), Gross margin "about" 37%, Q4 Revenue 4bln. CEO: “During the quarter demand increased further, with strong bookings in all end markets. We saw improved visibility and signs of tight supply in several product categories. Inventory in distribution is now below our standard target. We anticipate a revenue growth acceleration in Q4, mainly driven by our engaged customer programs in AI data centres and LEO satellite communication. Driven by continued strong demand in AI datacenters, we are raising our revenue ambition for datacentres. Revenues are now expected above USD 1bln in 2026 and, assuming the current dynamic continues and with the current engagements we have, well above USD 2bln in 2027." (STMicroelectronics)

Thales (HO FP) - Q2 2026 (EUR): Revenue 5.63bln (exp. 5.67bln). H1: Order Intake 12.47bln (prev. 10.35bln Y/Y), Sales 10.95bln (prev. 10.27bln Y/Y), Adj. EBIT 1.37bln (prev. 1.25bln Y/Y), affirms FY26 guidance. (Thales)

OTHER FRENCH COMPANIES

Alstom (ALO FP) - Q1 2026/27 (EUR): Sales 4.73bln (prev. 4.51bln Y/Y), Orders intake 2.56bln (prev. 4.08bln Y/Y), book-to-bill ratio 0.5x (prev. 0.9x Y/Y), confirms FY26 guidance. Says order intake should accelerate in Q2, with book-to-bill expected above 1 in both Q2 and FY26/27. (Alstom)

Dassault Aviation (AM FP) - H1 2026 (EUR): Revenue 4.16bln (exp. 3.52bln), Adj. operating income 330mln (exp. 245.5mln), Adj. Net income 496mln (prev. 386mln Y/Y), New orders 2.88bln (prev. 8.08bln Y/Y), affirms FY26 guidance. (Dassault Aviation)

Edenred (EDEN FP) - H1 2026 (EUR): EBITDA 616mln (exp. 602mln), LFL Revenue 1.5% (exp. 1.3%), sees FY26 EBITDA to fall between 7-10% (prev. guided fall of 8-12%). (Edenred)

Eurofins Scientific (ERF FP) - H1 2026 (EUR): Revenue 3.7bln (exp. 3.69bln), Net Income 395mln (prev. -93mln Y/Y), affirms FY26 guidance. (Eurofins Scientific)

Gecina (GFC FP) - H1 2026 (EUR): Gross rental income 358.5mln (prev. 359.9mln Y/Y), Recurrent net income per share 3.43 (prev. 3.38), confirms FY26 guidance. (Gecina)

Soitec (SOI FP) - Q1 2027 (EUR): Revenue 113mln (prev. 92mln Y/Y), guides Q2'27 revenue to grow more than 30% Y/Y, notably sustained by an acceleration in photonics-SOI demand. Assuming no material disruption in the AI market, Photonics-SOI FY27 revenue is expected to more than double the slightly above USD 100mln generated in FY26. (Soitec)

Valeo (FR FP) - H1 2026 (EUR): Sales 10.38bln (exp. 10.33bln), Operating margin 5% (exp. 4.7%), Net income 105mln (prev. 104mln Y/Y), affirms its FY26 guidance. CEO says they are actively preparing a return to growth in 2027. (Valeo)

BROKER MOVES

PAN EUROPE

Argenx (ARGX BB) - Q2 2026 (EUR): Revenue 1.54bln (exp. 1.27bln), Operating Profit 494mln (prev. 201mln Y/Y). Continues to advance its ‘Vision 2030’ anchored in the ambition to treat 50,000 patients globally with its medicines, secure 10 labeled indications, and progress five pipeline candidates into registrational development by 2030. (Argenx)

BE Semiconductor (BESI NA) - Q2 2026 (EUR): Revenue 249.9mln (exp. 249.1mln), Orders 292.9mln, +128.8% Y/Y; Gross margin 65.7%, +2.4% Y/Y; Net income 89mln, +177.3% Y/Y. Guides Q3 revenue to increase 10-15% from Q2, Gross margin expected to be between 63-65%. (BE Semiconductor)

Moncler (MONC IM) - H1 2026 (EUR): Net Profit 164.7mln (exp. 153.5mln), Group Revenue 1.29bln (exp. 1.29bln, prev. 1.23bln Y/Y), Group EBIT 245.4mln (prev. 224.8mln Y/Y). Co. says the sales trend in April and May was very good, however it was softer in June due to traffic decline. (Moncler)

UniCredit (UCG IM) - Q2 2026 (EUR): Net Income 2.91bln (exp. 2.8bln), Revenue 6.52bln (exp. 6.49bln). Guidance: Sees FY26 Net profit "well above" 11bln (prev. guided "equal or above" 11bln), FY28 net profit "well above" 13bln (prev. guided "around" 13bln), FY30 net profit "well above" 15bln. Says Commerzbank is evolving from an attractive financial investment into a strategic transaction of substantial industrial value creation through the implementation of our proven blueprint. We expect to deploy capital at an overall RoAC of 15%, further enhancing our growth trajectory, distributions and per-share metrics." (UniCredit)

BROKER MOVES

SMI

Givaudan (GIVN SW) - H1 2026 (CHF): Revenue 3.80bln (exp. 3.78bln), Net Income 475mln (exp. 556mln), EBITDA 820mln (prev. 913mln Y/Y), affirms 2030 targets. (Givaudan)

Kuehne+Nagel (KNIN SW) - Q2 2026 (CHF): Revenue 6.62bln (exp. 6.20bln), EBITDA 596mln (exp. 585.8mln), EBIT 381mln (exp. 358mln), Net Profit 276mln (exp. 252.5mln), raises its FY26 EBIT view to between 1.35-1.55bln (prev. guided 1.25-1.4bln). (Kuehne+Nagel)

Nestle (NESN SW) - Q2 (CHF): Sales 21.79bln (exp. 21.71bln), Organic Sales Growth 3.7% (exp. 3.6%), Real Internal Growth 1.8% (exp. 1.8%). H1 2026 (CHF): Sales 43.1bln (exp. 43.1bln), Net income 3.47bln (prev. 5.07bln Y/Y). Announces a 50:50 JV with Platinum Equity to create Peranel. It assigns an enterprise value to Peranel of CHF 4.5bln, implying cash proceeds at closing for Nestlé of c. CHF 2.8bln. (Nestle)

Roche (ROP SW) - H1 2026 (CHF): Sales 30.36bln (exp. 30.32bln), Core EPS 10.85 (prev. 11.08 Y/Y), Operating Profit 9.67bln (prev. 10.33bln Y/Y), Net Income 7.33bln (prev. 7.83bln Y/Y). CHF appreciation, particularly vs the USD, had an adverse impact of 8ppts on sales and 11ppts on core operating profit and core EPS. Sales Breakdown: Pharmaceutical 23.6bln (prev. 24bln), +6% at CER; Xolair was the major growth driver, with Hemlibra, Ocrevus and Phesgo also significantly contributing; Diagnostics 6.7bln (prev. 7.0bln), +3% at CER. (Roche)

OTHER SWISS COMPANIES

Galderma (GALD SW) - H1 2026 (USD): Revenue 3.13bln (exp. 3.1bln), Core EBITDA 802mln, +42.8% Y/Y. Raises FY26 net sales guidance to 19-21% growth (prev. guided 17-20%). (Galderma)

SFS Group (SFSN SW) - H1 2026 (CHF): Revenue 1.56bln (prev. 1.54bln Y/Y), Net income 149.1mln (prev. 111.8mln Y/Y), affirms FY guidance. (SFS Group)

Temenos (TEMN SW) - Q2 2026 (USD): EPS 1.31 (prev. 1.22 Y/Y), Revenue 281.5mln (prev. 277.6mln Y/Y), affirms FY26 guidance. (Temenos)

BROKER MOVES

SCANDINAVIA

Nokia (NOKIA FH) - Q2 2026 (EUR): EPS 0.07 (exp. 0.06), Revenue 4.82bln (exp. 4.92bln), Comparable operating profit 434mln (exp. 382mln). Other Metrics: Network infrastructure net sales 2.04bln (prev. 1.83bln Y/Y), Mobile infrastructure net sales 2.68bln (prev. 2.53bln Y/Y). Guidance: Sees FY comparable operating profit between EUR 2.1-2.6bln (prev. guided 2-2.5bln), assumes a 3% to 7% Q/Q increase in net sales in Q3 and comparable operating profit will be largely flat from Q2 into Q3 due to the phasing of software revenue recognition. Nokia then expects a meaningful increase in Q4. (Nokia)

BROKER MOVES

Genmab (GMAB DC) upgraded to Buy from Hold at TD Cowen

US

CLOSES: SPX -0.14% at 7,499, NDX -0.54% at 28,998, DJI -0.01% at 52,224, RUT -0.92% at 2,960

SECTORS: Communication Services -1.29%, Consumer Discretionary -0.84%, Health -0.56%, Real Estate -0.49%, Financials -0.13%, Technology +0.01%, Industrials +0.07%, Consumer Staples +0.38%, Energy +1.19%, Materials +1.45%, Utilities +2.29%.

Alphabet (GOOGL) - Alphabet shares fell almost 3% in extended trading after a sharply higher AI capex forecast and negative cash flow unsettled investors, overshadowing strong cloud revenue. Q2 EPS 9.11 (exp. 2.88), Q2 revenue USD 119.8bln (exp. 117.00bln). EPS included a USD 98.0bln net gain, primarily from unrealised gains on equity securities. Operating income USD 40.77bln (exp. 40.55bln), capex USD 44.92bln (exp. 44.15bln), revenue ex-traffic acquisition costs USD 103.62bln (exp. 101.07bln). Google Services revenue USD 94.54bln (exp. 94.32bln), Google Cloud revenue +82% Y/Y to USD 24.77bln (exp. 22.46bln), Google Advertising revenue USD 81.63bln (exp. 81.12bln), Google Search and other revenue USD 63.27bln (exp. 63.28bln) and YouTube advertising revenue USD 11.06bln (exp. 10.81bln). Gemini app monthly active users reached 950mln, with daily active users tripling Y/Y, while model APIs processed approximately 22bln tokens per minute, up from 16bln in Q1. Management highlighted strong AI infrastructure, AI solutions and security demand, while noting that Gemini Flash models are benefiting from their balance of performance and cost. The company raised its FY26 capex outlook to between USD 195-205bln (prev. saw 180-190bln), citing stronger-than-expected capacity delivery and demand that continues to exceed supply, and reaffirmed plans for another significant capex increase in 2027.

Amazon (AMZN) - Amazon is under investigation by the US Senate Small Business Committee over alleged negligence allowing Chinese influence within its online marketplace, Bloomberg reports. Republican staff said they found “compelling evidence” but cited no specifics. The inquiry follows claims that Amazon employees in China sold favours to merchants, adding to existing regulatory scrutiny denied by Amazon.

IBM (IBM) - Shares were little changed in extended trading despite the company cutting its FY growth outlook, with analysts saying that weak data-centre mainframe sales and delayed customer deals signal execution issues, and pressure from AI-related hardware budget shifts. Q2 adj. EPS 2.93 (exp. 2.93), Q2 revenue USD 17.2bln (exp. 17.26bln). Software revenue was USD 7.76bln (exp. 7.99bln), consulting revenue USD 5.33bln (exp. 5.39bln) and FCF USD 2.54bln (exp. 2.95bln). Management said several large deals failed to close within expected timelines, accounting for most of the infrastructure revenue shortfall, while around 80% of annual software revenue is recurring. CEO said IBM remains well positioned to help clients capture value from AI and is using AI and automation to accelerate productivity, revenue growth and profitability. Currency expected to reduce reported growth by around 1.5ppts in Q3; lowered FY26 constant-currency revenue growth outlook to between 4-5% (prev. saw above 5%) and maintained its expectation for FCF to increase by approximately USD 1bln Y/Y. Said it remains on track to deliver a quantum computer by 2029.

ServiceNow (NOW) - ServiceNow shares rose 5.7% in extended US trading after subscription revenue topped expectations and the company highlighted momentum in cybersecurity and rising adoption of its agentic AI offerings. Q2 adj. EPS 0.90 (exp. 0.86), Q2 revenue USD 3.99bln (exp. 3.93bln). Subscription revenue +24.5% Y/Y to USD 3.877bln, current remaining performance obligations +21% Y/Y to USD 13.20bln. It recorded 123 transactions above USD 1mln in net new annual contract value, up nearly 40% Y/Y, and ended the quarter with 658 customers generating more than USD 5mln in annual contract value, up approximately 23% Y/Y. Management said agentic ServiceNow AI deployments increased ninefold in nine months, while AI net new annual contract value growth continued to exceed expectations and the AI Control Tower supported demand across Security and Risk. ServiceNow sees FY26 revenue between USD 15.76-15.78bln (exp. 16.2bln).

Tesla (TSLA) - Tesla shares fell over 4% in extended trading after profits missed expectations, as discounting, weaker regulatory credit income, margin pressure and heavy AI and robotics spending outweighed record vehicle deliveries. Q2 adj. EPS 0.33 (exp. 0.52), Q2 revenue USD 28.2bln (exp. 25.99bln). Gross margin 16.8% (exp. 19.4%), automotive gross margin ex-regulatory credits declined sequentially to 16% (from 19%). Automotive revenue USD 20.52bln (exp. 18.68bln), services and other revenue USD 4.58bln (exp. 3.72bln), energy generation and storage revenue USD 3.14bln (exp. 3.77bln). Active FSD subscriptions reached 1.48mln (exp. 1.40mln), with nearly 1.5mln paid FSD customers globally. FCF USD -1.09bln (exp. -3.64bln). Exited Q2 with its largest automotive backlog since 2023, while the robotaxi service is live in seven major US metropolitan areas. Management said Cybercab production has begun at Gigafactory Texas, Tesla Semi remains on schedule for production this year, and first-generation Optimus production lines are being installed. Sees FY26 capex above USD 25bln, and expects spending to increase over the next two to three years as it expands robotaxi, Optimus, semiconductor, solar manufacturing and computing capacity.

Uber Technologies (UBER) - Uber cut 10% of customer service roles to simplify operations, strengthen office collaboration and expand AI use, Bloomberg reports.