Newsquawk Daily European Equity Opening News - 24th July 2026

ASIA

APAC stocks followed suit to the losses on Wall Street where the Nasdaq was heavily pressured following Alphabet and Tesla earnings, while sentiment was also weighed on by rising oil prices and yields as geopolitical escalation continues. ASX 200 retreated with underperformance in tech and miners leading the downside, while the improvement in Australian flash PMIs did little to spur a rebound. Nikkei 225 fell beneath the 65,000 level with tech stocks heavily pressured and over-represented in the list of worst performers, while inflation data did little to shift the dial and printed in line with expectations. KOSPI suffered the brunt of the tech selling with sidecars activated on the KOSPI and KOSDAQ. Hang Seng and Shanghai Comp conformed to the broad downbeat mood with notable pressure in miners and tech stocks.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -1.63% at 6,214, Dax 40 -1.77% at 24,709, FTSE 100 -0.73% at 10,639, CAC 40 -1.64% at 8,299, FTSE MIB -2.80% at 51,316, IBEX 35 -1.55% at 19,267, PSI -0.27% at 9,253, SMI -0.71% at 14,215, AEX -1.28% at 1,087

SECTORS: Energy 2.34%, Healthcare 0.94%, Financials 0.00%, Industrials -0.91%, Utilities -1.07%, Materials -1.42%, Telecoms -1.50%, Consumer Disc -2.33%, IT -2.39%, Consumer Stpl -3.66%

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

Bridgepoint (BPT LN) initiated with Buy at Berenberg

JD Sports Fashion (JD/ LN) upgraded to Outperform from Neutral at BNP Paribas

Standard Chartered (STAN LN) downgraded to Neutral from Buy at UBS

DAX

SAP (SAP GY) - Q2 2026 (EUR): Revenue 9.88bln (exp. 9.85bln), adj. operating profit 2.74bln (exp. 2.89bln), Non-IFRS cloud revenue 6.28bln (exp. 6.26bln), Cloud backlog 22.93bln (prev. 18.05bln Y/Y), revises its FY adj. operating profit to 11.8-12.2bln (exp. 12.0bln, prev. guided 11.9-12.3bln) due to the dilutive impact from its Dremio and Prior Labs acquisitions, while maintaining its FY26 cloud revenue outlook. CEO Christian Klein said growth was supported by SAP’s Autonomous Enterprise strategy, with strong momentum across its Autonomous Suite and Business AI Platform. (SAP) Shares indicated +2.6% pre-market.

Volkswagen (VOW3 GY) - Q2 2026 (EUR): Revenue 82.4bln (exp. 81.7bln), Operating Profit 3.47bln (exp. 4.07bln), Earnings before tax 1.54bln (exp. 2.37bln), guides FY26 revenue growth between -3 to 0% (prev. guided 0-3%) and unit deliveries to customers to fall between 3-7% (prev. guided "in line" with 2025 level). H1: Revenue 158.1bln (prev. 158.4bln Y/Y), Operating Profit 5.9bln (prev. 6.7bln Y/Y), Net Cash Flow 3.2bln (prev. -1.4bln Y/Y). Other Q2 metrics: Vehicle unit sales -9.7%, Unit deliveries -8.6%, Unit production -13.4%. Vehicle sales by region: South America +5.2%, Western Europe +1.3%, Central and Eastern Europe +9.6%, China -31.6%. CEO: "The environment for the automotive industry remains extremely challenging: geopolitical crises, trade conflicts, high regulatory requirements, volatile markets and intensified competition." CFO: "In an environment where the Chinese total market is down by 20% and Chinese competitors are increasing exports and thereby increasing competitive pressure in Europe, the currently planned initiatives are not sufficient." (Volkswagen) Shares indicated -3.1% pre-market.

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Carrefour (CA FP) - H1 2026 (EUR): Adj. EPS 0.49 (prev. 0.41 Y/Y), Revenue 43.8bln (prev. 43.1bln), EBITDA 1.87bln (prev. 1.82bln Y/Y), confirms FY26 guidance. ROI by core country: France +14%, Spain +7%, Brazil +6%. (Carrefour)

Sanofi (SAN FP) - Co. announces that it will discontinue the clinical development of Amlitelimab for atopic dermatitis as part of an ongoing strategic assessment of the pipeline. Will not be amending its FY26 guidance. (Sanofi)

OTHER FRENCH COMPANIES

Ipsen (IPN FP) - Co. announces that its Phase III BOLD trial evaluating Bylvay for patients living with biliary atresia who have already undergone a Kasai hepatoportoenterostomy did not meet the primary endpoint of improvement in native liver survival. (Ipsen)

Ubisoft (UBI FP) - Q1 2026 (EUR): Revenue 268.2mln (prev. 311mln Y/Y), Net bookings 255.8mln, -9.2% Y/Y. Reaffirms FY26-27 objectives and midterm outlook. Net bookings were slightly above guidance, driven by a record performance for Invincible: Guarding the Globe while the rest of the catalog performed in line with expectations. (Ubisoft)

BROKER MOVES

Ubisoft (UBI FP) downgraded to Neutral from Outperform at Wedbush

PAN EUROPE

Eni (ENI IM) - The Indonesian government says Searah, the Eni-Petronas JV, has started developing a floating gas facility to process gas from its USD 11.8bln North Hub project.

HSBC (HSBA LN), Allianz (ALV GY) - Allianz has agreed to buy HSBC's Singapore insurance unit for USD 2.1bln, with the two Cos also agreeing to enter a 15-year exclusive distribution partnership. Allianz would provide insurance and other solutions to HSBC's customers in Singapore. (HSBC)

Poste Italiane (PST IM) - Q2 2026 (EUR): Revenue 3.39bln (exp. 3.34bln), Net profit 594mln, +3.8% Y/Y; Adj. EBIT 868mln, +0.5% Y/Y. Confirms FY26 guidance. (Poste Italiane)

Sabadell (SAB SM) - Q2 2026 (EUR): NII 902mln (exp. 894mln), Net profit excluding TSB 608mln (exp. 635mln), Gross Operating income excluding TSB 1.27bln (exp. 1.25bln), confirms FY26 guidance. Announces a share buyback programme of up to EUR 331mln. (Sabadell)

Signify (LIGHT NA) - Q2 2026 (EUR): Revenue 1.33bln (prev. 1.42bln Y/Y), Adj. EBITA 17mln (prev. 110mln Y/Y), comparable sales -3.6% (prev. -1.4% Y/Y), affirms FY26 guidance. (Signify)

Trade - The US announces that a 10-12.5% import tariff has been imposed on 60 major trading partners related to forced labour, with the exemption of imports of oil, gas, fertiliser and food stuffs.

BROKER MOVES

Wienerberger (WIE AV) downgraded to Neutral from Outperform at BNP Paribas

SMI

OTHER SWISS COMPANIES

SGS (SGSN SW) - H1 2026 (CHF): Revenue 3.68bln (exp. 3.66bln), Adj. operating margin 15.1% (prev. 14.9% Y/Y), confirms FY26 outlook. (SGS)

BROKER MOVES

SFS (SFSN SW) downgraded to Neutral from Buy at UBS

SCANDINAVIA

Genmab (GMAB DC), AbbVie (ABBV) - Genmab and AbbVie clarified that the Phase 3 EPCORE DLBCL-1 trial had region-specific primary endpoints. In the US, overall survival was the sole primary endpoint, and epcoritamab did not deliver a statistically significant improvement versus investigator-selected chemoimmunotherapy. Additional results will be submitted to a peer-reviewed journal. (Genmab)

BROKER MOVES

US

CLOSES: SPX -1.21% at 7,408, NDX -1.87% at 28,455, DJI -0.97% at 51,717, RUT -0.67% at 2,940

SECTORS: Communication Services -5.20%, Consumer Discretionary -5.12%, Consumer Staples -1.14%, Technology -1.12%, Materials -0.99%, Financials -0.34%, Real Estate -0.07%, Utilities +0.52%, Energy +0.56%, Health +1.29%, Industrials +1.77%.

Intel (INTC) - Shares rose over 4% in extended US trading after it topped expectations, seeing its fastest revenue growth in years, and issued stronger guidance underpinned by AI-driven demand for server processors. Q2 adj. EPS 0.38 (exp. 0.21), Q2 revenue USD 16.1bln (exp. 14.42bln). Revenue growth was supported by robust AI-driven demand, higher factory yields and improved cycle times. Q2 adj. gross margin was 41.8%, around 280bps above guidance, while demand continued to exceed supply. Intel signed three-to-five-year CPU and XPU supply agreements with customers, some including volume and pricing commitments, and said its 14A process is ahead of older technologies at the same stage of development. Management expects PC consumption to decline by a low-double-digit percentage in FY26, while server CPU industry unit demand is forecast to grow at a strong double-digit rate through 2027. Sees Q3 adj. EPS of 0.38 (exp. 0.27), Q3 revenue between USD 15.8-16.8bln (exp. 15.06bln), Q3 adj. gross margin of 42% (exp. 40.2%). Raised its FY26 capex outlook to above USD 20bln (prev. saw 18bln), and expects FY27 capex to be significantly above FY26 levels.