Newsquawk Daily European Equity Opening News - 30th July 2026

ASIA

APAC stocks were mostly lower in somewhat mixed trade as participants reflected on the FOMC and mega-cap earnings, while geopolitics was also in focus after the US conducted retaliatory strikes on Iran. ASX 200 traded lower with gold miners and the consumer sectors leading the declines, although downside was stemmed by resilience in tech. Nikkei 225 was positive with tech stocks front-running the advances in the index, while participants also look ahead to the BoJ, which began its two-day conclave and is expected to pause after hiking rates at the last meeting. KOSPI swung between gains and losses despite early momentum driven by Samsung Electronics earnings. Hang Seng and Shanghai Comp were subdued with Hong Kong range-bound after the HKMA kept rates unchanged in lockstep with the Fed, while the mainland was pressured amid ongoing US-China frictions, with MOFCOM criticising the US robot ban and threatening to retaliate if the US insists on acting unilaterally.

Samsung Electronics (005930 KS) - Q2 2026 (KRW): Net Income 71.3tln (exp. 68.5tln), Operating profit 89.4tln (prelim. 89.4tln), revenue 171tln (prelim. 171tln). Co. sees demand strength in server chips and chip supply shortage to continue in H2 while seeing a demand slowdown in mobile and PC chips. Says its Foundry business is to post double-digit growth this year. (Samsung Electronics)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.70% at 6,245, Dax 40 -0.01% at 25,460, FTSE 100 +0.34% at 10,908, CAC 40 -0.60% at 8,408, FTSE MIB -0.49% at 51,443, IBEX 35 -1.59% at 19,413, PSI -0.93% at 9,049, SMI -0.58% at 14,486, AEX +0.05% at 1,093

FTSE 100

British American Tobacco (BATS LN) - Co. to face class-action litigation claiming it misled consumers into believing Natural American Spirit cigarettes were safer than other cigarettes and contained no additives. (Newswires)

BAE Systems (BA/ LN), Rolls-Royce (RR/ LN) and Babcock (BAB LN) - UK to announce GBP 8.4bln investment in the Dreadnought nuclear deterrent - to be funded via GBP 64bln allocated in the DIP (Gov.uk)

Shell (SHEL LN) - Co. and Phillips 66 (PSX) are working on a potential sale of their stakes in the explorer pipeline; any deal could value the explorer pipeline at around USD 3.5bln, Reuters reports. (Reuters)

OTHER UK COMPANIES

BROKER MOVES

Rio Tinto (RIO LN) upgraded to Buy from Hold at Berenberg

DAX

Adidas (ADS GY) - Q2 2026 (EUR): Revenue 6.7bln (exp. 6.59bln), Operating profit 574mln (exp. 615.6mln), Gross Margin 52.5% (exp. 51.41%), Net Income 398mln (exp. 420mln), maintains its FY26 view. (Adidas)

BMW (BMW GY) – Q2 2026 (EUR): EBIT 1.63bln (exp. 1.65bln). Revenue 31.3bln (exp. 32bn). Automotive EBIT Margin 2.3% (exp. 2.22%). Co. confirms it is to cut 8,000 jobs. H1 2026: Revenue 62.266bln (prev. 67.685bln Y/Y), EBIT 3.635bln (prev. 5.803bln Y/Y), EBT 4.045bln (prev. 5.727bln Y/Y), Net Profit 2.872bln (prev. 4.015bln Y/Y), EPS 4.73 (prev. 6.23 Y/Y), Automotive Free Cash Flow 1.290bln (prev. 2.345bln Y/Y). Automotive EBIT margin 3.6% (prev. 6.2% Y/Y), EBT margin 6.5% (prev. 8.5% Y/Y), deliveries -4.2% Y/Y. FY26 outlook maintained after June update; Automotive EBIT margin expected at 1–3%, Group PBT to decrease significantly. (BMW Group)

Mercedes-Benz (MBG GY) - Co. CEO says the fierce pricing competition in the Chinese car market is expected to stick around for years to come. (Bloomberg)

OTHER GERMAN COMPANIES

Aixtron (AIXA GY) - Q2 2026 (EUR): Revenue 115.1mln (exp. 126mln Y/Y, prev. 137.4mln Y/Y), EBIT 14.7mln (prev. 23.6mln Y/Y). (Aixtron)

Heidelberg Materials (HEI GY) - Q2 2026 (EUR): Revenue 6.04bln (exp. 5.81bln), Operating EBIT 1.09bln (exp. 1.06bln), Operating EBITA 1.42bln (exp. 1.42bln), expects 2026 result from current operations between 3.4-3.65bln (prev. guided 3.4-3.75bln). (Heidelberg Materials)

Siltronic (WAF GY) - Q2 2026 (EUR): Revenue 321.6mln (exp. 318.3mln), confirms its FY26 outlook. (Siltronic)

Wacker Chemie (WCH GY) - Q2 2026 (EUR): Revenue 1.52bln (exp. 1.49bln), EBITDA 211mln (prev. 114mln Y/Y). Revises its FY26 guidance, now sees FY sales growth in the mid-single-digit percentage range (prev. guided high-single-digit percentage range). (Wacker Chemie)

BROKER MOVES

CAC

Accor (AC FP) - H1 2026 (EUR): Revenue 2.7bln (exp. 2.70bln), REBITDA 563mln (exp. 557.7mln). (Accor)

Airbus (AIR FP) - Q2 2026 (EUR): Revenue 20.53bln (exp. 20.25bln), Net Profit 1.66bln (exp. 1.59bln), Adj. EBIT 2.43bln (exp. 2.19bln), backs its FY26 view. Production: A220 ramp-up continues, reiterated guidance for a 13/month rate in 2028. For A320, expects to get to 70-75/month by end-2027, then steady at 75. A330 target reiterated at 5/month in 2029, A350 at 12/month for 2028. (Airbus)

Bouygues (EN FP) - H1 2026 (EUR): Revenue 26.29bln (exp. 26.12bln), Current operating profit from activities 829mln (exp. 776mln), backs its FY26 view. (Bouygues)

Capgemini (CAP FP) - H1 2026 (EUR): Revenue 12.1bln (exp. 12bln), Operating Profit 878mln (prev. 976mln Y/Y), Net profit 498mln (prev. 724mln Y/Y). Raises its FY26 financial targets, now sees constant currency revenue growth of around +8.5% to +9.0% (prev. guided +6.5% to +8.5%). (Capgemini)

L'Oreal (OR FP) - Q2 2026 (EUR): Revenue 11.62bln, +5.8% Y/Y; LFL sales +6.3% (exp. 5.7%), announces a 50-year exclusive worldwide beauty licence with Kering for the Gucci brand, effective on 1 July 2027. CEO: "We are confident that demand for beauty remains strong. And we believe that we are uniquely well equipped to continue outperforming the market and despite the current context achieving another year of growth in sales and profit." LFL sales by region: Europe +0.8%, North America +5.9%, North Asia +14.5%, SAPMENA +7.0%, Latin America +3.1%. (L'Oreal)

Renault (RNO FP) - H1 2026 (EUR): Revenue 30.2bln (exp. 29.52bln), Net profit 721mln (exp. 670mln), Operating Margin 5.2% (exp. 5%). Electrified sales in Europe reached 52.0% of Group’s sales in H1'26, +8.2ppts Y/Y. Confirms FY26 outlook. (Renault)

Sanofi (SAN FP) - Q2 2026 (EUR): Revenue 11.6bln (exp. 11.3bln). Business Operating Income 3.291bln (prev. 2.462bln Y/Y), Business Operating Income 3.291bln (+33.7%, +35.8% CER), Business Net Income 2.501bln (+28.9%, +31.0% CER), Business EPS 2.09 (+31.4%, +33.3% CER), IFRS Net Income 343mln (-91.3% Y/Y), IFRS EPS 0.29 (-91.0% Y/Y), Free Cash Flow 2.670bln (+86.8% Y/Y). Pharma launches sales +48.3% to 1.3bln, Dupixent sales +37.6% to 5.2bln, Vaccines sales -4.7% to 1.1bln. 2026 guidance upgraded: sales expected to grow around 10% CER, Business EPS expected to grow slightly faster than sales at CER. (Sanofi)

Schneider Electric (SU FP) - Q2 2026 (EUR): Revenue 11.46bln (exp. 10.87bln), Organic revenue growth +16.5% (exp. +10.6%). Raises its FY26 view, now sees organic adj. EBITA growth between 14-19% (prev. guided 10-15%), organic revenue growth between 10-13% (prev. guided 7-10%) and adj. EBITA margin between 70-100bps (prev. guided 50-80bps). (Schneider Electric)

Societe Generale (GLE FP) - Q2 2026 (EUR): Revenue 7.10bln (exp. 6.98bln), Net Profit 1.79bln (exp. 1.59bln), raises its RoTE target to "around" 11% (prev. guided "more than" 10%). Announces a new EUR 1.5bln share buyback programme. (Societe Generale)

Vinci (DG FP) - H1 2026 (EUR): Revenue 35.6bln (exp. 35bln), EBITDA 6.41bln (exp. 6.2bln); affirms FY26 guidance. (Vinci)

OTHER FRENCH COMPANIES

Atos (ATO FP) - H1 2026 (EUR): Revenue 3.410bln (exp. 3.42bln), Operating Margin 169mln (prev. 113mln Y/Y), Operating Income -145mln (prev. -452mln Y/Y), Pretax Loss -466mln (prev. -654mln Y/Y), Net Loss -503mln (prev. -695mln Y/Y). Operating margin 5.0% (prev. 2.8% Y/Y). FY2026 targets confirmed: organic revenue growth around -5% (lower end of prior range), operating margin c.7%, positive net change in cash. (Atos)

Elis (ELIS FP) - H1 2026 (EUR): Adj. EBIT 370mln (exp. 370mln), Revenue 2.46bln (exp. 2.45bln). (Elis)

Ipsen (IPN FP) - H1 2026 (EUR): Revenue 2.19bln (exp. 2.12bln). (Ipsen)

JCDecaux (DEC FP) - H1 2026 (EUR): Revenue 1.95bln (exp. 1.88bln), guides Q3 organic revenue c. 5%. (JCDecaux)

Spie (SPIE FP) - H1 2026 (EUR): Revenue 5.16bln (exp. 5.18bln), EBITA 321.4mln, Adj. Net Income 186.5mln. (Spie)

Technip Energies (TE FP) - H1 2026 (EUR): Revenue 3.56bln (prev. 3.6bln Y/Y), Net Profit 95.9mln (prev. 191mln Y/Y), Order Intake 12.73bln (prev. 2.65bln Y/Y). (Technip)

Veolia (VIE FP) - H1 2026 (EUR): Revenue 22.2bln (prev. 22.05bln Y/Y), EBITDA 3.55bln (prev. 3.37bln Y/Y). (Veolia)

BROKER MOVES

PAN EUROPE

Andritz (ANDR AV) - Q2 2026 (EUR): Revenue 2.051bln (exp. 1.95bln), Order Intake 2.322bln (prev. 2.394bln Y/Y), EBITDA 214.0mln (prev. 189.6mln Y/Y), Net Income 109.2mln (prev. 102.4mln Y/Y), Cash Flow from Operating Activities 201.8mln (prev. 95.5mln Y/Y). EBITDA margin 10.4% (prev. 10.0% Y/Y), EBITA margin 8.2% (prev. 7.8% Y/Y), Adj. EBITA margin 8.9% (prev. 8.4% Y/Y). FY2026 guidance confirmed: revenue 8.0-8.3bln (exp. 8.21bln), Adj. EBITA margin 8.7%-9.1%. (Andritz)

Anheuser-Busch Inbev (ABI BB) - Q2 2026 (EUR): EPS 1.21 (exp. 1.12), Revenue 16.66bln (exp. 16.35bln), Organic revenue growth 5.6% (exp. 4.4%), Organic EBITDA growth 5.8% (exp. 4.6%). (AB Inbev)

ArcelorMittal (MT NA) - Q2 2026 (USD): Revenue 16.76bln (prev. 15.93bln Y/Y), Operating Income 1.06bln (prev. 1.93bln Y/Y), EBITDA 2.06bln (prev. 1.86bln Y/Y). Says they are well positioned to deliver value accretive growth, with robust shareholder returns, whilst maintaining a strong investment-grade balance sheet. (ArcelorMittal)

Arcadis (ARCAD NA) - Q2 2026 (EUR): Net Revenue 974mln (exp. 959.5mln, prev. 965mln Y/Y), Order Intake 1.1bln (prev. 0.98bln Y/Y). (Arcadis)

BBVA (BBVA SM) - Q2 2026 (EUR): NII 7.63bln (exp. 7.56bln), Net Profit 3.06bln (exp. 2.93bln), Gross Income 10.51bln (exp. 10.43bln), announces a share buyback of up to EUR 2bln. Raises its FY26 group RoTE to "around" 21% (prev. guided "more than" 20%). (BBVA)

Campari (CPR IM) - H1 2026 (EUR): Adj. Operating Profit 358mln (exp. 331mln), Organic net sales 869mln (exp. 857mln), raises its FY26 guidance to EBIT-adjusted margin, now sees the FY negative tariffs impact of EUR 20mln (prev. EUR 30mln). (Campari)

DSM-Firmenich (DSFIR NA) - H1 2026 (EUR): Revenue 4.66bln (exp. 4.67bln), Adj. EBITDA Margin 19.3% (prev. 19.5% Y/Y), Net profit 221mln (prev. 541mln Y/Y), FY26 outlook unchanged. (DSM-Firmenich)

Eni (ENI IM) - Co. CEO says they are negotiating new contracts for its oil and gas projects in Venezuela and expects fast development for its Junin 5 oilfield once investment restarts. (Reuters)

ING Groep (INGA NA) - Q2 2026 (EUR): NII 4.13bln (prev. 3.54bln Y/Y), Total Income 6.28bln (prev. 5.70bln Y/Y), Net Income 1.95bln (prev. 1.68bln Y/Y), raises its FY26 and 2027 RoTE to over 15% and 16% respectively. (ING Groep)

Pirelli (PIRC IM) - H1 2026 (EUR): Net Income 142.2mln (exp. 134mln), Revenue 3.50bln (exp. 3.50bln), affirms FY26 guidance. (Pirelli)

Snam (SRG IM) - Co. CEO says they plan to shortlist preferred bidders for its biomethane business by the fall, with investors and energy companies having to submit their bids by the Tuesday deadline. (Bloomberg)

UCB (UCB BB) - H1 2026 (EUR): Revenue 4.09bln (exp. 4.05bln), Adj. EBIT 1.42bln (prev. 0.72bln Y/Y). (UCB)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

Inficon (IFCN SW) - H1 2026 (USD): Revenue 379.1mln (exp. 374.7mln), sees FY26 sales between 750-780mln (exp. 765.5mln). (Inficon)

BROKER MOVES

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX -1.52% at 7,316, NDX -2.06% at 27,192, DJI -2.19% at 51,599, RUT -1.61% at 2,906

SECTORS: Industrials -3.24%, Technology -2.50%, Financials -1.57%, Utilities -1.35%, Consumer Discretionary -1.18%, Materials -1.10%, Health -0.61%, Real Estate -0.19%, Communication Services +0.20%, Consumer Staples +0.26%, Energy +1.98%.

ARM Holdings (ARM) -7% in after-hours trade, despite beating on top and bottom lines and providing above-exp. guidance and constructive commentary. Q1 2027 (USD): Adj. EPS 0.45 (exp. 0.40), Revenue 1.29bln (exp. 1.26bln). Guidance: Q2 revenue 1.38bln (exp. 1.34bln); Q2 adj. EPS 0.47 (exp. 0.43). Commentary: Demand for Arm AGI CPU has continued to exceed initial expectations & Customer demand for Arm AGI CPU now exceeds USD 2bln across FY27 and FY28.

Meta (META) -7.5% in after-hours trade, after missing on EPS but beating on revenue, while Q3 revenue guide was a little soft and FY capex and total expense guide was elevated again. Additionally, Zuckerberg's Cloud commentary potentially disappointed some on the pace/timing of a new avenue. Q2 2026 (USD): EPS 6.18 (exp. 7.19), Revenue 60.8bln (exp. 60.22bln). Outlook: Q3 revenue 61.0-64.0bln (exp. 63.151bln), capex, including principal payments on finance leases, to be in the range of USD 130-145bln (prev. 125-145), FY total expenses 165bln–169bln (prev. 162bln–169bln). CEO said they are evaluating how it could sell Cloud capacity to external consumers, and believes there will continue to be a significantly higher margin on selling intelligence vs selling compute directly, "it would be foolish to basically just sell all of the compute and take a short-term profit".

Microsoft (MSFT) +8% after-hours, beat on top and bottom lines with Cloud revenue beating and Copilot eclipsing 30mln paid seats. Q4 2026 (USD): Adj. EPS 4.74 (exp. 4.24), Revenue 90bln (exp. 87.62bln), Cloud revenue 59.31bln (exp. 58.71bln), Intelligent Cloud 39.31bln (exp. 38.17bln), Azure and other cloud revenue ex-FX +43% (exp. +39.6%), Microsoft 365 copilot surpassed 30mln paid seats. Q1 Guidance: Revenue 89.85bln-90.95bln (exp. 89.5bln), Azure & other-Cloud to accelerate H/H. CFO reiterated 2026 CapEx plans, will be lengthening the life of data centre facilities by 10yrs and make other adjustments, leading to c. USD 175bln in capital expenditures and finance leases. Expects further expenditure growth in FY27, due to cross-portfolio demand signals.

Qualcomm (QCOM) -4% after hours, as adj. EPS missed and the Q4 guide was soft, while smartphone commentary spoke to headwinds ahead. Q3 2026 (USD): Adj. EPS 2.21 (exp. 2.23), Revenue 9.95bln (exp. 9.68bln). Q4 adj. EPS view 2.05-2.25 (exp. 2.36). Commentary: Expects acceleration in step-down of Apple (AAPL) product revenues starting in Q4. Expects Y/Y growth in non-handset revenue in FY27 to replace total Apple product revenues in FY26. Unprecedented increases in memory pricing and supply constraints created cyclical headwinds for the global smartphone industry in FY26.