Newsquawk Daily European Equity Opening News - 28th July 2026

ASIA

APAC stocks were mostly negative amid a tech bloodbath and competition concerns following reports that China had started mass production of domestically developed DUV lithography equipment, which had pressured ASML shares and the Nasdaq yesterday. ASX 200 bucked the trend as strength in telecoms and the consumer sectors offset the weakness in miners, materials and resources. Nikkei 225 briefly fell beneath the 62,000 level amid the tech-related losses, with Kioxia heavily pressured. KOSPI triggered a circuit breaker with double-digit declines seen in Samsung Electronics and SK Hynix. Hang Seng and Shanghai Comp were lower but with downside limited in Hong Kong amid the mixed performance among the local tech bluechips, while the mainland was subdued as trade frictions lingered with the US reportedly probing Chinese factories in Vietnam.

SK Hynix (000660 KS) - Co intends to begin mass production and shipments of LPDDR6 in H2 2026, with Xiaomi (XIACY) expected to become its first mobile-device customer, according to industry sources cited by DigiTimes. An early launch would strengthen SK Hynix’s position in the next-generation mobile memory market, the report adds. (DigiTimes)

EUROPEAN CLOSES

BOURSES: Euro Stoxx 50 +0.09% at 6,286, Dax 40 +1.17% at 25,385, FTSE 100 +0.43% at 10,783, CAC 40 +0.40% at 8,406, FTSE MIB +0.49% at 52,056, IBEX 35 +0.80% at 19,743, PSI -1.01% at 9,122, SMI +0.57% at 14,409, AEX -0.82% at 1,081

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

Admiral (ADM LN) upgraded to Buy from Neutral at Citi

DAX

Adidas (ADS GY) - US customs officials inspected China-linked factories in Vietnam for transshipment, value-added and intellectual property concerns, Bloomberg reports. No significant evidence of illicit Chinese goods was found, but inspections raised fears of further tariffs, the report notes. (Bloomberg)

Mercedes-Benz (MBG GY) - Q2 2026 (EUR): adj. EBIT 2.3bln (exp. 1.7bln), Revenue 32.1bln (prev. 33.2bln Y/Y); cuts FY26 unit sales and group revenue guidance, citing China weakness. FY Guidance: Mercedes-Benz Cars adjusted return on sales and FCF confirmed; xEV share at Mercedes-Benz Cars now expected at 23% to 25%; Mercedes-Benz Cars unit sales and Group revenue now anticipated slightly below prior-year levels, "in light of the continued challenging market environment in China"; Guidance for adjusted return on equity for Financial Services increased to 12% to 14%. (Mercedes-Benz)

OTHER GERMAN COMPANIES

TeamViewer (TMV GY) - Q2 2026 (EUR): adj. EBITDA 79mln (exp. 79.2mln). AI adoption is accelerating as customers advance toward Autonomous Endpoint Management. FY guidance confirmed. (EQS)

BROKER MOVES

K+S (SDF GY) upgraded to Outperform from Underperform at BNP

CAC

LVMH (MC FP) - Q2 2026 (EUR): Revenue 19.52bln (exp. 19.45bln), fashion and leather goods revenue 8.69bln (exp. 8.97bln). H1: profit from recurring operations 8.69bln (exp. 8.45bln), net income group share 5.70bln (exp. 5.22bln), fashion & leather organic +1% (exp. +1.52%). Earnings Call: Asian clientele spent less in Q2 in Asia and more in Europe; Dior and Vuitton both in positive territory in Q2, accelerating in Americas and Japan; Watches still a bit negative in Q2; Chinese local and tourist demand flattish; we have seen an improvement in offshore demand in Q2; Chinese demand increasingly clustered around shopping events; Very encouraged by short-term results at Dior, all key clients are up in H1, strong performance in Bags. (LVMH)

Michelin (ML FP) - H1 (EUR): adj. EBIT 1.45bln (exp. 1.4bln). adj. EBITDA 2.42bln (exp. 2.31bln); Sales 12.7bln (exp. 12.9bln). Affirms FY guidance, even given the still uncertain environment. (Michelin)

Orange (ORA FP) - H1 2026 (EUR): Revenue 20.9bln (exp. 20.7bln), adj. Net 1.35bln. Revenue driven by record growth in Africa & Middle East +13.9%, Europe-core +4.1%, France +1.2%. Guidance: raises FY EBITDAaL view to >4% (prev. guided >3%), Organic Cash Flow 4.3bln (prev. guided 4bln); driven by the above performance and the MasOrange consolidation. Elsewhere, has signed a deal with Morrison to create a JV for French data centers. (Orange)

Safran (SAF FP) - H1 2026 (EUR): Revenue 17.6bln (exp. 17.5bln), Recurring Operating Income 3.23bln (prev. 2.5bln), Profit 1.98bln (prev. 1.65bln), EPS 4.63 (prev. 3.80). Raises FY outlook: Revenue growth in the mid-teens (prev. guided low- to mid-teens), Recurring Operating Income 6.4-6.5bln (prev. guided 6.1-6.2bln). (Safran).

Saint Gobain (SGO FP) - Two APAC acquisitions, Phu My Innovative Materials and a majority stake in AGC Polymer Materials. (Saint Gobain)

OTHER FRENCH COMPANIES

Beneteau (BEN FP) - Q2 2026 (EUR): Revenue 283mln (prev. 273mln). Order intake has seen a marked contraction seen March 2026, due to the Middle East conflict. (Beneteau)

BioMerieux (BIM FP) - H1 2026 (EUR): Sales 1.97bln (prev. 2.04bln), adj. Net 236mln (prev. 284mln), adj. EPS 1.99 (prev. 2.39), EBITDA 440mln (prev. 495mln). Confirm FY26 guidance, adj. mid-term guidance: for 2027 & 2028 expects 3-6% organic annual sales growth (prev. guided 7%). (BioMerieux)

Rexel (RXL FP) - H1 2026 (EUR): Sales 9.99bln (9.9bln), Net Income 342mln, Operating Income 604mln. FY guidance: raises same day sales to 5% Y/Y (prev. 3-5%), adj. EBITDA margin >6.2% (prev. guided c. 6.2%), affirms other points and the medium-term view. (GlobeNewswire)

BROKER MOVES

Veolia (VIE FP) downgraded to Equal Weight from Overweight at Morgan Stanley

PAN EUROPE

BMPS (BMPS IM) - Co. and Banco BPM (BAMI IM) advisers are working on a deal with a cash component, Bloomberg reports. (Bloomberg)

Philips (PHIA NA) - Q2 2026 (EUR): Revenue 4.36bln (prev. 4.34bln Y/Y), adj. EBITDA margin 16.4% (exp. 11.9%)

Repsol (REP SM) - Talos Energy (TALO) will acquire a 50% working interest in Repsol-operated Block 29 offshore Mexico. Terms include a contingent USD 30mln payment at FID, up to USD 20mln toward the next exploration well and certain reimbursements. The block contains the Polok and Chinwol discoveries, with over 200mln bbls of oil equivalent recoverable resources. (Talos)

BROKER MOVES

SMI

Sika (SIKA SW) - H1 2026 (CHF): Revenue 5.59bln (exp. 5.45bln), Net 552mln (prev. 554mln), EBIT 796mln (exp. 674mln). FY Guidance, "expects the global market to remain muted": Revenue upgraded to 3-6% (prev. guided 1-4%), EBITDA margin downgraded to 19-19.5% (prev. guided 19.5-20.0%). (Sika)

OTHER SWISS COMPANIES

SIG Group (SIGN SW) - H1 2026 (EUR): Revenue 1.56bln (exp. 1.53bln), adj. EBITDA 373mln (exp. 366mln). Confirms FY guidance. (SIG)

BROKER MOVES

Swiss Re (SREN SW) downgraded to Underweight from Neutral at JPMorgan

SCANDINAVIA

BROKER MOVES

US

CLOSES: SPX +0.02% at 7,413, NDX -0.32% at 28,039, DJI +0.51% at 52,215, RUT +0.62% at 2,948

SECTORS: Energy -2.01%, Utilities -1.32%, Technology -0.97%, Real Estate -0.47%, Materials +0.26%, Industrials +0.32%, Health +0.53%, Consumer Discretionary +0.76%, Financials +1.01%, Communication Services +1.46%, Consumer Staples +1.58%.

BuzzFeed (BZFD) - Shares spiked by almost 20% in extended trading after it approved a 35% reduction in employees and dedicated contractors, as it undertakes cost cuts to boost profitability and positive cash flow. Restructuring charges are expected between USD 6.5-8.5mln, mainly in Q3, with annualised savings seen at around USD 29-32mln beginning in Q3.

Cadence Design (CDNS) - Shares rose 2.5% in extended trading on a beat-and-raise. Q2 adj. EPS 2.11 (exp. 2.05), Q2 revenue USD 1.58bln (exp. 1.58bln). Management said results were driven by broad-based strength and accelerating demand for AI-led solutions across both Design for AI and AI for Design. CEO said it is well positioned to benefit from the expansion of agentic AI in semiconductor design. Raised FY26 adj. EPS view to between 8.05-8.15 (exp. 7.94; prev. saw 7.85-7.95), and raised FY26 revenue view to between USD 6.26-6.34bln (exp. 6.21bln; prev. saw 6.125-6.225bln).

Nucor (NUE) - Nucor shares were little changed in extended trading after strong earnings, revenue and cash-flow beats were already priced in after sector strength, with guidance seen as constructive but only incremental. Q2 adj. EPS 4.84 (exp. 4.46), Q2 revenue USD 10.4bln (exp. 10.15bln). Steel mill shipments reached a quarterly record, supported by investment across key US sectors and federal trade policies. CEO said it continues to expand its capabilities and strengthen its position across steel and fabricated steel products. Sees Q3 consolidated earnings above Q2 levels, with higher steel mills earnings driven by stronger realised pricing across all major product categories and stable volumes; steel products earnings are expected to increase on higher volumes and pricing, while raw materials earnings are expected to decline due to lower margins.

28 Jul 2026 - 06:58- Research Sheet- Source: Newsquawk