European Daily Focus

This report provides a daily overview of European equity strategy, highlighting key sector earnings previews, analyst rating changes, and macroeconomic updates. It focuses on the European banking sector's M&A environment and upcoming capital goods earnings season.

Key Takeaways

• 1.European banking M&A is reigniting, though many benefits are already priced in following a 12% rally in the SX7E index since early June.
• 2.Capital Goods earnings season kicks off July 16 with demand diverging between strong data center/grid/mining and weak auto/building sectors.
• 3.Nemetschek and Schott Pharma were upgraded to Buy, reflecting strategic acquisition benefits and improved growth outlooks respectively.

Table of Contents

• Top Stories
• European Capital Goods - What we like and don't like ahead of Q2
• Target Price Changes
• Company Updates
• Sector Updates
• Strategy / Economics
• Global Focus

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