DE40: Consumer staples and financials lead gains in Europe; Adidas plummets on earnings miss (30.07.2025)

European investors are showing clear optimism today, boosted by encouraging earnings reports that help recover from recent post-trade-deal setbacks. Italian (ITA40: +0.6%) and French (FRA40: +0.35%) markets lead the rebound, while Germany (DE40: +0.15%) sees more modest gains. Meanwhile, London (UK100: -0.3%) and Madrid (SPA35: -0.3%) experience some corrections, though early losses have partially reversed.

Consumer staples stocks are a clear winner of today’s trading, with upbeat earning reports from JDE, Danone or Casino fueling the optimism. Financials are also posting gains, with significant contributions from German institutions like Commerzbank and Deutsche Bank. On the other hand, Adidas’ disappointing earnings drag on the sentiment among consumer discretionary stocks.

Volatility in Eurostoxx 600 sectors. Source: Bloomberg Finance LP

Today’s performance of DAX listed companies. Source: Bloomberg Finance LP

DE40 (H1)

DAX is clearly struggling for direction and a lack of concrete momentum, as mixed signals from earnings and evidence of tariff-related setbacks keep the index flat. The DE40 contract has narrowed its horizontal trend around 100-hour exponential moving average (EMA100, dark purple), with shorter EMAs also aligning right under the 50% level of Fibonacci retracement. As a result, the price is consolidating around 24300 points. The momentum may build up after BMW earnings (Thursday), otherwise we could expect more volatility next week, with a few DAX-listed companies (Allianz, Bayer, Deutsche Telekom, Siemens) joining the earnings season.

Source: xStation5

Company news:

• Adidas (ADS.DE) shares are down 7.5% after Q2 revenue missed expectations and the company reiterated its 2024 outlook. CEO cited U.S. tariffs, potentially costing €200M, and macro uncertainty. Weaker sales in China and Europe, plus the Yeezy exit, also weighed on performance despite stronger margins.

• Amplifon (AMP.IT) is the worst performing stock in Eurostoxx 600, plunging a record 23.5% after Q2 sales missed estimates and 2025 guidance was cut to ~3% growth. CEO cited weak consumer confidence in key markets, fewer post-Covid customer returns, and heatwave-driven footfall drops. A cost-saving plan, including business reviews, aims to stabilize margins.

• Casino (CO.FR), on the other hand, rallies the most (+20%) after the company reported stronger H1 sales and a 12% rise in EBITDA to €286M, improving its net leverage ratio to 9.75x. The company expects to meet its 8.34x covenant threshold by September. Despite negative free cash flow, transformation efforts and improved liquidity (€970M projected in Q3) support restructuring progress.

• Danone (BN.FR) shares surged 7.3% after Q2 like-for-like sales rose 4.1%, topping estimates. Strong demand for high-protein yogurt and medical nutrition, particularly in China, drove growth. CEO de Saint-Affrique’s turnaround strategy continues gaining traction, though water sales dipped. Guidance reaffirmed at 3–5% growth amid steady portfolio reshaping.

• Commerzbank (CBK.DE) is up 4.7% after David Elliot Shaw increased his total voting rights from 4.94% to 5.20%, as reported in a July 30 filing. The threshold was crossed on July 23 due to a change in the breakdown of voting rights via instruments.

• Grifols (GRF.ES) shares are up 8% after Q2 net income beat estimates at €117M and the company reinstated a €0.15 interim dividend. Strong immunoglobulin demand and solid EBITDA (€475M) supported results. Management reaffirmed full-year guidance, while downplaying FX risk. The dividend marks a turnaround after recent governance and takeover turbulence.

• JDE Peet’s (JDEP.NL) surges 12.2% after H1 revenue and adjusted EBIT beat estimates, prompting an upgrade to full-year guidance. Organic sales rose 22.5%, driven by strong pre-buying in Europe and resilient demand. EBIT now expected to remain stable or better, despite ongoing green coffee cost inflation pressures.

• L’Oréal (OR.FR) shares rose 3.6% as Q2 North America sales jumped 8.3%, beating forecasts, and China returned to growth. Gains offset sluggish European demand. CEO Hieronimus cited easing tariff fears and strong haircare sales. Luxury fragrances may face pricing adjustments due to tariffs. Guidance implies ongoing global recovery.

• Nexans (NEX.FR) rose 5.6% after boosting FY EBITDA guidance to €810–860M, citing broad-based strength in Transmission, Grids, and Metallurgy. H1 EBITDA beat at €441M (+7% y/y), while net income more than doubled. Organic growth hit 4.9%. Free cash flow and profitability guidance also lifted despite weak Connect segment sales.

• Siemens Healthineers (SHL.DE) reported strong third-quarter results with higher-than-expected revenue, earnings, and cash flow. The company raised its full-year guidance for adjusted earnings per share and comparable sales, citing improved operational momentum and tariff relief. Growth was driven by robust sales in imaging and a solid order book, despite some segment challenges. The shares are up 2.15%.

• Wolters Kluwer (WKL.NL) met revenue forecasts with €3.05B in H1 sales (+5.6% y/y) and exceeded profit expectations. Adjusted EPS rose 14% to €2.70, while operating margin hit 28.4%. Guidance reaffirmed, with organic growth seen steady. Share buyback and dividend plans remain on track amid resilient recurring revenue momentum.