Session at a Glance

Energy majors surged on $100 oil while luxury and tech dragged continental indices into the red.

Brent crude hovering near $100 per barrel — fuelled by continued US strikes on Iranian military infrastructure — was the week’s dominant force. BP, TotalEnergies, ENI, and Repsol all rallied 9–10%, lifting the energy-heavy FTSE 100 to a 0.63% weekly gain and making London the sole green index among the majors. TotalEnergies reported a 67% jump in Q2 profit; Repsol tripled year-on-year adjusted net income.

On the other side of the ledger, luxury and growth names were punished. LVMH slid nearly 10% as sluggish demand and Middle East uncertainty weighed on discretionary spending sentiment, dragging Ferrari and the broader CAC 40 lower. SAP fell 6.8% after a mixed Q2 report — cloud growth was solid but overall earnings missed — pulling the DAX into negative territory. Prosus dropped almost 10% amid a broader tech-sector de-rating.

The result was a stark energy-vs-everything-else split: the FTSE MIB lost 2% despite ENI’s surge because banks and luxury names offset it, while the Euro STOXX 50 shed 1.2% as its tech and consumer mega-caps outweighed energy gains.

Here are the biggest movers across Europe’s major exchanges for the week ending Saturday, July 25, grouped by market — each figure is the stock’s move over the full trading week.

United Kingdom (LSE)

↑ BP +8.96%

Large-cap · 555.9 (local)

Why: BP rallied on Brent crude near $100, a Q2 trading update showing stronger refining margins (up $1.2–1.4B vs Q1), and net debt reduction — the oil supercycle trade in full swing.

Pattern: Momentum continuation on the energy complex; BP broke above recent resistance with volume, riding a sector-wide crude tailwind rather than an isolated catalyst.

↓ LSEG -5.78%

Large-cap · 8568 (local)

Why: London Stock Exchange Group fell amid broader profit-taking in high-multiple financial infrastructure names, with no single earnings catalyst — valuation reassessment after a strong Q1 revenue print faded.

Pattern: Mean-reversion from elevated valuations; LSEG had been trading near 52-week highs and the pullback looks like de-rating pressure as risk appetite rotated into energy and defensives.

Germany (Xetra / DAX)

↑ RWE +5.97%

Mid-cap · 58.92 (local)

Why: RWE gained as European power prices firmed and investors positioned ahead of earnings, with the recent Amprion grid stake acquisition reinforcing the utility’s transformation into a renewables-plus-infrastructure play.

Pattern: Sector rotation into defensives and utilities as growth names sold off; RWE is trading near recent highs with technical buy signals, part of a broader flight to energy-adjacent yield.

↓ SAP -6.77%

Mega-cap · 128.3 (local)

Why: SAP dropped after Q2 results showed strong cloud growth offset by an overall earnings miss, extending a year-long de-rating — shares are down over 40% YTD as AI-driven valuation premiums unwind.

Pattern: Post-earnings gap-down with follow-through selling; the mixed report failed to arrest a momentum-negative trend, and SAP’s mega-cap weighting dragged the DAX lower for the week.

France (Euronext Paris)

↑ TTE +9.47%

Large-cap · 76.18 (local)

Why: TotalEnergies surged after reporting a 67% Q2 profit jump — its best quarter in nearly three years — as average selling prices rose $17.90/bbl and refining margins nearly tripled year-on-year.

Pattern: Earnings-driven breakout reinforced by macro tailwinds; the move fits the broader energy-sector momentum theme and TotalEnergies’ announced $1.5B Q3 buyback adds a shareholder-return catalyst.

↓ MC -9.85%

Mega-cap · 453.5 (local)

Why: LVMH fell nearly 10% as Middle East escalation rattled luxury demand expectations and Chinese consumer sentiment remained uncertain — the stock has now shed over 30% from its 2025 high.

Pattern: Momentum breakdown in the luxury sector; LVMH is in a sustained downtrend and this week’s drop accelerated the move, dragging peers like Ferrari and Kering lower in a correlated sector sell-off.

Netherlands (Euronext AMS)

↑ RAND +9.36%

Mid-cap · 35.53 (local)

Why: Randstad rallied as European equity fund inflows hit a ninth consecutive week and cyclical staffing names attracted rotation interest amid still-resilient eurozone employment data.

Pattern: Mean-reversion bounce on a beaten-down cyclical; Randstad had been discounting recession fears and the rebound looks like positioning into a sector that benefits from flow-driven equity demand.

↓ PRX -9.82%

Large-cap · 36.46 (local)

Why: Prosus dropped nearly 10% as its China-tech exposure via Tencent weighed amid broader risk-off in growth and emerging-market proxies, compounded by analyst target cuts.

Pattern: Correlated tech sell-off; Prosus moves as a leveraged bet on Chinese internet and the week’s de-rating in global growth names hit hard — the stock is near 52-week lows with elevated volatility.

Switzerland (SIX)

↑ NOVN +3.57%

Mega-cap · 127.7 (local)

Why: Novartis gained after solid Q2 results showing 9% core operating income growth and mid-single-digit sales expansion, with specialty medicines continuing to drive the pharma giant’s pipeline re-rating.

Pattern: Defensive rotation into pharma; Novartis is trading near 52-week highs and the steady earnings print reinforced its safe-haven appeal as investors fled cyclical and growth exposure.

↓ GIVN -6.60%

Mid-cap · 3196 (local)

Why: Givaudan dropped after H1 results showed slowing growth momentum — Taste & Wellbeing missed estimates — and the company flagged tariff repayments and higher net debt as headwinds.

Pattern: Post-earnings de-rating on a premium-multiple compounder; the miss broke the steady-growth narrative and triggered profit-taking, with CHF 4.6B net debt above consensus adding balance sheet concern.

Italy (Borsa Italiana)

↑ ENI +8.79%

Large-cap · 22.97 (local)

Why: ENI surged on the oil rally and a new long-term offshore drilling campaign with Saipem, reinforcing its upstream production pipeline as Brent held near $100 per barrel.

Pattern: Energy-sector momentum continuation; ENI’s move mirrors BP and TotalEnergies, confirming this is a macro oil trade rather than an idiosyncratic catalyst — the drilling deal adds medium-term volume visibility.

↓ RACE -5.57%

Large-cap · 315.5 (local)

Why: Ferrari fell as the luxury/discretionary sell-off caught the supercar maker — a modest buyback pace disappointed investors, and the stock continues to unwind from its 2025 all-time high, now down 33%.

Pattern: Luxury-sector correlation with LVMH dragging high-end consumer names lower; Ferrari’s premium multiple makes it vulnerable in risk-off weeks, and the slow buyback cadence removed a potential floor.

Spain (BME / Madrid)

↑ REP +9.36%

Mid-cap · 26.41 (local)

Why: Repsol jumped after Q2 adjusted net income tripled year-on-year to €1.8B on stronger refining margins and higher oil prices, with production running above 580,000 boe/d — well ahead of full-year guidance.

Pattern: Earnings-driven breakout riding the energy macro wave; Repsol’s move is the strongest in the European oil cohort this week, with the Venezuela asset rotation and Alaska first-oil adding strategic catalysts.

↓ SAN -2.76%

Large-cap · 11.61 (local)

Why: Banco Santander dipped as European bank sentiment softened on Middle East uncertainty and rising oil costs pressuring consumer credit quality — the pullback follows a 328% five-year run.

Pattern: Mild profit-taking on an extended long-term winner; the -2.76% drop is modest relative to the bank’s run and looks like sector rotation out of financials rather than a fundamental re-rating.

Nordics (OMX / Stockholm)

↑ ASSA-B +3.49%

Mid-cap · 343.6 (local)

Why: ASSA ABLOY edged higher as defensive industrials attracted inflows and the security/access solutions maker benefited from steady building-sector demand and its value-stock positioning relative to peers.

Pattern: Quiet rotation into quality industrials with stable earnings profiles; the +3.5% gain is consistent with a flight-to-quality week where low-volatility names outperformed high-beta growth.

↓ ERIC-B -4.53%

Mid-cap · 91.5 (local)

Why: Ericsson fell with no single catalyst — the telecom equipment maker was caught in the broader tech sell-off as investors de-risked growth-sensitive names ahead of further earnings reports.

Pattern: Sector drag from the global tech de-rating; Ericsson’s 5G infrastructure cycle is mature and the stock lacks near-term catalysts, making it vulnerable to flow-driven selling in risk-off weeks.

Reading the Week

The exchange-by-exchange breakdown above surfaces both market-specific catalysts and cross-border themes. When multiple European exchanges move together, look for a macro driver (USD/EUR move, ECB/BoE policy, commodity price, EU regulatory shift). Isolated single-exchange moves tend to reflect local earnings, regulatory news, or sector rotation.

Read next: Europe Markets · What Is a P/E Ratio? · What Is a Dividend?