Session at a Glance

SAP earnings surge lifts DAX while ASML drags Amsterdam on China chipmaker threat.

Two mega-cap tech stories pulled European markets in opposite directions. SAP jumped nearly 8% after reporting record cloud backlog of €22.9B and launching its €2.6B share buyback, single-handedly driving the DAX to a 1% gain. On the other side, ASML sank over 8% after reports that a Chinese state-backed consortium — involving Huawei, Shanghai Yuliangsheng, and SiCarrier — has begun producing homegrown DUV lithography tools, dragging the AEX into negative territory as the only major European index to close red.

Oil’s sharp retreat on a reported pause in U.S.-Iran hostilities pressured energy names across the continent — Glencore, ENI, and Repsol all fell as Brent crude dropped toward $89. The crude slide offset what would have otherwise been a broadly positive session, with banks and luxury names leading gains in Madrid, Milan, and Zurich.

Pre-earnings positioning was visible in several mid-caps: Capgemini and Ferrari both rallied ahead of July 30 results, while Wolters Kluwer surged nearly 8% as investors rotated into defensive data-analytics plays away from hardware-exposed tech.

Here are the standout movers across Europe’s major exchanges for the session of Tuesday, July 28, grouped by market.

United Kingdom (LSE)

↑ REL +4.44%

Mid-cap · 2682 (local)

Why: No single headline, but RELX benefited from rotation into data-analytics and information-services names as investors fled hardware-exposed tech after the ASML China scare.

Pattern: Momentum continuation — RELX has been grinding higher from its 52-week low near 1991p; today’s move extends the trend on defensive sector rotation rather than a breakout catalyst.

↓ GLEN -3.39%

Large-cap · 519.1 (local)

Why: Crude oil dropped sharply on reports of a pause in U.S.-Iran hostilities, pressuring the broader commodity complex; copper weakness ahead of Glencore’s half-year production report on July 29 added to the selling.

Pattern: Macro-driven mean-reversion setup — Glencore is trading well off its 52-week high and today’s drop tracks oil and copper rather than company-specific news, suggesting the move could reverse if commodity prices stabilise.

Germany (Xetra / DAX)

↑ SAP +7.90%

Mega-cap · 151.3 (local)

Why: Post-earnings rally after SAP reported record current cloud backlog of €22.9B (up 27%) and launched the second tranche of its €2.6B share buyback programme, reinforcing the cloud-transition narrative.

Pattern: Earnings-driven breakout — a gap-up on volume with fundamental confirmation (cloud backlog + buyback) is the classic momentum continuation pattern; watch for follow-through above the earnings-day high.

↓ IFX -4.53%

Mid-cap · 61.49 (local)

Why: Infineon fell alongside the broader European chip sector after reports that a Chinese state-backed group has begun producing domestic DUV lithography tools, raising fears of accelerated semiconductor supply-chain localisation in China.

Pattern: Sector contagion from the ASML China headlines — Infineon’s drop mirrors the pan-European semis selloff, a macro-driven move rather than company-specific; watch whether the sector stabilises once the news cycle moves on.

France (Euronext Paris)

↑ CAP +5.83%

Mid-cap · 95.12 (local)

Why: Capgemini rallied ahead of its July 30 earnings report as investors positioned for a strong IT-services print, likely encouraged by SAP’s cloud backlog beat signalling healthy enterprise tech spending.

Pattern: Pre-earnings momentum — a 5.8% move two days before results suggests institutional positioning; the risk is a sell-the-news reversal if earnings disappoint, but the SAP read-through provides cross-sector support.

↓ ENGI -2.84%

Mid-cap · 27 (local)

Why: No clear catalyst — Engie likely tracked the broader European utilities-and-energy complex lower as crude oil’s sharp decline on the Iran ceasefire pause weighed on energy-adjacent names.

Pattern: Sector drag — the move looks like passive selling tied to the oil-price drop rather than a company-specific event; utilities with gas exposure tend to correlate with energy sentiment in risk-off sessions.

Netherlands (Euronext AMS)

↑ WKL +7.85%

Mid-cap · 67.36 (local)

Why: Wolters Kluwer surged as investors rotated into defensive data-analytics names away from hardware-exposed tech; the stock is recovering from a 57% drawdown off its 52-week high, with earnings due August 5.

Pattern: Mean-reversion bounce off deeply oversold levels — WKL trading near 67 versus a 52-week high of 144 suggests a snapback rally; the rotation catalyst (ASML fear → defensive tech) may sustain if the China chip story lingers.

↓ ASML -8.41%

Mega-cap · 1430 (local)

Why: ASML sank after reports that a Chinese state-backed consortium including Huawei has begun producing homegrown DUV lithography machines, threatening ASML’s remaining China revenue and long-term monopoly in chipmaking tools.

Pattern: News-driven breakdown — an 8.4% single-day drop on a structural competitive threat is a momentum-destruction event; the stock needs to hold recent support or risks entering a broader de-rating cycle as the market reprices China exposure.

Switzerland (SIX)

↑ LONN +2.08%

Mid-cap · 559.4 (local)

Why: No clear catalyst — Lonza’s steady gain likely reflects defensive rotation into Swiss healthcare and life-sciences names on a session dominated by tech volatility and energy weakness.

Pattern: Quiet momentum continuation in a defensive sector — Lonza tends to attract flows when risk appetite shifts away from cyclicals; the 2% move is orderly and consistent with broader Swiss outperformance today.

↓ ABBN -1.25%

Large-cap · 79 (local)

Why: No clear catalyst — ABB’s modest decline likely reflects mild profit-taking in industrials as the commodity complex weakened; check broader European industrials tape for confirmation.

Pattern: Minor pullback within an uptrend — a 1.25% dip in a large-cap industrial without news is noise-level; no pattern signal unless it breaks below a defined support level.

Italy (Borsa Italiana)

↑ RACE +4.29%

Large-cap · 331.8 (local)

Why: Ferrari rallied ahead of its July 30 earnings report as luxury-goods names caught a bid; pre-earnings positioning into a company with pricing power and a strong order backlog drove the move.

Pattern: Pre-earnings momentum — Ferrari’s 4.3% pop mirrors the Capgemini pattern of institutional positioning before a catalyst; luxury autos are also benefiting from the World Wealth Report showing 2M new millionaires in 2025.

↓ ENI -2.44%

Large-cap · 22.4 (local)

Why: Crude oil’s sharp decline on reports of a U.S.-Iran ceasefire pause dragged ENI lower alongside the broader European energy sector; Brent crude dropped toward $89 on easing supply-disruption fears.

Pattern: Macro-driven sector selloff — ENI’s 2.4% drop is directly tied to the oil-price move and mirrors losses at Repsol and Glencore; an isolated energy trade, not company-specific.

Spain (BME / Madrid)

↑ SAN +2.30%

Large-cap · 12.26 (local)

Why: Santander extended its recent rally as European banks caught a bid on the session, continuing the recovery momentum from Friday’s sharp gains across the sector.

Pattern: Momentum continuation — Santander has been a sector leader in the European bank rally; the 2.3% gain on no fresh news suggests trend-following flows rather than a new catalyst.

↓ REP -1.08%

Mid-cap · 25.54 (local)

Why: Repsol fell as crude oil prices tumbled on the reported pause in U.S.-Iran hostilities, easing supply-disruption fears that had supported energy stocks in recent sessions.

Pattern: Sector contagion from the oil selloff — Repsol’s 1.1% dip is modest compared to ENI and Glencore, suggesting the market sees Repsol’s integrated model as somewhat more resilient, but direction follows crude.

Nordics (OMX / Stockholm)

↑ HM-B +3.14%

Mid-cap · 169.2 (local)

Why: No clear catalyst — H&M’s 3.1% gain may reflect rotation into consumer discretionary on the back of easing energy costs, or pre-positioning ahead of upcoming results; check sector tape for confirmation.

Pattern: Bounce from oversold levels — H&M has been range-bound and the move looks like a mean-reversion trade; lower oil prices supporting consumer spending expectations could provide a fundamental underpinning.

↓ ALFA -1.25%

Mid-cap · 567.4 (local)

Why: No clear catalyst — Alfa Laval’s modest decline likely reflects mild profit-taking in industrials as the commodities complex weakened; the move is small enough to be noise.

Pattern: Minor pullback with no directional signal — a 1.25% dip in a mid-cap industrial without news is within normal daily volatility; no actionable pattern unless it breaks a defined support level.

Reading the Session

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.

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