Session at a Glance

Earnings season splits Europe: ASML and Richemont surge while chip and telecom names crater.

European markets finished the week divided as Q2 earnings season delivered sharp winners and losers. Richemont’s blowout sales print — up 20% in constant currencies on surging US jewelry demand — lifted luxury names across the continent, helping the AEX lead all major indices at +1.76%. ASML also raised its full-year guidance for the second time this year on relentless AI chip demand, though late-week tech selling trimmed its gains.

On the other side, a vicious semiconductor selloff originating in Asia hammered Infineon (−11.8%) and dragged the DAX to the week’s worst performance at −0.81%. Ericsson cratered nearly 15% after missing Q2 revenue estimates and warning that AI-driven component inflation would squeeze margins into 2027. Rising oil prices — Brent climbed on renewed Strait of Hormuz tensions — gave energy names like BP a tailwind, pushing the FTSE 100 up nearly 1%.

The through-line: earnings quality dictated direction. Names that demonstrated pricing power or structural AI demand were rewarded; those facing cost headwinds or trial setbacks were punished swiftly.

Here are the biggest movers across Europe’s major exchanges for the week ending Saturday, July 18, grouped by market — each figure is the stock’s move over the full trading week.

United Kingdom (LSE)

↑ BP +5.89%

Large-cap · 510.2 (local)

Why: BP rallied as Brent crude surged on renewed US-Iran tensions in the Strait of Hormuz, lifting integrated oil majors despite a softer near-term production outlook.

Pattern: Macro-catalyst driven breakout — energy names moved in lockstep with crude; BP’s rebound from YTD lows suggests mean-reversion accelerated by a geopolitical supply shock.

↓ AZN -5.44%

Mega-cap · 1.263e+04 (local)

Why: AstraZeneca extended losses from its July 9 heart drug trial failure — the Phase III CARDIO-TTRansform study missed its primary endpoint — compounded by an HSBC downgrade to Hold.

Pattern: Momentum continuation to the downside — trial miss broke a multi-month uptrend; the HSBC downgrade added a second wave of institutional selling into the weekly close.

Germany (Xetra / DAX)

↑ DTE +5.29%

Large-cap · 26.68 (local)

Why: No single catalyst — Deutsche Telekom benefited from its ongoing €560 million share buyback tranche and defensive rotation as investors fled higher-beta tech and semis within the DAX.

Pattern: Sector rotation into defensives — telecom’s low-beta, high-yield profile attracted inflows as the DAX shed nearly 1%; buyback floor provided technical support.

↓ IFX -11.78%

Mid-cap · 64.71 (local)

Why: Infineon was caught in a global semiconductor selloff triggered by profit-taking in Asian chip names after SK Hynix and Samsung results disappointed elevated expectations.

Pattern: Sector contagion sell — Infineon pulled back over 30% from its June highs in a broad chip de-rating; the weekly drop was momentum continuation, not a company-specific event.

France (Euronext Paris)

↑ RNO +6.33%

Mid-cap · 26.89 (local)

Why: No single catalyst — Renault rallied alongside European auto peers after Stellantis reported strong Q2 shipment growth, lifting sector sentiment ahead of Renault’s own results window.

Pattern: Sector sympathy bounce — European automakers caught a bid as Stellantis shipment data calmed demand fears; Renault’s bounce off 52-week lows has a mean-reversion character.

↓ HO -2.95%

Large-cap · 220.1 (local)

Why: No single catalyst — Thales drifted lower in a quiet week for European defence names, giving back some gains after a strong first-half run as sector rotation favoured luxury over industrials.

Pattern: Mild profit-taking after an extended rally — the decline was orderly and shallow, consistent with consolidation rather than a trend reversal.

Netherlands (Euronext AMS)

↑ RAND +17.38%

Mid-cap · 32.49 (local)

Why: Randstad surged ahead of its July 22 earnings report as short covering and positioning drove a 19% two-week rally; volume spiked on the move, suggesting institutional accumulation.

Pattern: Pre-earnings momentum breakout — seven of ten sessions were positive with rising volume, a classic pattern of funds positioning ahead of a potential beat on the depressed staffing name.

↓ ASML -0.27%

Mega-cap · 1598 (local)

Why: ASML raised full-year guidance for the second time on surging AI chip demand and beat Q2 estimates, but late-week tech selling erased mid-week gains, leaving it roughly flat.

Pattern: Buy-the-rumour, sell-the-news dynamic — ASML surged on the Tuesday guidance raise then gave it all back as the broader chip selloff swept through European semis by Friday.

Switzerland (SIX)

↑ CFR +6.59%

Large-cap · 194.2 (local)

Why: Richemont jumped after Q1 sales surged 20% in constant currencies, nearly doubling consensus growth forecasts, driven by a 24% spike in its Cartier-led jewellery division.

Pattern: Earnings breakout — Richemont’s beat was the week’s cleanest fundamental catalyst in Europe; the move lifted the entire luxury cohort, confirming sector leadership.

↓ ABBN -5.24%

Large-cap · 79.2 (local)

Why: ABB fell despite posting record Q2 orders and 12% revenue growth after announcing a $5.5 billion all-cash acquisition of Rotork, triggering classic acquisition-discount selling.

Pattern: Sell-the-deal pattern — record results were overshadowed by balance-sheet concerns around the largest acquisition in ABB’s history; elevated P/E amplified the de-rating.

Italy (Borsa Italiana)

↑ STLAM +12.29%

Mid-cap · 5.25 (local)

Why: Stellantis rallied after reporting Q2 shipments of 1.6 million units, up 10% year-over-year, with North American shipments surging 38%, signalling early turnaround progress.

Pattern: Mean-reversion bounce from deeply oversold levels — the stock is still down ~49% YTD, so the shipment beat triggered aggressive short-covering on a battered name.

↓ ENEL -0.75%

Large-cap · 10 (local)

Why: No single catalyst — Enel drifted marginally lower in a quiet week for European utilities, with the sector underperforming as rising oil prices shifted investor focus toward energy producers.

Pattern: Range-bound consolidation — the sub-1% decline is noise within a multi-week sideways channel; utilities lacked a catalyst to compete with energy and luxury for flows.

Spain (BME / Madrid)

↑ REP +3.96%

Mid-cap · 24.15 (local)

Why: Repsol rallied alongside BP and Shell as Brent crude climbed on Middle East supply fears, benefiting the Spanish integrated oil and gas major’s upstream exposure.

Pattern: Macro-catalyst sector trade — Repsol moved in tandem with the European energy cohort; the rally was broad-based rather than company-specific.

↓ AENA -2.16%

Mid-cap · 26.24 (local)

Why: No single catalyst — Aena gave back gains as rising oil prices raised input-cost concerns for the travel sector and investor attention rotated away from infrastructure toward energy and luxury.

Pattern: Mild sector rotation out of transport infrastructure — the decline was shallow and orderly, consistent with portfolio rebalancing rather than fundamental deterioration.

Nordics (OMX / Stockholm)

↑ ATCO-A +2.28%

Large-cap · 195.1 (local)

Why: Atlas Copco rose after reporting record Q2 order intake driven by strong demand for compressor and vacuum equipment, with analysts highlighting its industrial-cycle exposure.

Pattern: Earnings-driven momentum continuation — record orders confirmed the capex cycle thesis; the modest 2.3% gain suggests measured accumulation rather than a speculative spike.

↓ ERIC-B -14.70%

Mid-cap · 95.84 (local)

Why: Ericsson cratered after missing Q2 revenue and EPS estimates, warning AI-driven component cost inflation would squeeze margins, and announcing CEO Börje Ekholm’s retirement effective October.

Pattern: Triple-catalyst breakdown — earnings miss, margin warning, and leadership transition hit simultaneously; volume doubled the daily average, signalling institutional capitulation.

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.

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