European Movers: Adyen (ADYEN NA) +9.4%, Maersk (MAERSKB DC) +6.2%, TKMS (TKMS GY) +5.5%, Hapag-Lloyd (HLAG GY) +4.2%, Pandora (PNDORA DC) +2.7%, Zealand Pharma (ZEAL DC) +2.3%, Rio Tinto (RIO LN) -3.7%, Fresnillo (FRES LN) -3.4%

Antofagasta (ANTO LN) -3.3%: Guides FY26 copper production lower Orsted (ORSTED DC) -1.7%: Despite strong revenue, profitability metrics weaken, maintains outlook Adyen (ADYEN NA) +9.4%: Revenue above exp. Raises FY26 guidance. Maersk (MAERSKB DC) +6.2%: Revenue, EBITDA & EBIT beat. Upgrades FY26 guidance, above market consensus. TKMS (TKMS GY) +5.5%: Upgraded to Outperform from Perform at Bernstein Hapag-Lloyd (HLAG GY) +4.2%: Revenue and EBITDA higher Y/Y. Raises FY26 guidance. Notes Q2 was better Q/Q, driven by significantly higher spot rates and robust demand. Pandora (PNDORA DC) +2.7%: Net beat, Revenue in-line. Gross margin solid, even excluding the IEEPA claim's positive benefit. Zealand Pharma (ZEAL DC) +2.3%: Poor results but advances pipeline focused on obesity drugs. Ex-dividend: Rio Tinto (RIO LN) -3.7%, Fresnillo (FRES LN) -3.4%