May 21 ,2026
Synopsis:
European indices ended mostly mixed to lower. UK holding up better. Basic resources, chemicals and utilities the best performers, while travel/leisure, tech and banks the biggest laggards.
Defensive tone chalked up to the latest headline volatility surrounding US-Iran conflict. Region continues to monitor developments and their potential implications for inflation and energy markets. ECB's Rehn (dove) said high inflation still not taking root in the EU, although press reports suggest Jun rate hike nearly sealed. EU Commission cut 2026 EU growth forecast to 1.1% from 1.4% and warned prolonged Hormuz closure could halve that diminished projection. Meanwhile, UK Chancellor Reeves launched summer savings package to ease cost-of-living pressures while Streeting positioned for Labour leadership with CGT reform proposal.
On the macro calendar, in Europe and UK, attention focused on today's flash PMI data along with EU consumer confidence index. Eurozone Composite PMI missed forecasts at 47.5, a 31 month low amid intensifying cost pressures. French business activity posted sharpest decline in five-and-a-half years. UK flash PMI missed expectations at 48.5 versus 51.6 expected, a 13-month low. Eurozone May flash consumer confidence improved a little to (19.0) vs consensus (20.8) and prior (20.6). Eurozone Mar Construction Output (1.2%) y/y versus consensus (2.6%).
In corporate news, Ubisoft (UBI.FP) soft FY27 guidance disappoints and analysts see reinforced refinancing risks. Swiss Life (SLHN.SW) reports H1 gross premiums written CHF8.19B vs consensus CHF8.07B; well on track with the 'Swiss Life 2027' program. Generali (G.IM) reports Q1 net income €1.27B ex-items vs consensus €1.10B; confirms 2025-2027 growth targets (Lifetime Partner 27). In the UK, BT Group (BT.A.LN) and Smiths Group (SMIN.LN) among those updating investors.
Looking ahead to tomorrow's EU econ-calendar, key releases will include, amongst others, Germany Q1 final GDP, Jun consumer confidence - GfK, business climate - IFO, France May business survey, and UK Apr retail sales, public sector borrowing, May consumer confidence - GfK.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Basic Resources +1.27%, Chemicals +1.23%, Utilities +0.96%, Retail +0.49%, Financial Svcs +0.48%, Health Care +0.43%, Food & Beverage +0.38%, Media +0.37%, Autos & Parts +0.25%, Oil & Gas +0.08%
Underperformers:
Travel & Leisure (1.39%), Technology (0.42%), Banks (0.41%), Construct & Mtls (0.34%), Ind Goods & Svcs (0.28%), Real Estate (0.26%), Insurance (0.26%), Persnl & HHold Goods (0.19%), Telecom (0.03%)
Macro:
Central banks:
BOE's Taylor Says Rate Rises Only Needed in Worst-Case Scenario -- Bloomberg
EU:
EU closes in on migrant returns deal -- Politico
UK:
Chancellor Rachel Reeves statement to Parliament -- Gov.UK
Germany:
Germany's fiscal situation is a case of geopolitical irony -- Investinglive
France:
France faces rising fiscal risks, IMF warns -- Reuters
Company news:
Notable Gainers
+25.0% ALFEN.NA (Alfen €15.77, +3.19) -- Jefferies upgrade
+18.0% BTS.B.SS (BTS Group SEK194.00, +29.00) -- earnings
+14.6% AJB.LN (AJ Bell £6.12, +0.78) -- earnings
+11.6% IMP.A.SS (Implantica SEK55.20, +6.00) -- new RefluxStop study
+9.1% FDM.LN (FDM Group (Holdings) £1.13, +0.10) -- AGM statement
+8.8% VIO.BB (Viohalco SA/NV €19.24, +1.58) -- subsidiary earnings
+7.9% QQ.LN (QinetiQ Group £4.70, +0.34) -- earnings
+7.5% IBAB.BB (Ion Beam Applications €15.38, +1.08) -- trading update
+7.3% HEIJM.NA (Heijmans €93.10, +6.35) -- FY30 targets
+7.2% PPC.GA (Public Power Corp. €21.36, +1.44) -- placing
+7.2% SYENS.BB (Syensqo €66.10, +4.40) -- strategic review of Performance & Care segment
+6.6% AAG.GR (Aumann €13.60, +0.85) -- special div, extends CEO & CFO appointments
+6.3% WRKS.LN (TheWorks.co.uk £0.57, +0.03) -- trading update
+6.1% IQE.LN (IQE £0.41, +0.02) -- resumed buy at Peel Hunt
+5.9% SBRE.LN (Sabre Insurance Group £1.65, +0.09) -- trading update
+5.8% J1X.GR (Himalaya Shipping €13.56, +0.74) -- earnings
+5.7% VLTSA.FP (Voltalia €8.14, +0.44) -- board changes
+5.0% TCM.DC (TCM Group DKK72.00, +3.40) -- earnings
+4.9% NTGY.SM (Naturgy Energy Group €29.28, +1.36) -- BNP Paribas Exane, Morgan Stanley upgrades
+4.8% INVP.LN (Investec £6.47, +0.30) -- earnings
+4.7% BIOPOR.DC (BioPorto DKK1.22, +0.05) -- earnings
+4.7% YNGA.LN (Young & Co.'s Brewery £7.63, +0.34) -- earnings
+4.6% SFT.LN (Software Circle £0.16, +0.01) -- trading update
+4.3% BTG.LN (BTG Consulting plc £1.21, +0.05) -- trading update
+4.3% DIGIA.FH (Digia €5.88, +0.24) -- CMD today
+4.1% KINV.B.SS (Kinnevik SEK55.30, +2.16) -- updates on recruitment of new CEO
+3.9% ALMKT.FP (Mauna Kea Technologies €0.18, +0.01) -- regulatory approvals for Cellvizio Gen 3 system in the UAE and Turkey
+3.3% CSG.NA (CSG NV €19.78, +0.61) -- Oddo upgrade
+3.2% IBST.LN (Ibstock £0.99, +0.03) -- trading update
+3.0% BMS.LN (Braemar £2.43, +0.07) -- earnings
+2.8% B2I.NO (B2 Impact NOK24.15, +0.65) -- earnings
+2.7% G.IM (Assicurazioni Generali €38.53, +1.01) -- earnings
+2.6% IHP.LN (Integrafin Holdings £3.41, +0.09) -- follow-through
+2.5% ZIG.LN (Zigup Plc £4.33, +0.11) -- trading update
+2.1% MVIR.SS (Medivir SEK2.02, +0.04) -- first patient study enrollment
+1.9% SBO.AV (SBO AG €35.00, +0.65) -- earnings
+1.8% STG.DC (Scandinavian Tobacco Group DKK72.20, +1.30) -- earnings
+1.4% FG.SS (Fasadgruppen Group SEK21.10, +0.30) -- earnings
Notable Decliners
-26.8% ELIOR.FP (Elior Group €2.10, -0.75) -- earnings; Kepler Cheuvreux downgrade
-21.4% NXQ.LN (Nexteq £0.53, -0.14) -- trading update
-16.1% NORSE.NO (Norse Atlantic NOK1.59, -0.31) -- earnings
-10.6% OMDA.NO (Omda AS NOK34.40, -4.10) -- earnings
-8.8% AUTO.LN (Auto Trader Group £4.60, -0.44) -- earnings
-8.7% CRL.IM (Carel Industries €30.15, -2.85) -- placing
-8.0% HEXA.B.SS (Hexagon SEK83.86, -7.24) -- Ex rights for Octave today
-6.9% MAB.LN (Mitchells & Butlers £2.35, -0.18) -- earnings
-4.9% BT.A.LN (BT Group £2.20, -0.11) -- earnings; management announcement
-4.9% CTEC.LN (ConvaTec Group £2.03, -0.11) -- trading update
-4.5% AT.LN (Ashtead Technology Holdings £5.06, -0.24) -- AGM trading update
-4.4% ISS.DC (ISS A/S DKK265.60, -12.20) -- placing
-4.3% AIR.FP (Airbus SE €167.68, -7.40) -- Airbus SE informs some customers of further A350 delays -- Reuters, citing sources (20-May, 1629 GMT+1)
-3.2% SREN.SW (Swiss Re CHF121.85, -4.00) -- UBS downgrade
-2.8% SDI.LN (SDI Group £0.77, -0.02) -- trading update
-2.6% CBG.LN (Close Brothers Group £4.46, -0.12) -- trading update
-2.3% UBI.FP (Ubisoft Entertainment €4.46, -0.11) -- earnings
-1.8% ACKB.BB (Ackermans & Van Haaren €270.40, -5.00) -- trading update
EU companies reporting tomorrow:
Earnings:
Benelux: Retail Estates (RET.BB)
DACHs: Richemont (CFR.SW)
Nordics: DOF Group (DOFG.NO), Danske Andelskassers Bank (DAB.DC), Petronor E&P (PNOR.NO), Integrated Wind Solutions (IWS.NO)
UK: Kazatomprom (KAP.LN), Helical (HLCL.LN)
Trading Update:
DACHs: Julius Baer Group (BAER.SW)
Data:
Economics:
Eurozone May Flash Consumer Confidence (19.0) vs consensus (20.8) and prior (20.6)
France May
Flash Services PMI 42.9 vs consensus 46.6 and prior 46.5
Flash Manufacturing PMI 48.9 vs consensus 52.2 and prior 52.8
Flash Composite PMI 43.5 vs consensus 47.7 and prior 47.6
Germany May
Flash Manufacturing PMI 49.9 vs consensus 51.0 and prior 51.4
Flash Services PMI 47.8 vs consensus 47.0 and prior 46.9
Flash Composite PMI 48.6 vs consensus 48.4 and prior 48.4
Eurozone May
Flash Services PMI 46.4 vs consensus 47.7 and prior 47.6
Flash Manufacturing PMI 51.4 vs consensus 51.8 and prior 52.2
Flash Composite PMI 47.5 vs consensus 48.8 and prior 48.8
UK May
Flash Services PMI 47.9 vs consensus 51.7 and prior 52.7
Flash Manufacturing PMI 53.7 vs consensus 53.0 and prior 53.7
Flash Composite PMI 48.5 vs consensus 51.6 and prior 52.6
Markets:
WTI Crude (26-Jul): +$3.39 or +3.45% to $101.65
€-$ (0.0038) or (0.33%) to 1.1587
£-$ (0.0028) or (0.21%) to 1.3405
€-£ (0.0007) to 0.8646
S&P 500 (0.35%)
Performance year-to-date:
FTSE 100: +5.16%
DAX: +0.48%
CAC: (0.78%)
MIB: +9.40%
Stoxx 600: +4.79%
This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE