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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +2.86%, DAX +5.16%, CAC40 +1.09%

Apr 08 ,2026

  • Synopsis

    • European equity markets are set for a sharply higher open after US-Iran ceasefire was agreed within a couple of hours of Trump's deadline. Asia equities ranging from sharp gains to big rallies Wednesday with South Korea up around 6%, Japan Nikkei up 5%, alongside strong gains in Hong Kong, mainland China and Australia. Similar strength in US futures, extending a late bounce in the cash session when last-ditch ceasefire efforts emerged. Crude oil futures tumbling 15% on ceasefire headlines. Gold and Bitcoin up sharply.

    • Big risk-on trade amid major relief after Trump agreed to suspend bombing operations in Iran for two weeks conditional on reopening of the Strait of Hormuz with confirmation of a ceasefire from Iran. First round of negotiations reportedly set for Friday in Islamabad. Trump said Iran's 10-point proposal was a workable basis for negotiation after previously indicating it wasn't good enough. Iran Supreme National Security Council was quoted as claiming major concessions -- US agreed in principle to lift all primary and secondary sanctions, while also accepting Iran's nuclear enrichment and continued control over the Strait.

    • Investors digest macro implications for US-Iran ceasefire. While markets repricing central bank outlook and inflation expectations, resumption of shipping through the Strait will not be a simple process. EIA warned full restoration of Strait oil flows will take months, keeping fuel prices elevated in the meantime. Stagflation risk still prevalent with energy prices sharply higher compared with pre-conflict levels, though policymakers may feel more comfortable looking through energy shock if ceasefire leads to full peace agreement. IMF revised its outlook and warned of depleted policy space to deal with major economic downturn.

    • In central banks, Norges Bank's Bache and Børsum lecture at 9:30CET at Bank's regional network (Region Nord), topics are prospects for the Norwegian economy and the Government Pension Fund Global, and Longva speech at 11:00CET at Bank's regional network (Region Sør-Vest) topic is prospects for the Norwegian economy.

    • On the political front, Norway's minister of energy Aasland receives report from Nuclear Power Committee at 9:00CET which addresses nuclear power as a possible energy source in Norway.

    • Macro data due include Germany Feb factory orders, Mar construction PMI, France Feb trade balance, Switzerland Mar unemployment rate, UK Mar construction PMI, house price index - Halifax, Eurozone Feb retail sales, PPI. UK equity flow data via Calastone showed Iran war fueled a big selloff in UK equity funds in November.

    • A light earnings front sees Redcare Pharmacy (RDC.GR) reporting preliminary Q1 revenue €848M vs FactSet €824.0M and confirming guidance for 2026 and Evotec (EVT.GR) confirming prelim FY25 earnings and FY26 guidance as per 10-Mar update

  • Politics/Macro/World News

    • US and Iran agree 2-week ceasefire that will open Strait of Hormuz - FT; Guardian

    • Rutte's 'Daddy' strategy under strain as Nato head meets Trump - FT

    • US carmakers accuse EU of blocking supersized pick-up trucks from roads - FT

    • Energy giant Drax pulls out of UK climate plan - politico

  • Top company news

    • Earnings/updates

      • Benelux:

        • GBLB.BB (Groupe Bruxelles Lambert) -- reports FY25 NAVPS €105.37, (7%) vs year-ago €113.30 - Annual report

        • OXUR.BB (Oxurion) -- postpones Annual Shareholders Meeting to 1-Jun-26

      • DACHs:

        • BAYN.GR (Bayer AG) -- executive says FY26 guidance unchanged following US announcement on patented pharmaceutical tariffs -- Reuters

        • RDC.GR (Redcare Pharmacy) -- reports preliminary Q1 revenue €848M vs FactSet €824.0M [2 est, €815-833M]; confirms guidance for 2026

        • EVT.GR (Evotec) -- confirms prelim FY25 earnings and FY26 guidance as per 10-Mar update

      • France:

        • SIGHT.FP (GenSight Biologics) -- reports cash and cash equivalent of €3.2M as of 31-Mar-26 vs €2.4M as of 31-Dec-25

        • EMEIS.FP (Emeis) -- confirms prelim FY25 results and guidance as per 17-Feb Update

      • Nordics:

        • LSG.NO (Lerøy Seafood Group) -- Q1 trading update: total harvest volume of salmon and trout (GWT) 39,900 vs year-ago 38,200

        • CRNA.NO (Circio Holding) -- reports preliminary H2 operating income (NOK21M)

        • ICEAIR.IR (Icelandair Group) -- reports March traffic +10% y/y

    • M&A

      • TNXT.IM (Tinexta) -- Zinc BidCo (Advent and Nextalia) announces provisional result of reopened offer for Tinexta; will reach a total shareholding of 87.96%

      • TEF.SM (Telefonica) -- to sell Telefónica México for $450M (€389M)

      • GAMA.LN (Gamma Communications) -- confirms preliminary discussions with interested counterparties in response to press speculation

      • YNGA.LN (Young & Co.'s Brewery) -- Young & Co.'s set to acquire Cubitt House for ~£30M -- Sky News

    • Healthcare

      • AZN.LN (AstraZeneca) -- FDA issues press release on generic Farxiga approvals; LOE included in guidance

      • 500257.IN (Lupin Ltd) -- receives US FDA approval for its abbreviated NDA for its Farxiga biosimilar, Dapagliflozin Tablets, 5 and 10Mg doses

      • CRNA.NO (Circio Holding) -- completes significantly oversubscribed private placement raising gross proceeds of NOK250M at NOK10.80/share

    • Other

      • ECR.SM (Ercros) -- appoints Anton Valero Solanellas as chairman

      • SAB.SM (Banco de Sabadell) -- announces updated MREL requirement; is compliant with the new requirements

      • AKVA.NO (AKVA Group) -- to initiate a strategic review of alternatives to maximize shareholder value

      • RCO.FP (Rémy Cointreau) -- to launch transformation Plan "RC Forward"

      • EZE.SM (Grupo Ezentis) -- announces rights issue

      • EMEIS.FP (Emeis) -- chairman Guillaume Pepy to step down; proposes appointment of Olivier Dussopt as new chairman

      • CREDIA.GA (CrediaBank) -- announces new shares issued in connection with capital increase to commence trading on the Athens Stock Exchange on 8-Apr

      • ENGI.FP (ENGIE) -- accelerates deployment of battery storage with nearly 400 MW of new projects in Europe

      • SUBC.NO (Subsea 7) -- and SLB OneSubsea sign strategic collaboration agreement with PETRONAS Suriname

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- board decides to unilaterally terminate labor contract with Luigi Lovaglio as general manager

      • TE.FP (Technip Energies) -- awarded substantial authorization to advance Commonwealth LNG project ahead of Final Investment Decision

      • Santos appraisal well Quokka-1 encounters high-quality reservoir with ~143 feet of net oil pay in the Nanushuk formation

  • Key rating changes

    • Upgrades

      • RMS.FP (Hermes) -- to buy from neutral at CIC Market Solutions

      • SPIE.FP (SPIE) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • TEL2.B.SS (Tele2) -- hold from buy at Nordea

      • SLR.SM (Solaria Energia) -- neutral from buy at BofA

      • INPST.NA (InPost) -- hold from buy at HSBC

      • HAUTO.NO (Höegh Autoliners) -- sell from hold at ABG Sundal Collier

      • ABG Sundal Collier downgrades BALD.B.SS, FABG.SS, WALL.B.SS

      • VPK.NA (Royal Vopak) -- to neutral from outperform at Oddo

      • AERO.SW (Montana Aerospace) -- to hold from buy at Kepler Cheuvreux (pre-European open)

      • SNR.LN (Senior) -- to hold from buy at Panmure Liberum

      • AQ.SS (AQ Group) -- to hold from buy at Pareto

      • BHG.SS (Lightshop) -- BHG Group downgraded to hold from buy at Danske Bank

    • Initiations

      • NTG.DC (NTG Nordic Transport Group) -- buy at ABG Sundal Collier

      • FCH.LN (Funding Circle Holdings) -- buy at Shore Capital Stockbrokers

  • Data

    • Nikkei +5.45% to 56342.67

    • Hang Seng +3.12% to 25900.71

    • Shanghai Composite +2.43% to 3984.79

    • S&P futures +173.3 vs prior close of 6656.8

    • €-$ +0.0097 or +0.84% to 1.1695

    • $-¥ (1.36) or (0.85%) to 158.26

    • €-¥ (0.01) or (0.01%) to 185.08

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.
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