Apr 10 ,2026
Synopsis:
European equity markets closed mixed and off earlier highs. Follows weaker close on Thursday. Media, basic resources and tech were the top performing sectors, while insurance, energy and telecom the main laggards.
Quiet finish to a noisy week as US-Iran ceasefire continues to hold into negotiations in Pakistan on Saturday morning. However, ceasefire durability concerns continue to get a lot of attention with Strait of Hormuz and Lebanon the pressure points. While Israel's Netanyahu authorized direct talks with Lebanon, stressed no ceasefire in place and will continue to strike Hezbollah. Trump talked up prospect of peace deal with Iran, but also accused Tehran of breaching promise on Strait of Hormuz. Warned Iran to stop charging tolls on tankers and criticized management of oil flows. Another big area of focus seems to be on the mechanical support for a further bounce vs the meaningful recovery the market has already seen.
Press reports discuss Trump's meeting with NATO Secretary General Rutte. Highlighted that Trump made no specific demands, nor did he indicate that the US would reduce commitments due to EU split on US access to European bases in Iran war. Meanwhile, Middle East crisis has seen the EU boost imports of Russian gas. In other news, Ukraine-Russian announced a pause in hostilities over Orthodox Easter, as Ukraine's top aide said he sees progress towards a potential peace deal.
On European macro data front, UK retail footfall data jumped due to early Easter. Final German CPI in line with flash, Norwegian inflation accelerated as expected and Italian industrial production missed.
On a light reporting front, Sodexo (SW.FP) posted H1 numbers, whilst Brunello Cucinelli (BC.IM) and Bossard Holding (BOSN.SW) published Q1 sales. Airbus SE (AIR.FP) and Groupe Eurotunnel (GET.FP) reported Mar numbers and Repsol (REP.SM) issued Q1 production output.
The week ahead sees World Bank/IMF meetings, OPEC/IEA oil market reports, UK Feb industrial/manufacturing production, trade balance, Switzerland Mar PPI as well as earning/updates from ASML Holding (ASML.NA), Barratt Redrow (BTRW.LN), Barry Callebaut (BARN.SW), Entain (ENT.LN), Givaudan (GIVN.SW), LM Ericsson (ERIC.B.SS), LVMH (MC.FP), Tesco (TSCO.LN) and Wise (WISE.LN).
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Media +1.95%, Basic Resources +1.64%, Technology +1.33%, Banks +1.32%, Autos & Parts +0.94%, Construct & Mtls +0.87%, Chemicals +0.78%, Retail +0.61%, Financial Svcs +0.55%
Underperformers:
Insurance (0.96%), Oil & Gas (0.76%), Telecom (0.42%), Utilities (0.23%), Real Estate (0.06%), Ind Goods & Svcs +0.07%, Travel & Leisure +0.10%, Health Care +0.16%, Persnl & HHold Goods +0.29%, Food & Beverage +0.32%
Macro:
Geopolitics
Islamabad prepares to host historic negotiations between Iran and the US - The Guardian
Israel and Hezbollah exchange strikes overnight as Trump criticises Iran's handling of Hormuz strait - BBC
US prepares to punish Nato states for Iran rift - The Times
North Sea oil prices hit record high - The Telegraph
EU
EU boosts imports of Russian gas as Middle East crisis squeezes supplies - FT
UK
Tories scramble to fend off Farage on their home turf - Politico
Starmer says he is 'fed up' with Trump and Putin's impact on UK energy costs - The Guardian
Germany
German inflation confirmed at 2.8% in March - Reuters
Italy
An Anti-Meloni Emerges in Italy With Push to Unseat the Original - Bloomberg
Hungary
Company news:
Notable Gainers
+14.8% ATORX.SS (Alligator Bioscience SEK0.18, +0.02) -- update on mitazalimab
+7.0% AO.LN (AO World £0.95, +0.06) -- FY trading update
+6.5% BOSN.SW (Bossard Holding CHF156.00, +9.50) -- Q1 revenue
+6.5% MTRS.SS (Munters Group SEK191.85, +11.75)
+6.3% ROS.AV (Rosenbauer International €50.60, +3.00) -- FY earnings
+5.2% BC.IM (Brunello Cucinelli €83.84, +4.18) -- Q1 revenue
+4.0% MOL.IM (Moltiply Group €32.25, +1.25) -- launches public tender offer to acquire up to 228K shares at a price of €33.0/share
+3.9% TROAX.SS (Troax Group SEK105.40, +4.00)
+3.5% INSTAL.SS (Instalco SEK34.66, +1.18) -- Pareto and SEB upgrades
+3.2% VTURA.NO (Ventura Offshore Holding NOK32.00, +1.00) -- contract extension for drillship DS Carolina
+3.1% NEWA.B.SS (New Wave Group SEK99.55, +2.95) -- ABG Sundal Collier upgrade
+3.1% NEXT.NO (Next Biometrics Group NOK0.54, +0.02)
+3.0% WAVE.FP (Wavestone €46.55, +1.35)
+2.9% KIN.BB (Kinepolis Group €28.35, +0.80)
+2.7% KGF.LN (Kingfisher £3.08, +0.08) -- to commence first £75M tranche of already communicated £300M buyback
+2.7% IDIA.SW (Idorsia CHF3.52, +0.09)
+2.5% NORION.SS (Norion Bank SEK57.70, +1.40)
+2.5% AMG.NA (AMG Critical Materials €33.08, +0.82)
+2.0% RCO.FP (Remy Cointreau €39.62, +0.78)
+1.8% PUM.GR (Puma €24.75, +0.43)
+1.8% BVB.GR (Borussia Dortmund €3.13, +0.05) -- extends player employment contract with Nico Schlotterbeck
Notable Decliners
-25.1% IPX.LN (Impax Asset Management Group £0.94, -0.32) -- Q2 AUM update
-11.2% GSP.IM (Gas Plus €6.52, -0.82) -- FY earnings
-10.6% SW.FP (Sodexo €39.64, -4.70) -- H1 earnings; CIC Market Solutions downgrade
-6.3% ATRLJ.B.SS (Atrium Ljungberg SEK29.50, -2.00) -- Q1 earnings
-5.8% REP.SM (Repsol €21.60, -1.32)
-5.3% LDO.IM (Leonardo €56.31, -3.13) -- Italy reportedly close to naming Lorenzo Mariani as next CEO of Leonardo -- Reuters, citing sources
-4.0% NAE.FP (Esso €57.70, -2.40) -- to begin the preliminary phases of restarting certain units at its Gravenchon refinery, following the planned maintenance shutdown
-1.9% HLAG.GR (Hapag-Lloyd €117.90, -2.30)
-1.9% CPG.LN (Compass Group $27.57, -0.52)
-1.0% BCP.PL (Banco Comercial Portugues €0.90, -0.01) -- Fosun seeking best way to divest its 20.45% stake in BCP -- Expresso
EU companies reporting on Monday:
Earnings:
DACHs: Burkhalter Holding (BRKN.SW)
UK: Concurrent Technologies (CNC.LN), Churchill China (CHH.LN), Arecor Therapeutics (AREC.LN)
Trading Update:
DACHs: Sulzer (SUN.SW)
France: LVMH Moet Hennessy Louis Vuitton (MC.FP)
Nordics: TGS-NOPEC Geophysical Co. (TGS.NO), Kid (KID.NO), Nordic Mining (NOM.NO)
Southern Europe: Galp Energia (GALP.PL), Puig Brands (PUIG.SM)
UK: Wise (WISE.LN), Sirius Real Estate (SRE.LN), Polar Capital Holdings (POLR.LN)
Traffic: Aeroflot-Russian Airlines (AFLT.RU), Heathrow Airport (+HTR.LN)
CMD/Events: Mercedes-Benz Group (MBG.GR) pre-close call at 17:00CET (registration link), Porsche (P911.GR) pre-close call at 17:30CET, Robertet (RBT.FP) investor conf - House of Denmark - Paris, Puig Brands (PUIG.SM), SBO (SBO.AV)
Data:
Economics:
Feb Manufacturing Production
Netherlands (1.3%) m/m vs consensus +0.2% and prior revised +2.0% from +0.4%
Denmark (2.0%) m/m vs consensus (1.8%) and prior revised +3.3% from +3.8%
Norway (0.4%) m/m vs consensus +0.4% and prior revised to (0.2%) from (0.3%)
Feb Industrial Production
Sweden +7.0% y/y vs consensus +2.4% and prior revised +1.6% from +1.9%
Austria +1.1% y/y vs consensus +0.7% and prior +0.3%
Italy +0.5% y/y vs consensus +0.5% and prior (0.6%)
Mar CPI
Denmark +1.2% y/y vs consensus +1.2% and prior +0.7%
Germany +2.7% y/y vs preliminary +2.7%
Norway +3.6% y/y vs consensus +3.6% and prior +2.7%
Switzerland Mar Consumer Sentiment (42.9) vs consensus (32.0) and prior (30.4)
Markets:
WTI Crude (May 26): +$0.98 or +1.00% to $98.85
€-$ +0.0028 or +0.24% to 1.1727
£-$ +0.0027 or +0.20% to 1.3464
€-£ +0.0006 to 0.8713
S&P 500 +0.04%
Performance year-to-date
FTSE 100: +6.74%
DAX: (2.80%)
CAC: +1.35%
MIB: +5.93%
Stoxx 600: +3.82%
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