Apr 15 ,2026
Synopsis
European equity market futures point to a softer open amidst advances in Asia Wednesday. Positive run continues amid Iran war de-escalation momentum. Tech-heavy benchmarks in South Korea and Taiwan outperforming. Hang Seng leading China markets. Japan positive, but off session highs. S&P 500 futures flat afterhours.
In central banks, Riksbank's Jansson speech at 13:15CET at conf. organized by the Swedish Trade Unions in Industry and ECB's Cipollone keynote address at 17:20CET at event organised by PIFS and Harvard Law School. At IIF Global Outlook Forum, panellists include BOE's Bailey at 16:50BST (and at 19:00BST ay PIIE event), ECB's Schnabel 22:00CET, whilst Bank of Spain's Escriva, SNB's Schlegel panellist at 18:00BST at event hosted by PIIE. ECB's Cipollone speech at 20:00CET, Bank of France's Villeroy speech at 21:30 at event hosted by Atlantic Council, also speaks at Semafor World Economy, and ECB's Lagarde speech at 21:30CET at Conf. The Economic Magic of Equal Opportunity for Women. There's G7 Finance Ministers and Central Bank Governors meeting under the French presidency.
In politics, in the UK, following questions to the Sec. of State for Scotland, Douglas Alexander, HoC sees PMQs at 12noon BST. Committee topics include revisiting the nuclear roadmap at 9:15 (incl. exec from Rolls Royce SMR (RR.LN)), growth and proposed regulation of stablecoins in the UK at 10:00 (Economic Secretary to the Treasury Rigby, execs from FCA), GB Energy and the net zero transition at 10:30 (minister for energy Shanks) as well as pre-commencement hearing with the newly-appointed Deputy Governor for Prudential Regulation at the BOE and Chief Executive of the PRA, Katharine Braddick at 14:15. Chancellor Merz attends - and delivers a speech - at the ceremony marking Lufthansa's (LHA.GR) 100th anniversary at Frankfurt Airport.
Macro data include France Mar final CPI, Eurozone Feb industrial production, Norway Mar trade balance and Greece Mar CPI.
In earnings, Kering (KER.FP) reported Q1 revenue €3.57B vs StreetAccount €3.60B overnight, whilst AIXTRON (AIXA.GR) raised FY revenue guidance to around €560M from previously €520M. ASML Holding (ASML.NA) is out with Q1 EPS €7.15 vs consensus €6.60 and hiked total dividend for FY25 by 17% y/y whilst Tryg (TRYG.DC) reported Q1 net income DKK958M vs FactSet DKK842.2M. Fraport (FRA.GR) and Flughafen Zuerich (FHZN.SW) reported March traffic.
Other corporate news include Aegon (AGN.NA) to sell Aegon UK to Standard Life (SDLF.LN) for total consideration of £2.0B.
Politics/Macro/World News
Keir Starmer plans May relaunch with King's Speech - FT
Middle East conflict sparked major supply shock, says Bank of England boss - The Standard
Labour set to lose control in Wales for first time - Telegraph
Top company news
Earnings/updates
Benelux:
ASML.NA (ASML Holding) -- reports Q1 EPS €7.15 vs consensus €6.60; hikes total dividend for FY25 by 17% y/y
DACHs:
GSC1.GR GESCO SE confirms 2025 results in line with prelims; issues outlook for 2026
SLHN.SW Swiss Life Holding's 'Swiss Life 2027': well on track in its first year - Annual Report
AIXA.GR (Aixtron) -- increases FY 2026 guidance
HBAN.SW Helvetia Baloise Holding reports FY underlying earnings CHF633.4M, +20% vs year-ago CHF528.6M
FRA.GR (Fraport) -- reports Mar Frankfurt Airport traffic statistics: passengers 4.7M, +2.1% y/y
HYQ.GR (Hypoport) -- Q1 Preliminary: Europace transaction volume in residential mortgage finance at the level of the strong prior-year quarter
HT5.SW (HT5) -- publishes results of successful offering; all 15.4M Shares placed at CHF 2.04 per Share
FHZN.SW (Flughafen Zuerich) -- reports March traffic statistics
France:
KER.FP (Kering) -- reports Q1 revenue €3.57B vs StreetAccount €3.60B
WAGA.FP (Waga Energy) -- reports FY net income (€30.3M) vs FactSet (€33.2M) [2 est, (€34.9)-(31.5M)]
Nordics:
TRYG.DC (Tryg) -- reports Q1 net income DKK958M vs FactSet DKK842.2M [9 est, DKK725.2-946M]
M&A
AGN.NA (Aegon) -- to sell UK to Standard Life for total consideration of £2.0B; consists of shareholding of 15.3% (181.1M shares) in Standard Life and cash amount of £0.75B
BG.AV (BAWAG Group) -- Transcript Intelligence: BAWAG Group Acquisitionof Permanent TSB Group Holdings plc AG Call
BPSO.IM (Banca Popolare di Sondrio) -- BPER Banca confirms the merger by absorption of Banca Popolare di Sondrio to take effect from 20-Apr (post EU close 14-Apr)
SOON.SW (Sonova Holding) -- Sonova's Advanced Bionics announces investment in and research collaboration with Spiral Therapeutics (private) (7:01ET)
NXT.LN (Next) -- said to be eyeing acquisition of UK handbag maker Radley's brand and IP assets -- Sky News
CBK.GR (Commerzbank) -- Commerzbank, UniCredit have held talks about a deal but are at odds over issues including valuation - Bloomberg
DKSH.SW (DKSH Holding) -- to acquire the business of Kinematic Resources; price undisclosed
012330.KS (Hyundai Mobis) -- OPMobility among firms interested in Hyundai Mobis' bumper business - Maeil (17:31 KT/10:31 CET)
9638.HK (Ferretti) -- notes closing of KKCG Maritime partial tender offer of up to 52.1M-shares; valid acceptances received of 29.6M-shares
TSL.IM (Tessellis) -- CORRECTION: Tesselis announcement of seeking improved irrevocable offers for B2C business unit was published 31-Mar
Anthropic receives multiple offers from VCs valuing it at as much as $800B - Business Insider, citing people familiar with the matter
Healthcare
UCB.BB (UCB) -- announces new clinical data from its generalized myasthenia gravis (gMG) portfolio at the 2026 American Academy of Neurology (AAN) meeting
DRW3.GR (Drägerwerk) -- Transcript Intelligence: Drägerwerk at MWB Research German Select Conference
OSE.FP (OSE Immunotherapeutics) -- appoints Thomas Gidoin and Aurore Morello as Deputy CEO and CSO, respectively
CRNA.NO (Circio Holding) -- enters in vivo cell therapy evaluation agreement with Acuitas Therapeutics
Other
COV.FP (Covivio) -- acquires four hotels in Milan for €217M
EVT.GR (Evotec) -- Appoints Ingrid Müller as COO; will be joining Evotec's Management board, effective 1-May-26
BLKB.SW (Basellandschaftliche Kantonalbank) -- appoints Alexandra Scriba as new CEO effective 1-May; Thomas Aegerter to assume the chairmanship
VTURA.NO (Ventura Offshore Holding) -- releases company presentation
COPN.SW (Cosmo Pharmaceuticals) -- announced positive 12-month Phase III results for Clascoterone 5% topical solution in men with mild-to-moderate AGA
UBSG.SW (UBS Group) -- UBS CEO Sergio Ermotti could stay in role well into H2 of 2027 as an obvious internal successor has yet to emerge - Reuters
SAN.SM (Banco Santander) -- notified by the Bank of Spain of the determination of its MREL (post EU close 14-Apr)
BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- notified by the Bank of Spain of the determination of its MREL (post EU close 14-Apr)
RNO.FP (Renault) -- reportedly planning workforce reductions over next two years affecting ~ 15-20% of engineers globally - wires, citing spokesperson
BORR.NO (Borr Drilling) --
announces proposed offering of $250M of convertible senior notes due 2033
prices $260M offering of 3.50% convertible senior notes due 2033
PAGE.LN (PageGroup) -- Street Takeaways - PageGroup Q1 Trading Update
HAFNI.NO (Hafnia) -- Insider transaction: Hafnia CEO Mikael Skov discloses sale of 1.0M shares - Form 4
Key rating changes
Upgrades
SAND.SS (Sandvik) -- hold from sell at Nordea
DOM.SS (Dometic Group) -- buy from hold at Nordea
Barclays upgrades BIRG.ID, PTSB.ID
Barclays upgrades CABK.SM; downgrades BBVA.SM
Danske Bank upgrades AKRBP.NO, VAR.NO; downgrades EQNR.NO
Oddo initiates ANTO.LN; upgrades AAL.LN
APAM.NA (Aperam) -- to buy from hold at Jefferies
ENT.LN (Entain) -- to buy from add at Peel Hunt
GIVN.SW (Givaudan) -- to overweight from neutral at JPMorgan
HUSQ.B.SS (Husqvarna) -- to hold from sell at SEB
UPR.ID (Uniphar) -- to buy at Deutsche Numis
Downgrades
HANZA.SS (HANZA) -- hold from buy at Nordea
IMB.LN (Imperial Brands) -- to neutral from buy at UBS
NHY.NO (Norsk Hydro) -- to hold from buy at Deutsche Bank, we're told
AGS.BB (Ageas) -- to hold from buy at ING
PTSB.ID (Permanent TSB Group Holdings) -- to market perform from outperform at Keefe, Bruyette & Woods
SUNN.SW (Sunrise Communications) -- to underperform from neutral at BNP Paribas Exane
Initiations
XK4.GR (Gabler Group) -- overweight at Cantor Fitzgerald
THULE.SS (Thule Group) -- buy at Handelsbanken
Data
Nikkei +0.37% to 58089.86
Hang Seng +0.41% to 25977.50
Shanghai Composite +0.25% to 4036.50
S&P futures (3.0) vs prior close of 7004.8
€-$ (0.0003) or (0.03%) to 1.1793
$-¥ +0.16 or +0.10% to 158.95
€-¥ +0.14 or +0.07% to 187.45
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