Apr 16 ,2026
Synopsis:
European equity markets mixed after moving off session highs. Media, chemicals, technology and retail the top performers. Travel/leisure, banks and utilities the main laggards. Follows mostly weaker performance on Wednesday, yet Stoxx 600 remains in positive territory on the week. Asian equity markets mostly higher, with Nikkei and Kospi outperforming amid tech strength. US equity markets higher in midday trading. German Bund yield down around 2 bps to ~3.02%, while the 10-year Italian BTP yield down 3 bps at 3.82%. Gilts 2 bps firmer. Dollar index up 0.2%. Gold down 0.4%. Silver 1.4% lower. Bitcoin futures off 0.1%. WTI crude up 2.5%
Iran conflict de-escalation signals continue to drive risk sentiment with latest headlines noting US and Iran have agreed in-principle to extend ceasefire beyond next week's deadline to allow more time for diplomacy. Second round of talks expected soon, likely in Pakistan again with VP Vance leading US delegation. Trump continues to voice confidence about deal, though press also noted US sending over thousands of additional troops to region in bid to pressure Iran into an agreement.
Lot of central bank commentary to digest in Europe. ECB source report said officials leaning towards keeping policy unchanged at the end of this month, as incoming data won't offer enough clarity on economic impact of Iran conflict. Both Schnabel and Villeroy signaled caution. March ECB minutes highlights need for evidence before acting on energy shock. BoE Governor Bailey reiterated that he is no rush to raise interest rates, reinforcing expectations of steady hand. SNB's Schlegel reiterated willingness to intervene in FX market with Swiss franc strengthening at the start of the Middle East conflict, though has since eased due to previous SNB warnings.
On the macro data front, final Eurozone CPI revised up from flash to 2.6% y/y versus 2.5%. UK monthly activity data for February, which saw economy expand 0.5% m/m before the Iran conflict started.
On a busy earnings front, several major companies have reported, including Tesco (TSCO.LN), EasyJet (EZJ.LN), Rentokil (RTO.LN), Barry Callebaut (BARN.SW), DocMorris (DOCM.SW), TomTom (TOM2.NA) and Pernod Ricard (RI.FP). Separately, Kering (KER.FP) outlined its new strategy at today's CMD. In other news, Gerresheimer (GXI.GR) received creditor support extending FY25 results to Sep-2026 and waiving covenants through Q3 2026, eliminating credit risk; progress on selling Centor and in-line 2026 trading reinforce the turnaround case despite audit delays. Banca Monte dei Paschi di Siena (BMPS.IM) is also higher following the election of a new board.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Media +1.54%, Technology +1.45%, Telecom +0.97%, Chemicals +0.81%, Oil & Gas +0.69%, Retail +0.68%, Construct & Mtls +0.46%, Basic Resources +0.28%, Financial Svcs +0.20%, Real Estate +0.08%, Insurance +0.00%, Food & Beverage (0.01%)
Underperformers:
Travel & Leisure (1.65%), Banks (0.98%), Utilities (0.86%), Autos & Parts (0.45%), Persnl & HHold Goods (0.44%), Health Care (0.36%), Ind Goods & Svcs (0.12%)
Macro:
Central Banks:
Economy:
Eurozone consumer prices rise faster than expected in March, surpassing ECB's 2% target due to rising oil costs: Investing.com
EU prepares emergency plans to tackle jet fuel crunch from Iran war: Reuters
UK:
Germany:
Government halves 2026 growth forecast to 0.5% amid Iran war, source says: Reuters
Peripheral markets:
Company news:
Notable Gainers
+34.6% ANCR.LN (Animalcare Group £3.33, +0.86) -- Charterhouse Capital Partners makes recommended 336p/share in cash offer to acquire Animalcare Group
+17.7% GXI.GR (Gerresheimer €20.84, +3.14) -- creditors agree to extend due date for submitting financial statements
+13.9% SINCH.SS (Sinch SEK27.93, +3.43) -- Grizzly Research report
+10.9% CABP.LN (CAB Payments Holdings £0.97, +0.10) -- increased final possible offer from StoneX at 110p/sh; independent board signals willingness to recommend deal
+10.6% DUST.SS (Dustin Group SEK1.71, +0.16) -- Handelsbanken upgrade
+10.6% DOCM.SW (DocMorris CHF6.29, +0.61) -- Q1 Adj EBITDA (CHF6.3M) vs year-ago (CHF16.1M)
+10.6% ITRK.LN (Intertek Group £48.24, +4.61) -- acquires assets of state-of-the-art solar PV laboratory from Mitsui Chemicals India Pvt. Ltd.; terms undisclosed
+10.5% VRCI.LN (Verici Dx £0.01, -0.00) -- Q1 Tutivia testing volumes
+7.9% AVG.LN (Avingtrans £6.26, +0.46) -- orders update
+7.5% MGNS.LN (Morgan Sindall Group £48.20, +3.38) -- trading update; anticipates FY26 results to be significantly ahead of its previous expectations
+7.4% MFEB.IM (MFE-MEDIAFOREUROPE €3.91, +0.27) -- FY net income €300.7M vs FactSet €316.6M [6 est, €110.9-497.7M]
+7.2% INTEG.B.SS (Integrum SEK8.76, +0.59) -- treatment expansion
+6.7% PLNW.FP (Planisware €16.86, +1.06) -- Q1 revenue €51.0M vs FactSet €50.1M [2 est, €49.5-50.7M]
+6.3% ENT.LN (Entain £6.22, +0.37) -- Q1 Trading Update: Group Net Gaming Revenue +3% y/y; reaffirms FY26 guidance
+6.2% MERC.LN (Mercia Asset Management £0.30, +0.02) -- trading update
+6.0% CMCOM.NA (CM.com €6.04, +0.34) -- earnings
+5.9% AFK.NO (Arendals Fossekompani NOK187.00, +10.50) -- initiated buy at Danske Bank
+5.0% RSGN.SW (R&S Group Holding CHF26.04, +1.26) -- target up at Berenberg
+4.6% PFSE.GR (PFISTERER Holding €95.75, +4.25) -- target up at Berenberg, LBBW
+4.2% TSCO.LN (Tesco plc £4.92, +0.20) -- FY adj. EPS 29.0p vs consensus 28.6p; announces share buyback of £750M to be completed by Apr-27; ups medium-term FCF guidance range
+3.8% ALICA.FP (ICAPE Holding €5.48, +0.20) -- buyback mandate
+3.6% OLTH.GA (Thessaloniki Port Authority €37.80, +1.30) -- earnings
+3.2% CREO.LN (Creo Medical Group £0.12, -0.00) -- sell manufacturing operations to manufacturing operations management; terms undisclosed
+3.1% KESKOB.FH (Kesko €20.42, +0.61) -- March sales from continuing operations €1.18B, +12.2% in comparable terms
+3.0% PLX.FP (Pluxee €12.07, +0.35) -- H1 adj net income €116M vs FactSet €123M
+2.9% AKZA.NA (Akzo Nobel €52.40, +1.50) -- UK's CMA invites comments from interested parties regarding Akzo Nobel's acquisition of Axalta Coating Systems
+2.7% MB.IM (Mediobanca €19.71, +0.52) -- Banca Monte dei Paschi di Siena AGM elects new board of directors; PLT Holding's list wins -- Italian press
+2.7% FAST.NA (Fastned €24.40, +0.65) -- Q1 revenue related to charging €39.2M, +40% y/y; reaffirms FY guidance
+2.7% ARION.IR (Arion Banki ISK187.50, +5.00) -- Merger between Arion banki and Kvika banki will not take place
+2.4% BMPS.IM (Banca Monte dei Paschi di Siena €8.82, +0.21) -- Banca Monte dei Paschi di Siena AGM elects new board of directors; PLT Holding's list wins -- Italian press
+2.4% MTO.LN (Mitie Group £1.84, +0.04) -- FY Trading Update: revenue £5.65B vs FactSet £5.66B [8 est, £5.61-5.70B]; acquires two Fire & Security businesses for a combined initial cash consideration of £8.1M
+2.1% ALERS.FP (Eurobio-Scientific €24.40, +0.50) -- CareDx (CDNA) to Divest Lab Products Business to EuroBio Scientific for $170M and announces Q1 preliminary financial results
+2.1% CSG.NA (CSG NV €21.68, +0.44) -- contract
+2.1% NOVO.B.DC (Novo Nordisk DKK257.20, +5.35) -- Oral Wegovy weekly TRx +10.7% w/w
+2.1% MAU.FP (Maurel et Prom €9.60, +0.20) -- Q1 activity update: working interest production 37,444 boepd, +7% y/y
+2.0% HAS.LN (Hays Plc £0.33, +0.01) -- Q3 Trading Statement: LFL Net Fee Growth (8%) vs consensus (9%); continues to expect FY26 adj. operating profit in line with consensus
+0.6% TOM2.NA (TomTom €4.53, +0.03) -- reports Q1 adjusted net income €13.7M vs year-ago €3.0M
Notable Decliners
-29.1% CRNA.NO (Circio Holding NOK5.85, -2.40) -- reports FY25 EPS (NOK0.44) vs year-ago NOK2.79
-15.6% BARN.SW (Barry Callebaut CHF1,069.00, -197.00) -- H1 net income CHF108.9M ex-items vs FactSet CHF113.9M [2 est, CHF92.7-135M]; Updates FY25/26 outlook
-14.8% ALU.LN (Alumasc Group £2.22, -0.39) -- trading update
-11.2% HDD.GR (Heidelberger Druckmaschinen €1.56, -0.20) -- adjusts earnings forecast for 2025/2026 financial year
-8.5% BYS.SW (Bystronic CHF210.00, -19.50) -- sales
-7.9% PMI.LN (Premier Miton Group £0.41, -0.04) -- trading update
-5.7% EZJ.LN (EasyJet £3.69, -0.22) -- H1 Trading Update: Expects to report a headline loss before tax of between £540M and £560M for the period
-5.4% DNLM.LN (Dunelm Group £8.02, -0.46) -- trading update; reports Q3 sales growth of 2.1% ; FY26 PBT currently expected to be towards lower end of consensus expectations
-5.3% KOG.NO (Kongsberg Gruppen NOK376.10, -21.00) -- Nordea downgrade
-4.4% APN.LN (Applied Nutrition £2.17, -0.10) -- holder JD Sports Fashion to sell entire 22.8M-share stake at £2.15/share for gross proceeds ~£49M
-4.3% ASHM.LN (Ashmore Group £2.12, -0.10) -- Q3 AuM $50.7B vs prior quarter $52.5B
-3.7% MTRS.SS (Munters Group SEK191.35, -7.25) -- DNB Carnegie downgrade
-3.2% QLINEA.SS (Q-linea SEK21.00, -0.70) -- FDA clearance
-3.1% EDP.PL (EDP-Energias de Portugal €4.53, -0.15) -- BofA downgrade
-3.1% AIXA.GR (Aixtron €41.03, -1.32) -- convertible bonds offering
-2.8% SLIGR.NA (Sligro Food Group €13.04, -0.38) -- Trading Update: reports Q1 revenue €578M vs year-ago €574M
-2.3% KER.FP (Kering €248.05, -5.95) -- presents ReconKering strategy at CMD: targets mid-term to more than double full-year 2025 recurring operating margin percentage at Group level
-2.3% BO.DC (Bang & Olufsen DKK8.95, -0.21) -- Q3 revenue DKK621M vs FactSet DKK621.0M [2 est, DKK621-621M]
-2.0% FARN.LN (Faron Pharmaceuticals £0.44, -0.01) -- trial collaboration
-1.7% BFIT.NA (Basic-Fit €33.54, -0.58) -- Q1 revenue €396M vs FactSet €398.0M [1 est]; raises FY underlying EBITDA by €10M €415M - €455M
-1.7% KOF.FP (Kaufman & Broad €28.50, -0.50) -- Q1 net income €11.8M vs FactSet €11.7M [1 est]
-1.7% NSI.NA (NSI NV €17.64, -0.30) -- Q1 Trading update; EPRA EPS €0.35 vs year-ago €0.42
-1.5% VACN.SW (VAT Group CHF555.60, -8.40) -- Q1 revenue CHF220.9M vs FactSet CHF217.5M [2 est, CHF215-220M]
-1.3% SAGA.B.SS (Sagax SEK190.20, -2.60) -- adjusts financial targets: expects return on equity of at least 12% per year over the period 2026-2030
-1.2% OGI.CN (OrganiGram C$2.09, -0.02) -- completes Sanity Group acquisition
-1.1% BF.B (Brown-Forman $29.30, -0.32) -- Sazerac's offer for Brown-Forman was for $32/sh - media report
-1.0% RTO.LN (Rentokil Initial £4.96, -0.05) -- Q1 revenue $1.68B, +8% vs year-ago $1.56B
EU companies reporting tomorrow:
Earnings:
Nordics: Telefonaktiebolaget LM Ericsson (ERIC.B.SS), Nederman Holding (NMAN.SS), Byggmax Group (BMAX.SS)
Southern Europe: Ellaktor (ELLAKTOR.GA), Seri Industrial (SERI.IM)
Data:
Economics:
Eurozone Mar CPI +2.6% y/y vs prelim +2.5%; +1.3% m/m vs prelim +1.2%
Mar core CPI +2.3% y/y vs prelim +2.3%
UK Feb
Visible Trade Balance (£18.79B) vs cons (£20.2B) and prior revised (£15.08B) from (£14.45B)
Trade Balance (£0.72B) vs cons (£3.6B) and prior revised £3.02B from £3.92B
Construction Output (1.0%) y/y vs cons (0.5%) and prior revised (1.9%) from (0.2%)
Industrial Production (0.4%) y/y vs cons (0.9%) and prior revised +0.5% from +0.4%; +0.5% m/m vs cons +0.2% and prior (0.1%)
Manufacturing Production (0.5%) y/y vs cons (0.3%) and prior +1.3%; (0.1%) m/m vs cons +0.3% and prior revised +0.2% from +0.1%
Italy Mar CPI +1.7% y/y vs prelim +1.7%; +0.5% m/m vs prelim +0.5%
EU Harmonised: +1.6% y/y vs prelim +1.5%; +1.7% m/m vs prelim +1.6%
Austria Mar CPI +3.2% y/y vs prelim +3.1%; +1.2% m/m vs prelim +1.1%
EU Harmonised: +3.1% y/y vs prelim +3.1%
Switzerland Mar PPI (2.7%) y/y vs prior (2.7%); +0.2% m/m vs cons +0.5% and prior (0.3%)
Netherlands Mar Unemployment Rate 4.0% vs cons 4.1% and prior 4.1%
Markets:
WTI Crude (May 26): +$2.39 or +2.62% to $93.68
€-$ (0.0023) or (0.19%) to 1.1778
£-$ (0.0030) or (0.22%) to 1.3533
€-£ +0.0001 to 0.8703
S&P 500 +0.20%
Performance year-to-date
FTSE 100: +6.63%
DAX: (1.37%)
CAC: +1.39%
MIB: +6.86%
Stoxx 600: +4.18%
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