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StreetAccount Summary - Europe Pre-Open: FTSE flat, DAX +0.2%, CAC flat, IBEX +0.2%, MIB +0.2%

Apr 16 ,2026

  • Synopsis

    • European equity markets set to open broadly flat to higher. Asian equities advancing Thursday. Continuation of tech-led strength with Japan and South Korean indexes outperforming. Crude little changed changed with WTI hovering around $91 and Brent $95. Gold and silver pushing up from earlier lows. Dollar weakening against other currencies.

    • 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 said next two days, but nothing official yet). 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 agreement.

    • China Q1 GDP growth rose by more than expected with manufacturing and exports among the drivers. China GDP expanded 5.0% y/y in Q1, above consensus 4.8% and follows 4.5% in the previous quarter. Sequential growth was virtually steady at 1.3% q/q vs consensus 1.4% and prior 1.2%. March activity data mixed.

    • European macro data releases out today include UK Feb industrial/manufacturing production, trade balance, construction output, Mar monthly GDP tracker - NIESR, Switzerland Mar PPI, Italy Mar final CPI, Eurozone Mar final CPI, Netherlands Mar unemployment rate, Austria Mar final CPI

    • On the corporate front, companies reporting earnings/updates today include Tesco (TSCO.LN), Barry Callebaut (BARN.SW) and Pernod Ricard (RI.FP)

    • Also on today's agenda: In central banks, ECB's Lane panellist at 05:40CET at The Washington Economic Festival: Global Macro Sessions organised by Reinventing Bretton Woods Committee and at 20:30CET on IMF Spring Meetings panel. Also, Norges Bank publishes its latest lending survey at 10:00CET and ECB's Tuominen panellist at 11:15CET at New Frontiers in Banking and Capital Markets Conf. in Milan. ECB's Schnabel, Spain's minister for economy, trade, and business Caballero panellists at 14:00BST at event hosted by PIIE, whilst Austria central bank's Kocher, Bulgaria central bank's Radev panellists at 17:00BST at event hosted by Atlantic Council and SNB's Tschudin and Moser speech at 18:00CET at Money Market event in Zurich. Bundesbank's Nagel and finance minister Klingbeil hold press conf. at 18:45CET in Washington. Also, External Member of BOE's MPC Taylor panellist at 16:40BST at event hosted by Reinventing Bretton Woods Committee and at 20:00BST at event hosted by PIIE, SNB publishes at 9:30CET the minutes of last MPC meeting and Bundesbank monthly report released at 12noon CET. Latvia central bank's Kazaks and Finland central bank's Rehn also due to speak. G20 Finance Ministers and Central Bank Governors will meet under the US presidency, whilst World Bank and IMF Development Committee and the International Monetary and Financial Committee (IMFC) will meet. In politics, Chancellor Merz hosts Irish Taoiseach, Micheál Martin. A joint press conf. is planned following a subsequent meeting. Spain's minister of economy, trade and business Cuerpo speech at 18:30CET at event hosted by Atlantic Council, and Norway's energy minister Aasland hosts representatives from Indonesian parliamentary committee who are on a study tour of Norway to gain better insight into Norwegian energy and climate policy. EU|UK Forum Annual Conf, speakers include EP President Metsola speech at 9:15CET, EU' Šefčovič at 10:20, UK's Ambassador Appleby (fireside chat at 11:00), UK's Minister for the Constitution and European Union Relations Thomas-Symonds at 14:10

  • Politics/Macro/World News

    • Iran offers proposal allowing ships to exit Oman side of Hormuz free of attack, source says -- Reuters

    • Hopes for Middle East peace grow as Israel discusses Lebanon ceasefire -- Reuters

    • UK lenders begin cutting mortgage rates after month of turmoil -- FT

    • BoE governor Andrew Bailey says the UK's central bank will not rush to make a decision on interest rate rises -- BBC

    • ECB Officials Are Leaning Toward April Rate Hold -- Bloomberg

    • EU working on jet fuel plan as Iran crisis threatens air travel -- Reuters

    • Netherlands Mar Unemployment Rate 4.0% vs consensus 4.1% and prior 4.1%

  • Top company news

    • Earnings/updates

      • DACHs

        • GXI.GR (Gerresheimer) -- announces that creditors agree to extend due date for submitting financial statements

        • HDD.GR (Heidelberger Druckmaschinen) -- adjusts earnings forecast for 2025/2026 financial year

        • VACN.SW (VAT Group) -- reports Q1 revenue CHF220.9M vs FactSet CHF217.5M [2 est, CHF215-220M]

        • BARN.SW (Barry Callebaut) -- reports H1 net income CHF108.9M ex-items vs FactSet CHF113.9M [2 est, CHF92.7-135M]; Updates FY25/26 outlook

        • FYB.GR (Formycon) -- reports preliminary FY25 adjusted EBITDA (€2M) vs prior guidance (€7M)

      • Nordics

        • AKRBP.NO (Aker BP) -- reports Q1 net production 398.4 mboepd vs year-ago 410.6

        • CRNA.NO (Circio Holding) -- reports FY25 EPS (NOK0.44) vs year-ago NOK2.79

      • Benelux

        • TOM2.NA (TomTom) -- reports Q1 adjusted net income €13.7M vs year-ago €3.0M

        • BFIT.NA (Basic-Fit) -- reports Q1 revenue €396M vs FactSet €398.0M [1 est]; raises FY underlying EBITDA by €10M €415M - €455M

        • SLIGR.NA (Sligro Food Group) -- Trading Update: reports Q1 revenue €578M vs year-ago €574M

        • FLOW.NA (Flow Traders) -- reports March 2026 ETP market statistics

      • France

        • RI.FP (Pernod Ricard) -- reports Q3 revenue €1.95B vs StreetAccount €1.90B; Given the ongoing conflict in the Middle East, now expects organic net sales to decline by -3% to -4% for the full year.

        • KER.FP (Kering) -- presents ReconKering strategy at today's CMD: targets mid‑term to more than double full-year 2025 recurring operating margin percentage at Group level

        • PLX.FP (Pluxee) -- reports H1 adjusted net income €116M vs FactSet €123M

        • COV.FP (Covivio) -- reports Q1 revenue €166.4M, +3% vs year-ago €162.3M

        • EXA.FP (Exail Technologies) -- reports Q1 revenue €131M, +39% vs year-ago €94M

        • KOF.FP (Kaufman & Broad) -- reports Q1 net income €11.8M vs FactSet €11.7M [1 est]

      • Southern Europe

        • MFEB.IM (MFE-MEDIAFOREUROPE) -- reports FY net income €300.7M vs FactSet €316.6M [6 est, €110.9-497.7M]

      • Also reporting today

        • Earnings:

          • DACHs: Voltabox (VOTR.GR), R. Stahl (RSL2.GR), NFON (NFN.GR)

          • France: Icade (ICAD.FP), Marie Brizard Wine & Spirits (MBWS.FP)

          • Nordics: Kinnevik (KINV.B.SS)

          • Southern Europe: OVS (OVS.IM)

          • UK: Tesco (TSCO.LN), The Beauty Tech Group (TBTG.LN)

        • Trading Update:

          • Benelux: Fastned (FAST.NA), Econocom Group (ECONB.BB), CM.com (CMCOM.NA)

          • DACHs: Bystronic (BYS.SW), DocMorris (DOCM.SW), Gurit Holding (GURN.SW)

          • France: P Virbac (VIRP.FP), Lagardere (MMB.FP), Maurel et Prom (MAU.FP), Icade (ICAD.FP), Ipsos (IPS.FP), Planisware (PLNW.FP), Thermador Groupe (THEP.FP), PulluP Entertainment (ALPUL.FP), ATEME (ATEME.FP)

          • Nordics: BW Energy (BWE.NO), Bang & Olufsen (BO.DC)

          • UK: Rentokil Initial (RTO.LN), Entain (ENT.LN), Mitie Group (MTO.LN), Dunelm Group (DNLM.LN), Ashmore Group (ASHM.LN), Ninety One (N91.LN), Hays (HAS.LN)

        • Traffic: Aeroport de Paris (ADP.FP), Flughafen Wien (FLU.AV), VINCI (DG.FP)

        • CMD/Events: Medacta Group (MOVE.SW) production site visit, Kering (KER.FP), FUCHS (FPE.GR)

    • M&A

      • BF.B (Brown-Forman) -- Sazerac's offer for Brown-Forman was for $32/sh - media report

      • CDNA (CareDx) -- to Divest Lab Products Business to EuroBio Scientific for $170M and announces Q1 preliminary financial results

      • GXI.GR (Gerresheimer) -- announces that creditors agree to extend due date for submitting financial statements

      • DG.FP (VINCI SA) -- acquires Canadian company Technigaz; terms undisclosed

      • APN.LN (Applied Nutrition) -- JD Sports Fashion announces its intention to sell ~11M ordinary shares in Applied Nutrition

      • ARION.IR (Arion Banki) -- Merger between Arion banki and Kvika banki will not take place

      • MN.IM (Arnoldo Mondadori Editore) -- Mondadori Group announces agreement for acquisition of Hoepli S.p.A.'s school textbook publishing business unit

    • Healthcare

      • 9UA.GR (NervGen Pharma) -- Transcript Intelligence: NervGen Pharma at H.C. Wainwright HCW@Home Series

    • Other

      • DG.FP (VINCI SA) -- VINCI wins contract to build a section of motorway in the Czech Republic; contract total value €364M

      • REP.SM (Repsol) -- set to take back operational control of oil assets in Venezuela and boost production - FT

      • SPM.IM (Saipem) -- awarded two offshore contracts in the Kingdom of Saudi Arabia for ~ $400M

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- AGM elects new board of directors; PLT Holding's list wins -- Italian press

      • IVG.IM (Iveco Group) -- Iveco board approves distribution of extraordinary dividend of €5.8216 per outstanding common share, based on net proceeds resulting from sale of Defence Business to Leonardo S.p.A

      • SBMO.NA (SBM Offshore) -- shareholders approve cash dividend of €0.5009 per ordinary share

      • COFB.BB (Cofinimmo) -- to build new nursing and care home in Seville

      • AIXA.GR (Aixtron) -- to launch offering of unsecured and unsubordinated convertible bonds in an aggregate principal amount of €450M due 23-Apr-31

      • OCI.NA (OCI NV) -- partners with Prefere Resins on low carbon melamine product from biogas

      • Ad agency giants agree to stop unlawful collusion that imposed uniform standards on "brand safety" (seemingly around 9:00 ET/15:00 CET/22:00 JST)

  • Key rating changes

    • Upgrades

      • BP.LN (BP) -- to buy from neutral at UBS

      • NAS.NO (Norwegian Air Shuttle) -- to buy from hold at Pareto

      • GET.FP (Getlink) -- to neutral from underperform at BofA

      • UTG.LN (UNITE Group) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • ANTO.LN (Antofagasta) -- to hold from buy at Berenberg

      • MTRS.SS (Munters Group) -- to hold from buy at DNB Carnegie

      • VIS.SM (Viscofan) -- to hold from buy at Bestinver Securities

      • GRE.SM (Grenergy Renovables) -- to market perform from outperform at Bernstein

      • BYIT.LN (Bytes Technology Group) -- to neutral from buy at UBS

      • EDP.PL (EDP-Energias de Portugal) -- to underperform from neutral at BofA

    • Initiations

      • KRX.ID (Kingspan Group) -- neutral at Goldman Sachs

  • Data

    • Nikkei +2.53% to 59603.76

    • Hang Seng +1.36% to 26301.07

    • Shanghai Composite +0.32% to 4040.03

    • S&P futures +12.0 vs prior close of 7060.5

    • €-$ +0.0005 or +0.04% to 1.1806

    • $-¥ (0.14) or (0.09%) to 158.84

    • €-¥ (0.09) or (0.05%) to 187.50

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