Apr 20 ,2026
Synopsis:
European equity markets closed lower but off worst levels. Energy, telecom and utilities were the top gainers whilst travel/leisure, banks and industrials were the main laggards.
Latest headlines raised uncertainty about a second round of US-Iran negotiations. US reportedly sending delegation to Pakistan this week, but Iran has given no confirmation it will participate, both sides highlighting a wide divide on core nuclear issues. Tensions over Hormuz intensified after Iran re-closed the waterway, fired on vessels attempting to pass, and accused the US of violating the ceasefire by maintaining its blockade of Iranian ports. The US seized an Iran-linked oil tanker trying to break the blockade. President Trump warned that war would resume if Iran does not sign a deal, renewing threats to target power plants and bridges. Fragile two-week ceasefire is due to expire on Tuesday, keeping markets on edge.
Limited macro updates in Europe to start the week. UK labor market data on Tuesday and inflation update on Wednesday a point of focus this week. German March PPI sharply higher due to energy price developments related to Iran conflict. Latest UK Rightmove house price data showed decent gain in April after March gain, though indicator has been trending ahead of other surveys.
Attention also on politics with UK PM Starmer to face Parliament over Mandelson revelations. Reports last week he failed vetting and still appointed to US ambassador role. Germany's Merz to hold crisis talks on global energy crisis and impact on economy.
On the reporting front, Wacker Chemie (WCH.GR) posted its Q1 numbers and updated FY guidance, with Plus500 (PLUS.LN), Mowi (MOWI.NO) and Mulberry Group (MUL.LN) also releasing their most recent trading updates.
In M&A news, UK names under the spotlight, with Evoke (EVOK.LN) confirming talks with Bally's Intralot (BYLOT.GA) over a 50p/sh takeover proposal, Ferrexpo (FXPO.LN) selling its Iron Destiny for total net cash consideration of $7.7M and Advanced Medical Solutions Group (AMS.LN) confirming it is in discussions with TA Associates (UK) regarding a possible offer.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Oil & Gas +1.61%, Telecom +1.36%, Utilities +0.68%, Insurance +0.12%, Chemicals (0.31%), Health Care (0.72%), Financial Svcs (0.74%)
Underperformers:
Travel & Leisure (2.42%), Banks (1.91%), Ind Goods & Svcs (1.64%), Autos & Parts (1.59%), Construct & Mtls (1.52%), Media (1.41%), Real Estate (1.33%), Retail (1.19%), Technology (1.16%), Persnl & HHold Goods (0.97%), Food & Beverage (0.96%), Basic Resources (0.95%)
Macro:
Iran conflict:
Geopolitics:
Spanish PM Sánchez urges EU to terminate association agreement with Israel over alleged violations (Politico)
ECB:
Germany:
Italy:
Italy may reactivate coal plants if gas price reaches 70 euros, Pichetto (ansa)
UK:
UK house prices rise modestly in April but growth lags long-term average amid high mortgage rates (Independent)
UK chancellor Reeves to meet top bankers amid Iran crisis impact on economy (Bloomberg)
PM Starmer faces battle for political survival over Mandelson US ambassador vetting scandal (FT)
Company news:
Notable Gainers
+19.6% PRIC.B.SS (Pricer SEK3.73, +0.61) -- $51M contract
+18.2% VIRI.FP (Viridien €143.80, +22.10) -- Barclays upgrade
+16.2% AMS.LN (Advanced Medical Solutions Group £2.65, +0.37) -- possible takeover bid from TA Associates (UK), LLP
+15.1% PACT.SS (Proact IT Group SEK123.60, +16.20) -- Q1 guidance
+10.0% MUL.LN (Mulberry Group £1.10, +0.10) -- FY trading update
+9.8% TGS.NO (TGS-NOPEC Geophysical Co. NOK137.80, +12.30) -- OBN contract extension; initiated buy at Goldman Sachs
+7.2% SERI.IM (Seri Industrial €2.46, +0.17) -- FY earnings
+7.0% MOLN.SW (Molecular Partners CHF3.50, +0.23) -- three poster presentation at AACR 2026
+6.2% RSW.LN (Renishaw £44.24, +2.58) -- FY trading update
+6.2% LBIRD.FP (Lumibird €24.95, +1.45) -- initiated buy at Stifel
+5.8% ALK.B.DC (ALK-Abello DKK223.20, +12.20) -- successful outcome of phase 2 trial with its tablet for treatment of peanut allergy demonstrating early onset of efficacy
+4.4% AKSO.NO (Aker Solutions NOK39.86, +1.68)
+4.4% ATORX.SS (Alligator Bioscience SEK0.32, +0.01) -- new study data for mitazalimab
+4.1% EVOK.LN (Evoke Plc £0.40, +0.02) -- possible 50p/sh takeover bid from Bally's Intralot
+3.8% PLUS.LN (Plus500 £46.22, +1.68) -- Q1 trading update
+3.6% DNO.NO (DNO ASA NOK18.21, +0.63)
+3.5% NESTE.FH (Neste €24.32, +0.83) -- Inderes upgrade
+3.2% FUM.LN (Futura Medical £0.01, -0.00)
+3.1% DEC.LN (Diversified Energy £11.34, +0.34)
+2.9% SUR.GR (Surteco Group €10.50, +0.30) -- suspends divi; announces extension of existing financing through 2029
+2.5% ENI.IM (Eni €22.31, +0.54) -- new giant gas discovery offshore Indonesia
+2.5% ENI.IM (Eni €22.31, +0.54) -- Eni and Repsol reach deal to start exporting Venezuelan gas in 2031 -- Bloomberg
+2.4% OKEA.NO (Okea NOK37.75, +0.90) -- $30M sale and purchase agreement with Japex Norge for 20% WI in PL1119 (Mistral)
Notable Decliners
-10.5% FXPO.LN (Ferrexpo £0.42, -0.05) -- potantial $100M equity capital raise; sale of Iron Destiny for $7.7M
-7.7% BITTI.FH (Bittium €36.05, -3.00) -- initiated sell at Danske Bank
-6.2% CRST.LN (Crest Nicholson Holdings £1.08, -0.07)
-5.0% LOOMIS.SS (Loomis SEK444.80, -23.40) -- Goldman Sachs downgrade
-4.8% ODL.NO (Odfjell Drilling NOK97.70, -4.90) -- equipment handling incident on Deepsea Atlantic
-4.8% QTCOM.FH (Qt Group €20.82, -1.06) -- operational reorganization
-4.5% DHER.GR (Delivery Hero €20.24, -0.95)
-4.2% TMV.GR (TeamViewer €4.95, -0.22)
-4.2% FYB.GR (Formycon €18.98, -0.84)
-4.1% ALCOX.FP (Nicox €0.41, -0.02)
-3.9% SAP.GR (SAP €150.20, -6.04)
-3.9% CO.FP (Casino Guichard-Perrachon €0.16, -0.01) -- Brazilian litigation update
-3.7% VTY.LN (Vistry Group £3.54, -0.14)
-3.7% ELUX.B.SS (Electrolux SEK61.86, -2.40) -- Rothschild & Co Redburn downgrade
-3.6% WINE.LN (Naked Wines £0.71, -0.03)
-3.5% EVT.GR (Evotec €5.44, -0.20)
-3.4% OERL.SW (OC Oerlikon Corp. CHF3.28, -0.12)
-3.4% LHA.GR (Deutsche Lufthansa €7.79, -0.28)
-3.2% RYA.ID (Ryanair Holdings €24.86, -0.83)
-3.1% EZJ.LN (EasyJet £3.82, -0.12)
-3.1% TUI1.GR (TUI Group €7.29, -0.24)
-2.2% DBK.GR (Deutsche Bank €28.28, -0.63) -- Barclays downgrade
EU companies reporting tomorrow:
Earnings:
Benelux: ASM International (ASM.NA)
DACHs: BAWAG Group (BG.AV), Telekom Austria (TKA.AV), Temenos (TEMN.SW), EuroTeleSites (7YF.GR), Surteco Group (SUR.GR)
Finland: Elisa (ELISA.FH), Ponsse (PON1V.FH)
Norway: Entra (ENTRA.NO), Gigante Salmon (GIGA.NO)
Southern Europe: Saipem (SPM.IM), Enagas (ENG.SM)
Sweden: SKF (SKF.B.SS), Avanza Bank Holding (AZA.SS), Getinge (GETI.B.SS), Wihlborgs Fastigheter (WIHL.SS), Wallenstam (WALL.B.SS), Röko (ROKO.B.SS), OEM International (OEM.B.SS), Troax Group (TROAX.SS), Lime Technologies (LIME.SS)
UK: Associated British Foods (ABF.LN), S&U (SUS.LN), Mpac Group (MPAC.LN), Ebiquity (EBQ.LN)
Trading Update:
Benelux: Allfunds Group (ALLFG.NA), Barco (BAR.BB)
DACHs: Beiersdorf (BEI.GR)
France: Thales (HO.FP), La Francaise des Jeux (FDJU.FP), Vivendi (VIV.FP), VusionGroup (VU.FP), ATOS SE (ATO.FP), Ekinops (EKI.FP)
Nordics: Investor (INVE.B.SS)
Southern Europe: Moncler (MONC.IM)
UK: Integrafin Holdings (IHP.LN), XPS Pensions Group (XPS.LN), CAB Payments Holdings (CABP.LN), BHP Group (BHP.LN)
CMD/Events: Basic-Fit (BFIT.NA), Thessaloniki Port Authority (OLTH.GA), Smiths Group (SMIN.LN) live interactive presentation for retail investors on the Engage Investor platform, NatWest Group (NWG.LN) live virtual shareholder event
Data:
Economics:
Germany Mar PPI (0.2%) y/y vs consensus (1.8%), prior (3.3%)
Eurozone Mar Construction Output (1.9%) y/y vs consensus (1.2%) and prior revised (4.1%) from (1.9%)
Markets:
WTI Crude (May 26): +$4.54 or +5.41% to $88.39
€-$ +0.0046 or +0.39% to 1.1788
£-$ +0.0052 or +0.39% to 1.3542
€-£ +0.0003 to 0.8707
S&P 500 (0.37%)
Performance year-to-date
FTSE 100: +6.82%
DAX: (0.30%)
CAC: +2.23%
MIB: +7.26%
Stoxx 600: +4.94%
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.
Please refer to "Terms Of Use".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE