Apr 21 ,2026
Synopsis
European equity markets set to open higher, following weaker performance on Monday. Asian equity markets mostly higher, with tech-heavy benchmarks like Kospi and Taiex outperforming. Nikkei also more than 1% higher.
More mixed signaling about prospects of resumption of US-Iran negotiations. While consensus appears to have settled on talks resuming in Pakistan this week, still no confirmation from Iranian side (though media sources say Iran delegation going to Pakistan). Trump sounding optimistic about an agreement though likely best case is for framework deal that ends war but leaves details for future talks. Still some gaps on core issues as two sides position for leverage. Trump said unlikely to extend ceasefire and warned bombing will restart if Iran doesn't agree to deal.
Also on today's agenda, In the UK, parliamentary committee topics include trade in a turbulent world: how should the UK deploy its trade instruments? at 14:00BST, National Audit Office main estimates 2026-27 at 14:15, China and the UK economy at 14:30. Former Permanent Under-Secretary of State for Foreign Affairs Sir Olly Robbins to give evidence to Foreign Affairs Committee on the vetting process for former Ambassador to the United States Lord Peter Mandelson. EU's Foreign Affairs Council meets - EU's Kallas, Lahbib among the attendees, and there's an informal video conf. of transport ministers to discuss the impact of the recent geopolitical developments in the Middle East on the EU's transport system and sector. Seafood Expo Global in Barcelona, participants include Norway's minister of fisheries and the oceans Næss. Petersberg Climate Dialogue , EU's Hoekstra participates (through Wed).
In central banks, Norges Bank Bache welcoming remarks at Market Seminar 2026 whilst Bank of Italy and NABE Symposium (Mon-Tue) theme 'The Global Economy at a Turning Point: Technology, Economic Policy, and Growth Prospects' speakers include Bundesbank's Nagel at 8:30CET. ECB's de Guindos remarks followed by Q&A at 9:00CET an event organised by La Razón. Austria central bank hosts event title 'Ukraine: War-time economic resilience and reconstruction with a focus on the energy sector' welcoming remarks from the bank's Kocher at 9:30CET. Riksbank's Bunge panellist on decision-making psychology at 14:10CET at event organised by Mannheimer Swartling and Bundesbank's Mauderer speech at 14:10CET, Köhler-Geib panellist at 16:35 at event hosted by IBF in cooperation with CFS and Deutsche Bundesbank. BOE's Cleland panellist at 16:15BST at Innovate Finance UK fintech week 2026 'Building a 'multi-moneyverse' whilst Czech central bank survey of bank lending conditions for Q1 of 2026.
European macro data releases out today include Germany Apr ZEW survey, Switzerland Mar trade balance (and monthly watch data) UK Feb ILO unemployment rate, Spain Feb trade balance.
In earnings news, OPmobility (OPM.FP), Eiffage (FGR.FP), Atos (ATO.FP) and Thales (HO.FP) reported Q1 revenue with the latter confirming all its targets for 2026. In Austria, BAWAG Group (BG.AV) released Q1 earnings this morning and announced it will adjust its dividend policy for FY26. In Nordics, SKF (SKF.B.SS) and Elisa Oyj (ELISA.FH) issued Q1 earnings and guidance for FY26. Elsewhere, Rio Tinto (RIO.LN) reports Q1 production update indicating to global iron ore production of 82.8Mt, +12%y/y.
In M&A, Commerzbank (CBK.GR) formally rejected UniCredit's (UCG.IM) continued hostile tactics. The Bank reaffirms the significant upside potential of its independent strategy, which delivers proven value with limited execution risk.
Politics/Macro/World News
US positive on Iran deal but talks still uncertain as ceasefire end nears - Reuters
Officials deliberately withheld Mandelson vetting result from me, Starmer says - BBC
UK shifts older wind and solar farms to fixed-price deals to reduce price shocks - The Guardian
Bank of England will only raise rates amid a severe supply shortage - FT
Pro-Russian ex-president wins Bulgaria's election - FT
Top company news
Earnings/updates
DACHs
BG.AV (BAWAG Group) -- reports Q1 net income €232.3M vs FactSet €224M [2 est, €223-225M]; to adjust divi policy for FY26
SUR.GR (Surteco Group) -- reports FY net loss (€14.3M) vs FactSet (€11.8M) [2 est, (€14.5)-(9M)]; reports prelim Q1 results; guides FY 2026
France
HO.FP (Thales) -- reports Q1 revenue €5.32B vs consensus €5.19B
FGR.FP (Eiffage) -- reports Q1 revenue ex construction €754.8M, +2% vs year-ago €741.7M
OPM.FP (OPmobility) -- reports Q1 revenue €2.52B vs FactSet €2.56B [1 est]
MERY.FP (Mercialys) -- reports Q1 invoiced rents €44.5M; up +1.7% on a current scope basis
ATO.FP (ATOS SE) -- reports Q1 reported revenue €1.74B vs FactSet €1.76B [1 est]
Nordics
ENTRA.NO (Entra ASA) -- reports Q1 EPRA NTA 167.99 vs FactSet 169.45
FAG.SS (Fagerhult Group) -- announces that operating result for Q1 of 2026 weaker than expected
GIGA.NO (Gigante Salmon) -- reports Q1 net income (NOK18.4M) vs FactSet (NOK11.2M) [3 est, (NOK24.8)-(3.8M)]
WIHL.SS (Wihlborgs Fastigheter) -- reports Q1 EPS SEK1.78 vs FactSet SEK1.55 [3 est, SEK1.50-1.57]
SKF.B.SS (SKF) -- reports Q1 adj EPS SEK4.25 vs consensus SEK3.34; guides Q2
ELISA.FH (Elisa Oyj) -- reports Q1 EPS €0.59 ex-items vs FactSet €0.60 [10 est, €0.56-0.65]
Benelux
BAR.BB (Barco)-- reports Q1 revenue €180.6M vs FactSet €201.0M
Southern Europe
PLAT.GA (Thrace Plastics Holding & Commercial) -- reports FY net income attributable €18.8M vs FactSet €11.7M [1 est]
Others
RIO.AU (Rio Tinto) -- reports Q1 production; Global iron ore production 82.8Mt, +12%y/y
Also due to report today includes:
Earnings:
Benelux: ASM International (ASM.NA)
DACHs: Telekom Austria (TKA.AV), Temenos (TEMN.SW), EuroTeleSites (7YF.GR), Surteco Group (SUR.GR)
Finland: Ponsse (PON1V.FH)
Southern Europe: Saipem (SPM.IM), Enagas (ENG.SM)
Sweden: Avanza Bank Holding (AZA.SS), Getinge (GETI.B.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)
DACHs: Beiersdorf (BEI.GR)
France: La Francaise des Jeux (FDJU.FP), Vivendi (VIV.FP), VusionGroup (VU.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
M&A
CBK.GR (Commerzbank) -- rejects UniCredit's approach
BF.B (Brown-Forman) -- controlling family said to prefer deal with Pernod Ricard (RI.FP) over Sazerac -- Bloomberg (earlier, intraday)
THEON.NA (Theon International) -- provides corporate updates; to propose dividend of €0.31/sh (30% of FY25 net income)
ACAD.SS (AcadeMedia) -- to acquire all shares in the Swedish school group Prolympia
TRACT.FP (Teract) -- announces approval by the AMF of the public buy-out offer InVivo Group
Bain Capital remaining bidder for Vitabiotics - The Economic Times
BHP, Mitsubishi Development launch review process to rank financial health of their Queensland coal mines and assets - Bloomberg (20-Apr, 7:34 BST/15:34/JST/16:34 AEST)
Healthcare
NOVN.SW (Novartis) -- FDA approves two sBLAs for Cosentyx, expanding label in Axial Juvenile Spondyloarthritis
ROP.SW (Roche Holding) -- FDA accepts application for Genentech's Gazyva for the treatment of the most common form of Lupus
ADXN.SW (Addex Therapeutics) -- Addex GABAB PAM candidate demonstrates robust anti-tussive activity in non-human primate chronic cough model
AB.FP (AB Science) -- announces publication of long-term masitinib study
Other
ERIC.B.SS (Telefonaktiebolaget LM Ericsson) -- Street Takeaways - Telefonaktiebolaget LM Ericsson Q1 Results
PSON.LN (Pearson) -- SEC filing: SCHEDULE 13D/A (Filed by Cevian Capital II GP LTD)
HEIA.NA (Heineken) -- appoints Simon Henzell-Thomas as new Global Sustainability Director
ARCAD.NA (ARCADIS) -- awarded five-year TSMO on-call contract by Tennessee Department of Transportation
Crypto consolidating with Bitcoin near $75K; Miners saw big gains last week alongside Bitcoin rally
Key rating changes
Upgrades
JDW.LN JD (Wetherspoon) -- to add from hold at Peel Hunt
NTGY.SM (Naturgy Energy Group) -- upgraded to outperform from sector perform at RBC Capital Markets
ULVR.LN (Unilever) -- to sector perform from underperform at RBC Capital Markets
TEG.GR (TAG Immobilien) -- to overweight from equal weight at Barclays
Downgrades
VOLCAR.B.SS (Volvo Car) -- to hold from buy at SEB
KER.FP (Kering) -- to hold from buy at HSBC
KIT.NO (Kitron) -- to hold from buy at Pareto
NETC.DC (Netcompany Group) -- to hold from buy at Handelsbanken
Initiations
ADOC.FP (Adocia) -- buy at Stifel
Data
Nikkei +1.08% to 59457.48
Hang Seng +0.60% to 26519.18
Shanghai Composite +0.07% to 4085.02
S&P futures +13.0 vs prior close of 7148.0
€-$ (0.0011) or (0.09%) to 1.1779
$-¥ +0.09 or +0.06% to 158.92
€-¥ (0.02) or (0.01%) to 187.21
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