Apr 23 ,2026
Synopsis:
European equity markets mixed at the close. Financials, banks, media the big laggards, while telecom, food/beverage, personal goods/luxury the big outperformers. US equity markets mixed in midday trading. Treasuries mostly weaker with some curve flattening; yields down 1-2 bp at the long end. Dollar index flat. Gold little changed. Silver off 2.0%. Bitcoin futures down 1.0%, but off worst levels. WTI crude up 0.6% in somewhat choppy trading.
Tensions over the Strait of Hormuz weighing on risk appetite. Iran seized and fired on commercial ships and US reportedly intercepted Iran-linked tankers in Asian waters, which supported oil prices. While there have been reports of diplomatic progress in recent days, uncertainty is elevated and there are no plans for another face-to-face meeting. Iran insist on US ending blockade first and White House waiting on fractured Iranian leadership to unify behind a position.
Economic consequences of a prolonged closure of Strait impacting European equity market sentiment. Brokers turning more cautious on region as Q1 earnings season begin amid Iran war energy shocks. Rising input costs and margin pressure expected to weigh on consumer and industrial sectors if Strait remains closed for an extended period. Banks also tipped to have more cautious outlook with loan demand potentially weakening. Many analysts have cut year-end forecasts for Stoxx 600 as a result.
On data front, Eurozone composite PMI contracting for the first time since Nov-24 on big drop in services sector activity. UK PMI surprised on the upside, but number distorted due to Iran conflict. CBI industrial trends survey also weakest since early 2021. In other macro news, European car sales up 11.1% in March as strong appetite for electric vehicles offset a drop in petrol and diesel cars. Latest UK public finance data saw lowest March borrowing in three years. UK consumer confidence readings via GfK and BRC also deteriorated ahead of tomorrow's March retail sales update.
Amidst a busy earnings calendar, French names in focus, with Danone (BN.FP), EssilorLuxottica (EL.FP), Sanofi (SAN.FP), STMicroelectronics (STMPA.FP), Orange (ORA.FP), Safram (SAF.FP), L'Oreal (OR.FP), Carrefour (CA.FP), Dassault Systemes (DSY.FP) and Renault (RNO.FP) among few others posting their most recent numbers; in the DACH region, Roche (ROP.SW), Nestle (NESN.SW) (also agreed the sale of Blue Bottle Coffee), Stabilus (STM.GR), Galderma (GALD.SW) and Sartorius (SRT3.GR) updated investors before the open. In the Nordics, Nokia (NOKIA.FH) Q1 core profit beat forecasts and management lifted 2026 guidance toward the top of its range. Elsewhere, London Stock Exchange Group (LSEG.LN), Sainsbury (SBRY.LN), BE Semiconductor Industries (BESI.NA) and Heineken (HEIA.NA) also reported before the open.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Food & Beverage +1.63%, Telecom +1.59%, Persnl & HHold Goods +1.33%, Utilities +0.85%, Oil & Gas +0.66%, Ind Goods & Svcs +0.56%, Basic Resources +0.34%, Health Care +0.22%, Construct & Mtls +0.19%, Chemicals +0.15%
Underperformers:
Financial Svcs (1.33%), Banks (1.20%), Real Estate (0.92%), Media (0.71%), Technology (0.69%), Retail (0.59%), Insurance (0.37%), Autos & Parts (0.25%), Travel & Leisure (0.18%)
Macro:
Geopolitics:
Economy:
Eurozone private sector unexpectedly contracts as services decline amid consumer impact from Iran war: Bloomberg
UK PMI surprised on the upside in April after hitting six-month low in March
European car sales jump 11.1% in March on strong EV surge; Tesla outpaces BYD as electrified vehicles near 70% of registrations: Reuters
Peripheral markets:
Switzerland:
Swiss government proposes tougher capital rules for UBS post-Credit Suisse, sparking debate on competitiveness and taxpayer protection (Reuters)
Norway:
Wealth fund assessing whether to invest in SpaceX: Reuters
Sweden:
Considering ways to cut energy use if Iran war continues: Bloomberg
Netherlands:
Dutch are facing biggest security threat in decades, intelligence agency says: Reuters
Company news:
Notable Gainers
+19.5% ENEA.SS (Enea AB SEK75.60, +12.40) -- earnings
+15.2% HUSQ.B.SS (Husqvarna SEK45.80, +6.05) -- earnings
+14.5% AUTO.NO (AutoStore Holdings NOK12.08, +1.53) -- earnings
+14.5% STMPA.FP (STMicroelectronics €42.90, +5.45) -- earnings
+12.2% RWS.LN (RWS Holdings £0.94, +0.10) -- trading update
+11.6% ASC.LN (Asos £2.51, +0.26) -- earnings
+11.2% DOM.SS (Dometic Group SEK32.86, +3.32) -- earnings
+10.8% VITR.SS (Vitrolife SEK118.50, +11.50) -- earnings
+10.4% TYRES.FH (Nokian Renkaat €10.57, +1.00) -- SEB upgrade
+9.6% DOM.LN (Domino's Pizza Group £2.01, +0.18) -- trading update
+9.1% OR.FP (L'Oreal €376.70, +31.40) -- sales
+8.5% HMS.SS (HMS Networks SEK516.50, +40.40) -- earnings
+8.4% MIPS.SS (MIPS SEK290.40, +22.40) -- earnings; CFO to step down
+7.2% FSKRS.FH (Fiskars €13.40, +0.90) -- earnings
+6.6% GALD.SW (Galderma Group CHF159.85, +9.95) -- sales
+6.4% PRIC.B.SS (Pricer SEK3.76, +0.23) -- earnings
+6.4% BHG.SS (Lightshop SEK24.18, +1.46) -- earnings
+6.1% KOG.NO (Kongsberg Gruppen NOK328.10, +18.90) -- Kongsberg Maritime shares begin trading
+6.1% HIK.LN (Hikma Pharmaceuticals £14.02, +0.80) -- trading statement
+5.9% NESN.SW (Nestle CHF80.06, +4.45) -- sales; agreement to sell Blue Bottle Coffee
+5.5% BESI.NA (BE Semiconductor Industries €244.90, +12.80) -- earnings
+5.5% NCAB.SS (NCAB Group SEK73.00, +3.80) -- earnings
+5.2% STAB1L.GR (Stabilus €17.66, +0.88) -- earnings
+4.9% NOKIA.FH (Nokia €8.96, +0.41) -- earnings
+4.7% JM.SS (JM SEK122.80, +5.50) -- earnings
+4.6% METSO.FH (Metso Corp. €15.41, +0.68) -- Inderes, Handelsbanken upgrades
+4.5% FRVIA.FP (Forvia €10.67, +0.46) -- Apollo nearing deal to acquire Forvia's interior unit for €1.4B (~$1.6B) -- Bloomberg
+4.5% EDEN.FP (Edenred €21.12, +0.91) -- sales
+4.4% SAAB.B.SS (Saab SEK589.60, +25.00) -- earnings
+4.3% NORBT.NO (Norbit NOK236.60, +9.80) -- DNB Carnegie upgrade
+4.3% EPR.NO (Europris NOK98.90, +4.10) -- earnings
+4.2% OBI.LN (Ondine Biomedical £0.13, +0.01) -- Steriwave nasal decolonisation provides notable patient safety results according to University of Ottawa Heart Institute
+4.0% ERA.FP (Eramet €54.80, +2.10) -- trading update
+3.8% ROP.SW (Roche Holding CHF324.50, +11.80) -- earnings; FDA grants orphan drug designation to Genentech's divarasib
+3.7% SVED.B.SS (Svedbergs Group SEK61.40, +2.20) -- earnings
+3.7% BUFAB.SS (Bufab SEK122.00, +4.40) -- earnings
+3.7% ORA.FP (Orange €17.99, +0.64) -- earnings
+3.2% SIP.BB (Sipef €100.20, +3.10) -- Q1 total palm oil production
+2.8% GRNG.SS (Gränges SEK165.30, +4.50) -- earnings
+2.7% SCHP.SW (Schindler Holding CHF278.20, +7.40) -- earnings
+2.7% SAF.FP (Safran €280.00, +7.40) -- sales
+2.4% IPN.FP (Ipsen €164.00, +3.90) -- sales
+1.8% TEQ.SS (Teqnion SEK160.60, +2.80) -- earnings
+1.6% ATRAV.FH (Atria €17.78, +0.28) -- earnings
+1.6% ESSITY.B.SS (Essity SEK248.70, +4.00) -- earnings; buyback
+1.4% DSY.FP (Dassault Systemes €19.22, +0.27) -- earnings
+1.4% EQNR.NO (Equinor NOK354.60, +5.00) -- Norne Securities upgrade
+1.3% HEXA.B.SS (Hexagon SEK104.10, +1.30) -- earnings
+1.2% HUMBLE.SS (Humble Group SEK7.63, +0.09) -- earnings
+1.0% SAN.FP (Sanofi €81.55, +0.77) -- earnings; Dupixent (dupilumab) approved in US
Notable Decliners
-16.6% BIM.FP (bioMerieux €74.00, -14.75) -- sales
-13.2% DIM.FP (Sartorius Stedim Biotech €159.80, -24.20) -- earnings
-11.9% HNSA.SS (Hansa Biopharma SEK24.00, -3.22) -- earnings
-10.0% VERK.FH (Verkkokauppa.com €2.70, -0.30) -- earnings
-10.0% SRT3.GR (Sartorius €212.50, -23.70) -- earnings
-9.5% AXFO.SS (Axfood SEK291.30, -30.60) -- earnings
-9.1% ZEHN.SW (Zehnder Group CHF67.50, -6.80) -- Kepler Cheuvreux downgrade
-8.6% LINC.SS (Linc AB SEK69.80, -6.60) -- earnings
-8.3% BRCK.LN (BRCK Group £0.48, -0.04) -- Atlas Holdings will not make an offer; trading update
-8.2% EMG.LN (Man Group £2.43, -0.22) -- trading statement
-6.8% SMWH.LN (WH Smith £5.86, -0.43) -- earnings
-6.7% BEIJ.B.SS (Beijer Ref SEK135.30, -9.70) -- earnings
-5.7% AQ.SS (AQ Group SEK216.00, -13.00) -- earnings
-5.6% VVY.NA (Vivoryon Therapeutics €1.27, -0.08) -- earnings
-5.6% NORION.SS (Norion Bank SEK54.20, -3.20) -- earnings; buyback
-4.6% ORNBV.FH (Orion €69.95, -3.35) -- earnings; trial launch
-4.6% RATO.B.SS (Ratos SEK33.92, -1.62) -- Kepler Cheuvreux downgrade
-4.6% EL.FP (EssilorLuxottica €192.15, -9.35) -- sales
-4.2% NOTE.SS (NOTE SEK188.90, -8.30) -- earnings
-4.2% CDON.SS (CDON AB SEK67.60, -3.00) -- earnings
-4.2% OVZON.SS (Ovzon AB SEK59.90, -2.65) -- earnings
-4.2% OLVAS.FH (OLVI €31.00, -1.35) -- earnings
-4.0% SBRY.LN (J Sainsbury £3.39, -0.14) -- earnings; buyback
-3.7% EXPN.LN (Experian £27.75, -1.07) -- Freddie Mac and Fannie Mae begin accepting VantageScore 4.0
-3.2% DNB.NO (DNB Bank NOK280.30, -9.20) -- earnings
-3.0% PCELL.SS (PowerCell Sweden SEK23.68, -0.74) -- earnings
-2.7% UBSG.SW (UBS Group CHF32.57, -0.92) -- statement on regulatory capital announcements made by Swiss government
-2.3% BACTI.B.SS (Bactiguard Holding SEK17.15, -0.40) -- earnings
-2.2% RPI.LN (Raspberry Pi Holdings £5.89, -0.13) -- placing
-2.2% REL.LN (RELX £26.80, -0.60) -- trading update
-1.8% ASML.NA (ASML Holding €1,227.40, -22.80) -- TSMC (2330.TT) says it won't use ASML's latest generation machine until 2029 -- Reuters
-1.2% PROT.NO (Protector Forsikring NOK481.80, -5.80) -- earnings
-1.2% HEIA.NA (Heineken €66.90, -0.82) -- sales
EU companies reporting tomorrow:
Earnings:
Benelux: Warehouses de Pauw (WDP.BB), Signify (LIGHT.NA)
Finland: Kemira (KEMIRA.FH), Hiab (HIAB.FH), Vaisala (VAIAS.FH), Terveystalo (TTALO.FH), Apetit (APETIT.FH), Loihde (LOIHDE.FH), Modulight (MODU.FH)
Germany: ATOSS Software (AOF.GR), Ringmetall (HP3A.GR)
Norway: Yara International (YAR.NO), Tomra Systems (TOM.NO), Kitron (KIT.NO), Norske Skog (NSKOG.NO), Vistin Pharma (VISTN.NO)
Sweden: Volvo (VOLV.B.SS), Electrolux (ELUX.B.SS), Beijer Alma (BEIA.B.SS), Telia Co. (TELIA.SS), Lifco (LIFCO.B.SS), Nordnet (SAVE.SS), Indutrade (INDT.SS), Svenska Cellulosa (SCA.B.SS), Castellum (CAST.SS), Mycronic (MYCR.SS), Betsson (BETS.B.SS), Xvivo Perfusion (XVIVO.SS), Alligo (ALLIGO.B.SS), Boozt Fashion (BOOZT.SS), Duni (DUNI.SS), CellaVision (CEVI.SS), Humana (HUM.SS), Midsona (MSON.B.SS), Nilörngruppen (NIL.B.SS), Netel Holding (NETEL.SS)
Switzerland: Kuehne & Nagel (KNIN.SW), Inficon Holding (IFCN.SW), BB Biotech (BION.SW)
Southern Europe: Eni (ENI.IM)
Trading Update:
Benelux: Flow Traders (FLOW.NA), ACOMO (ACOMO.NA), MotorK (MTRK.NA), Belysse Group (BELYS.BB)
DACHs: Holcim (HOLN.SW)
France: SPIE (SPIE.FP), Forvia (FRVIA.FP), Exel Industries (EXE.FP)
UK: Mondi (MNDI.LN), Record (REC.LN)
Data:
Economics:
UK
Apr CBI Industrial Trend Orders (38) vs consensus (34) and prior (27)
Mar Public Sector Net Borrowing £12.6B vs consensus £10.4B and prior revised £12.8B from £14.3B
Apr Flash Manufacturing PMI
Eurozone 52.2 vs consensus 50.8 and prior 51.6
UK 53.6 vs consensus 49.9 and prior 51.0
Germany 51.2 vs consensus 51.3 and prior 52.2
France 52.8 vs consensus 49.5 and prior 50.0
Apr Flash Services PMI
Eurozone 47.4 vs consensus 49.8 and prior 50.2
UK 52.0 vs consensus 50.0 and prior 50.5
Germany 46.9 vs consensus 50.3 and prior 50.9
France Apr Flash Services PMI 46.5 vs consensus 48.4 and prior 48.8
France Apr Business Survey 100 vs consensus 99 and prior 99
Norway Mar Unemployment Rate 4.9% vs consensus 4.9% and prior 4.9%
Markets:
WTI Crude (Jun 26): +$0.52 or +0.56% to $93.48
€-$ +0.0002 or +0.02% to 1.1710
£-$ (0.0003) or (0.02%) to 1.3501
€-£ +0.0003 to 0.8674
S&P 500 +0.09%
Performance year-to-date
FTSE 100: +5.29%
DAX: (1.37%)
CAC: +0.95%
MIB: +6.59%
Stoxx 600: +3.72%
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