Apr 23 ,2026
Synopsis
European equity markets set to open broadly lower, extending Wednesday's losses. Busy session for earnings/updates with the likes of Nokia, Nestle, STM, Roche, Sanofi, Heineken, Orange, L'Oreal and Essilor Luxottica among those that have reported.
Asian equities trading lower Thursday. Tech-heavy benchmarks unable to sustain early gains with South Korea and Taiwan swinging lower. S&P 500 futures weakening afterhours. Crude adding to gains while gold and silver retreating. In macro developments, South Korea economy grew at quickest pace since Q3-2020, underpinned by global semiconductor demand.
Strait of Hormuz situation escalated after Iran seized and fired on commercial ships and US reportedly intercepted Iran-linked tankers in Asian waters, contributing to oil strength. Diplomacy prospects remain unclear with Iran insisting on US first ending its blockade and White House waiting on fractured Iranian leadership to present unified proposal. However, NY Times sources said Pakistani officials optimistic about efforts to bring two sides back to negotiations and White House pushed back against reports ceasefire extension will only last 3-5 days.
European macro data releases out today include Eurozone, France, German UK Apr flash manufacturing/service PMI, France Apr business/service confidence, UK Mar public sector borrowing requirement, Apr industrial trends orders - CBI, Norway Mar unemployment rate. The Apr Eurozone flash Composite PMI is expected to decline to 50.2 versus Mar's final reading of 50.7. Some analysts also see risk of softer number. UK April flash Composite PMI expected to decline to 49.8 versus Mar's final reading of 50.3. Price-related components likely to show another uptick. A sub-50 composite would mark first contraction in UK private-sector activity since late 2025 and underscore downside risks from geopolitical uncertainty and elevated energy prices.
In central banks, Riksbank's Seim speech at 8:00CET at seminar at Nordea and speaks at 13:30 at BUS Assn. conf (Wed-Thu). Bundesbank's Mauderer opening remarks at 9:30CET at Girl's Day Deutsche Börse. Denmark central bank's Nødgaard speech at 16:00CET at JN-data Company Day whilst at the same time the bank's Krogstrup speech at PwC CEO conf. Bundesbank's Nagel speech at 17:00CET at bank organised event title 'Achieving and Maintaining Central Bank Independence and Credibility: Why it Matters'. SNB publishes its Q1 report. In Nicosia, there's an informal European Council (through Fri). EP President Metsola will address heads of state or government on Fri morning and EU's Dombrovskis meets with Bank of Greece's Stournaras and PM Mitsotakis, finance minister Pierrakakis. First trading day for Kongsberg Maritime's (KMAR.NO) shares on Euronext Oslo Børs, spin-off by Kongsberg Gruppen (KOG.NO) on basis of 1 KM share for each KG share held.
Politics/Macro/World News
European Automobile Manufacturers' Association (ACEA) March new car registrations for EU + EFTA + UK +11.1% y/y
UK consumer expectations over the next three months of the state of the economy remained at -53 in April; remains lowest on record -- BRC-Opinium
Top company news
Earnings/updates
Nordics
NOKIA.FH (Nokia) -- reports Q1 comparable EPS €0.05 vs consensus €0.04; FY outlook unchanged
TEL.NO (Telenor) -- Telenor's subsidiary in Bangladesh Grameenphone announces Q1 2026 results
DNB.NO (DNB Bank) --reports Q1 EPS NOK6.54 ex-items vs consensus NOK6.31
ESSITY.B.SS (Essity) -- reports Q1 adjusted EPS SEK4.70 vs consensus SEK4.24
AUTO.NO (AutoStore Holdings) -- reports Q1 net income $40.5M vs FactSet $36.0M [8 est, $31-43M]
BHG.SS (Lightshop) -- reports Q1 EPS (SEK0.10) vs FactSet (SEK0.10) [4 est, (SEK0.13)-(0.05)]
PROT.NO (Protector Forsikring) -- reports Q1 net income NOK 165M vs FactSet NOK 217.8M
ESSITY.B.SS (Essity) -- reports Q1 adjusted EPS SEK4.70 vs consensus SEK4.24
DACHs
ROP.SW (Roche Holding) -- reports Q1 Sales CHF14.72B vs consensus CHF14.91B
NESN.SW (Nestle) -- reports Q1 revenue CHF21.32B vs consensus CHF21.27B; organic growth +3.5% vs consensus +2.4%; maintains 2026 guidance; notes portfolio actions progressing; agreement reached to sell Blue Bottle Coffee
GALD.SW (Galderma Group) -- reports Q1 revenue $1.47B vs FactSet $1.43B [3 est, $1.40-1.47B]; reaffirms FY guidance
SCHP.SW (Schindler Holding) -- reports Q1 EPS CHF2.34 vs consensus CHF2.25
SGSN.SW (SGS) -- reports Q1 revenue CHF1.75B vs consensus CHF1.73B
FTK.GR (flatexDEGIRO) -- reports Q1 net income €53.7M vs FactSet €52.9M [1 est]
STM.GR (Stabilus) -- reports prelim Q1 adjusted EBIT €34.1M vs FactSet €29M
VONN.SW (Vontobel Holding) -- Q1 trading update: AuM CHF240.1B vs CHF240.7B at end of Dec
France
SAN.FP (Sanofi) -- reports Q1 Business EPS €1.88 vs consensus €1.78
STMPA.FP (STMicroelectronics) -- reports Q1 EPS $0.13 ex-items vs FactSet $0.17 [17 est, $0.10-0.21]
ORA.FP (Orange( 00 reports Q1 EBITDAaL €2.60B vs consensus €2.58B; upgrades FY26 EBITDAaL guidance, confirms other financial objectives for 2026
DSY.FP (Dassault Systemes) -- reports Q1 non-IFRS EPS €0.30 vs consensus €0.30; guides Q2 (
SAF.FP (Safran) -- reports Q1 revenue €8.62B vs consensus €8.28B; FY26 outlook confirmed
EDEN.FP (Edenred) -- reports Q1 revenue €730M vs StreetAccount €722M; reconfirms 2026 financial objectives (
EL.FP (EssilorLuxottica) -- reports Q1 revenue €7.13B vs StreetAccount €7.15B
OR.FP (L'Oreal) -- reports Q1 revenue €12.15B vs StreetAccount €11.63B
CA.FP (Carrefour) -- reports Q1 revenue €21.14B vs FactSet €21.74B [2 est, €21.39-22.09B]
GTT.FP (Gaztransport & Technigaz) -- reports Q1 revenue €192.5M vs FactSet €198.0M [1 est]; reaffirms its 2026 objectives
GFC.FP (Gecina) -- reports Q1 total gross rental income €176.0M vs year-ago €180.0M
VRLA.FP (Verallia) -- reports H1 adjusted EBITDA €159.1M, +8% vs year-ago €147.0M
IDL.FP (ID Logistics Group) -- reports Q1 revenue €990.7M, +14% vs year-ago €867.8M
BIM.FP (bioMerieux) -- reports Q1 revenue €984M vs FactSet €1.04B [2 est, €1.03-1.05B]. Lowers FY sales guidance
Benelux
HEIA.NA (Heineken) -- reports Q1 net revenue (beia) €6.70B vs consensus €6.70B; FY outlook confirmed
BESI.NA (BE Semiconductor) -- reports Q1 EPS €0.65 vs FactSet €0.66 [12 est, €0.60-0.78]
Also reporting today
Earnings: Benelux: Vivoryon Therapeutics (VVY.NA), Cofinimmo (COFB.BB), Sipef (SIP.BB) Finland: Orion (ORNBV.FH), Fiskars (FSKRS.FH), Scanfil (SCANFL.FH), OLVI (OLVAS.FH), Atria (ATRAV.FH), Verkkokauppa.com (VERK.FH) France: Orange (ORA.FP), Sartorius Stedim Biotech (DIM.FP), Groupe Guillin (ALGIL.FP), MEDIAN Technologies (ALMDT.FP) Germany: SAP (SAP.GR), Sartorius (SRT3.GR), Vossloh (VOS.GR), Nuernberger Beteiligungs (NBG6.GR), Deutsche Rohstoff (DR0.GR), DEAG Deutsche Entertainment (LOU.GR) Norway: Europris (EPR.NO) Sweden: Saab (SAAB.B.SS), Hexagon (HEXA.B.SS), Trelleborg (TREL.B.SS), Beijer Ref (BEIJ.B.SS), Axfood (AXFO.SS), Catena (CATE.SS), Fabege (FABG.SS), HMS Networks (HMS.SS), Bufab (BUFAB.SS), AQ Group (AQ.SS), Husqvarna (HUSQ.B.SS), Gränges (GRNG.SS), Vitrolife (VITR.SS), NCAB Group (NCAB.SS), Norion Bank (NORION.SS), Dometic Group (DOM.SS), New Wave Group (NEWA.B.SS), Vitec Software Group (VIT.B.SS), MilDef Group (MILDEF.SS), JM (JM.SS), Sveafastigheter (SVEAF.SS), MIPS (MIPS.SS), Ovzon (OVZON.SS), NOTE (NOTE.SS), Samhällsbyggnadsbolaget i Norden (SBB.B.SS), Swedencare (SECARE.SS), Humble Group (HUMBLE.SS), Svedbergs Group (SVED.B.SS), Hansa Biopharma (HNSA.SS), Teqnion (TEQ.SS), Studsvik (SVIK.SS), Elanders (ELAN.B.SS), PowerCell Sweden (PCELL.SS), Enea (ENEA.SS), Bulten (BULTEN.SS), Sedana Medical (SEDANA.SS), CDON (CDON.SS), LumenRadio (LUMEN.SS), Bactiguard Holding (BACTI.B.SS), Pricer (PRIC.B.SS), Viaplay Group (VPLAY.A.SS) Southern Europe: Bankinter (BKT.SM), ATRESMEDIA (A3M.SM) UK: J Sainsbury (SBRY.LN), WH Smith (SMWH.LN), Asos (ASC.LN)
Trading Update: Benelux: Fugro (FUR.NA), Azelis Group (AZE.BB), Kinepolis Group (KIN.BB) France: VINCI (DG.FP), Compagnie de Saint-Gobain (SGO.FP), Unibail-Rodamco-Westfield (URW.FP), Bolloré (BOL.FP), Ipsen (IPN.FP), Getlink (GET.FP), Renault (RNO.FP), Wendel (MF.FP), Tikehau Capital (TKO.FP), Lisi (FII.FP), Valeo (FR.FP), SEB (SK.FP), Stef (STF.FP), Eramet (ERA.FP), Clariane (CLARI.FP), Fnac Darty (FNAC.FP), Voltalia (VLTSA.FP), Pierre & Vacances (VAC.FP), Savencia (SAVE.FP), Nexity (NXI.FP), Roche Bobois (RBO.FP), Linedata Services (LIN.FP), Cegedim (ALCGM.FP), Deezer (DEEZR.FP), Guerbet (GBT.FP), SergeFerrari Group (SEFER.FP), Vantiva (VANTI.FP) Germany: FORVIA HELLA (HLE.GR) Nordics: Detection Technology (DETEC.FH) Southern Europe: Distribuidora Internacional De Alimentacion (DIA.SM), Seri Industrial (SERI.IM) UK: RELX (REL.LN), London Stock Exchange Group (LSEG.LN), Segro (SGRO.LN), Schroders (SDR.LN), Hikma Pharmaceuticals (HIK.LN), AJ Bell (AJB.LN), Foxtons Group (FOXT.LN)
CMD/Events: Volkswagen (VOW3.GR) China Investor Update, Fintel (FNTL.LN)
M&A
2371.JP (Kakaku.com) -- EQT AB considering acquisition of Kakaku.com - Bloomberg, citing people familiar with the matter
KOG.NO (Kongsberg Gruppen) -- completes demerger of Kongsberg Maritime
CNE.LN (Capricorn Energy) -- confirms that it has been in discussions regarding a possible offer for Deltic Energy (DELT.IN)
RRTL.GR (RTL Group) -- EC unconditionally approves RTL's acquisition of Sky DACH
ALICA.FP (ICAPE Holding) -- ICAPE announces signing and closing of an agreement to acquire the PCB trading activities of TEKUBE in Italy
Healthcare
REGN (Regeneron) -- Dupixent (dupilumab) Approved in the U.S. as the First Biologic Medicine for Young Children with Uncontrolled Chronic Spontaneous Urticaria (CSU)
ROP.SW (Roche Holding) -- FDA grants orphan drug designation to Genentech's divarasib for the treatment of KRAS G12C-positive non-small cell lung cancer
ROP.SW (Roche Holding) -- Transcript Intelligence: Roche Holding at American Academy of Neurology Forum
IVA.FP (Inventiva) -- names Axel-Sven Malkomes CFO among leadership appointments ahead of expected phase 3 data readout of Lanifibranor
SANN.SW (Santhera Pharmaceuticals Holding) -- CEO Dario Eklund to step down; Orlando Oliveira appointed CEO, effective 15-Jul
XVIVO.SS (Xvivo Perfusion) -- announces data from PRESERVE Trial
XVIVO.SS (Xvivo Perfusion) -- presents results from HOPE-at-Heart clinical trial using hypothermic oxygenated perfusion (Hope) in direct procurement DCD heart transplantation
Other
ASML.NA (ASML Holding) -- TSMC (2330.TT) says it won't use ASML's latest generation machine until 2029 -- Reuters
UBSG.SW (UBS Group) -- UBS statement on regulatory capital announcements made by Swiss government (22-Apr, 17:00 CEST)
BA.LN (BAE Systems) -- awarded $45.5M US Navy contract modification
ML.FP (Cie Generale des Etablissements Michelin SA) -- Michelin publishes global tire market data for March
ESSITY.B.SS (Essity) -- initiates a new program to buy back Class B shares in for SEK 3B
NEL.NO (NEL ASA) -- NEL received a purchase order for PEM electrolyser equipment with total value of ~ $7M
MIPS.SS (MIPS) -- Karin Rosental to step down as CFO of MIPS, effective 22-Oct-26
RRTL.GR (RTL Group) -- raises long-term subscriber target following EC approval of Sky Deutschland acquisition - Handelsblatt
European Automobile Manufacturers' Association (ACEA) March new car registrations for EU + EFTA + UK +11.1% y/y
Freddie Mac and Fannie Mae begin accepting VantageScore 4.0
Key rating changes
Upgrades
Jefferies upgrades CRDA.LN
LUMO.FH (Kojamo) -- to neutral from underweight at JPMorgan
METSO.FH (Metso Corp.) -- to buy from hold at Handelsbanken
ABBN.SW (ABB Limited) -- to hold from sell at Deutsche Bank
Downgrades
IHP.LN (Integrafin Holdings) -- to hold from buy at Shore Capital Stockbrokers
REG1V.FH (Revenio Group) -- to hold from buy at SEB
SUBC.NO (Subsea 7) -- to sell from buy at SEB
ENT.LN (Entain) -- to neutral from buy at BofA
Data
Nikkei (0.80%) to 59108.12
Hang Seng (0.91%) to 25925.27
Shanghai Composite (0.29%) to 4094.48
S&P futures (34.8) vs prior close of 7171.3
€-$ (0.0000) or (0.00%) to 1.1708
$-¥ +0.06 or +0.03% to 159.54
€-¥ +0.10 or +0.05% to 186.78
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