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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 (0.75%) to 10379.08, DAX (0.11%) to 24128.98, CAC40 (0.84%) to 8157.82, STOXX 600 (0.58%) to 610.65

Apr 24 ,2026

  • Synopsis:

    • European indices ended in negative territory, except for Denmark and Netherlands. In macro-news, Eurozone economic momentum fading fast, with business activity contracting unexpectedly in Apr and Germany halving 2026 GDP growth forecast to 0.5%. Citi's Eurozone economic surprise index has moved firmly into negative territory - a stark contrast to the US, China and the UK - suggesting economists have been too optimistic. ECB President Lagarde has warned both growth and inflation outlook are at risk, with Barclays noting that every additional day of Hormuz disruption shifts balance toward higher-for-longer energy prices and eventual demand destruction. European equities also lost earlier outperformance edge versus US. US markets have proved more resilient, buoyed by AI-driven tech earnings. Barclays has turned underweight Europe versus the US, while UBS has cut its Eurozone earnings growth forecast from 7% to 5%, downgrading region to Neutral. UBS however still sees meaningful upside into 2027 and retains pro-cyclical tilt, favouring IT, industrials, German equities and - in recent upgrade - consumer discretionary, where valuations approaching decade trough levels. UBS maintains that the key risk is a delay to recovery rather than outright recession.

    • Further macro-news include Germany's Ifo Business Climate Index unexpectedly falling to 84.4 in Apr from a revised 86.3 in Mar, missing consensus forecasts of 85.5 by a notable 1.1 points and marking lowest reading since May 2020. Downside surprise - driven by sharp drop in expectations to 83.3 (from 85.9) and current conditions to 85.4 (from 86.7)-signals companies bracing for prolonged Iran-war fallout via higher energy costs and uncertainty. Over past 12 months, index has fluctuated in narrow range with no sustained uptrend. Instead, past three prints indicate accelerating downside momentum and a potential reversal of modest stabilisation seen earlier. All sectors deteriorated sharply: services and logistics hit hardest, followed by trade (retailers citing inflation fears) and construction. Yesterday's flash composite PMI (48.3 vs expected 51.2) and government's halving of 2026 GDP forecast to just 0.5% reinforce the gloom. For traders, composite picture heightens stagflation risks, and may indicate further downside in German equities as fragile recovery stalls

    • Amidst another busy earnings calendar, SAP shares are +~6% higher following last night's Q1 release. Within the DACH region, Forvia Hella and Inficon Holding also provided updates, while the French sector saw a slew of reports from Accor, Valeo, LISI, SPIE, and Unibail-Rodamco-Westfield among few others. In the Nordics, Yara, Tomra, Indutrade, Kemira, and Coloplast reporting alongside Svenska Cellulosa and Electrolux, with the latter also announcing a rights issue. Elsewhere, Eni shares are modeslty up following Q1 and an expanded buyback program, whilst Adyen published a trading update and the acquisition of Talon.One for €750M. In another notable M&A deal, Porsche agreed to sell its stakes in Bugatti Rimac JV and Rimac Group to a HOF Capital-led consortium

    • Looking ahead to next week's calendars (please see our StreetAccount Summary - Europe Week Ahead: Apr 27 - May 01 attached below), ECB and BOE interest rate decisions the main macro-docus, together with Q1 preliminary GDPs and Apr preliminary CPIs from across the region. Earnings/updates will include Airbus, Assa Abloy, AstraZeneca, Banco Santander, Barclays, BASF, BP plc , Iberdrola, Novartis, Prudential, Stellantis, Swedbank, TotalEnergies, UBS Group and Unilever

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Technology +1.47%, Oil & Gas +0.60%, Media +0.10%, Food & Beverage +0.07%, Persnl & HHold Goods +0.01%, Chemicals (0.15%), Travel & Leisure (0.18%), Telecom (0.33%), Real Estate (0.55%)

      • Underperformers: Autos & Parts (1.99%), Basic Resources (1.81%), Health Care (1.71%), Ind Goods & Svcs (1.14%), Construct & Mtls (1.10%), Banks (0.99%), Retail (0.93%), Financial Svcs (0.79%), Utilities (0.73%), Insurance (0.62%),

    • Macro:

      • PM Sánchez dismisses US notion of suspending Spain from NATO (Politico)

      • The welcome return of German military might (FT)

      • MPs could keep Starmer in place to give Burnham time to return (Guardian)

      • Tensions over NATO aren't positive after Pentagon moots suspending Spain says Meloni (Ansa)

      • France drops climate from G7 environment talks to appease Trump administration (Poilitico)

      • Danish government talks deadlocked one month after election (Reuters)

      • Italians' Fear of Buying Stocks Is Costing the Country Billions (BBG)

    • Company news:

      • Notable Gainers

        • +13.4% CCC.LN (Computacenter £37.90, +4.48) -- Q1 trading update

        • +12.5% KIT.NO (Kitron NOK108.30, +12.00) -- Q1 earnings

        • +12.0% MYCR.SS (Mycronic SEK303.60, +32.60) -- Q1 earnings

        • +11.9% MTG.B.SS (Modern Times Group MTG SEK114.30, +12.20) -- update on listing process of wholly-owned Indian studio PlaySimple

        • +9.9% NSKOG.NO (Norske Skog NOK42.75, +3.85) -- Q1 earnings

        • +9.2% HIAB.FH (Hiab €49.48, +4.16) -- Q1 earnings

        • +8.6% BOOZT.SS (Boozt Fashion SEK114.00, +9.00) -- Q1 earnings, launches new SEK 200M buyback

        • +8.0% IFCN.SW (Inficon Holding CHF138.00, +10.20) -- Q1 earnings

        • +6.9% ADYEN.NA (Adyen €995.00, +64.40) -- Q1 update; to acquire Talon.One for total consideration of €750M

        • +6.5% SPIE.FP (SPIE €48.70, +2.98) -- Q1 revenue

        • +5.8% GRNG.SS (Gränges SEK173.70, +9.50)

        • +5.3% BEIA.B.SS (Beijer Alma SEK288.50, +14.50) -- Q1 earnings

        • +5.1% SAP.GR (SAP €147.88, +7.18) -- Q1 earnings

        • +4.5% BESI.NA (BE Semiconductor Industries €252.70, +10.90)

        • +3.6% FII.FP (Lisi €60.30, +2.10) -- H1 earnings

        • +3.3% STAF.LN (Staffline Group £0.46, +0.01)

        • +3.2% AKVA.NO (AKVA Group NOK130.00, +4.00)

        • +3.2% AOF.GR (ATOSS Software €81.60, +2.50) -- Q1 earnings

        • +2.6% NESTE.FH (Neste €26.60, +0.68) -- UBS upgrade

        • +1.7% SQZ.LN (Serica Energy £2.76, +0.05) -- trading update

        • +1.6% MTRS.SS (Munters Group SEK196.90, +3.10) -- order

        • +1.4% SBRY.LN (J Sainsbury £3.45, +0.05) -- commence first £200M tranche of already communicated £300M buyback

        • +1.0% TELIA.SS (Telia Co. SEK48.08, +0.49) -- Q1 earnings

      • Notable Decliners

        • -25.2% ELUX.B.SS (Electrolux SEK45.10, -15.20) -- Q1 earnings

        • -24.2% TOM.NO (Tomra Systems NOK90.00, -28.80) -- Q1 earnings

        • -21.5% CEVI.SS (CellaVision SEK120.20, -33.00) -- Q1 earnings

        • -15.3% INDT.SS (Indutrade SEK213.20, -38.40) -- Q1 earnings

        • -14.8% JUN3.GR (Jungheinrich €24.24, -4.22) -- Q1 earnings

        • -10.7% MNDI.LN (Mondi £7.52, -0.90) -- Q1 trading update

        • -10.6% MSON.B.SS (Midsona SEK11.85, -1.40) -- Q1 earnings

        • -10.2% BRNK.GR (Branicks Group €1.41, -0.16)

        • -7.6% KEMIRA.FH (Kemira €17.70, -1.46) -- Q1 earnings; initiates change negotiations in Finland

        • -6.4% TKO.FP (Tikehau Capital €17.18, -1.18) -- Q1 update

        • -6.4% TTALO.FH (Terveystalo €7.64, -0.52) -- Q1 earnings

        • -6.0% WIZZ.LN (Wizz Air Holdings £8.51, -0.55)

        • -5.3% CRST.LN (Crest Nicholson Holdings £0.63, -0.04)

        • -5.0% DUNI.SS (Duni SEK90.50, -4.80) -- Q1 eanrings

        • -4.1% DOM.SS (Dometic Group SEK31.60, -1.34)

        • -4.1% ORNBV.FH (Orion €66.65, -2.85)

        • -4.1% SCA.B.SS (Svenska Cellulosa SEK104.45, -4.45) -- Viceroy short

        • -4.0% CLBS.LN (Celebrus Technologies £0.84, -0.04)

        • -4.0% FR.FP (Valeo SE €10.75, -0.45) -- Q1 revenue

        • -3.6% NIL.B.SS (Nilörngruppen SEK50.30, -1.90) -- Q1 earnings

        • -3.5% LIFCO.B.SS (Lifco SEK304.40, -11.00) -- Q1 earnings

        • -3.4% FRVIA.FP (Forvia €10.20, -0.36) -- Q1 revenue

        • -3.3% AF.FP (Air France-KLM €9.26, -0.32) -- Portugal government invites Air France-KLM and Lufthansa to submit binding offers for TAP -- AFP, Bloomberg

        • -2.8% PPC.GA (Public Power Corp. €18.10, -0.53) -- launches €24B 2030 strategic plan with €4B capital raise; notice of intent to participate in company's planned capital raise

        • -2.3% ACE.SS (Ascelia Pharma SEK3.15, -0.08) -- carries out a directed share issue of 6.67M shares at SEK 3.00/share

        • -2.3% P911.GR (Porsche €40.94, -0.97) -- to sell stakes in Bugatti Rimac JV and Rimac Group to HOF Capital-led consortium; terms undisclosed

        • -1.9% JD.LN (JD Sports Fashion £0.71, -0.01) -- JD Sports Fashion chair Andy Higginson stepped down after failing in his push to oust CEO Regis Schultz - Reuters, citing FT

        • -1.1% ENI.IM (Eni €22.96, -0.25) -- Q1 earnings

    • EU companies reporting on Monday:

      • Earnings:

        • DACHs: Deutsche Börse (DB1.GR), Nordex (NDX1.GR), Südzucker (SZU.GR), Addex Therapeutics (ADXN.SW)

        • Nordics: Alleima (ALLEI.SS), VBG Group (VBG.B.SS), Fenix Outdoor International (FOI.B.SS), Devyser Diagnostics

        • (DVYSR.SS), Aspo (ASPO.FH), Framery Group (FRAMERY.FH)

        • Southern Europe: Galp Energia (GALP.PL), Linea Directa Aseguradora (LDA.SM), Iberpapel Gestion (IBG.SM), Sogefi (SGF.IM)

        • UK: Bango (BGO.LN), Power Probe (PWR.LN)

      • Trading Update:

        • France: Exosens (EXENS.FP), Nacon (NACON.FP)

    • European macro-releases expected on Monday:

      • Germany May consumer confidence - GfK, UK Apr distributive trades - CBI

  • Data:

    • Economics:

      • Germany Apr IFO Business climate 84.4 vs consensus 85.7 and prior revised 86.3 from 86.4

      • UK Mar Retail Sales +1.7% y/y vs consensus +1.3% and prior revised +1.8% from +2.5%

      • Mar PPI

        • Finland +2.6% y/y vs consensus +4.2% and prior +3.8%

        • Spain +3.4% y/y vs consensus (2.0%) and prior revised (6.9%) from (7.0%)

        • Sweden +2.0% y/y vs consensus +2.4% and prior (1.7%)

      • France Apr Consumer Confidence 84 vs consensus 88 and prior 89

      • Denmark Mar Retail Sales +7.1% y/y vs consensus +2.7% and prior revised +1.9% from +2.2%

    • Markets:

      • WTI Crude (Jun 26): ($0.17) or (0.18%) to $95.68

      • €-$ +0.0022 or +0.19% to 1.1706

      • £-$ +0.0026 or +0.19% to 1.3493

      • €-£ (0.0002) to 0.8674

      • S&P 500 +0.47%

      • Performance year-to-date

        • FTSE 100: +4.51%

        • DAX: (1.48%)

        • CAC: +0.10%

        • MIB: +6.03%

        • Stoxx 600: +3.12%

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.
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