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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.76%), DAX (0.59%), CAC40 +0.22%

Apr 24 ,2026

  • Synopsis

    • European indices are set to open mixed with Asian equities also mixed today. TSMC driving Taiwan's outperformance. Greater China lagging with mainland losses picking up. Japan holding on to mild gain. South Korea making fresh session lows.

    • US equities lower in Thursday afternoon trading, near worst levels. Software (NOW) down after an eight-day streak higher, though semis (TXN) higher for the 17th consecutive session.

    • Latest skepticism around US/Iran peace talks and de-escalation weighing on stocks, pushing oil higher again and earlier pushed VIX back above 20. Weakness comes amid more headline noise around the war (Iranian leadership uncertainty, latest Trump threats around Strait of Hormuz, reports of Iran deploying more mines in strati, Iran's attacks on regional shipping).

    • Friday sees, in central banks, SNB's Schlegel, Steiner speak at 10:00CET at general meeting of shareholders and Russia interest rate decision, medium-term forecast and press conf. Benchmark interest rate is expected to be lowered by (50bps) to 14.5%.

    • Economic data due today: Germany Apr business climate - Ifo, May consumer confidence - GfK, France Apr consumer confidence, Spain Mar PPI, UK Mar retail sales, Sweden Mar PPI, Denmark Mar retail sales, Finland Mar PPI

    • Earnings reported so far today: (NETEL.SS) Netel Holding reports Q1 EPS from cont ops (SEK0.38) vs year-ago (SEK0.04). (BEIA.B.SS) Beijer Alma reports Q1 EPS SEK3.40 vs FactSet SEK3.29. (LIFCO.B.SS) Lifco reports Q1 EPS SEK1.98 vs FactSet SEK2.09. (VOLV.B.SS) Volvo reports Q1 EPS SEK4.09 vs consensus SEK4.31. (ELUX.B.SS) Electrolux reports Q1 EPS (SEK1.74) vs consensus (SEK0.68). (LIGHT.NA) Signify reports Q1 net income €8M vs consensus €11M

  • Politics/Macro/World News

    • Hormuz Traffic Grinds to a Halt After Iran Seizes First Vessels (BBG )

    • Greece to be overtaken by Italy as euro zone's most indebted country in 2026, sources say (Reuters )

  • Top company news

    • Earnings/updates

      • SAP.GR (SAP) -- reports Q1 non-IFRS EPS €1.66 vs FactSet €1.64 [18 est, €1.58-1.77]

      • ADYEN.NA (Adyen) -- Follow-up: Adyen issues Q1 update: net revenue €620.8M vs FactSet €620.9M

      • ENR.GR (Siemens Energy) -- reports preliminary Q2 Profit before Special Items €1.16B vs FactSet €1.21B [6 est, €1.15-1.29B]; raises FY26 outlook

      • AC.FP (Accor) -- reports Q1 revenue €1.31B vs consensus €1.33B

      • HOLN.SW (Holcim) -- reports Q1 recurring EBIT CHF431M vs consensus CHF402.9M

      • SGO.FP (Compagnie de Saint-Gobain) -- reports Q1 revenue €11.14B vs StreetAccount €10.94B; 2026 outlook confirmed

      • DG.FP (VINCI SA) -- reports Q1 revenue €16.28B vs StreetAccount €16.68B; FY26 guidance unchanged

      • KNIN.SW (Kuehne & Nagel) -- reports Q1 EPS CHF2.06 vs consensus CHF1.65

      • ELUX.B.SS (Electrolux) -- reports preliminary Q1 revenue SEK30B vs FactSet SEK30.52B [10 est, SEK29.84-31.55B]

      • ELUX.B.SS (Electrolux) -- reports Q1 EPS (SEK1.74) vs consensus (SEK0.68); business outlook for 2026 remains overall unchanged

      • COLO.B.DC (Coloplast) -- reports preliminary Q2 results; lowers FY guidance, to take impairment on Kerecis; call tomorrow at 11:00CEST

      • FR.FP (Valeo SE) -- reports preliminary Q1 revenue €5.12B vs FactSet €5.14B [2 est, €5.00-5.27B]

      • FRVIA.FP (Forvia) -- reports Q1 revenue €5.14B vs StreetAccount €5.05B

      • URW.FP (Unibail-Rodamco-Westfield) -- Q1 trading update: like-for-like turnover up +3.3%; confirms FY26 Adjusted Recurring Earnings per Share guidance of €9.15-9.30

      • LIGHT.NA (Signify) -- reports Q1 net income €8M vs consensus €11M; confirms FY guidance

      • TELIA.SS (Telia Co.) -- reports Q1 EPS SEK0.42 vs consensus SEK0.46; reaffirms 2026 outlook

      • SPIE.FP (SPIE) -- reports Q1 revenue €2.45B vs FactSet €2.44B [1 est]; FY26 outlook confirmed

      • SFZN.SW (Siegfried Holding) -- obtains antitrust clearance for acquisition of three drug substances sites in US and Australia; updates FY guidance

      • BOL.FP (Bolloré) -- reports H1 revenue €815M, +4% vs year-ago €782M

      • SK.FP (SEB) -- reports Q1 revenue €1.89B vs FactSet €1.86B [2 est, €1.85-1.87B]; provides rebound plan update, confirms FY26 outlook

      • SAVE.SS (Nordnet) -- reports Q1 EPS SEK3.32 vs FactSet SEK3.38 [11 est, SEK3.13-3.59]

      • HIAB.FH (Hiab) -- reports Q1 comparable operating profit €51.5M vs FactSet €48.0M [7 est, €43-52.2M]; tweaks up 2026 margin guidance

      • HLE.GR (FORVIA HELLA) -- reports Q1 revenue €1.90B vs year-ago €2.0B

      • FII.FP (Lisi) -- reports H1 revenue €468.0M, +6% vs year-ago €442.0M

      • CLARI.FP (Clariane) -- reports Q1 revenue €1.34B vs year-ago €1.32B; confirms all its 2023-2026 objectives

      • VIS.SM (Viscofan) -- reports Q1 net income €33.7M vs FactSet €28.5M [4 est, €24.7-31M]

      • PPC.GA (Public Power Corp.) -- launches €24B 2030 strategic plan with €4B capital raise

      • VANTI.FP (Vantiva) -- reports Q1 revenue €349M, (14%) vs year-ago €406M

      • FNAC.FP (Fnac Darty) -- reports Q1 revenue €2.31B vs year-ago €2.29B; confirms its expectation of an increase in its 2026 current operating margin rate and free cash flow from operations

      • ALCGM.FP (Cegedim) -- reports Q1 revenue €159.6M vs year-ago €161.3M; adj operating income should continue to improve substantially

      • NXI.FP (Nexity) -- reports Q1 revenue €518M, (12%) vs year-ago €590M

      • KIT.NO (Kitron) -- reports Q1 EPS €0.09 vs FactSet €0.08 [5 est, €0.08-0.08]

      • BOOZT.SS (Boozt Fashion) -- reports Q1 net income SEK10M vs FactSet SEK19.3M [5 est, SEK4-42M]; raises FY adj EBIT margin guidance

      • TKO.FP (Tikehau Capital) -- reports Q1 AUM as of 31-Mar of €53B; +7% y/y

      • GBT.FP (Guerbet) -- reports Q1 revenue €177.4M vs year-ago €180.1M

      • VLTSA.FP (Voltalia) -- reports Q1 revenue €133.3M, +24% vs year-ago €107.3M

      • SCHP.FP (Seche Environnement) -- reports Q1 revenue €311.3M, +5% vs year-ago €295.8M

      • DEEZR.FP (Deezer) -- reports Q1 revenue €131.9M, (2%) vs year-ago €134.0M; guidance confirmed in 2026

      • LIN.FP (Linedata Services) -- reports H1 revenue €40.2M, (9%) vs year-ago €44M

    • M&A

      • ADYEN.NA (Adyen) -- to acquire Talon.One for total consideration of €750M

      • ADYEN.NA (Adyen) -- Transcript Intelligence: Adyen Acquisition of Talon.One GmbH NV Call

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Monte dei Paschi CEO Lovaglio exploring sale of the bank's €7.4B stake in Generali to fund Banco BPM acquisition - FT

      • SFZN.SW (Siegfried Holding) -- obtains antitrust clearance for acquisition of three drug substances sites in US and Australia; updates FY guidance

      • BNJ.NA (Banijay Group) -- completes the acquisition of Tipico Group

      • CCL.AU (Cuscal) -- advises French Works Council consultation process has successfully completed over Paymark acquisition

    • Healthcare

      • BAVA.DC (Bavarian Nordic A/S) -- FDA approves sBLA for Vimkunya; clearance for manufacturing processes

    • Other

      • MT.NA (ArcelorMittal) -- releases 2025 sustainability report - 6-K

      • ADP.FP (Aeroport de Paris) -- announces sale by Groupe ADP of securities representing 3.4% with option to sell an additional 3.9% of GAL's equity share capital to GMR Group

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- board confirms election of Cesare Bisoni as Chairperson and Luigi Lovaglio as CEO

      • INVE.B.SS (Investor) -- AB supports Electrolux Group's rights issue

      • PPC.GA (Public Power Corp.) -- PPC notes CVC's notice of intent to participate in company's planned capital raise

      • MTG.B.SS (Modern Times Group MTG) -- provides update on listing process of wholly-owned Indian studio PlaySimple

      • Kobe Steel, Osaka Gas jointly complete pre-feasibility study on large-scale carbon capture and storage project

      • Meta to cut workforce for efficiency, to offset spending; EU to overhaul carbon market early 2027 in intraday themes (23-Apr)

  • Key rating changes

    • Upgrades

      • Morgan Stanley upgrades BATS.LN; downgrades IMB.LN

      • METSO.FH (Metso Corp.) -- to buy from hold at Pareto

      • ROP.SW (Roche Holding) -- to equal-weight from underweight at Morgan Stanley

    • Downgrades

      • BIM.FP (bioMerieux) -- to hold from buy at Deutsche Bank

      • GTT.FP (Gaztransport & Technigaz) -- to neutral from buy at UBS

      • VITR.SS (Vitrolife) -- to hold from buy at Pareto

      • AJB.LN (AJ Bell) -- to hold from buy at Shore Capital Stockbrokers

      • AKSO.NO (Aker Solutions) -- to sell from neutral at Sparebank 1 Markets

      • BUCN.SW (Bucher Industries) -- to hold from buy at Kepler Cheuvreux

      • AQ.SS (AQ Group) -- to hold from buy at DNB Carnegie

      • HMS.SS (HMS Networks) -- to hold from buy at SEB

    • Initiations

      • FPE3.GR (FUCHS SE) -- buy at UBS

      • OBCK.GR (Ottobock SE & Co. KGaA) -- hold at Berenberg

    • Other Actions

      • AVOL.SW (Avolta) -- resumed equal-weight at Morgan Stanley

  • Data

    • Nikkei (0.75%) to 59140.23

    • Hang Seng (0.95%) to 25915.20

    • Shanghai Composite (0.32%) to 4093.25

    • S&P futures (39.5) vs prior close of 7171.3

    • €-$ (0.0007) or (0.06%) to 1.1701

    • $-¥ +0.22 or +0.13% to 159.70

    • €-¥ +0.15 or +0.08% to 186.83

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