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StreetAccount Summary - EU Market Recap: FTSE 100 +0.11% to 10332.79, DAX (0.27%) to 24018.26, CAC40 (0.46%) to 8104.09, STOXX 600 (0.37%) to 606.58

Apr 28 ,2026

  • Synopsis:

    • European equity markets closed mixed to lower, off worst levels. follows weaker performance on Monday. Technology underperforms with AI spend sustainability in the headlines; healthcare and chemicals also lag. FTSE holding up better as oil/gas a notable outperformer with energy prices jumping and BP.LN earnings.

    • Risk sentiment deteriorating. Latest move up in oil prices a headwind. Bond yields backup. Investors await US response to latest Iran peace proposals. Trump expressed skepticism in latest proposal to reopen Strait of Hormuz in return for ending US blockage and delinking talks from nuclear issue. Markets have mostly looked through lack of diplomatic progress amid reports that backchannel discussions continuing to take place. However, no clarity yet on how both sides can bridge difference. US administration officials believe Iranian negotiators not authorized to make concessions on nuclear deal with IRGC hardliners having consolidated power. Analysts have pushed out timelines for reopening of Strait. Other focus is flurry of Mag 7 earnings on Wednesday and Thursday. Attention also on AI spend sustainability with report OpenAI missed internal targets for weekly users and revenue.

    • Central bank policy also in the spotlight with BoJ decision the first of the week's key updates. Left policy unchanged as expected, but statement leaned hawkish amid upside risks to inflation. Emphasized vigilance to materialization of upside inflation risks. Sell-side economists weighing in with BoE policy updates and tip two dissenters to back a hike on Thursday amid expectations for a steady hand. ECB also expected to bide its time before considering a rate hike. June still seen as the mostly like month for it to tighten.

    • On European macro front, ECB surveys saw big jump in consumer inflation expectations and bank lending dropped due to Iran conflict. BRC update showed UK retailers offering big discounts amid notable deterioration in consumer confidence. Citi/YouGov survey saw easing in UK public inflation expectations after big jump in March. In other news, UK lawmakers recommended Chancellor Reeves increase her fiscal buffer. PM Starmer to face parliamentary vote on whether to face investigation on his appointment of Mandelson as US ambassador.

    • A busy morning for earnings; of note out of DACHs, Novartis (NOVN.SW) Q1 headline numbers missed; Deutsche Börse (DB1.GR), Bucher Industries (BUCN.SW), Idorsia (IDIA.SW) also reported Q1 earnings. In France, Nexans (NEX.FP) amd Air Liquide (AI.FP) issued Q1. In the UK, BP (BP.LN), Card Factory (CARD.LN) and Taylor Wimpey (TW.LN) updated investors before the open. In the Nordics, Telenor (TEl.NO), Nordic Semiconductor (NOD.NO), SSAB (SSAB.B.SS), Boliden (BOL.SS) and Wartsila (WRT1V.FH) also out with latest numbers.

    • Looking ahead to tomorrow's calendar (see - Europe Week Ahead: 27-Apr to 01-May attached) AstraZeneca (AZN.LN), GSK (GSK.LN), Aston Martin Lagonda Global Holdings (AML.LN), UBS Group (UBSG.SW), Sandoz Group (SDZ.SW), Swedbank (SWED.A.SS), Skandinaviska Enskilda Banken (SEB.A.SS), Banco Santander (SAN.SM), Iberdrola (IBE.SM), Norsk Hydro (NHY.NO), Gjensidige Forsikring (GJF.NO), Prysmian (PRY.IM), Deutsche Bank (DBK.GR), Mercedes-Benz Group (MBG.GR), Adidas (ADS.GR), Porsche (P911.GR), Universal Music Group (UMG.NA), Royal KPN (KPN.NA), TotalEnergies (TTE.FP) and Amundi (AMUN.FP) will be amongst other names to update investors, whilst the macro-calendar releases will include Germany Apr preliminary CPI, Italy Apr business/consumer confidence, Spain Apr preliminary CPI, Eurozone Apr economic/service sentiment, Mar M3 money supply, Switzerland Apr expectations - ZEW, Norway Mar retail sales, Sweden Q1 preliminary GDP, Mar retail sales, Belgium Q1 preliminary GDP, Apr CPI, Mar PPI, Greece Mar unemployment rate, Ireland Q1 preliminary CPI, Apr preliminary HICP, Portugal Mar unemployment rate.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Banks +0.95%, Utilities +0.77%, Oil & Gas +0.61%, Food & Beverage +0.58%, Insurance +0.32%, Telecom (0.03%),

      • Underperformers:

        • Technology (1.84%), Basic Resources (1.64%), Chemicals (1.38%), Travel & Leisure (1.20%), Autos & Parts (1.09%), Media (1.06%), Ind Goods & Svcs (1.00%), Retail (0.84%), Construct & Mtls (0.71%), Health Care (0.68%), Persnl & HHold Goods (0.64%), Real Estate (0.41%), Financial Svcs (0.41%),

    • Macro/Peripheral markets:

      • Geopolitics

        • United Arab Emirates to quit oil cartel Opec - BBC

        • Trump claims Iran wants US to open strait of Hormuz as soon as possible - The Guardian

      • EU

        • EU Commission reshuffles top jobs thanks to workaround - Politico

        • EU Parliament backs bigger long-term budget, setting up clash with governments - Reuters

      • UK

        • Starmer faces harsh criticism from his own MPs as members debate referring him to privileges committee - The Guardian

        • Downing Street rules out temporary rent freeze - FT

        • Small shareholders keep up pressure on UK bank climate policies - FT

      • France

        • France doubles down on call for caution over EU-US trade deal - Politico

      • Germany

        • Federal government plans spending of 543 billion euros for 2027 - Handelsblatt

        • Germany and Norway intensify space cooperation - Handelsblatt

        • Germany Looks to Poland for Refinery as Russia Stops Kazakh Flow - Bloomberg

      • Spain

        • Spain Sticks With 2026 Growth Forecast Despite Iran War Fallout - Bloomberg

    • Company news:

      • Trading Higher:

        • +11.9% IXX.GR (init innovation in traffic systems €50.00, +5.30) -- contract

        • +11.4% TLW.LN (Tullow Oil £0.13, +0.01) -- FY earnings

        • +9.5% AAK.SS (AarhusKarlshamn SEK270.80, +23.40) -- Q1 earnings

        • +8.2% NEX.FP (Nexans €148.00, +11.20) -- Q1 revenue; to acquire Republic Wire at a total enterprise value representing ~€680M

        • +7.8% ATEA.NO (Atea NOK154.40, +11.20) -- Q1 earnings

        • +6.7% DNORD.DC (D/S Norden DKK305.40, +19.20) -- prelim Q1 earnings

        • +6.5% BWLPG.NO (BW LPG NOK182.60, +11.20) -- Kepler Cheuvreux upgrade

        • +5.9% NAS.NO (Norwegian Air Shuttle NOK14.11, +0.78) -- Q1 earnings

        • +4.5% BIRG.ID (Bank of Ireland Group €16.38, +0.71)

        • +4.0% KCC.NO (Klaveness Combination Carriers NOK100.20, +3.90) -- Q1 earnings

        • +3.7% ELCO.LN (Eleco £1.28, +0.04) -- FY earnings

        • +3.4% NOD.NO (Nordic Semiconductor NOK188.60, +6.20) -- Q1 earnings

        • +2.8% SOF.B.SS (Softronic SEK23.60, +0.65) -- Q1 earnings

        • +1.9% ZEAL.DC (Zealand Pharma DKK309.00, +5.90) -- study results

        • +1.8% ENI.IM (Eni €23.42, +0.41)

        • +1.8% SCST.SS (Scandi Standard SEK155.00, +2.80) -- Q1 earnings

        • +1.4% MAU.FP (Maurel et Prom €9.61, +0.13) -- provides update on the Sinu-9 drilling campaign

      • Trading Lower:

        • -41.0% NELLY.SS (Nelly Group SEK38.92, -27.08) -- Q1 earnings

        • -25.3% ANOD.B.SS (Addnode Group SEK53.80, -18.20) -- Q1 earnings

        • -18.5% IQE.LN (IQE £0.40, -0.09) -- successfully closed placing and retail offer

        • -17.0% TEP.LN (Telecom Plus £11.80, -2.42) -- FY trading update

        • -13.6% BILL.SS (Billerud SEK61.80, -9.75) -- Q1 earnings

        • -11.0% REG1V.FH (Revenio Group €14.18, -1.76) -- Q1 earnings

        • -10.9% BDT.GR (Bertrandt €11.85, -1.45) -- prelim Q2 earnings

        • -10.3% LBIRD.FP (Lumibird €21.35, -2.45) -- H1 revenue

        • -9.2% MSAB.B.SS (Micro Systemation SEK67.40, -6.80) -- Q1 earnings

        • -8.5% VALMT.FH (Valmet €22.08, -2.06) -- to start change negotiations regarding temporary layoffs in Finland; Q1 earnings

        • -7.8% CTT.SS (CTT Systems SEK122.60, -10.40) -- Q1 earnings

        • -7.5% INWI.SS (Inwido SEK141.10, -11.50) -- Q1 earnings

        • -7.0% YIT.FH (Yit €2.45, -0.19) -- Q1 earnings

        • -6.6% STORY.B.SS (Storytel SEK94.60, -6.70) -- Q1 earnings

        • -6.2% SWEC.B.SS (Sweco SEK131.00, -8.70) -- Q1 earnings

        • -6.0% WRT1V.FH (Wartsila €35.91, -2.30) -- Q1 earnings

        • -5.7% TEL.NO (Telenor NOK153.00, -9.20) -- Q1 earnings

        • -5.5% SSPG.LN (SSP Group £1.67, -0.10) -- UBS downgrade

        • -5.3% TW.LN (Taylor Wimpey £0.79, -0.04) -- trading statement

        • -4.7% BUCN.SW (Bucher Industries CHF314.00, -15.50) -- Q1 earnings

        • -4.5% FNTL.LN (Fintel £1.82, -0.09)

        • -4.5% AVOL.SW (Avolta CHF43.80, -2.04) -- UBS downgrade

        • -4.3% UCB.BB (UCB €227.70, -10.20)

        • -4.1% SECU.B.SS (Securitas SEK154.70, -6.60) -- Q1 earnings

        • -4.0% TPK.LN (Travis Perkins £5.24, -0.22) -- Q1 trading update

        • -3.8% POMRY.FP (Vranken-Pommery Monopole €10.20, -0.40)

        • -3.4% EMBLA.DC (Embla Medical hf DKK26.70, -0.95) -- Q1 earnings

        • -3.1% ORX.SS (Orexo SEK19.30, -0.62) -- Q1 earnings

        • -2.9% CARD.LN (Card Factory £0.64, -0.02) -- FY earnings; commences £15M share repurchase program

        • -2.8% RYA.ID (Ryanair Holdings €22.00, -0.63) -- Ryanair CEO says risk of jet fuel shortage in Europe receding; notes demand strong short term, lower prices needed Jul to Sep- Reuters,

        • -2.1% ALMB.DC (Alm. Brand DKK14.96, -0.32) -- Q1 earnings; to lower FY26 guidance for the insurance service result following Supreme Court ruling on workers' compensation which lead to reserve strengthening

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: Andritz (ANDR.AV)

        • Benelux: Universal Music Group (UMG.NA), Royal KPN (KPN.NA), Melexis (MELE.BB), Ontex Group (ONTEX.BB), Biotalys (BTLS.BB)

        • Denmark: DSV (DSV.DC), Ringkjøbing Landbobank (RILBA.DC), SP Group (SPG.DC)

        • Finland: Kone (KNEBV.FH), Fortum (FORTUM.FH), Neste (NESTE.FH), UPM-Kymmene (UPM.FH), Konecranes (KCR.FH), Kesko (KESKOB.FH), Huhtamaki (HUH1V.FH), Tieto Corporation (TIETO.FH), Alma Media (ALMA.FH), Metsa Board (METSB.FH), Kempower (KEMPOWR.FH), Posti Group (POSTI.FH), F-Secure (FSECURE.FH), Gofore (GOFORE.FH), Taaleri (TAALA.FH), Oriola (ORIOLA.FH), Consti (CONSTI.FH), Lemonsoft (LEMON.FH), Glaston (GLA1V.FH)

        • France: TotalEnergies (TTE.FP), Amundi (AMUN.FP), Imerys (NK.FP), OSE Immunotherapeutics (OSE.FP)

        • Germany: Deutsche Bank (DBK.GR), Mercedes-Benz Group (MBG.GR), Adidas (ADS.GR), Porsche (P911.GR), TRATON (8TRA.GR), DWS Group (DWS.GR), FORVIA HELLA (HLE.GR), Kion Group (KGX.GR), Scout24 (G24.GR), Wacker Chemie (WCH.GR), Siltronic (WAF.GR), Nagarro (NA9.GR), Baader Bank (BWB.GR), Branicks Group (BRNK.GR)

        • Italy: Prysmian (PRY.IM), MAIRE (MAIRE.IM), Elica (ELC.IM)

        • Norway: Norsk Hydro (NHY.NO), Gjensidige Forsikring (GJF.NO), Storebrand (STB.NO), Borregaard (BRG.NO), Norwegian Air Shuttle (NAS.NO), Appear (APR.NO), Magnora (MGN.NO)

        • Other: Sberbank Russia (SBER.RU)

        • Spain: Banco Santander (SAN.SM), Iberdrola (IBE.SM), Endesa (ELE.SM), Aena (AENA.SM), Naturgy Energy Group (NTGY.SM), MAPFRE (MAP.SM), Indra Sistemas (IDR.SM), Redeia Corporacion (RED.SM), Sacyr Vallehermoso (SCYR.SM), Ebro Foods (EBRO.SM), Vidrala (VID.SM), ENCE Energia y Celulosa (ENC.SM)

        • Sweden: Swedbank (SWED.A.SS), Skandinaviska Enskilda Banken (SEB.A.SS), Epiroc (EPI.A.SS), Latour Investment (LATO.B.SS), Volvo Car (VOLCAR.B.SS), Thule Group (THULE.SS), Pandox (PNDX.B.SS), NCC (NCC.B.SS), Storskogen Group (STOR.B.SS), Vimian Group (VIMIAN.SS), Medicover (MCOV.B.SS), Modern Times Group MTG (MTG.B.SS), Cibus Nordic Real Estate (CIBUS.SS), Bilia (BILI.A.SS), Hexatronic Group (HTRO.SS), MedCap (MCAP.SS), engcon (ENGCON.B.SS), Volati (VOLO.SS), Apotea (APOTEA.SS), RaySearch Laboratories (RAY.B.SS), Momentum Group (MMGR.B.SS), Instalco (INSTAL.SS), Kambi Group (KAMBI.SS), Rejlers (REJL.B.SS), Knowit (KNOW.SS), Nobia (NOBI.SS), Stillfront Group (SF.SS), Green Landscaping Group (GREEN.SS), Egetis Therapeutics (EGTX.SS), KlaraBo (KLARA.B.SS), Cereno Scientific (CRNO.B.SS), Bjorn Borg (BORG.SS), Cint Group (CINT.SS), BioInvent International (BINV.SS), BICO Group (BICO.SS), Arla Plast (ARPL.SS), Net Insight (NETI.B.SS), SinterCast (SINT.SS), Eniro Group (ENRO.SS), 4C Group (4C.SS), Sleep Cycle (SLEEP.SS), Fingerprint Cards (FING.B.SS)

        • Switzerland: UBS Group (UBSG.SW), Sandoz Group (SDZ.SW), Straumann Holding (STMN.SW)

        • UK: AstraZeneca (AZN.LN), GSK (GSK.LN), Aston Martin Lagonda Global Holdings (AML.LN), PureTech Health (PRTC.LN), Evoke (EVOK.LN), Warpaint London (W7L.LN), Keystone Law Group (KEYS.LN), Futura Medical (FUM.LN)

      • Trading Update:

        • DACHs: Sandoz Group (SDZ.SW), Symrise (SY1.GR), Heidelberg Pharma (HPHA.GR), Grammer (GMM.GR)

        • France: Cie Generale des Etablissements Michelin (ML.FP), Sopra Steria Group (SOP.FP), Equasens Group (EQS.FP), Aubay (AUB.FP), Solutions 30 (S30.FP), Casino Guichard-Perrachon (CO.FP)

        • Nordics: Carlsberg (CARL.B.DC), Bittium (BITTI.FH), Digia (DIGIA.FH)

        • Other: AIB Group (A5G.ID), Glanbia (GL9.ID)

        • UK: Lloyds Banking Group (LLOY.LN), Haleon (HLN.LN), Prudential (PRU.LN), St. James's Place (STJ.LN), RHI Magnesita (RHIM.LN), Elementis (ELM.LN), Oakley Capital Investments (OCI.LN), PPHE Hotel Group (PPH.LN), JD Wetherspoon (JDW.LN), Ecora Royalties (ECOR.LN)

      • CMD/Events: Amper (AMP.SM)

  • Data:

    • Economics:

      • Sweden Mar Trade Balance SEK9.3B vs consensus SEK8.8B and prior revised SEK0.7B from SEK1.8B

      • Mar PPI

        • Ireland (0.2%) y/y vs consensus (2.2%) and prior (5.5%)

        • Italy +4.2% y/y vs consensus +0.8% and prior (2.7%)

      • Spain

        • Q1 Unemployment Rate 10.8% vs consensus 9.8% and prior 9.9%

        • Mar Retail Sales +4.1% y/y vs consensus +3.5% and prior revised +2.3% from +2.2%

    • Markets:

      • WTI Crude (Jun 26): +$3.23 or +3.35% to $99.60

      • €-$ (0.0007) or (0.06%) to 1.1714

      • £-$ (0.0025) or (0.18%) to 1.3509

      • €-£ +0.0010 to 0.8671

      • S&P 500 (0.74%)

      • Performance year-to-date

        • FTSE 100: +4.04%

        • DAX: (1.93%)

        • CAC: (0.56%)

        • MIB: +6.89%

        • Stoxx 600: +2.43%

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