Apr 28 ,2026
Synopsis
European equity markets are set to open mixed to lower, following negative session on Monday. Asian equity markets mostly lower, with Nikkei, ASX, Hang Seng and China markets falling.
Markets awaiting US response to Iran's latest pace 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 still looking through lack of diplomatic progress amid reports that backchannel discussions continuing to take place. 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.
Also on today's agenda, In the UK, Chancellor Reeves takes questions from MPs at 11:30BST and House of Commons Speaker, Sir Lindsay Hoyle, has granted the chance to vote tomorrow on whether PM Starmer should face a parliamentary investigation over the Lord Mandelson vetting row. Committee topics include defence in the high north at 10:30, and an evidence session on Lord Mandelson's security vetting for the role of British Ambassador to Washington at 11:00 (Morgan McSweeney). There's an informal meeting of EU transport ministers (through Wed). Norway's minister of local government and district affairs Skjæran holds a meeting at 13:00CET with the construction industry explaining the government's further work to achieve the goal in the Plan for Norway of commissioning 130,000 new homes by 2030 and minister for climate and environment Eriksen speech at 15:10CET at Chemicals Day (through Wed). Handelsblatt Conf 'The Future of Retail Banking' as well as Kiel Institute hosting World Trade Dialogue discussing the future of global trade and supply chains (through Wed) includes Hapag-Lloyd (HLAG.GR). Norges Bank Investment Management hosts its annual investment conf
In central banks, Denmark central bank's Krogstrup panellist at 11:30BST at event hosted by Bruegel title 'The new global imbalances: the launch of Paris Report 4'. BOE's David Bailey speech at 11:45BST at JPMorgan UK banks asset and liability management conf and Gerken speech and panellist at 16:40 at the UK Building Societies annual conf, with Economic Secretary to the Treasury Rigby speaking at the latter event at 9:35 on Wed. Bundesbank's Lienenkämper panellist at 17:30CET at event hosted by Bundesverband Mitte. Hungary central bank interest rate decision. No change is expected in the 5.25% benchmark interest rate. ECB publishes the results of its latest cosumer expectations survey at 10:00CET whilst ECB's Lagarde, Governing Council at informal dinner at 19:30CET with exchange of views with EU's Albuquerque. Bank for International Settlements, BOE, ECB and IMF joint spillover conf (through Wed).
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.
European macro data releases out today include Spain Q1 unemployment rate, Mar retail sales, Italy Mar PPI, UK Apr shop price inflation - BRC, Sweden Mar trade balance, Ireland Mar PPI.
A busy morning for earnings, with DACHs names kicking off the session with Novartis (NOVN.SW) and Deutsche Börse (DB1.GR), Idorsia (IDIA.SW) reporting Q1 earnings. In France, Nexans (NEX.FP) issued Q1 earnings and reaffirmed its FY26 outlook, whilst Air Liquide (AI.FP) released its Q1 numbers and indicated its confident in its ability to increase its FY26 operating margin by +100 bps. In Nordics, Telenor (TEl.NO), Nordic Semiconductor (NOD.NO), SSAB (SSAB.B.SS), Boliden (BOL.SS) and Wartsila (WRT1V.FH) are amongst others in the region to update investors with their latest numbers.
Politics/Macro/World News
Oil Climbs as US Weighs Iran Proposal With Hormuz Still Shut - Bloomberg
Charles to argue for a strong US-UK partnership in address to Congress - Politico
Starmer allies rally MPs to repel Mandelson vote danger - The Times
Energy tax cuts spread to 39 economies as fuel prices jump - FT
Exclusive: Bruised by Trump, NATO alliance considers end to annual summits - Reuters
UK Apr shop price inflation +1.0% y/y vs consensus +1.5% and prior +1.2% - BRC
Top company news
Earnings/updates
DACHs
NOVN.SW (Novartis) -- reports Q1 Core EPS $1.99 vs consensus $2.09; confirms FY guidance
DB1.GR (Deutsche Börse) -- reports Q1 EPS €3.21 vs consensus €3.16
IDIA.SW (Idorsia) -- reports Q1 non - GAAP net income (CHF36M) vs FactSet (CHF51.3M) [2 est, (CHF55.5)-(47M)]
SBS.GR (Stratec) -- reports FY adjusted EPS €1.17 vs FactSet €1.29 [6 est, €0.98-1.43]
BUCN.SW (Bucher Industries) -- reports Q1 revenue CHF725M, (7%) vs year-ago CHF783M
SIGN.SW (SIG Combibloc Group) -- reports Q1 net income €48.1M vs FactSet €39.5M [2 est, €39.3-39.6M]; FY guidance maintained
PAL.AV (Palfinger) -- reports Q1 net income €24.6M vs year-ago €22.0M; guides FY26
STR.AV (STRABAG SE) -- reports FY EPS €7.94 vs FactSet €7.52 [3 est, €7.31-7.83]
France
NEX.FP (Nexans) -- reports Q1 revenue €1.50B vs StreetAccount €1.50B; reaffirms FY guidance
MMT.FP (M6-Metropole) -- reports Q1 EBITA €49.1M vs FactSet €42.5M
AI.FP (Air Liquide) -- reports Q1 revenue €6.79B vs consensus €6.83B; confident in its ability to increase its FY26 operating margin by +100 bps
SMCP.FP (SMCP) -- reports Q1 revenue €287.2M, (3%) vs year-ago €296.6M; confirms its 2026 targets
Nordics
TEL.NO (Telenor) -- reports Q1 adj EPS NOK2.22 vs FactSet NOK1.97 [5 est, NOK1.80-2.09]; adjusts FY26 organic EBITDA growth outlook downward
ZAL.NO (Zalaris) -- reports Q1 EPS NOK1.10 vs FactSet NOK1.40 [1 est]
BILL.SS (Billerud) -- reports Q1 EPS (SEK0.88) vs FactSet (SEK0.37) [7 est, (SEK0.95)-0.29]
NOD.NO (Nordic Semiconductor) -- reports Q1 EPS $0.05 vs FactSet $0.03 [8 est, $0.02-0.04]
EQV1V.FH (eQ) -- reports Q1 EPS €0.11 vs FactSet €0.13 [2 est, €0.12-0.14]
KCC.NO (Klaveness Combination Carriers) -- reports Q1 EPS $0.26 vs FactSet $0.27 [4 est, $0.22-0.30]
EMBLA.DC (Embla Medical hf) -- reports Q1 net income $15M vs FactSet $17.1M [4 est, $16-18.2M]; confirms FY guidance
NAS.NO (Norwegian Air Shuttle) -- reports Q1 net income (NOK362M) vs FactSet (NOK951.7M) [5 est, (NOK992)-(918M)]
ORX.SS (Orexo) -- reports Q1 EPS (SEK3.00) vs year-ago (SEK2.63)
BONAV.B.SS (Bonava) -- reports Q1 EPS (SEK0.17) vs FactSet SEK0.13 [3 est, SEK0.07-0.22]
ATEA.NO (Atea) -- reports Q1 EBIT NOK324M ex-item vs FactSet NOK371.8M [6 est, NOK285-462.6M]
MSAB.B.SS (Micro Systemation) -- reports Q1 EPS (SEK0.31) vs FactSet SEK0.00 [1 est]
SWEC.B.SS (Sweco) -- reports Q1 EPS SEK1.63 vs FactSet SEK1.72 [5 est, SEK1.65-1.80]
ALMB.DC (Alm. Brand) -- reports Q1 EPS DKK0.20 vs FactSet DKK0.16 [5 est, DKK0.10-0.21]
HACK.SS (Hacksaw) -- reports Q1 EPS €0.16 vs FactSet €0.14 [1 est]; enters Q2 with solid momentum and great confidence
BOL.SS (Boliden) -- reports Q1 EPS SEK13.45 vs StreetAccount SEK13.06
SSAB.A.SS (SSAB) -- reports Q1 EPS SEK1.61 vs consensus SEK1.58; limited direct effects from the war in Persian gulf, but customers more cautious
HOLM.B.SS (Holmen) -- reports Q1 EPS SEK4.00 vs FactSet SEK4.45 [9 est, SEK3.47-5.60]
SCST.SS (Scandi Standard) -- reports Q1 EPS SEK1.55 vs FactSet SEK1.55 [3 est, SEK1.50-1.60]
WRT1V.FH (Wartsila) -- reports Q1 EPS €0.25 vs consensus €0.24
YIT.FH (Yit) -- reports Q1 EPS (€0.16) vs FactSet (€0.01) [7 est, (€0.04)-0.01]
SDIP.B.SS (Sdiptech) -- reports Q1 EBITA SEK246M ex-items vs FactSet SEK247.4M
ANOD.B.SS (Addnode Group) -- reports Q1 EPS SEK0.83 vs FactSet SEK0.99 [6 est, SEK0.89-1.15]
RVRC.SS (RVRC Holding) -- reports Q3 EPS SEK0.77 vs FactSet SEK0.84 [4 est, SEK0.79-0.87]
LINDEX.FH (Lindex Group) -- reports Q1 EPS (€0.12) vs FactSet (€0.10) [1 est]; reaffirms FY guidance
SFAB.SS (Solid Försäkring) -- reports Q1 EPS SEK1.24 vs year-ago SEK1.75
LOGI.A.SS (Logistea) -- reports Q1 EPS SEK0.65 vs FactSet SEK0.31 [3 est, SEK0.26-0.40]
MTRS.SS (Munters Group) -- reports Q1 EPS SEK0.68 vs FactSet SEK0.81 [7 est, SEK0.51-1.08]; outlook unchanged, stronger H2 expected
EPRO.B.SS (Electrolux Professional) -- reports Q1 EPS SEK0.55 vs FactSet SEK0.64 [2 est, SEK0.61-0.66]
INWI.SS (Inwido) -- reports Q1 EPS SEK0.18 vs FactSet SEK0.97 [5 est, SEK0.84-1.07]; long-term ambition remains unchanged
ALIF.B.SS (AddLife) -- reports Q1 EPS SEK1.04 vs FactSet SEK1.89 [2 est, SEK1.67-2.10]
Also reporting today:
Earnings:
Benelux: PostNL (PNL.NA)
Denmark: Tivoli (TIV.DC)
Finland: Valmet (VALMT.FH), Alandsbanken (ALBBV.FH), Revenio Group (REG1V.FH), LEnento Group (ENENTO.FH), Pihlajalinna (PIHLIS.FH), Tecnotree (TEM1V.FH)
France: Airbus (AIR.FP), Bic (BB.FP), Lectra (LSS.FP)
Germany: Hawesko Holding (HAW.GR)
Other: Icelandair Group (ICEAIR.IR)
Sweden: Atlas Copco (ATCO.A.SS), Assa Abloy (ASSA.B.SS), Swedish Orphan Biovitrum (SOBI.SS), Securitas (SECU.B.SS), AarhusKarlshamn (AAK.SS), AFRY (AFRY.SS), Alimak Group (ALIG.SS), Hemnet Group (HEM.SS), Storytel (STORY.B.SS), Eastnine (EAST.SS), Ependion (EPEN.SS), Nelly Group (NELLY.SS), CTT Systems (CTT.SS), Genovis (GENO.SS), Ework Group (EWRK.SS), Softronic (SOF.B.SS), Alcadon Group (ALCA.SS), ProfilGruppen (PROF.B.SS), Dedicare (DEDI.SS), Lammhults Design Group (LAMM.B.SS), Boule Diagnostics (BOUL.SS)
Switzerland: Santhera Pharmaceuticals Holding (SANN.SW), Xlife Sciences (XLS.SW)
UK: BP (BP.LN), Barclays (BARC.LN), Georgia Capital (CGEO.LN), Card Factory (CARD.LN), Tullow Oil (TLW.LN), Eleco (ELCO.LN), Tracsis (TRCS.LN), Likewise Group (LIKE.LN)
Trading Update:
Benelux: Coca-Cola Europacific Partners (CCEP.NA), PostNL (PNL.NA)
DACHs: SIG Combibloc Group (SIGN.SW)
France: Aeroport de Paris (ADP.FP), Teleperformance (TEP.FP), Altarea (ALTA.FP), Alten (ATE.FP), Vetoquinol (VETO.FP), Manitou BF (MTU.FP), Worldline (WLN.FP), Mersen (MRN.FP), SMCP (SMCP.FP), Haulotte Group (PIG.FP), Verimatrix (VMX.FP)
Nordics: SSH Communications Security (SSH1V.FH)
Southern Europe: Puig Brands (PUIG.SM)
UK: Anglo American (AAL.LN), Howden Joinery Group (HWDN.LN), Taylor Wimpey (TW.LN), WPP Group (WPP.LN)
M&A
NEX.FP (Nexans) -- to acquire Republic Wire at a total enterprise value representing ~€680M
UN0.GR (Uniper) -- Germany could launch reprivatisation process for Uniper before the summer - Reuters
MAHA.A.SS (Maha Capital) -- signs LoI for business combination with Blue Water Acquisition Corp SPAC
5.HK (HSBC Holdings) -- Pepper Money enters contest to acquire HSBC Holding's Australian loan portfolio - The Australian
TIGO (Millicom International Cellular) -- acquires remaining 32.5% stake in Coltel; terms not disclosed
DSFIR.NA (DSM-Firmenich) -- agrees to sell its Action Pin business to AP Marensin S.A.S.U. for an undisclosed sum
IQE.LN (IQE) -- concludes strategic review; announces investment from strategic partner, subscriptions, proposed placing and retail offer
Healthcare
PRTA (Prothena Corp.) -- Prothena partner Novo Nordisk obtains fast track designation from the U.S. FDA for Coramitug in ATTR-CM
ALCLS.FP (Cellectis SA) -- Cellectis to present Epigenetic Editing Platform to turn genes off without altering DNA at the ASGCT Annual Meeting
AB.FP (AB Science) -- agrees two-year debt repayment deferral with creditors
CRNA.NO (Circio Holding) -- discloses two abstracts selected for ASGCT Annual Meeting with results/conclusions
Other
EDPR.PL (EDP Renovaveis) -- Ocean Winds agrees to settle imminent claims regarding US offshore leases of Bluepoint Wind and Golden State Wind (post EU close 27-Apr)
ARCAD.NA (ARCADIS) -- appointed as Programme Partner for Network Rail's Transpennine Route Upgrade; contract valued at up to £100M
AJB.LN (AJ Bell) -- announces the removal of its regular investing charge
Follow-up: Foreign automakers warn they are considering withdrawing cheapest models from US market if USMCA is not renewed or weakened - Reuters
Foreign automakers warn they are considering withdrawing cheapest models from US market if USMCA is not renewed or weakened - media report
US Interior Department announces agreement with Bluepoint Wind and Golden State Wind to end their offshore wind leases
Key rating changes
Upgrades
SIE.GR (Siemens AG) -- to buy from hold at HSBC
Downgrades
BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to neutral from outperform at Oddo
AVOL.SW (Avolta) -- to neutral from buy at UBS
SOI.FP (SOITEC) -- to neutral from outperform at Oddo
BIOA.B.SS (BioArctic) -- to neutral from buy at Goldman Sachs
SSPG.LN (SSP Group) -- to neutral from buy at UBS
Initiations
CS.FP (AXA) -- buy at Erste Group
Data
Nikkei (1.22%) to 59798.06
Hang Seng (0.99%) to 25669.48
Shanghai Composite (0.44%) to 4068.35
S&P futures (7.3) vs prior close of 7206.0
€-$ (0.0015) or (0.13%) to 1.1706
$-¥ (0.20) or (0.13%) to 159.22
€-¥ (0.50) or (0.27%) to 186.35
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