Apr 29 ,2026
Synopsis:
European indices ended in negative territory, except for Norway. Risk appetite not helped by further gains in oil, which is fueling backup in rates. Heavy earnings calendar to influence ahead of key macro events. Also, first wave of Mag 7 results after the close. Analysts split on outlook for European stocks given the ongoing macro implications of Iran conflict. Eurozone growth at risk of flatlining if Strait of Hormuz not reopened soon. Think tank NIESR said UK economy could lose £35B over next two years because of the conflict.
In terms of diplomatic progress, limited signs of movement in the headlines. Media sources said Trump told aides to prepare for an extended naval blockade in a bid to pressure Iran on the nuclear issue. Fits with Trump's view that the blockade is succeeding in choking Iran economically, with oil well shut-ins looming. CNN sources said earlier that Pakistani mediators expect to receive a revised proposal from Iran in the next few days. However, unclear whether the new offer will contain concessions on nuclear after the most recent proposal put off the issue until future talks.
On the macro-front, Spanish flash CPI higher than expected in April in EU harmonized reading. German inflation increased in April, but slightly less than feared, at 2.9% y/y while core declined to 2.3% y/y. Recent surveys highlight a stagflationary backdrop in the euro area. Think tank NIESR said the UK economy could lose £35B over the next two years because of the conflict. Eurozone sentiment data and M3 money supply growth also out. ahead of the ECB and BoE decision tomorrow
Amidst a busy morning in terms of earnings, focus to Banks and financial services names, with UBS Group (UBSG.SW), Banco Santander (SAN.SM), Lloyds Banking Group (LLOY.LN), St. James's Place (STJ.LN), Skandinaviska Enskilda Banken (SEB.A.SS), Swedbank (SWED.A.SS), Amundi (AMUN.FP) and Deutsche Bank (DBK.GR) posting Q1 udpates. In Automobiles, Mercedes-Benz Group (MBG.GR), TRATON (8TRA.GR), Aston Martin Lagonda Global Holdings (AML.LN) and Volvo Car (VOLCAR.B.SS) released Q1 numbers. In Chemicals, Symrise (SY1.GR), FUCHS SE (FPE3.GR) and Wacker Chemie (WCH.GR) issued Q1 earnings this morning.
Following yesterday's BP (BP.LN) earnings report in the Energy and Utilities sector, TotalEnergies (TTE.FP), Neste (NESTE.FH), Fortum (FORTUM.FH), Iberdrola (IBE.SM) and Redeia Corporacion (RED.SM) also updated investors before the open. Healthcare in focus as well, with GSK Plc (GSK.LN), AstraZeneca (AZN.LN), Haleon (HLN.LN), Sandoz Group (SDZ.SW) and Straumann Holding (STMN.SW) reporting Q1 earnings. Other notable companies reporting today include Royal KPN (KPN.NA), DSV A/S (DSV.DC), Kone (KNEBV.FH), Adidas (ADS.GR), Carlsberg (CARL.B.DC), Scout24 (G24.GR), and UPM-Kymmene (UPM.FH).
In M&A news, KONE Corporation (KNEBV.FH) and a consortium led by Advent and Cinven have entered into an agreement to combine KONE and TKE (+TKELEVATOR) in a cash and share transaction. KONE will acquire all assets of TK Elevator GmbH for a cash consideration of €5B and a maximum share consideration of 270M newly issued KONE B shares. Elsewhere, DCC PLC (DCC.LN) confirmed it received an indicative cash proposal from Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P. and Amadeus (AMS.SM) wants to acquire Idemia Public Security (IPS) for €1.2B
Digest:
Sectors - STOXX Europe 600:
Outperformers: Telecom +1.65%, Oil & Gas +0.97%, Banks +0.71%, Food & Beverage (0.54%)
Underperformers: Retail (3.08%), Health Care (2.40%), Basic Resources (2.22%), Autos & Parts (2.12%), Travel & Leisure (2.10%), Persnl & HHold Goods (1.80%), Real Estate (1.77%), Chemicals (1.65%), Construct & Mtls (1.60%), Ind Goods & Svcs (1.50%), Insurance (1.28%), Media (1.10%), Utilities (1.07%), Technology (0.69%), Financial Svcs (0.61%)
Macro:
Brent hits one-month high on concerns over prolonged Hormuz disruption (Reuters)
German and Spanish inflation rises less than expected in April (FT)
Germany's Merz tries to downplay row with Trump (Politico)
AstraZeneca Invests £300 Million in UK in Boost for Starmer (BBG)
Italian consumer and business confidence drop further (Ansa)
Company news:
Notable Gainers
+45.7% TET.LN (Treatt £3.00, +0.94) -- 305p/sh cash offer from Döhler Group; H1 earnings
+24.1% KAMBI.SS (Kambi Group SEK158.40, +30.80) -- Q1 earnings; sportsbook solution agreement in Canada
+16.8% SOP.FP (Sopra Steria Group €132.30, +19.20) -- Q1 earnings; new €40 million share buyback programme
+11.1% BICO.SS (BICO Group SEK20.75, +2.08) -- Q1 earnings
+11.1% TKA.GR (ThyssenKrupp €9.72, +0.97) -- Kone to acquire all assets of TK Elevator GmbH
+10.9% INSTAL.SS (Instalco SEK37.60, +3.70) -- Q1 earnings
+10.7% DCC.LN (DCC £59.60, +5.75) -- confirms it today received indicative cash proposal from Energy Capital Partners, LLC and Kohlberg Kravis Roberts & Co. L.P.
+9.8% MTG.B.SS (Modern Times Group MTG SEK126.10, +11.30) -- Q1 earnings
+9.5% FPE3.GR (FUCHS SE €41.18, +3.56) -- Q1 earnings
+8.7% ADS.GR (Adidas €150.15, +12.05) -- Q1 earnings
+8.6% GL9.ID (Glanbia €19.04, +1.51) -- Q1 revenue
+8.5% MCOV.B.SS (Medicover SEK209.00, +16.50) -- Q1 earnings
+8.4% VMX.FP (Verimatrix €0.19, +0.01) -- Q1 revenue
+8.2% ANDR.AV (Andritz €73.70, +5.60) -- Q1 earnings
+7.8% KEYS.LN (Keystone Law Group £5.14, +0.37) -- FY earnings
+7.0% HFD.LN (Halfords Group £1.43, +0.09) -- FY trading update
+6.6% FPIP.SS (FormPipe Software SEK24.40, +1.50) -- Q1 earnings
+6.3% BORG.SS (Bjorn Borg SEK68.00, +4.00) -- Q1 earnings
+6.3% NESTE.FH (Neste €29.43, +1.74) -- Q1 earnings
+6.2% AMUN.FP (Amundi €80.70, +4.70) -- Q1 earnings
+6.1% G24.GR (Scout24 €71.65, +4.15) -- Q1 earnings; €250M share buyback programme
+5.7% MGN.NO (Magnora NOK29.60, +1.60) -- Q1 earnings
+5.6% ALSN.SW (ALSO Holding CHF164.60, +8.80) -- Q1 earnings
+5.4% AIR.FP (Airbus SE €174.80, +8.92) -- Q1 earnings
+5.1% NETI.B.SS (Net Insight SEK2.71, +0.13) -- Q1 earnings
+4.5% ITRK.LN (Intertek Group £47.85, +2.06) -- EQT working on improved takeover offer for Intertek -- Bloomberg
+4.4% HUH1V.FH (Huhtamaki €27.72, +1.18) -- Q1 earnings
+4.2% HYQ.GR (Hypoport €83.50, +3.35) -- prelim Q1 earnings
+4.1% AML.LN (Aston Martin Lagonda Global Holdings £0.41, +0.02) -- Q1 earnings
+3.9% BILI.A.SS (Bilia SEK126.40, +4.80) -- Q1 earnings
+3.5% STB.NO (Storebrand NOK173.50, +5.90) -- Q1 earnings
+3.5% UBSG.SW (UBS Group CHF34.46, +1.18) -- Q1 earnings
+3.1% NEXI.IM (Nexi SpA €3.98, +0.12) -- CVC weighs fresh €9B bid for Nexi; deal would carve out digital banking solutions arm -- FT, citing sources
+2.9% PEBB.LN (The Pebble Group £0.54, +0.02) -- AGM trading update
+2.8% SY1.GR (Symrise €75.54, +2.08) -- Q1 revenue
+2.5% HLE.GR (FORVIA HELLA €70.60, +1.70) -- Q1 earnings
+2.4% GJF.NO (Gjensidige Forsikring NOK260.80, +6.00) -- Q1 earnings
+2.2% MVC.SM (Metrovacesa €11.82, +0.26) -- Q1 trading update
+2.1% AKSO.NO (Aker Solutions NOK40.74, +0.84) -- MOU with Rolls-Royce SMR
+1.5% SINT.SS (SinterCast SEK95.60, +1.40) -- Q1 earnings
+1.4% WINE.LN (Naked Wines £0.73, +0.01) -- FY trading update
+1.2% ALMA.FH (Alma Media €12.50, +0.15) -- Q1 earnings
+1.0% CREO.LN (Creo Medical Group £0.12, -0.00)
+1.0% KESKOB.FH (Kesko €20.52, +0.20) -- Q1 earnings
+0.7% NOBI.SS (Nobia SEK1.74, +0.01) -- Q1 earnings
Notable Decliners
-31.5% FUM.LN (Futura Medical £0.01, -0.00) -- FY earnings
-26.7% IDEX.NO (IDEX Biometrics NOK8.06, -2.94) -- 9.7M-share placement at NOK8.25//sh
-25.8% ACR.NO (Axactor NOK4.95, -1.72) -- Q1 earnings; subsequent offering of up to 46.6M shares; 466.1M-share placement at NOK4.70/sh
-18.2% KNOW.SS (Knowit SEK78.10, -17.40) -- CEO to step down
-12.7% ENRO.SS (Eniro Group SEK0.62, -0.09) -- Q1 earnings
-11.7% RAY.B.SS (RaySearch Laboratories SEK183.90, -24.40) -- Q1 earnings
-11.1% GOFORE.FH (Gofore €11.06, -1.38) -- Q1 earnings
-9.4% BRG.NO (Borregaard NOK151.00, -15.60) -- Q1 earnings
-9.3% W7L.LN (Warpaint London £1.70, -0.18) -- FY earnings
-8.9% BITTI.FH (Bittium €30.65, -3.00) -- Q1 earnings
-7.4% ADP.FP (Aeroport de Paris €100.30, -8.00) -- Q1 revenue
-6.7% STJ.LN (St. James's Place £11.71, -0.84) -- Q1 FuM
-6.6% AB.FP (AB Science €1.11, -0.08) -- €3.2M capital increase
-6.1% TRI.LN (Trifast £0.63, -0.04) -- FY trading update
-5.5% LSS.FP (Lectra €16.24, -0.94) -- Q1 earnings; Kepler Cheuvreux downgrade
-5.1% VOLO.SS (Volati SEK81.80, -4.40) -- Q1 earnings
-5.1% WCH.GR (Wacker Chemie €91.50, -4.85) -- Q1 earnings
-5.0% PNDX.B.SS (Pandox SEK171.60, -9.00) -- Q1 earnings
-4.8% AMBU.B.DC (Ambu DKK61.70, -3.10)
-4.7% MSAB.B.SS (Micro Systemation SEK64.20, -3.20)
-4.6% NCC.B.SS (NCC SEK202.00, -9.80) -- Q1 earnings
-4.0% EPEN.SS (Ependion SEK118.20, -5.00) -- issues and convert class C shares into ordinary shares
-3.9% DSV.DC (DSV A/S DKK1,600.50, -65.00) -- Q1 earnings
-3.9% PGHN.SW (Partners Group Holding CHF850.40, -34.80) -- Grizzly Research short report
-3.8% DMRE.GR (DEMIRE Deutsche Mittelstand Real Estate €0.41, -0.02)
-3.6% MELE.BB (Melexis €67.25, -2.50) -- Q1 earnings
-3.6% SF.SS (Stillfront Group SEK5.23, -0.19) -- Q1 earnings
-3.5% PRTC.LN (PureTech Health £1.25, -0.05) -- FY earnings; to delist its ADS from Nasdaq
-3.4% ADXN.SW (Addex Therapeutics CHF0.05, -0.00)
-3.1% DIGIA.FH (Digia €5.58, -0.18) -- Q1 earnings
-3.1% KNEBV.FH (Kone €54.62, -1.74) -- to acquire all assets of TK Elevator GmbH for a cash consideration of €5B and max share consideration of 270M newly issued KONE B shares
-3.0% KPN.NA (Royal KPN €4.49, -0.14) -- Q1 earnings
-3.0% LATO.B.SS (Latour Investment SEK208.60, -6.40) -- Q1 earnings
-3.0% MRO.LN (Melrose Industries £4.72, -0.15) -- AGM trading update
-3.0% RI.FP (Pernod Ricard €62.30, -1.96) -- Brown-Forman and Pernod-Ricard terminate merger discussion
-2.9% CTT.SS (CTT Systems SEK119.00, -3.60)
-2.0% DBK.GR (Deutsche Bank €26.75, -0.56) -- Q1 earnings
-2.0% ONTEX.BB (Ontex Group €2.89, -0.06) -- Q1 earnings
-1.5% ORX.SS (Orexo SEK18.90, -0.28)
-1.4% VOW3.GR (Volkswagen €85.42, -1.22) -- and Mercedes-Benz to challenge FCA's £9B motor finance mis-selling scheme -- Sky News
-1.0% FXPO.LN (Ferrexpo £0.31, -0.00)
-1.0% MBG.GR (Mercedes-Benz Group €48.59, -0.47) -- and Volkswagen to challenge FCA's £9B motor finance mis-selling scheme -- Sky News
-1.0% SLP.LN (Sylvania Platinum £0.96, -0.01) -- Q3 operation update
-0.3% EBRO.SM (Ebro Foods €18.36, -0.06) -- Q1 earnings
EU companies reporting tomorrow:
Earnings:
Austria: Erste Group Bank (EBS.AV), OMV (OMV.AV), AMAG Austria Metall (AMAG.AV), Polytec Holding (PYT.AV)
Benelux: ING Groep (INGA.NA), ArcelorMittal (MT.NA), CTP NV (CTPNV.NA), IMCD (IMCD.NA), Aperam (APAM.NA), Ebusco Holding (EBUS.NA)
Denmark: Danske Bank (DANSKE.DC), Brødrene A & O Johansen (AOJ.B.DC), cBrain (CBRAIN.DC)
Finland: Aktia Bank (AKTIA.FH)
France: BNP Paribas (BNP.FP), Societe Generale (GLE.FP), Credit Agricole (ACA.FP), Ayvens (AYV.FP), Technip Energies (TE.FP), Air France-KLM (AF.FP), TF1 (TFI.FP), X-FAB Silicon Foundries (XFAB.FP)
Germany: DHL Group (DHL.GR), BASF (BAS.GR), MTU Aero Engines (MTX.GR), Nemetschek (NEM.GR), Aixtron (AIXA.GR), Fielmann Group (FIE.GR), Puma (PUM.GR), AlzChem Group (ACT.GR), Befesa (BFSA.GR), Drägerwerk (DRW3.GR), LPKF Laser & Electronics (LPK.GR), Sto (STO3.GR), Takkt (TTK.GR), Global Fashion Group (GFG.GR), Nabaltec (NTG.GR), FamiCord (V3V.GR)
Greece: Athens Water Supply & Sewage Co. (EYDAP.GA)
Italy: Stellantis (STLAM.IM), BasicNet (BAN.IM)
Norway: Kongsberg Gruppen (KOG.NO), Subsea 7 (SUBC.NO), Sparebanken Norge (SBNOR.NO), TGS-NOPEC Geophysical Co. (TGS.NO), Aker Solutions (AKSO.NO), Elkem (ELK.NO), Aker BioMarine (AKBM.NO), SATS (SATS.NO), Pareto Bank (PARB.NO), Sparebanken Møre (MORG.NO), Sea1 Offshore (SEA1.NO), Rana Gruber (RANA.NO), Kongsberg Automotive (KOA.NO), Komplett (KOMPL.NO), The Kingfish Company (KING.NO)
Spain: Banco Bilbao Vizcaya Argentaria (BBVA.SM), CaixaBank (CABK.SM), Repsol (REP.SM), Cellnex Telecom (CLNX.SM), Logista Integral (LOG.SM), FAES Farma (FAE.SM)
Sweden: Paradox Interactive (PDX.SS), ITAB Shop Concept (ITAB.SS), Viking Supply Ships (VSSAB.B.SS), Eltel (ELTEL.SS), Q-linea (QLINEA.SS), KDventures AB (KDV.B.SS)
Switzerland: WISeKey International Holding (WIHN.SW)
UK: Standard Chartered (STAN.LN), Whitbread (WTB.LN), SEPLAT Energy (SEPL.LN), Synthomer (SYNT.LN)
Trading Update:
Benelux: CVC Capital Partners (CVC.NA), ARCADIS (ARCAD.NA)
DACHs: Delivery Hero (DHER.GR), Cie Financiere Tradition (CFT.SW), OC Oerlikon Corp. (OERL.SW)
France: Schneider Electric (SU.FP), Capgemini (CAP.FP), Remy Cointreau (RCO.FP), Wavestone (WAVE.FP), 74Software (74SW.FP), Groupe Samse (SAMS.FP), Akwel (AKW.FP), Groupe LDLC (ALLDL.FP)
Nordics: Afarak Group (AFAGR.FH), Minesto (MINEST.SS)
Southern Europe: Stellantis (STLAM.IM)
UK and Ireland: Unilever (ULVR.LN), Glencore (GLEN.LN), Weir Group (WEIR.LN), Beazley (BEZ.LN), Persimmon (PSN.LN), Inchcape (INCH.LN), OSB Group (OSB.LN), Lancashire Holdings (LRE.LN), MONY Group (MONY.LN), International Personal Finance (IPF.LN), ASA International Group (ASAI.LN), Kingspan Group (KRX.ID), Kerry Group (KRZ.ID)
CMD/Events: Hexagon (HEXA.B.SS), cBrain (CBRAIN.DC)
Macro-releases expected for tomorrow:
Germany Q1 preliminary GDP, Apr unemployment rate, Mar retail sales, France Q1 preliminary GDP, Apr preliminary CPI, Mar consumer spending, PPI, Italy Q1 preliminary GDP, Apr preliminary CPI, Mar unemployment rate, Spain Q1 preliminary GDP, Eurozone Q1 preliminary GDP, Apr flash CPI, Mar unemployment rate, Switzerland Apr leading indicator - KOF, UK Apr house price index - Nationwide, Norway Apr retail sales, Denmark Mar unemployment rate, Finland Q1 preliminary GDP, Apr preliminary HICP, Netherlands Q1 preliminary GDP, Mar PPI, Greece Mar PPI, Feb retail sales, Portugal Q1 preliminary GDP, Apr preliminary CPI, Austria Q1 preliminary GDP, Apr preliminary CPI, Mar PPI
Data:
Economics:
Germany Apr Preliminary CPI +2.9% y/y vs consensus +3.0% and prior +2.7%
Eurozone
Apr Economic Sentiment Indicator 93.0 vs consensus 95.2 and prior revised 96.2 from 96.6
Consumer Confidence (20.6) vs preliminary (20.6)
Services Sentiment Indicator 0.9 vs consensus 3.5 and prior revised 4.1 from 4.9
Industrial Sentiment (7.7) vs consensus (7.2) and prior (7.0)
Mar M3 Money Supply +3.2% vs cons +3.1% and prior +3.0%
Italy Apr
Composite Business Confidence 87.9 vs cons 88.0 and prior revised 88.7 from 88.8
Consumer Confidence 90.8 vs cons 91.2 and prior 92.6
Switzerland Apr ZEW Expectations (30.3) vs prior (35.0)
Spain Apr Preliminary CPI +3.2% y/y vs cons +3.4% and prior +3.4%; +0.4% m/m vs cons +0.6% and prior 1.2%
Greece Mar Unemployment Rate 9.0% vs prior revised to 8.6% from 8.5%
Sweden Mar Retail Sales +5.7% y/y vs cons +2.4% and prior revised +2.2% from +2.4%
Markets:
WTI Crude (Jun 26): +$8.90 or +9.24% to $105.27
€-$ (0.0016) or (0.14%) to 1.1696
£-$ (0.0028) or (0.21%) to 1.3491
€-£ +0.0004 to 0.8671
S&P 500 (0.58%)
Performance year-to-date
FTSE 100: +2.79%
DAX: (2.19%)
CAC: (0.95%)
MIB: +6.35%
Stoxx 600: +1.81%
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