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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.11%), DAX +0.17%, CAC40 (0.10%)

Apr 29 ,2026

  • Synopsis

    • European equity markets are set for a mixed to lower open amidst mixed Asian equities Wednesday. Semis weighing on Taiwan's benchmark following record-setting run. South Korea flat. Hong Kong leading China market gains. Japan closed for public holiday. S&P 500 futures inching higher afterhours.

    • UK weekly PMQs gets underway at 12noon BST, whilst committee topics include supercharging the EV transition at 9:15. There's an informal meeting of EU telecommunications ministers (through Thu). Germany's ministry of economic affairs and energy hosts National Maritime Conf (through Thu). Norway's minister for climate and environment Eriksen attends CICERO Center for International Climate Research Climate Day. Norwegian Farmers' Assns will present their demand for the 2026 agricultural negotiations.

    • In central banks, Bundesbank's Balz speech at 8:00CET at the Global Currency Forum, organised by the International Currency Association (Mon-Thu). BOE's Truran speech at 9:30BST at the 23rd conf on bulk annuities and Benjamin panellist at 11:45 at Moody's London credit frontiers Europe 'Regulation in focus'. ECB's Buch presentation at 16:30CET at the Danish Economic Society.

    • A slew of macro data on the agenda including 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 and Portugal Mar unemployment rate.

    • A busy morning for earnings with Q1 results out from Royal KPN (KPN.NA), Deutsche Bank (DBK.GR), UBS Group (UBSG.SW), Mercedes-Benz Group (MBG.GR), Wacker Chemie (WCH.GR), FUCHS (FPE3.GR), DWS Group (DWS.GR), Symrise (SY1.GR) and Straumann Holding (STMN.SW). From France, Airbus (AIR.FP), Teleperformance (TEP.FP), Worldline (WLN.FP), Aeroport de Paris (ADP.FP), Bic (BB.FP) and Amundi (AMUN.FP) are out with Q1 updates. In the Nordics, Swedbank (SWED.A.SS), Norsk Hydro (NHY.NO), Skandinaviska Enskilda Banken (SEB.A.SS), Volvo Car (VOLCAR.B.SS), Gjensidige Forsikring (GJF.NO), DSV (DSV.DC) and Kone (KNEBV.FH) are amongst companies reporting Q1 earnings. Elsewhere, Banco Santander (SAN.SM) and Prudential (PRU.LN) are out with Q1

  • Politics/Macro/World News

    • King Charles promotes US-UK unity in speech to Congress amid Iran tensions - Reuters

    • Trump tells aides to prepare for extended naval blockade in bid to pressure Iran on nuclear issue - media report

  • Top company news

    • Earnings/updates

      • Benelux:

        • KPN.NA (Royal KPN) -- reports Q1 net income €200M vs FactSet €209.2M [3 est, €194.8-223.7M]; on track to deliver FY26 outlook

        • MELE.BB (Melexis) -- reports Q1 EPS €0.57 vs FactSet €0.61 [5 est, €0.58-0.63]

        • ONTEX.BB (Ontex Group) -- reports Q1 adj EBITDA €38.6M vs FactSet €39.3M [2 est, €39.1-39.4M]; maintains its FY outlook

      • France:

        • AIR.FP (Airbus SE) -- reports Q1 adjusted EBIT €300M vs consensus €348M; 2026 guidance unchanged

        • TEP.FP (Teleperformance) -- reports Q1 revenue €2.43B vs FactSet €2.41B [2 est, €2.39-2.42B]

        • WLN.FP (Worldline) -- reports Q1 revenue €831M vs consensus €826.0M

        • ADP.FP (Aeroport de Paris) -- reports Q1 revenue €1.47B vs FactSet €1.55B [5 est, €1.54-1.56B]; reaffirms FY guidance

        • BB.FP (Bic) -- reports Q1 revenue €453M vs consensus €447M

        • AMUN.FP (Amundi) -- reports Q1 adjusted net income €349M vs consensus €318M

        • ATE.FP (Alten) -- reports Q1 revenue €1.05B vs FactSet €1.06B [2 est, €1.06-1.06B]; organic growth + 0.1%

        • SOP.FP (Sopra Steria Group) -- reports Q1 revenue €1.46B, +3.4% vs year-ago €1.42B

        • VETO.FP (Vetoquinol) -- reports Q1 revenue €125.0M, (4%) vs year-ago €130.6M

        • LSS.FP (Lectra) -- reports Q1 net income €0.5M vs FactSet €2.3M [1 est]; anticipates a significant rebound in equipment revenues in Q2 compared with Q1

        • CDA.FP (Compagnie des Alpes) -- reports preliminary Q2 revenue €593.7M vs FactSet €620.6M [1 est]

        • MRN.FP (Mersen) -- reports Q1 revenue €296.4M vs FactSet €292.0M [1 est]; organic growth of 3.1% y/y; confirms 2026 Guidance

        • PIG.FP (Haulotte Group) -- reports H1 revenue €121M, (8%) vs year-ago €131M

        • MTU.FP (Manitou BF) -- reports H1 revenue €648.0M, +8% vs year-ago €600.0M

        • ALTHX.FP (THX Pharma) -- reports FY net income (€3.0M) vs year-ago (€1.8M)

        • ALTA.FP (Altarea) -- reports Q1 revenue €381.4M, (12%) vs year-ago €435.3M

      • DACHs:

        • DBK.GR (Deutsche Bank) -- reports Q1 net income €2.17B vs consensus €1.77B; on track to deliver strong operating performance in 2026

        • UBSG.SW (UBS Group) -- reports Q1 EPS $0.94 vs consensus $0.72

        • MBG.GR (Mercedes-Benz Group) -- reports Q1 EPS €1.49 vs StreetAccount €1.30

        • WAF.GR (Siltronic) -- reports Q1 EPS (€1.92) vs FactSet (€1.78) [4 est, (€2.10)-(1.46)]

        • WCH.GR (Wacker Chemie) -- reports Q1 EPS €0.21 vs FactSet €0.11 [4 est, (€0.38)-0.65]; revenues and EBITDA in line with prelims; says guidance subject to high degree of uncertainty

        • ALSN.SW (ALSO Holding) -- reports Q1 adjusted EBITDA €89.0M, +46% y/y

        • FPE3.GR (FUCHS) -- reports Q1 EPS €0.68 vs FactSet €0.60 [4 est, €0.56-0.62]; confirms FY26 EBIT outlook, adjusts FY26 sales and cash flow expectations

        • HLE.GR (FORVIA HELLA) -- reports Q1 EPS €0.29 vs year-ago €0.19; company outlook for FY26 confirmed

        • DWS.GR (DWS Group) -- reports Q1 net income €264M vs consensus €215M; outlook unchanged

        • G24.GR (Scout24) -- reports Q1 EPS €0.95 ex-items vs FactSet €0.92 [1 est]; FY guidance confirmed

        • SY1.GR (Symrise) -- reports Q1 revenue €1.25B vs consensus €1.23B; organic sales decline of (0.4%); reaffirms FY 2026 outlook

        • STMN.SW (Straumann Holding) -- reports Q1 revenue CHF672.5M vs consensus CHF668.9M; FY26 outlook confirmed

        • HPHA.GR (Heidelberg Pharma) -- reports Q1 EPS (€0.09) vs year-ago (€0.13); confirms FY26 forecast; the group is financed until mid-2027

        • SDZ.SW (Sandoz Group) -- reports Q1 revenue $2.76B vs FactSet $2.74B [3 est, $2.66-2.80B]

        • 4FZ.GR (Orbia Advance Corp SAB de CV) -- Orbia Advance Corp SAB de CV reports Q1 net majority income ($38M) vs year-ago ($54M)

        • HYQ.GR (Hypoport) -- reports preliminary Q1 EBIT €12.1M vs year-ago €8.6M

        • NA9.GR (Nagarro) -- reports FY net income €39.5M vs FactSet €46.8M [3 est, €40-53M]

        • HBAN.SW (Helvetia Baloise Holding) -- publishes financial condition report for the 2025 financial year

      • Nordics:

        • SWED.A.SS (Swedbank) -- reports Q1 EPS SEK6.50 vs consensus SEK6.47

        • NHY.NO (Norsk Hydro) -- reports Q1 adj EPS NOK2.07 vs consensus NOK1.37

        • SEB.A.SS (Skandinaviska Enskilda Banken) -- reports Q1 EPS SEK3.79 vs consensus SEK3.60

        • VOLCAR.B.SS (Volvo Car) -- reports Q1 EPS SEK0.54 vs FactSet SEK0.25 [5 est, SEK0.10-0.44]; Q2 profitability will be affected by continued headwinds and the EX60 production start and ramp-up

        • GJF.NO (Gjensidige Forsikring) -- reports Q1 net income from cont ops NOK1.55B vs consensus NOK1.44B

        • DSV.DC (DSV) -- reports Q1 net income DKK1.64B vs consensus DKK1.70B; reiterates FY26 guidance for EBIT before special items

        • KNEBV.FH (Kone) -- reports Q1 EPS €0.41 vs consensus €0.43; specifies FY26 outlook

        • MGN.NO (Magnora) -- reports Q1 net income (NOK44.7M) vs year-ago NOK38.6M

        • MTG.B.SS (Modern Times Group MTG) -- reports Q1 net income SEK138M vs FactSet SEK130.1M [7 est, SEK65-190M]

        • STB.NO (Storebrand) -- reports Q1 cash EPS NOK2.10 vs consensus NOK2.35

        • NCC.B.SS (NCC) -- reports Q1 EPS (SEK1.90) vs consensus (SEK1.85)

        • KESKOB.FH (Kesko) -- reports Q1 comparable EPS €0.14 vs FactSet €0.14 [7 est, €0.13-0.14]; reiterates expectations for FY26 comparable operating profit of €650-750M vs FactSet 701M

        • RILBA.DC (Ringkjøbing Landbobank) -- reports Q1 EPS DKK24.30 vs FactSet DKK23.54 [3 est, DKK23.31-23.80]; confirms FY outlook

        • EGTX.SS (Egetis Therapeutics) -- reports Q1 EPS (SEK0.20) vs year-ago (SEK0.20)

        • STOR.B.SS (Storskogen Group) -- reports Q1 EPS SEK0.13 ex-items vs FactSet SEK0.16 [2 est, SEK0.15-0.17]

        • ICEAIR.IR (Icelandair Group) -- reports Q1 net income ($45.3M) vs year-ago ($44.1M)

      • Southern Europe:

        • SAN.SM (Banco Santander) -- reports Q1 underlying net income €3.56B vs consensus €3.47B; on track to meet FY26 targets

        • PUIG.SM (Puig Brands) -- reports Q1 revenue €1.22B vs StreetAccount €1.21B; LFL +4.7% vs StreetAccount +3.9%; reconfirms guidance for 2026

      • UK:

        • PRU.LN (Prudential) -- reports Q1 APE sales $1.82B vs StreetAccount $1.88B

      • Also reporting today

        • Sopra Steria Group (SOP.FP)

    • M&A

      • KNEBV.FH (KONE) -- and TKE to combine; KONE 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

      • BF.B (Brown-Forman) -- and Pernod-Ricard (RI.FP) terminate merger talks -- Bloomberg

      • KNEBV.FH (Kone) -- nearing €29B cash-and-stock deal to acquire TK Elevator - Bloomberg

      • NEXI.IM (Nexi SpA) -- CVC weighs fresh €9B bid for Nexi; deal would carve out digital banking solutions arm -- FT, citing sources

      • BF.B (Brown-Forman) -- and Pernod Ricard Terminate Discussions Regarding Potential Combination

      • ENI.IM (Eni) -- exploring sale of cracking operations in Brindisi - Reuters, citing source familiar with the matter

      • ORA.FP (Orange) -- announces the signing of a €1.3B financing agreement with CaixaBank and BNP Paribas, intended for the acquisition of Scorefit

      • BNP.FP (BNP Paribas) -- and Ageas finalize agreement on selling its 25% stake in AG Insurance to Ageas for ~€1.9B

      • WLN.FP (Worldline) -- ANZ Group to acquire Worldline S.A's 51% share in ANZ Worldline for an enterprise value of A$89M (51% basis)

      • UPM.FH (UPM-Kymmene) -- European Commission to open in-depth investigation into UPM-Sappi graphic paper JV -- Reuters, citing statement

      • EMGS.NO (Electromagnetic Geoservices) -- completes asset sale transaction with P-2 Riggs Capital, Inc.

    • Healthcare

      • AZN.LN (AstraZeneca) -- FDA releases briefing materials ahead of Thursday adcom (earlier, timing uncertain)

      • PTCT (PTC Therapeutics) -- reports topline results from month 24 interim analysis of PIVOT-HD extension study of votoplam; Conf call at 16:30ET

      • GLPG.NA (Galapagos) -- Galapagos' Shareholders Adopt All Resolutions at the shareholders meeting; approve name change to Lakefront Biotherapeutics

      • 500124.IN (Dr. Reddy's Laboratories) -- Health Canada approves first generic of Ozempic - Bloomberg

      • 500124.IN (Dr. Reddy's Laboratories) -- confirms receipt of marketing authorization for generic semaglutide injection in Canada

      • HIK.LN (Hikma Pharmaceuticals) -- issues press release on settlement agreement for VYNDAMAX

      • ONCIN.NO (Oncoinvent) -- to hold live webcast presenting a corporate update today at 08:00 CET

    • Other

      • VOW3.GR (Volkswagen) -- to no longer produce VW Group products in Osnabrück from 2027; in intensive discussions with defense companies -- Bild, citing CEO interview

      • AIR.FP (Airbus SE) -- reported softer Q1 results, reaffirmed FY guidance:

      • GLEN.LN (Glencore) -- releases sustainability report

      • ENI.IM (Eni) -- provides update on activities in Venezuela after CEO meeting with Acting President

      • ZURN.SW (Zurich Insurance Group) -- publishes Financial Condition Report 2025

      • CA.FP (Carrefour) -- Transcript Intelligence: Carrefour at Deutsche Bank ADR Virtual Investor Conference

      • G24.GR (Scout24) -- SE resolves to launch a second tranche of its share buy-back programme of up to €250M in 2026 and to shorten the buy-back period of the ongoing tranche

      • FRVIA.FP (Forvia) -- announces implemenation of share buyback program approved by the shareholders' meeting held on 28-May-25

      • FGR.FP (Eiffage) -- announced as part of consortium in new concession contract for Parisian heat network

      • EQT.SS (EQT AB) -- considering IPO for New Zealand retirement living business Metlifecare - The Australian

      • RDC.GR (Redcare Pharmacy) -- announces Dirk Brüse to step down as CCO

      • ELI.BB (Elia Group SA/NV) -- Elia Group announces placement of €900M hybrid securities

      • SOP.FP (Sopra Steria Group) -- retires ~858K treasury shares; intends to launch a new up to €40M share buyback program in 2026

      • SLR.SM (Solaria Energia) -- placing up to 12.5M shares via accelerated book-build through Banco Santander, Barclays, BofA , Goldman, Société Générale

      • Amazon to offer OpenAI models; Commerce Dept drops privacy probe of Meta's WhatsApp in intraday themes (28-Apr)

  • Key rating changes

    • Upgrades

      • AKRBP.NO (Aker BP) -- to buy from hold at DNB Carnegie

      • EQNR.NO (Equinor) -- to hold from sell at DNB Carnegie

      • ITM.LN (ITM Power) -- to overweight from equal-weight at Morgan Stanley

      • VACN.SW (VAT Group) -- to buy from neutral at Goldman Sachs

      • VAR.NO (Vår Energi) -- to hold from sell at DNB Carnegie

      • YIT.FH (Yit) -- to accumulate from reduce at Inderes

    • Initiations

      • SFER.IM (Salvatore Ferragamo) -- underperform at Jefferies

    • Other Actions

      • WLN.FP (Worldline) -- resumed neutral at Oddo; prior rating was neutral

  • Data

    • Nikkei closed

    • Hang Seng +1.50% to 26063.71

    • Shanghai Composite +0.60% to 4103.13

    • S&P futures +16.0 vs prior close of 7171.0

    • €-$ (0.0008) or (0.07%) to 1.1704

    • $-¥ +0.07 or +0.04% to 159.69

    • €-¥ (0.15) or (0.08%) to 186.81

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