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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