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StreetAccount Summary - EU Market Recap: FTSE 100 +1.62% to 10378.82, DAX +1.41% to 24292.38, CAC40 +0.53% to 8114.84, STOXX 600 +1.38% to 611.28

Apr 30 ,2026

• Synopsis:

  • European equity markets closed higher, near best levels. FTSE 100 outperforms amid strength in defense stocks, miners, oil names and utilities. Heavy earnings calendar influencing sector performance. US equities higher in midday trading. Treasuries firmer with the curve steepening, though off best levels; yields down 1-4 bp. Dollar index down 0.8%; yen strength the big FX story on intervention headlines. Gold up 1.5%. Silver up 2.1%. Bitcoin futures up 1.2%. WTI crude down 2.1% in choppy trading; follows a ~7% rally Wednesday.

  • Inflation concerns elevated into today's ECB and BoE policy decisions. BoE left policy unchanged in 8-1 vote as expected. Pill dissented amid risk of second round effects. MPC judged that while some second round effects likely, continued weakness in activity to limit. ECB also left rates on hold at 2% despite acknowledging upside risks to inflation and downside risks to growth. Bank not pre-committing to any particular path at this point. Central banks biding time until there is clarity on whether energy shock will lead to second round effects and structurally high inflation. Extended closure of Strait of Hormuz and fresh oil price spike may complicate growth versus inflation trade-off. Wednesday's FOMC meeting was largely a non-event. Rates held steady. Some signs of division over language in statement.

  • Lot of macro data due to month-end. Eurozone inflation as expected at 3.0% y/y, while Q1 GDP missed at 0.1% q/q. Note, French Q1 GDP weaker-than-forecast, but better outturns from Germany and Italy. Meanwhile, German retail sales fell sharply and the labor market deteriorated. Elsewhere, UK Lloyds business barometer showed sharpest drop in economic confidence since 2020. Swiss KOF leading indicator beat.

  • A busy day for earnings; banks in focus amidst releases from BNP Paribas (BNP.FP), SocGen (GLE.FP), Credit Agricole (ACA.FP), BBVA (BBVA.SM), ING Groep (INGA.NA) and Standard Chartered (STAN.LN). In the auto sector, Stellantis (STLAM.IM) and Volkswagen (VOW3.GR) out with Q1 reports. A slew of French names reporting their most recent sales/earning numbers include Capgemini (CAP.FP), Remy Cointreau (RCO.FP), Technip Energies (TE.FP) and Casino Guichard-Perrachon (CO.FP). DACH region also busy, with BASF SE (BAS.GR), Puma (PUM.GR), ThyssenKrupp (TKA.GR), Nemetsche (NEM.GR), Delivery Hero (DNER.GR), Brenntag (BNR.GR) and Kion Group (KGX.GR) posting updates. Elsewhere, Unilever (ULVR.LN), Prysmian (PRY.IM), ArcelorMittal (MT.NA) and Persimmon (PSON.LN) issued Q1 updates.

  • In M&A news, DCC (DCC.LN) rejected indicative 5,800p/sh cash proposal from Energy Capital Partners and KKR, whilst local Spanish press reported that Estée Lauder's (EL) offer for Puig (PUIG.SM) is expected at €18-19/sh. Apollo (APO), Blackstone (BX) and KKR (KKR) reportedly competing to acquire significant stake in LNG Canada from Shell (SHEL.LN). Belgian State, ENGIE S.A. (ENGI.FP), Electrabel NV/SA sign LoI setting framework for exclusive negotiations regarding potential acquisition by Belgian State of the entirety of ENGIE's and Electrabel's nuclear activities.

  • Note a number of markets are closed tomorrow for Labour Day ( Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey).

• Digest:

  • Sectors - STOXX Europe 600:

    • Outperformers:

      • Health Care +2.20%, Utilities +2.08%, Basic Resources +2.01%, Oil & Gas +1.83%, Telecom +1.73%, Ind Goods & Svcs +1.73%, Technology +1.63%, Food & Beverage +1.51%

    • Underperformers:

      • Media (2.13%), Autos & Parts +0.19%, Financial Svcs +0.50%, Banks +0.51%, Retail +0.62%, Travel & Leisure +0.77%, Insurance +0.80%, Real Estate +1.05%, Chemicals +1.09%, Persnl & HHold Goods +1.20%, Construct & Mtls +1.34%

  • Macro:

    • Central Banks:

      • ECB leaves its key deposit rate unchanged at 2%, with outlook dependent on length of Iran conflict

        • ECB President Lagarde says inflation risks skewed to the upside; says debated various options including a rate hike

      • BoE leaves key bank rate at 3.75%, weak growth seen offsetting inflation risks

        • BoE Governor Bailey says rate hikes may not be needed

    • Economy:

      • Eurozone inflation jumps to 3% as economic growth almost stalls: CNBC

      • Stagflation risks mount as the Iran war enters its third month: Reuters

    • Germany:

      • German retail sales fall more than expected in March: Reuters

      • German unemployment rises above 3 million mark in April: Reuters

  • Peripheral markets:

    • Italy:

      • Italy ekes out modest growth in Q1 as risks loom ahead: Reuters

    • Poland:

      • Polish rate cut chances are quickly evaporating, Dabrowski says: Bloomberg

    • Spain:

      • Economy bucks EU's Iran concerns: Bloomberg

  • Company news:

    • Notable Gainers

      • +37.3% SYNT.LN (Synthomer £0.67, +0.19) -- earnings; CFO steps down

      • +23.2% IGR.LN (IG Design Group £0.70, +0.13) -- trading update

      • +19.0% HTRO.SS (Hexatronic Group SEK38.13, +6.09) -- SEB upgrade

      • +18.3% CO.FP (Casino Guichard-Perrachon €0.19, +0.03) -- earnings

      • +18.0% ARCAD.NA (ARCADIS €36.80, +5.54) -- earnings

      • +12.6% VPLAY.A.SS (Viaplay Group SEK2.68, +0.30) -- to show UEFA Club competitions in Denmark, Norway and Finland until 2031

      • +11.1% UU.LN (United Utilities Group £14.76, +1.45) -- earnings; equity issue; strategic update

      • +10.0% XBRANE.SS (Xbrane Biopharma SEK11.00, +1.00) -- application for approval to FDA for LUCENTIS

      • +9.0% APAM.NA (Aperam €45.48, +3.74) -- earnings

      • +7.6% MTRO.LN (Metro Bank Holdings £1.48, +0.11) -- trading update

      • +7.6% RR.LN (Rolls-Royce Holdings £11.79, +0.83) -- trading update

      • +7.5% DHL.GR (DHL Group €50.42, +3.52) -- earnings

      • +7.4% F3C.GR (SFC Energy €18.56, +1.28) -- Deutsche Bank upgrade

      • +7.4% ALZCUR.SS (AlzeCure Pharma SEK1.47, +0.10) -- adjsuts timeline for rights issue

      • +7.2% KCR.FH (Konecranes €27.96, +1.88) -- Danske Bank ugprade

      • +7.1% DHER.GR (Delivery Hero €20.55, +1.36) -- trading update

      • +7.0% ELTEL.SS (Eltel SEK9.74, +0.64) -- earnings

      • +5.5% PYT.AV (Polytec Holding €4.02, +0.21) -- earnings

      • +5.3% PUM.GR (Puma €25.92, +1.30) -- earnings; CFO steps down

      • +5.1% AYV.FP (Ayvens €11.38, +0.56) -- earnings

      • +5.1% AIXA.GR (Aixtron €46.81, +2.29) -- earnings

      • +5.0% TKA.GR (ThyssenKrupp €10.10, +0.48) -- Deutsche Bank upgrade

      • +4.9% ENGI.FP (ENGIE €28.08, +1.32) -- LoI for sale of nuclear activities

      • +4.4% OERL.SW (OC Oerlikon Corp. CHF3.42, +0.15) -- sales

      • +4.4% VSSAB.B.SS (Viking Supply Ships SEK142.50, +6.00) -- earnings

      • +4.3% TIETO.FH (Tieto Corporation €19.01, +0.79) -- SEB upgrade

      • +4.1% STAN.LN (Standard Chartered £18.63, +0.73) -- earnings

      • +4.0% BNR.GR (Brenntag €62.18, +2.36) -- UBS upgrade

      • +3.9% SHI.LN (SIG £0.08, -0.00) -- trading update; appoints CFO

      • +3.9% KRZ.ID (Kerry Group €72.45, +2.70) -- IMS

      • +3.9% CTPNV.NA (CTP NV €16.04, +0.60) -- earnings

      • +3.8% AF.FP (Air France-KLM €9.04, +0.33) -- earnings

      • +3.8% NEDAP.NA (Nedap NV €84.30, +3.10) -- initiated outperform at Oddo

      • +3.7% INGA.NA (ING Groep €24.75, +0.88) -- earnings

      • +3.6% REP.SM (Repsol €22.72, +0.80) -- earnings

      • +3.2% ANTO.LN (Antofagasta £35.42, +1.11) -- Peel Hunt upgrade

      • +3.0% KGX.GR (Kion Group €43.79, +1.28) -- earnings

      • +3.0% IMCD.NA (IMCD €101.10, +2.93) -- earnings

      • +2.9% PSN.LN (Persimmon £10.58, +0.30) -- trading statement

      • +2.9% PRY.IM (Prysmian €127.80, +3.60) -- earnings

      • +2.8% AZT.NO (ArcticZymes Technologies NOK21.90, +0.60) -- new patent

      • +2.6% GLEN.LN (Glencore £5.68, +0.15) -- production report

    • Notable Decliners

      • -12.2% LPK.GR (LPKF Laser & Electronics €16.55, -2.30) -- earnings

      • -10.5% ALL.LN (Atlantic Lithium £0.15, -0.02) -- trading update

      • -10.4% PARB.NO (Pareto Bank NOK67.00, -7.80) -- earnings

      • -8.6% XFAB.FP (X-FAB Silicon Foundries €6.33, -0.60) -- earnings

      • -8.1% UMG.NA (Universal Music Group €17.83, -1.57) -- earnings

      • -6.4% STLAM.IM (Stellantis €6.21, -0.42) -- earnings

      • -6.4% QLINEA.SS (Q-linea SEK16.90, -1.15) -- earnings

      • -6.3% WTB.LN (Whitbread £22.50, -1.51) -- earnings

      • -6.2% EBS.AV (Erste Group Bank €95.60, -6.20) -- earnings

      • -6.0% GFG.GR (Global Fashion Group €0.47, -0.03) -- earnings

      • -5.8% DCC.LN (DCC £55.70, -3.40) -- rejects indicative cash proposal from Energy Capital Partners and KKR; RBC Capital Markets downgrade

      • -5.4% ITAB.SS (ITAB Shop Concept SEK13.26, -0.76) -- earnings

      • -5.3% GREEN.SS (Green Landscaping Group SEK30.60, -1.70) -- target cut at SEB

      • -5.2% AKTIA.FH (Aktia Bank €10.88, -0.60) -- earnings

      • -5.1% EVOK.LN (Evoke Plc £0.40, -0.02) -- earnings

      • -5.0% MAIRE.IM (MAIRE €15.65, -0.82) -- Kepler Cheuvreux downgrade

      • -4.7% ACT.GR (AlzChem Group €165.90, -8.20) -- earnings

      • -4.7% KEMPOWR.FH (Kempower €14.35, -0.71) -- Danske Bank, Inderes downgrades

      • -4.1% HSP.LN (Hargreaves Services £7.92, -0.34) -- tender offer results

      • -3.9% KDV.B.SS (KDventures AB SEK0.26, -0.01) -- earnings

      • -3.7% ACA.FP (Credit Agricole €16.50, -0.63) -- earnings

      • -3.6% GLE.FP (Societe Generale €68.23, -2.55) -- earnings

      • -3.3% OSE.FP (OSE Immunotherapeutics €3.79, -0.13) -- earnings

      • -3.2% WEIR.LN (Weir Group £26.46, -0.88) -- trading update

      • -2.8% BFSA.GR (Befesa €32.50, -0.95) -- earnings

      • -2.1% FIE.GR (Fielmann Group €42.70, -0.90) -- earnings

      • -1.8% ELK.NO (Elkem NOK27.10, -0.50) -- earnings

      • -1.4% BNP.FP (BNP Paribas €88.96, -1.28) -- earnings; sale of BMCI in Morocco

  • EU companies reporting tomorrow:

    • Earnings:

      • Nordics: Schouw & Co (SCHO.DC)

      • UK: NatWest Group (NWG.LN)

    • Trading Update:

      • Benelux: Aalberts (AALB.NA)

      • Nordics: HusCompagniet (HUSCO.DC)

      • UK: Pearson (PSON.LN), Rotork (ROR.LN), MJ Gleeson (GLE.LN)

      • Other: MJ Gleeson (GLE.LN)

• Data:

  • Economics:

    • Eurozone

      • Q1 Prelim GDP +0.8% y/y vs cons +0.9% and prior +1.2%

      • Apr Prelim CPI +3.0% y/y vs cons +2.9% and prior +2.6%

      • Mar Unemployment Rate 6.2% vs cons 6.2% and prior 6.2%

    • Germany

      • Q1 Prelim GDP +0.3% y/y vs cons +0.3% and prior +0.4%

      • Apr Unemployment Change +20K vs cons +4K and prior 0K

      • Mar Retail Sales (2.0%) y/y vs cons +0.5% and prior revised +0.9% from +0.7%; (2.0%) m/m vs cons (0.3%) and prior revised (0.3%) from (0.6%)

    • France

      • Mar

        • Consumer Goods Spending m/m +1% vs prior revised to (1.4%) from (1.4%)

        • PPI m/m +2% vs prior revised to (2.40%) from (2.40%)

      • Apr Prelim CPI +2.2% y/y vs cons +2.0% and prior +1.7%; +1.0% m/m vs consensus +0.9% and prior +1.0%

      • Q1 Prelim GDP +1.1% y/y vs cons +1.0% and prior revised +1.3% from +1.1%; 0.0% q/q vs cons +0.2% and prior +0.2%

    • Italy Mar

      • Prelim CPI +2.8% y/y vs cons +2.6% and prior +1.7%

      • Unemployment Rate 5.2% vs cons 5.3% and prior revised 5.4% from 5.3%

    • Spain Q1 Prelim GDP y/y +2.6% vs prior revised to +0.8% from +0.8%

    • Switzerland Apr KOF Leading Indicator 97.9 vs prior revised to 96.1 from 96.1

    • Austria Apr prelim CPI +3.3% y/y vs cons +3.6% and prior +3.2%; +0.3% m/m vs cons +0.7% and prior +1.2%

    • Denmark Mar Unemployment Rate 2.7% vs cons 2.7% and prior 2.7%

    • Finland Q1 Prelim GDP +1.3% y/y vs cons +0.2% and prior +0.1%; +0.9% q/q vs cons +0.1% and prior +0.4%

    • Netherlands Apr Prelim CPI +2.8% y/y vs cons +2.6% and prior +2.7%

  • Markets:

    • WTI Crude (Jun 26): ($2.70) or (2.53%) to $104.18

    • €-$ +0.0058 or +0.50% to 1.1734

    • £-$ +0.0105 or +0.78% to 1.3582

    • €-£ (0.0025) to 0.8639

    • S&P 500 +0.34%

    • Performance year-to-date

      • FTSE 100: +4.51%

      • DAX: (0.81%)

      • CAC: (0.43%)

      • MIB: +7.35%

      • Stoxx 600: +3.22%