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StreetAccount Summary - Europe Pre-Open: FTSE flat, DAX (1%) , CAC (0.7%), IBEX (0.9%), MIB (0.9%)

Apr 30 ,2026

  • Synopsis

    • European equity markets set to open broadly lower, extending losses seen in Wednesday's session. Focus on heavy earnings newsflow in the region, including a number of banks as well as the likes of BASF, ArcelorMittal, Volkswagen and Michelin. Also focus on BOE and ECB policy decisions. BOE interest rate decision at 12noon BST, press conf at 12:30. No change expected in the 3.75% benchmark interest rate. ECB interest rate decision at 14:15CET, press conf at 14:45. No change expected in the 2.15% benchmark interest rate.

    • Latest US-Iran headlines signaling lack of diplomatic traction after President Trump publicly rejected Tehran's recent offer to reopen Strait of Hormuz in return for ending blockade and delaying nuclear talks. Reaffirmed to Axios that he views extended US naval blockade as primary source of leverage, underlining belief that blockade is succeeding in choking Iran economically with oil well shut-ins looming. Trump said negotiations are ongoing and claimed Iran has come a long way but question is whether they are willing to go far enough, repeating that any agreement must include commitment to abandon nuclear weapons. No signs Iran's hardliners willing to empower negotiators to discuss nuclear issue and while Trump reportedly reluctant to restart conflict, sources told Axios CENTCOM has prepared plan for "short and powerful" strikes on Iran in bid to break deadlock in negotiations. Stalemate further clouding likelihood of near-term resumption of crude flows through Strait of Hormuz while potential disruption to Iranian oil production due to blockade threatens to add to supply pressures. Crude extending rally with WTI and Brent surging back towards late March highs following recent discussion about market complacency surrounding extent of disruption to physical crude market. Oil rally corresponding with spike in bond yields amid pickup in inflation concerns.

    • Asia equities mixed Thursday. China manufacturing PMI maintains slight growth trajectory, nonmanufacturing slips

    • US tech majors reported after market close. META earnings spotlighted attention to larger-than-expected capex raise, component and data center cost pressures. GOOGL's upgraded capex projections viewed favorably amid acceleration in cloud revenue growth. MSFT Azure growth just ahead of consensus, drawing another contrast to larger-than-expected capex upgrade and memory cost pressures. AMZN cloud revenue growth a highlight, maintains capex guidance. QCOM said unnamed major hyperscaler to begin using company's data center chips later this year. Also guided turnaround in China smartphone sales.

    • European macro data releases include 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

    • Also on today's agenda: Denmark central bank's Thomsen speech at 11:00CET at Danish Chamber of Commerce (Dansk Erhverv) whilst BOE's David Bailey takes part in a fireside chat at 14:30BST at International Swaps and Derivatives Assn AGM. Turkey central bank minutes of last MPC meeting. In the UK, business in the House of Commons gets underway at 9:30BST with MPs questions on business and trade. EU's Kallas attends the Nordic-Baltic eight (NB8) foreign ministers' meeting and EU's Tzitzikostas delivers a speech at event on implementing the EU industrial maritime strategy and the EU port strategy. UK Mar car production - SMMT are due.

  • Politics/Macro/World News

    • Trump rejects Iran's proposal to reopen Hormuz and lift US blockade first, postpone nuclear talks to later stage; CENTCOM preparing possible new strikes -- Axios

    • UK firms' worries about economy rise by most since 2020, Lloyds survey shows - Reuters

    • Netherlands Apr Preliminary CPI +2.8% y/y vs consensus +2.6% and prior +2.7% (00:30ET)

    • Finland Q1 Preliminary GDP +1.3% y/y vs consensus +0.2% and prior +0.1%

  • Top company news

    • Earnings/updates

      • Benelux

        • MT.NA (ArcelorMittal) -- reports Q1 EPS $0.76 vs consensus $0.69; 2026 capex guidance remains unchanged

        • INGA.NA (ING Groep) -- reports Q1 net profit €1.56B vs consensus €1.43B; confirms outlook for 2026 and 2027; announces €1.0B share buyback

        • UMG.NA (Universal Music Group) -- reports Q1 adj EBITDA €636M vs consensus €661M

        • UMG.NA (Universal Music Group) -- Follow-up: Universal Music Group updates on Capital Allocation and Management Initiatives

        • IMCD.NA (IMCD) -- reports Q1 Operating EBITA €130M vs StreetAccount €123.9M

        • APAM.NA (Aperam) -- reports Q1 EPS €0.04 vs FactSet €0.10 [2 est, €0.07-0.13]

        • ARCAD.NA ARCADIS reports Q1 operating EBITDA €127M vs year-ago €133M; FY26 guidance unchanged

      • France

        • CAP.FP (Capgemini) -- reports Q1 revenue €5.94B vs StreetAccount €5.83B

        • BNP.FP (BNP Paribas) -- Group enters agreement with Holmarcom Finance Company for the sale of BMCI in Morocco; terms not disclosed

        • BNP.FP (BNP Paribas) -- reports Q1 net income €3.22B vs consensus €2.93B

        • ACA.FP (Credit Agricole) -- reports Q1 EPS €0.52 vs FactSet €0.54 [6 est, €0.49-0.64] (€17.23);

        • SU.FP (Schneider Electric) --reports Q1 revenue €9.77B vs consensus €9.76B; ; Organic growth +11.2% vs consensus +10.1%2026 target reaffirmed

        • ML.FP (Cie Generale des Etablissements Michelin SA) -- reports Q1 revenue €6.20B vs consensus €6.11B; FY guidance unchanged

        • GLE.FP (Societe Generale) -- reports Q1 group net income €1.70B vs consensus €1.55B

        • CO.FP (Casino Guichard-Perrachon) -- reports Q1 adjusted EBITDA €110.1M, +10% vs year-ago €99.8M

        • RCO.FP (Remy Cointreau) -- reports Q4 revenue €199.9M vs consensus €202.3M; FY guidance confirmed

        • TNG.FP (Transgene) -- reports Q1 revenue €1.4M vs year-ago €2.5M

        • NK.FP (Imerys) -- reports Q1 current net income €21M vs year-ago €31M

        • ALBPS.FP (Biophytis) -- postpones publication of financial statements

        • ALVIO.FP (Valerio Therapeutics) -- reports FY revenue €2.6M vs year-ago €1.8M

      • UK

        • STAN.LN (Standard Chartered) -- reports Q1 EPS $0.74 vs consensus $0.59

      • DACH

        • BAS.GR (BASF) -- reports Q1 adj EPS €1.32 vs consensus €1.02; maintains FY26 forecast and currently impossible to reliably quantify the resulting effects of conflict in the Middle East

        • VOW.GR (Volkswagen) -- reports Q1 net income €1.56B vs FactSet €1.76B [3 est, €1.54-2.18B]; guides FY26

        • P911.GR (Porsche) -- reports Q1 EPS €0.43 vs FactSet €0.40 [4 est, €0.33-0.47]; confirms FY guidance; announces Strategy 2035

        • KGX.GR (Kion Group) -- reports Q1 EPS €0.69 vs consensus €0.67

        • DHL.GR (DHL Group) -- reports Q1 EPS €0.72 vs consensus €0.68; confirms guidance

        • NEM.GR (Nemetschek) -- reports Q1 EPS €0.52 vs FactSet €0.51 [6 est, €0.47-0.55]; FY 2026 Outlook Fully Confirmed

        • TLX.GR (Talanx) -- reports preliminary Q1 net income €774M vs FactSet €737M [1 est]

        • OERL.SW (OC Oerlikon Corp.) -- reports Q1 sales CHF378M vs FactSet CHF367.5M [4 est, CHF361-372M]

        • ACT.GR (AlzChem Group) -- AlzChem Group reports Q1 EBITDA €32.3M vs FactSet €30.5M [1 est]; reaffirms FY guidance

        • OMV.AV (OMV) -- reports Q1 clean CCS operating result €1.03B vs consensus €1.00B

      • Nordics

        • TGS.NO (TGS-NOPEC) -- reports Q1 EPS ($0.05) vs FactSet $0.15 [7 est, $0.08-0.25]; confirms FY guidance

        • AKSO.NO (Aker Solutions) -- reports Q1 adjusted net income NOK634M vs FactSet NOK622.3M (

      • Spain

        • BBVA.SM (BBVA) -- reports Q1 net income €2.99B vs consensus €2.80B

        • CABK.SM (CaixaBank) -- reports Q1 net income €1.57B vs consensus €1.47B

        • PHM.SM (Pharma Mar) -- reports Q1 net income €1.5M vs FactSet €4.0M [3 est, €2.2-7.5M]

        • MAP.SM (MAPFRE) -- reports Q1 adjusted net income €310.9M vs FactSet €357.5M

      • Italy

        • PRY.IM Prysmian reports Q1 Adjusted EBITDA €601M vs consensus €612M; FY26 guidance confirmed

      • Also reporting today

      • Earnings:

        • Austria: Erste Group Bank (EBS.AV), AMAG Austria Metall (AMAG.AV), Polytec Holding (PYT.AV) Benelux: CTP NV (CTPNV.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: Ayvens (AYV.FP), Technip Energies (TE.FP), Air France-KLM (AF.FP), TF1 (TFI.FP), X-FAB Silicon Foundries (XFAB.FP) Germany: MTU Aero Engines (MTX.GR), Aixtron (AIXA.GR), Fielmann Group (FIE.GR), Puma (PUM.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), 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: 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: Whitbread (WTB.LN), SEPLAT Energy (SEPL.LN), Synthomer (SYNT.LN)

      • Trading Update:

        • Benelux: CVC Capital Partners (CVC.NA) DACHs: Delivery Hero (DHER.GR), Cie Financiere Tradition (CFT.SW) France: 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: 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) Other: Kingspan Group (KRX.ID), Kerry Group (KRZ.ID)

      • CMD/Events: Hexagon (HEXA.B.SS), cBrain (CBRAIN.DC)

    • M&A

      • TPG (TPG, Inc.) -- Danone in advanced talks to acquire TPG's Made Group - Australian Financial Review

      • AZE.BB (Azelis) -- Gimv acquires 5% of Azelis, terms undisclosed

      • BNP.FP (BNP Paribas) -- Group enters agreement with Holmarcom Finance Company for the sale of BMCI in Morocco; terms not disclosed

      • PGHN.SW (Partners Group Holding) -- Partners Group invests in fleet expansion of portfolio company North Star

      • LAND.SW (Landis+Gyr Group) -- agrees to sell Rhebo GmbH to Everfield Germany GmbH

      • FRAS.LN (Frasers Group) -- to acquire Frog Bikes - Sky News

      • Pacific Equity Partners believed to be one of two or three remaining bidders for Qscan - The Australian , citing sources

    • Healthcare

      • NOVO.B.DC (Novo Nordisk) -- Novo Nordisk's Denecimig (Mim8) significantly reduced annualized bleeding rate in people with hemophilia A, regardless of inhibitor status, in phase 3 data published in NEJM

      • GSK.LN (GSK Plc) -- FDA approves sBLA for AREPANRIX (pediatric) with Accelerated Approval and post-marketing requirement

      • GSK.LN (GSK Plc) -- NICE recommends GSK's Blenrep with bortezomib and dexamethasone for previously treated multiple myeloma

      • SAN.FP (Sanofi) -- ammounces Belén Garijo to assume her duties as new CEO on 1-May-26

      • ALEC (Alector) -- to discontinue phase 2 progress-ad trial of Nivisnebart (AL101/GSK4527226) in early Alzheimer's disease following interim futility analysis

      • ZEAL.DC (Zealand Pharma) -- and Roche to advance petrelintide to Phase 3 trials for chronic weight management

      • EVT.GR (Evotec) -- announces nomination of new board member; cooperation agreement with MAK Capital

      • NWRN.SW (Newron Pharmaceuticals) -- U.S. enrollment in ENIGMA-TRS 2 trial of evenamide paused by FDA

      • B9P1.GR (NovaBay Pharmaceuticals) -- SEC filing: 10-K/A

    • Other

      • BP.LN (BP) -- and Venezuela sign MOU for company to explore offshore of Loran for gas - Reuters

      • UK March car manufacturing (8.2%) y/y to 72,511 units - SMMT

      • White House officials heading to Venezuela to unveil agreements that could lay the groundwork to operate in the country - Politico

  • Key rating changes

    • Upgrades

      • TKA.GR (ThyssenKrupp) -- to buy from hold at Deutsche Bank

      • ANTO.LN (Antofagasta) -- to hold from reduce at Peel Hunt

      • KNEBV.FH (Kone) -- to overweight from neutral at JPMorgan

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

      • HTRO.SS (Hexatronic Group) -- to buy from hold at SEB

    • Downgrades

      • EPI.A.SS (Epiroc) -- to hold from buy at Pareto

      • DCC.LN (DCC) -- to sector perform from outperform at RBC Capital Markets

      • JET2.LN (Jet2) -- to hold from buy at Deutsche Bank

      • KNEBV.FH (Kone) -- to sell from hold at Nordea, to hold from buy at ABG Sundal Collier

  • Data

    • Nikkei (1.14%) to 59236.24

    • Hang Seng (1.12%) to 25818.80

    • Shanghai Composite +0.10% to 4111.75

    • S&P futures (16.5) vs prior close of 7168.0

    • €-$ (0.0016) or (0.14%) to 1.1660

    • $-¥ +0.23 or +0.14% to 160.67

    • €-¥ +0.08 or +0.04% to 187.36

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