May 04 ,2026
Synopsis:
European equity markets lower today. Media, Telecom, Technology lead; Autos & Parts, Utilities, Banks, Insurance lag. UK offline for bank Holiday.
Focus remains centered on Hormuz and oil market developments. FARS news agency said Iranian Navy hit US Navy frigate. News promptly denied by senior US official. Spat follows Trump announcing "Project Freedom" to help escort ~900 stranded vessels through the strait. Details still scarse. Iran's latest response to US largely restated prior demands, prompting mixed signals from Trump
In macro headlines, ECB's Stournaras warned Eurozone growth faces risk of stagnation or even recession if Hormuz remains disrupted. US President Trump to raise tariffs on EU cars and trucks to 25%, announced withdrawal of 5,000 US troops from Germany, and growing concerns over transatlantic relations. In terms of data, Eurozone Sentix investor confidence beat expectations, but remained negative. German release worst since Jan-2025. ECB SPF survey sees Eurozone inflation peaking at 2.7% in 2026 before easing to 2% target by 2028. Final PMI readings confirmed preliminary releases.
UK markets closed today, however, busy headlines ahead of Thursday's local elections. Labour on track for heavy losses of up to 1,000-1,850 seats. Investors and bond traders are on high alert, warning that a resounding defeat could trigger a leftward political swing, renewed leadership speculation against Starmer and Reeves, and fresh pressure on gilts and sterling.
Light on the corporate front. Umicore (UMI.BB) shares higher after group raised FY26 EBITDA guidance to nearly €1B post market close on 30-Apr. Ratos (RATO.B.SS) reversed opening gains post better-than-expected Q1 numbers. Stabilus (STM.GR) post final Q2 earnings.
In M&A, ThyssenKrupp (TKA.GR) and Jindal International Steel have mutually agreed to pause talks regarding a stake in thyssenkrupp Steel. Worldline (WLN.FP) finalises sale of its Electronic Data Management business to SIX. Italgas (IG.IM) completes disposal process with sale of last two ATEMs in compliance with AGCM resolution approving acquisition of 2i Rete Gas. Nilörngruppen ( NIL.B.SS) receives SEK77 per share cash offer from Trimco; board recommends acceptance.
Digest:
Sectors - STOXX Europe 600:
Outperformers: Media +1.34%, Telecom +0.61%, Travel & Leisure +0.26%, Financial Svcs (0.05%), Basic Resources (0.38%), Technology (0.51%), Persnl & HHold Goods (0.54%), Oil & Gas (0.63%), Retail (0.71%), Health Care (0.75%), Ind Goods & Svcs (0.82%), Food & Beverage (0.84%),
Underperformers: Autos & Parts (1.94%), Banks (1.75%), Utilities (1.72%), Insurance (1.35%), Chemicals (1.34%), Real Estate (1.18%), Construct & Mtls (1.14%),
Macro:
Geopolitics:
NATO's Rutte says Trump disappointed with Europe's reluctance to help in Iran war: Bloomberg
Starmer meets EU leaders in Yerevan to deepen Ukraine, migration and trade ties amid Trump tensions: FT
EU demands annual UK budget payments for deeper single market access: London Times
US to withdraw 5,000 troops from Germany following Trump-Merz spat over Iran war: BBC
EU keeps options open after Trump raises tariffs on European cars and trucks to 25%: Politico, BBC
Central Banks:
UK:
Labour faces heavy losses in 7-May local elections as Reform and Greens surge: London Times, Guardian
Labour MPs warn of bond market turmoil if Chancellor Reeves is ousted after local elections: London Times
France:
Jean-Luc Mélenchon announced his fourth presidential candidacy for 2027: LesEchos
EU companies reporting tomorrow:
Earnings:
Austria: Raiffeisen Bank International (RBI.AV),
Benelux: Anheuser-Busch InBev (ABI.BB)
Denmark: Novonesis (NSIS.B.DC), ALK-Abello (ALK.B.DC), DFDS (DFDS.DC), NTG Nordic Transport Group (NTG.DC), Trifork Holding (TRIFOR.DC)
Finland: Kalmar (KALMAR.FH), NoHo Partners (NOHO.FH)
France: Viridien (VIRI.FP)
Germany: Infineon Technologies (IFX.GR), Covestro (1COV.GR), Fresenius Medical Care (FME.GR), Schaeffler (SHA0.GR), Fraport (FRA.GR), Springer Nature (SPG.GR), Elmos Semiconductor (ELG.GR), Hugo Boss (BOSS.GR), Adtran Networks (ADV.GR), Washtec (WSU.GR), Norma Group (NOEJ.GR)
Italy: Leonardo (LDO.IM), Banco BPM (BAMI.IM), Italgas (IG.IM), Unicaja Banco (UNI.SM), Lottomatica Group (LTMC.IM), Credito Emiliano (CE.IM), Amplifon (AMP.IM)
Norway: Elopak (ELO.NO), Pexip Holding (PEXIP.NO)
Portugal: Corticeira Amorim SGPS (COR.PL)
Spain: Prosegur Compania de Seguridad (PSG.SM)
Sweden: Bravida Holding (BRAV.SS), International Petroleum Corp (IPCO.SS), HANZA (HANZA.SS), Acast (ACAST.SS), Yubico (YUBICO.SS), Proact IT Group (PACT.SS), SaltX Technology Holding (SALT.B.SS), Medivir (MVIR.SS), Prevas (PREV.B.SS), Embellence Group (EMBELL.SS), Nordisk Bergteknik (NORB.B.SS), Xbrane Biopharma (XBRANE.SS), AlzeCure Pharma (ALZCUR.SS), Alligator Bioscience (ATORX.SS)
Switzerland: Geberit (GEBN.SW), Logitech International (LOGN.SW)
UK: HSBC Holdings (HSBA.LN), Air Astana (AIRA.LN)
Trading Update:
Benelux: Theon International (THEON.NA)
DACHs: secunet Security Networks (YSN.GR)
France: AXA (CS.FP), JCDecaux (DEC.FP), Rubis (RUI.FP), Figeac Aero (FGA.FP), Bonduelle (BON.FP), HERIGE (ALHRG.FP)
Nordics: Demant (DEMANT.DC), ISS (ISS.DC), Remedy Entertainment (REMEDY.FH)
Sales: Volvo Car (VOLCAR.B.SS)
CMD/Events: Pandox (PNDX.B.SS)
Data:
Economics:
Apr Manufacturing PMI
Eurozone 52.2 vs preliminary 52.2
Germany 51.4 vs preliminary 51.2
Italy 52.1 vs consensus 51.9 and prior 51.3
France 52.8 vs preliminary 52.8
Switzerland 54.5 vs consensus 52.0 and prior 53.3
Spain 51.7 vs consensus 49.5 and prior 48.7
Sweden 57.2 vs consensus 55.5 and prior revised 56.2 from 56.3
Eurozone May Sentix Investor Confidence (16.4) vs consensus (20.9) and prior (19.2)
Markets:
WTI Crude (Jun 26): +$3.31 or +3.25% to $105.25
€-$ (0.0046) or (0.39%) to 1.1700
£-$ (0.0060) or (0.44%) to 1.3540
€-£ +0.0006 to 0.8644 S&P 500 (0.40%)
Performance year-to-date
FTSE 100: +4.36%
DAX: (2.04%)
CAC: (2.13%)
MIB: +5.64%
Stoxx 600: +2.25%
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