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StreetAccount Summary - EU Market Recap: FTSE 100 (1.39%) to 10219.72, DAX +1.71% to 24401.70, CAC40 +1.08% to 8062.31, STOXX 600 +0.69% to 609.70

May 05 ,2026

  • Synopsis:

    • European equity markets ended mostly higher Tuesday, led by Italy MIB +2.3%, Belgium BEL 20 +1.6%, German DAX +1.7% and Spanish IBEX +1.8% although FTSE 100 (1.4%) underperformed after coming back online after Monday's bank holiday, with corporate results also weighing. Gilt yields ~15 bps higher. UK 30Y yield highest since 1998. Crude pulling back after rallying on Monday on hawkish Middle East developments. Gold was firmer. Industrial metals higher. Bitcoin firmer, at levels not seen since Jan-2026.

    • Lack of further escalation in Middle East tensions following some cracks in the ceasefire on Monday seems to be the big story. Rhetoric from both sides has been measured and there still seems to be a preference for a diplomatic solution. Oil lower and yields have stabilized after upward pressure on Monday acted as an overhang on risk sentiment and kept the stagflation narrative in the headlines

    • In central bank news, RBA hiked rates for third consecutive meeting by 25 bps to 4.35%, as expected. Iran war prompted upward revision to inflation forecasts and downgrade to GDP projections. Meanwhile, EU economy commissioner Dombrovskis warned over the stagflationary effect that Iran is creating for the bloc. Highlighted that room for maneuver is already more limited due to higher deficit and debt levels. Both the EU and ECB have said any government support needs to be temporary and targeted.

    • On macro data front, Swiss inflation accelerated to 16 month high in April at 0.6% y/y. UK car data showed new car sales rose 24% in April due to influx of competitively-priced Chinese cars. Bundesbank chief Nagel said ECB will need to raise rates in June if there no significant improvement in inflation outlook. Meanwhile, research from UK's FSB warned over impact of EU red tape on small UK businesses. Comes at a time when Starmer government pushing for closer ties with bloc.

    • Busy corporate calendar in Europe, with banks in focus. HSBA.LN reported with mixed Q1 results; ABI.BB Q1 earnings beat and confirmed FY targets. UCG.IM earnings beat on strong revenue and it lifted FY profit guidance; SAB.SM Q1 profits lower as falling interest rates squeeze net interest income; RBI.AV Q1 net income beat.

    • In M&A, EQT,SS submitted an improved indicative proposal to acquire ITRK.LN for 5,800p/share in cash. PRY.IM CEO Battaini flagged renewed M&A appetite, eyeing $4B deals like Encore Wire. CK Hutchison Holdings (1.HK) agreed to VOD.LN's buyout of 49% stake in VodafoneThree for £4.30B in cash. Media reports LVMH (MC.FP) is exploring sale of brands such as Marc Jacobs and stake in Fenty Beauty as it slims down amid lower demand.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Technology +2.33%, Ind Goods & Svcs +2.09%, Construct & Mtls +1.80%, Food & Beverage +1.06%, Oil & Gas +0.80%, Chemicals +0.79%, Media +0.74%, Basic Resources +0.69%

      • Underperformers:

        • Travel & Leisure (1.27%), Persnl & HHold Goods (0.31%), Real Estate (0.30%), Banks (0.27%), Health Care (0.18%), Utilities (0.18%), Retail +0.20%, Insurance +0.26%, Autos & Parts +0.26%, Financial Svcs +0.54%, Telecom +0.60%

    • Macro:

      • Europe

        • ECB's Lagarde Urges Europe to Reduce Energy-Import Dependency -- Bloomberg

      • UK

        • UK Bond Selloff Pushes 30-Year Yield to the Highest Since 1998 -- Bloomberg, FT

        • Labour MPs to demand Starmer's resignation -- Telegraph

        • Farage's Reform sets sights on Scotland and Wales in battle for Britain -- Reuters

        • UK homebuyers face worst mortgage affordability since 2008, data shows -- Guardian

      • France

        • France Says EU Will Retaliate If US Threatens Its Industries -- Bloomberg

      • Romania

        • Romanian PM loses confidence vote as Socialists team up with far right -- FT

    • Company news:

      • Notable Gainers

        • +16.0% HOT.GR (Hochtief €522.00, +73.30)

        • +15.8% BRAV.SS (Bravida Holding SEK106.10, +14.90) -- Q1 earnings; initiates SEK 100M share buyback

        • +9.1% ABI.BB (Anheuser-Busch InBev €68.18, +5.76) -- Q1 earnings

        • +8.4% RWS.LN (RWS Holdings £1.00, +0.08) -- reaches agreement in principle to acquire Obviously for initial cash consideration of £16.5M

        • +8.2% SHA0.GR (Schaeffler €8.44, +0.65) -- Q1 earnings

        • +7.2% AIXA.GR (Aixtron €50.68, +3.45) -- Van Lanschot Kempen upgrade

        • +6.7% SSAB.A.SS (SSAB SEK85.06, +5.44) -- Morgan Stanley upgrade

        • +6.5% ITRK.LN (Intertek Group £51.08, +3.10) -- EQT submits an improved indicative proposal to acquire the group for 5,800p/share in cash; RBC Capital Markets upgrade

        • +6.2% UCG.IM (UniCredit €67.81, +3.96) -- Q1 earnings

        • +5.9% MHPC.LN (MHP £9.98, +0.56) -- Q4 earnings

        • +5.6% ABVX.FP (Abivax €105.20, +5.60) -- announces repurchase of royalty certificates and pricing of $45M (€38.5M) offering of ADS

        • +5.2% ISS.DC (ISS A/S DKK251.20, +12.40) -- Q1 eanrings

        • +5.1% TRMD.A.DC (TORM Plc DKK216.00, +10.80)

        • +4.8% DBG.FP (Derichebourg €9.40, +0.44) -- signs agreement to acquire 100% of the share capital of the Scholz Recycling Group

        • +4.7% RUI.FP (Rubis €36.62, +1.64) -- Q1 revenue

        • +4.6% DOKA0.SW (dormakaba Holding CHF54.60, +2.40) -- Oddo upgrade

        • +4.5% IDR.SM (Indra Sistemas €52.94, +2.24) -- Indra Sistemas valued Escribano at €2.3B -- Expansion

        • +4.3% BAHN.B.SS (Bahnhof SEK54.00, +2.20) -- Q1 earnings

        • +4.1% CBK.GR (Commerzbank €35.48, +1.40) -- UniCredit increases stake in Commerzbank to 35.5% through derivatives -- IlSole24ore

        • +3.9% MOL.IM (Moltiply Group €35.70, +1.35) -- announces provisional result of voluntary partial share tender offer

        • +2.9% VSSAB.B.SS (Viking Supply Ships SEK142.00, +4.00) -- CEO to step down

        • +2.6% PACT.SS (Proact IT Group SEK117.00, +3.00) -- Q1 earnings

        • +1.4% HEX.NO (Hexagon Composites NOK11.42, +0.16) -- interim CFO appointed as new CFO

        • +1.4% BAMI.IM (Banco BPM €0.00, +0.18) -- Q1 earnings

        • +1.3% G24.GR (Scout24 €70.25, +0.90) -- Santander upgrade

        • +0.5% ATORX.SS (Alligator Bioscience SEK0.22, -0.00) -- Q1 earnings

      • Notable Decliners

        • -13.0% DFDS.DC (DFDS DKK115.10, -17.50) -- Q1 earnings

        • -10.9% FME.GR (Fresenius Medical Care €35.45, -4.23) -- Q1 earnings

        • -9.4% KSB.GR (KSB €938.00, -94.00) -- Q2 earnings

        • -8.4% MGN.NO (Magnora NOK30.90, -2.80) -- Fearnley downgrade

        • -6.1% HSBA.LN (HSBC Holdings £12.66, -0.84) -- Q1 earnings

        • -5.3% CAM.LN (Camellia £58.50, -3.25) -- FY earnings

        • -5.0% TRAD.SS (Tradedoubler SEK5.62, -0.30) -- Q1 earnings

        • -4.1% RACE.IM (Ferrari €0.00, -11.90) -- Q1 earnings

        • -3.8% DEMANT.DC (Demant DKK0.00, -8.00) -- Q1 earnings

        • -3.6% NWG.LN (NatWest Group £5.52, -0.21) -- CFRA downgrade

        • -2.5% FRA.GR (Fraport €67.95, -1.70) -- Q1 earnings

        • -1.6% XBRANE.SS (Xbrane Biopharma SEK10.25, -0.16) -- Q1 earnings; announces valuation expert Venture Valuation provides external valuation of Xdivane program

        • -1.3% FUTR.LN (Future Plc £3.29, -0.04)

        • -1.1% ALZCUR.SS (AlzeCure Pharma SEK1.37, -0.02) -- Q1 earnings

        • -0.7% MVIR.SS (Medivir SEK1.84, -0.01) -- Q1 earnings

        • -0.7% IPCO.SS (International Petroleum Corp SEK250.20, -1.80) -- Q1 earnings

        • -0.5% GALP.PL (Galp Energia SGPS €0.00, -0.09) -- Portugal will proceed with taxes on extraordinary profits of energy companies -- Dinheiro Vivo, citing Finance Minister

    • EU companies reporting tomorrow:

      • Earnings:

        • Austria: FACC (FACC.AV)

        • Benelux: Koninklijke Ahold Delhaize (AD.NA), Koninklijke Philips (PHIA.NA), Galapagos (GLPG.NA), AMG Critical Materials (AMG.NA), bnode (BPOST.BB)

        • Denmark: Novo Nordisk (NOVO.B.DC), Ørsted (ORSTED.DC), Vestas Wind Systems (VWS.DC), Jyske Bank (JYSK.DC), Sydbank (ALSYDB.DC), Pandora (PNDORA.DC), Netcompany Group (NETC.DC), Ambu (AMBU.B.DC), D/S Norden (DNORD.DC)

        • Finland: Sampo (SAMPO.FH), HKFoods (HKFOODS.FH), Lumo Homes (LUMO.FH), Capman (CAPMAN.FH), Anora Group (ANORA.FH), Lassila & Tikanoja (LUOTEA.FH), Sitowise Group (SITOWS.FH)

        • France: Veolia Environnement (VIE.FP), SCOR (SCR.FP), Arkema (AKE.FP)

        • Germany: Bayerische Motoren Werke (BMW.GR), Daimler Truck Holding (DTG.GR), Fresenius (FRE.GR), Continental (CON.GR), HENSOLDT (HAG.GR), Deutsche Lufthansa (LHA.GR), Rational (RAA.GR), Zalando (ZAL.GR), Renk Group (R3NK.GR), Ottobock (OBCK.GR), METRO (B4B.GR), Kloeckner & Co. (KCO.GR), ZEAL Network (TIMA.GR), Evotec (EVT.GR), TeamViewer (TMV.GR), HelloFresh (HFG.GR), Basler (BSL.GR), Koenig & Bauer (SKB.GR), Amadeus FiRe (AAD.GR), Bike24 Holding (BIKE.GR), Ringmetall (HP3A.GR)

        • Italy: UniCredit (UCG.IM), Poste Italiane (PST.IM), Telecom Italia (TIT.IM), Davide Campari-Milano (CPR.IM), Banca Generali (BGN.IM), Nexi (NEXI.IM), Anima Holding (ANIM.IM), Zignago Vetro (ZV.IM), Ariston Holding (ARIS.IM), Industrie De Nora (DNR.IM)

        • Norway: Equinor (EQNR.NO), Wallenius Wilhelmsen (WAWI.NO), Wilh. Wilhelmsen Holding (WWI.NO), Scatec (SCATC.NO), BlueNord (BNOR.NO), Odfjell (ODF.NO), Zaptec (ZAP.NO), Salmon Evolution (SALME.NO)

        • Other: Arion Banki (ARION.IR)

        • Portugal: EDP-Energias de Portugal (EDP.PL), EDP Renovaveis (EDPR.PL), Banco Comercial Portugues (BCP.PL), Jeronimo Martins (JMT.PL)

        • Spain: Fluidra (FDR.SM)

        • Sweden: Verisure (VSURE.SS), Attendo (ATT.SS), Cloetta (CLA.B.SS), Hoist Finance (HOFI.SS), INVISIO (IVSO.SS), Lindab International (LIAB.SS), Nolato (NOLA.B.SS), Karnov Group (KAR.SS), Samhällsbyggnadsbolaget i Norden (SBB.B.SS), Vicore Pharma Holding (VICO.SS), Orrön Energy (ORRON.SS), CTEK (CTEK.SS), Eolus Aktiebolag (EOLU.B.SS), C-RAD (CRAD.B.SS), Infant Bacterial Therapeutics (IBT.B.SS), Tobii (TOBII.SS), G5 Entertainment (G5EN.SS), PION Group (PION.B.SS), IRLAB Therapeutics (IRLAB.A.SS)

        • Switzerland: Alcon (ALC.SW)

        • UK: TBC Bank Group (TBCG.LN), Trainline (TRN.LN), Diversified Energy (DEC.LN)

      • Trading Update:

        • Benelux: Adyen (ADYEN.NA), DSM-Firmenich (DSFIR.NA), Wolters Kluwer (WKL.NA), Heijmans (HEIJM.NA)

        • DACHs: Heidelberg Materials (HEI.GR), lastminute.com (LMN.SW)

        • France: Emeis (EMEIS.FP), Antin Infrastructure Partners (ANTIN.FP), Neurones (NRO.FP), Hexaom (ALHEX.FP)

        • Nordics: Gubra (GUBRA.DC)

        • Southern Europe: Acciona (ANA.SM), Technogym (TGYM.IM)

        • UK: Diageo (DGE.LN), Next (NXT.LN), Smith & Nephew (SN.LN), Renishaw (RSW.LN)

      • Sales: Icelandair Group (ICEAIR.IR), Avanza Bank Holding (AZA.SS), Nordnet (SAVE.SS), flatexDEGIRO (FTK.GR)

      • CMD/Events: Trustpilot Group (TRST.LN), Figeac Aero (FGA.FP)

  • Data:

    • Economics:

      • Switzerland Apr CPI +0.6% y/y vs consensus +0.8% and prior +0.3%

      • Spain Apr Unemployment Change (62.7K) vs consensus (18.6K) and prior (22.9K) (3:00ET)

    • Markets:

      • WTI Crude (Jun 26): ($4.07) or (3.82%) to $102.35

      • €-$ +0.0019 or +0.16% to 1.1708

      • £-$ +0.0038 or +0.28% to 1.3571

      • €-£ (0.0012) to 0.8629

      • S&P 500 +0.75%

      • Performance year-to-date

        • FTSE 100: +2.90%

        • DAX: (0.36%)

        • CAC: (1.07%)

        • MIB: +8.03%

        • Stoxx 600: +2.96%

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