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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.04%), DAX (0.30%), CAC40 (0.13%)

May 05 ,2026

  • Synopsis

    • European equity markets are set to open lower, whilst Asian equities weaker Tuesday. Hong Kong and Australia trading lower with Taiwan fluctuating . Japan, mainland China and South Korea offline for holidays and UK back online after bank Holiday.

    • Risk-off tone attributed to flare-up in Middle East tensions after US and Iran traded fire in Strait of Hormuz as US launched 'Project Freedom' to aid shipping through the waterway. UAE's Fujairah port and oil tankers were also hit, contributing to surge in crude oil. Developments underlined fragility of ceasefire with two sides still no closer to an agreement to end hostilities. Trump's vacillation between escalating conflict and pursuing agreement seen prolonging State of Hormuz status quo and leaving crude supply strained.

    • Also on today's agenda, on the political front, ECOFIN meeting, ECB's de Guindos, EU's Albuquerque and Fitto among the attendees. Meeting of the European Political Community, forum for political dialogue in Europe that includes 47 countries, Norway's PM Støre, EU's von der Leyen, Canada's PM Carney (guest) among the attendees. Italian PM Meloni due to visit Azerbaijan. Later in the day, Chancellor Merz hosts Portuguese PM Montenegro. A joint press conf is planned. Norway's PM Støre and minister of energy Aasland host meeting with business leaders topic "Security for the country: Jobs, value creation and stable deliveries of oil and gas to Europe". Nordic defense ministers' meeting (NORDEFCO) (through Wed) and Spain's President Sánchez host EU's Kos. EU's Jørgensen delivers speeches at the General Assembly of the Energy Efficiency Financing Coalition and at the Solar Power Summit 2026, delivers concluding remarks at a joint event with the European Parliament on housing. EU's Kadis participates in the MedFish4Ever Conf and EU's Roswall speaks at the Plastics Recycling Show Europe 2026 (PRSE) and at the event 'Circular Economy Act: Key Priorities' hosted by Business Europe. Economist hosts Space Economy Summit Europe (through Wed). Politico AI & Tech Week (through Thu).

    • In central banks, Norges Bank's Bache and NBIM's Tangen at Storting's Finance Committee hearing at 9:00CET on the Government Pension Fund Global annual report whilst Denmark central bank's Nødgaard speech at 9:10CET at the PSD3 & Open Banking conf. Climate, Nature and Price Stability Conf organised by ECB, Frankfurt School and CETEX sees introductory remarks from ECB's Lagarde at 14:30CET, ECB's Lane speech at 17:30CET. BOE's Woods, Fed's Barr fireside chat at 17:30BST at Magdalen College, Oxford and Bank of Italy's Panetta speech at the Italian Embassy in London. Annual AML Center Conf in partnership with Lithuania central bank, governor Šimkus welcome remarks at 9:10.

    • Macro data due today includes Switzerland Apr CPI and Spain Apr unemployment change.

    • A busy morning for earnings with Banks kicking off the sessions with HSBC Holdings (HSBA.LN), Banco de Sabadell, (SAB.SM), Raiffeisen Bank International (RBI.AV) and UniCredit (UNI.IM) reporting Q1 earnings. Out of the DACHs region, Fresenius Medical Care (FME.GR), Rheinmetall (RHM.GR), Geberit (GEBN.SW) and Hugo Boss (BOSS.GR) released Q1 earnings numbers. Elsewhere, Anheuser-Busch InBev (ABI.BB) issued Q1 figures. In Nordics, Elopak (ELO.NO), ISS A/S (ISS.DC) and International Petroleum Corp (IPCO.SS) are amongst others in the region to update investors with their latest numbers.

  • Politics/Macro/World News

    • Trump's threats give EU pause for thought ahead of US trade deal vote - FT

    • US to move forward with plans to hike EU car tariffs - Reuters

    • EU Commission spending on energy consultants jumps 400% over decade - FT

    • US strikes Iranian fast boats as Iran attacks UAE oil facility - BBC

  • Top company news

    • Earnings/updates

      • DAHCs

        • FME.GR (Fresenius Medical Care) -- reports Q1 EPS €0.43 vs consensus €0.40; FY26 outlook confirmed

        • RHM.GR (Rheinmetall) -- reports preliminary Q1 operating income €224M vs FactSet €253.5M [7 est, €200-298M]

        • ADV.GR (Adtran Networks) -- reports Q1 pro forma EBIT (€1.4M) vs year-ago (€4.8M)

        • SPG.GR (Springer Nature) -- reports Q1 Adjusted operating profit €106.7M vs FactSet €103.0M [1 est]; FY 2026 guidance reiterated

        • FRA.GR (Fraport) -- reports Q1 net income (€33.1M) vs consensus (€25.8M); confirms FY guidance

        • NOEJ.GR (Norma Group) -- reports Q1 adj EPS €0.03 vs year-ago (€0.27); FY26 outlook confirmed

        • GEBN.SW (Geberit) -- reports Q1 EPS CHF5.94 vs year-ago CHF5.69

        • WSU.GR (Washtec) -- reports Q1 EPS €0.17 vs year-ago €0.22

        • GAV.SW (Carlo Gavazzi Holding) -- reports preliminary FY net profit CHF1.8M vs year-ago CHF4.1M

        • BOSS.GR (Hugo Boss) -- reports Q1 EPS €0.24 vs consensus €0.20; FY26 outlook reaffirmed

        • YSN.GR (secunet Security Networks) -- reports Q1 EBIT (€4.0M) vs FactSet (€3.2M) [1 est]; confirms FY26 outlook

        • RBI.AV (Raiffeisen Bank International) -- reports Q1 net income €470M vs FactSet €445.8M [4 est, €248-616M]

      • Benelux

        • ABI.BB (Anheuser-Busch InBev) -- reports Q1 underlying EPS $0.97 vs consensus $0.89

      • France

        • ELIS.FP (Elis) -- reports Q1 revenue €1.18B vs FactSet €1.18B [2 est, €1.18-1.19B]

        • VCT.FP (Vicat) -- reports Q1 revenue €922M vs FactSet €895.0M [1 est]

        • RUI.FP (Rubis) -- reports Q1 revenue €1.79B, +6% vs year-ago €1.70B

        • BEN.FP (Beneteau) -- reports H1 revenue €169.5M, +30% vs year-ago €130.3M

      • Nordics

        • YUBICO.SS (Yubico) -- reports Q1 EPS SEK0.25 vs FactSet SEK0.27 [3 est, SEK0.16-0.44]

        • ELO.NO (Elopak) -- reports Q1 EPS €0.06 vs FactSet €0.06 [6 est, €0.04-0.09]

        • NOHO.FH (NoHo Partners) -- reports Q1 EPS €0.01 vs FactSet €0.04 [4 est, €0.02-0.07]

        • TRIFOR.DC (Trifork Holding) -- reports Q1 EBIT €4.7M vs FactSet €4.5M [4 est, €4-5.5M]

        • ACAST.SS (Acast) -- reports Q1 EPS SEK0.09 vs year-ago (SEK0.51)

        • PEXIP.NO (Pexip Holding) -- reports Q1 revenue $40.7M, +30% vs year-ago $31.4M

        • ISS.DC (ISS A/S) -- reports Q1 revenue DKK21.94B vs consensus DKK21.58B; FY26 outlook is unchanged

        • HANZA.SS (HANZA AB) -- reports Q1 EPS SEK2.15 ex-items vs FactSet SEK1.91 [2 est, SEK1.80-2.02]

        • SALT.B.SS (SaltX Technology Holding) -- reports Q1 EPS (SEK0.10) vs FactSet (SEK0.12)

        • BRAV.SS (Bravida Holding) -- reports Q1 EPS SEK1.17 vs FactSet SEK1.09 [6 est, SEK0.90-1.19]

        • DFDS.DC (DFDS) -- reports Q1 EBIT DKK33M vs FactSet DKK55M [2 est, DKK14-96M]

        • IPCO.SS (International Petroleum Corp) -- reports Q1 net income $12.8M vs FactSet $11.1M [6 est, ($0.1)-28.7M]; updates FY guidance

      • Southern Europe

        • SAB.SM (Banco de Sabadell) -- reports Q1 net income attributable including TSB €347M; reaffirms FY guidance

        • UCG.IM (UniCredit) -- reports Q1 net income €3.22B vs FactSet €2.72B [8 est, €2.56-2.90B]; upgrades FY26 net profit guide; FY28 and FY30 net profit ambitions reaffirmed

        • UNI.SM (Unicaja Banco)-- reports Q1 net income €161M vs FactSet €154.8M [12 est, €150-159M]

      • Others

        • HSBA.LN (HSBC Holdings) -- reports Q1 EPS $0.40 vs consensus $0.41

      • Also due to report today includes

        • Earnings:

          • Denmark: Novonesis (NSIS.B.DC), ALK-Abello (ALK.B.DC), NTG Nordic Transport Group (NTG.DC)

          • Finland: Kalmar (KALMAR.FH)

          • France: Viridien (VIRI.FP)

          • Germany: Infineon Technologies (IFX.GR), Covestro (1COV.GR), Schaeffler (SHA0.GR), Elmos Semiconductor (ELG.GR), Washtec (WSU.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)

          • Portugal: Corticeira Amorim SGPS (COR.PL)

          • Spain: Prosegur Compania de Seguridad (PSG.SM)

          • Sweden: Proact IT Group (PACT.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: Logitech International (LOGN.SW)

          • UK: Air Astana (AIRA.LN)

        • Trading Update:

          • Benelux: Theon International (THEON.NA)

          • France: AXA (CS.FP), JCDecaux (DEC.FP), Figeac Aero (FGA.FP), Bonduelle (BON.FP), HERIGE (ALHRG.FP)

          • Nordics: Demant (DEMANT.DC), Remedy Entertainment (REMEDY.FH)

          • Sales: Volvo Car (VOLCAR.B.SS)

        • CMD/Events: Pandox (PNDX.B.SS)

    • M&A

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- LVMH exploring sale of brands such as Marc Jacobs and stake in Fenty Beauty as it slims down amid lower demand - FT

      • NVRI (Enviri) -- shareholders approve sale of Clean Earth division to Veolia

      • SGSN.SW (SGS) -- acquires Keystone Bioanalytical; terms undisclosed

      • 1.HK (CK Hutchison Holdings) -- agrees to buyout of 49% stake in VodafoneThree for £4.30B (HK$45.58B) in cash

      • THEON.NA (Theon International) -- HEON enters into binding terms/ exclusivity agreement for the acquisition of MERIO; terms not disclosed

      • Keppel no longer in contest to acquire Plus ES - The Australian

    • Healthcare

      • SAN.FP (Sanofi) -- invests $294M to expand AI Center of Excellence in Toronto and accelerate innovation for patients

      • CYTK (Cytokinetics) -- to announce topline results from ACACIA-HCM ph3 trial of aficamten in non-obstructive hypertrophic Cardiomyopathy tomorrow, 5-May; webcast at 8:00ET

      • SN.LN (Smith & Nephew) -- SEC filing: SCHEDULE 13D/A (Filed by Cevian Capital II GP LTD)

      • TLX.AU (Telix Pharmaceuticals) -- reports new independent analysis of Phase 3 ZIRCON trial data published in European Urology

      • NANO.FP (Nanobiotix) -- announces protocol amendment to ongoing global Phase 3 head and neck cancer study

    • Other

      • DG.FP (VINCI SA) -- signs share purchase agreement with investment services provider as part of buyback program

      • VACN.SW (VAT Group) -- COO Thomas Berden to pursue opportunities outside company

      • GALP.PL (Galp Energia SGPS) -- announces approval of the unitisation agreements for the Berbigoo and Sururu accumulations, in the Brazilian Santos basin

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- TGS announces new ~75-days multi-client 3D survey in the Norwegian North Sea

      • Italy Apr new passenger car registrations 155,210 units, +11.6% y/y; Lowers FY market growth forecast -- UNRAE

      • Spain Apr new passenger car registrations 106,862 units, +8.4% y/y - ANFAC

  • Key rating changes

    • Upgrades

      • ITRK.LN (Intertek Group) -- to outperform from sector perform at RBC Capital Markets

      • BVI.FP (Bureau Veritas) -- to sector perform from underperform at RBC Capital Markets

      • SGSN.SW (SGS) -- to sector perform from underperform at RBC Capital Markets

      • DOKA.SW (dormakaba Holding) -- to outperform from neutral at Oddo

      • ORA.FP (Orange) -- to buy from neutral at Goldman Sachs

      • SSAB.A.SS (SSAB) -- to overweight from equal-weight at Morgan Stanley

    • Downgrades

      • SCATC.NO (Scatec) -- to neutral from buy at Sparebank 1 Markets

      • XFAB.FP (X-FAB Silicon Foundries) -- to hold from buy at Berenberg

    • Initiations

      • BRBY.LN (Burberry Group) -- hold at Berenberg

      • ACE.IM (ACEA) -- outperform at Oddo

  • Data

    • Nikkei +0.00% to 59513.12

    • Hang Seng (1.27%) to 25765.71

    • Shanghai Composite +0.00% to 4112.16

    • S&P futures +13.0 vs prior close of 7230.3

    • €-$ (0.0005) or (0.04%) to 1.1685

    • $-¥ +0.03 or +0.02% to 157.28

    • €-¥ (0.08) or (0.04%) to 183.76

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