May 06 ,2026
Synopsis:
European indices ended well in positive territory, except for Norway. Oil down, yields down and stocks up on recent wave of geopolitical headlines. Progress to end US-Iran conflict appears to be accelerating. Follows President Trump decision to pause Project Freedom, citing progress towards comprehensive agreement with Iran. Rubio also said US has achieved its military objections in Iran. In addition, Axios reported this morning that US and Iran closing in on one-page memo to end war. Under proposal Iran to reopen Hormuz and half nuclear enrichment.
On the macro data front, final services PMIs in euro area and UK revised up. Eurozone reading saw first contraction in activity since December 2024. ECB wage growth tracker indicates negotiated wages stable in 2026 at 2.6%. Eurozone PPI accelerated in March due to energy prices. More ECB comments to digest; Bank of France's Villeroy said doesn't see enough yet to warrant rate hike. Follows more hawkish remarks from Bundesbank chief Nagel in prior session. Elsewhere, German Chancellor Merz ruled out a minority government with pressure on coalition
Amidst a busy morning in terms of earnings, focus on healthcare companies, with Demant (DEMANT.DC) and Novo Nordisk (NOVO.B.SS) posting their most recent updates. Also in healthcare, Philips (PHIA.NA), Fresenius (FRE.GR), Smith & Nephew (SN.LN), Evotec (EVT.GR) and Ambu (AMBU.B.SS) reported before the open. Energy and Utilities names include Vestas Wind Systems (VWS.DC), Equinor (EQNR.NO), Veolia Environnement (VIE.FP), EDP Renovaveis (EDPR.PL) and Ørsted (ORSTED.DC) releasing their Q1 earnings whilst - in the auto and transportation sector - Continental (CON.GR), Daimler Truck Holding (DTG.GR) and Bayerische Motoren Werke (BMW.GR) posted their quarterly updates. In Switzerland, Infineon Technologies (IFX.GR) and Logitech International (LOGN.SW) also reported. In the Defence sector, Leonardo (LDO.IM) reported a robust Q1 ahead of expectations and confirmed 2026 guidance, with insurance companies on the tape as well, including SCOR SE (SCR.FP), Sampo (SAMPO.FH) and AXA (CS.FP). In food and beverages companies, Ahold Delhaize (AD.NA), DSM-Firmenich (DSFIR.NA), Diageo (DGE.LN) and HelloFresh (HFG.GR) updated investors , whilst other notable companies reporting earnings today include Deutsche Lufthansa (LHA.GR), Kloeckner & Co (KCO.GR), Heidelberg Materials (HEI.GR), Pandora (PNDORA.DC), Wolters Kluwer (WKL.NA), Next (NXT.LN), and Wetherspoon (JD.LN)
Digest:
Sectors - STOXX Europe 600:
Outperformers: Travel & Leisure +5.80%, Basic Resources +4.60%, Autos & Parts +4.18%, Banks +3.82%, Persnl & HHold Goods +3.74%, Construct & Mtls +3.58%, Ind Goods & Svcs +3.20%, Retail +3.06%, Insurance +2.65%, Real Estate +2.30%
Underperformers: Oil & Gas (2.54%), Chemicals +0.17%, Utilities +0.20%, Financial Svcs +1.01%, Telecom +1.07%, Health Care +1.27%, Technology +1.93%, Food & Beverage +1.98%, Media +2.07%
Macro:
'Stuck in the mud': one year on, Friedrich Merz struggles to find his footing (Guardian)
In defense of Germany's Merz (Politico)
Macron taps ex-aide to head France's central bank (The Local)
Mélenchon threatens to smother moderate rivals with early French presidential bid (Politico)
Meloni is being haunted by the ghost of Berlusconi (Spectator)
'Don't believe Polanski promises,' says Starmer as Labour and Greens battle over Inner London (The Standard)
UK Local elections 2026: What are the polls saying for Labour, Reform and the Greens? (Sky and Independent)
Regional leader of Spain's Canary Islands rejects hantavirus-hit cruise docking there (Reuters)
Company news:
Notable Gainers
+23.0% CRAD.B.SS (C-RAD SEK31.50, +5.90) -- Q1 earnings
+21.3% TOBII.SS (Tobii SEK2.40, +0.43) -- contract
+16.5% HUBN.SW (HUBER+SUHNER CHF269.00, +38.00)
+15.7% HOFI.SS (Hoist Finance SEK165.20, +22.30) -- Q1 earnings
+14.3% PNDORA.DC (Pandora DKK568.80, +71.20) -- Q1 earnings
+13.3% DEMANT.DC (Demant DKK232.00, +27.20) -- Q1 revenue
+12.3% AMP.IM (Amplifon €11.16, +1.23) -- Q1 earnings
+11.5% DFDS.DC (DFDS DKK130.90, +13.50)
+11.5% LTMC.IM (Lottomatica Group €27.32, +2.83)
+11.2% MTX.GR (MTU Aero Engines €317.30, +31.90)
+9.5% SMWH.LN (WH Smith £5.23, +0.45)
+8.9% LMN.SW (lastminute.com CHF12.25, +1.00) -- Q1 earnnings
+8.4% CON.GR (Continental €67.44, +5.24) -- Q1 earnings
+8.1% FACC.AV (FACC €14.26, +1.06) -- Q1 earnings
+7.9% CLA.B.SS (Cloetta SEK49.78, +3.64) -- Q1 earnings
+7.2% RR.LN (Rolls-Royce Holdings £12.84, +0.87)
+6.6% THULE.SS (Thule Group SEK243.60, +15.00) -- acquires Swiss-based curli AG
+6.5% KAR.SS (Karnov Group SEK72.00, +4.40) -- Q1 earnings
+6.3% BANB1.SW (Bachem Holding CHF80.20, +4.75) -- CCO steps down
+6.3% PRU.LN (Prudential £11.72, +0.70)
+6.3% SCR.FP (SCOR SE €31.44, +1.86) -- Q1 earnings
+6.3% SEE.LN (Seeing Machines £0.04, -0.00) -- Q3 trading update
+6.2% BILI.A.SS (Bilia SEK135.20, +7.90) -- agreement with Kia Sweden
+6.2% CAPMAN.FH (Capman €1.81, +0.11) -- Q1 earnings
+6.2% DGE.LN (Diageo £15.63, +0.91) -- Q3 trading statement
+5.9% ATCO.A.SS (Atlas Copco SEK185.45, +10.30) -- acquires PowerTech Ar Comprimido Ltda in Brazil
+5.8% DHL.GR (DHL Group €46.98, +2.56)
+5.7% TMV.GR (TeamViewer €5.39, +0.29) -- Q1 earnings
+5.4% BMW.GR (Bayerische Motoren Werke €81.52, +4.18) -- Q1 earnings
+5.2% FRA.GR (Fraport €71.20, +3.50)
+5.1% BARC.LN (Barclays £4.41, +0.22)
+5.1% KOG.NO (Kongsberg Gruppen NOK328.30, +15.80) -- Q1 earnings
+5.1% NWG.LN (NatWest Group £5.73, +0.28) -- earnings
+4.8% LDO.IM (Leonardo €55.99, +2.54) -- Q1 earnings
+4.8% UCG.IM (UniCredit €70.70, +3.26) -- UniCredit increases stake in Commerzbank to 35.5% through derivatives -- IlSole24ore
+4.5% RIO.LN (Rio Tinto $77.04, +3.33)
+4.4% CBK.GR (Commerzbank €37.10, +1.56) -- UniCredit increases stake in Commerzbank to 35.5% through derivatives -- IlSole24ore
+4.2% ATT.SS (Attendo SEK104.20, +4.15) -- Q1 earnings
+4.1% NXT.LN (Next £131.05, +5.15)
+4.1% SKA.B.SS (Skanska SEK263.40, +10.40) -- contract
+4.0% CE.IM (Credito Emiliano €15.68, +0.60) -- Q1 earnings
+3.9% CS.FP (AXA €41.88, +1.57) -- Q1 revenue
+3.6% EWRK.SS (Ework Group SEK64.00, +2.20)
+3.4% PROT.NO (Protector Forsikring NOK469.20, +15.40) -- NOK60M buyback programme
+3.2% BDB.IM (Banco di Desio e della Brianza €8.73, +0.27) -- update on Solutions Capital Management SIM shares squeeze-out
+3.2% FME.GR (Fresenius Medical Care €35.88, +1.11)
+3.0% HEI.GR (Heidelberg Materials €190.40, +5.50) -- Q1 earnings
+2.5% NOVO.B.DC (Novo Nordisk DKK293.00, +7.10) -- Q1 earnings
+2.3% AKE.FP (Arkema €64.10, +1.45) -- Q1 earnings
+2.2% PHIA.NA (Koninklijke Philips €23.14, +0.49) -- earnings
+2.1% SAMPO.FH (Sampo €8.99, +0.19) -- Q1 earnings; €350M buyback programme
+1.7% SKB.GR (Koenig & Bauer €9.62, +0.16) -- Q1 earnings
+1.5% FDR.SM (Fluidra €20.24, +0.30) -- Q1 earnings
+1.5% FRE.GR (Fresenius €39.92, +0.58) -- earnings
+1.4% ALVU.FP (Vente-Unique.com €14.90, +0.20) -- H1 revenue
+1.3% HKFOODS.FH (HKFoods €1.70, +0.02) -- Q1 earnings
+1.2% DTG.GR (Daimler Truck Holding $43.81, +0.50)
+0.6% ELK.NO (Elkem NOK27.88, +0.16) -- placement
+0.2% VWS.DC (Vestas Wind Systems DKK193.65, +0.35) -- Q1 earnings; DKK747M buyback programme
Notable Decliners
-33.6% ALDVI.FP (Advicenne €0.81, -0.41) -- opening of a safeguard proceedings
-30.6% OPTOMED.FH (Optomed €1.64, -0.72) -- Q1 earnings
-16.5% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A. €66.80, -13.15) -- Q1 earnings
-13.0% SCATC.NO (Scatec NOK101.50, -15.10) -- Q1 earnings
-9.2% RCH.LN (Reach £0.51, -0.05) -- Q1 trading update
-8.7% EQNR.NO (Equinor NOK349.90, -33.40) -- Q1 earnings
-7.7% LUOTEA.FH (Lassila & Tikanoja €2.34, -0.20) -- Q1 earnings
-7.5% BIOVIC.B.SS (Biovica International SEK0.33, -0.03) -- CFO steps down
-7.1% G5EN.SS (G5 Entertainment SEK51.00, -3.80) -- Q1 earnings; cost reduction program
-7.1% WKL.NA (Wolters Kluwer €63.78, -4.88) -- Q1 trading update
-6.8% ANORA.FH (Anora Group €3.25, -0.24) -- Q1 earnings
-4.8% LUMO.FH (Lumo Homes €7.58, -0.38) -- Q1 earnings
-4.0% ORRON.SS (Orrön Energy SEK8.62, -0.36) -- Q1 earnings
-3.9% VANQ.LN (Vanquis Banking Group £1.15, -0.05) -- Q1 trading update
-3.7% AMBU.B.DC (Ambu DKK62.40, -2.40) -- earnings
-3.6% WAWI.NO (Wallenius Wilhelmsen NOK114.40, -4.30) -- Q1 earnings
-2.7% ALSYDB.DC (Sydbank DKK529.50, -14.50) -- Q1 earnings
-2.6% TBCG.LN (TBC Bank Group £46.24, -1.20) -- Q1 earnings
-2.2% AD.NA (Koninklijke Ahold Delhaize €38.48, -0.88) -- Q1 earnings; CEO steps down
-2.2% BPOST.BB (bnode €1.71, -0.04) -- Q1 earnings
-1.6% IFX.GR (Infineon Technologies €59.40, -0.98) -- Q2 earnings
-1.5% JYSK.DC (Jyske Bank DKK869.00, -13.50) -- Q1 earnings
-1.3% BSL.GR (Basler €22.85, -0.30) -- final Q1 earnings
-0.9% ORSTED.DC (Ørsted DKK166.50, -1.45) -- Q1 earnings
-0.6% HFG.GR (HelloFresh €4.35, -0.03) -- Q1 earnings
-0.5% DNORD.DC (D/S Norden DKK310.60, -1.60) -- final Q1 earnings; $25M buyback programme
EU companies reporting tomorrow:
Earnings:
Austria: Lenzing (LNZ.AV)
Benelux: Titan. (TITC.BB), Solvay (SOLB.BB), Eurocommercial Properties (ECMPA.NA), Pharming Group (PHARM.NA)
Denmark: Genmab (GMAB.DC), Maersk (MAERSK.B.DC), Zealand Pharma (ZEAL.DC), GN Store Nord (GN.DC), Jeudan (JDAN.DC), Lån & Spar Bank (LASP.DC), Solar (SOLAR.B.DC), Columbus (COLUM.DC), Gabriel Holding (GABR.DC)
Finland: Stora Enso (STERV.FH), Sanoma (SANOMA.FH), Harvia (HARVIA.FH), Musti Group (MUSTI.FH), Oma Savings Bank (OMASP.FH), Etteplan (ETTE.FH), SRV Group (SRV1V.FH), Orthex (ORTHEX.FH), Suominen (SUY1V.FH)
France: ENGIE (ENGI.FP), Legrand (LR.FP), Bouygues (EN.FP), TotalEnergies EP Gabon (EC.FP), Valneva (VLA.FP)
Germany: Rheinmetall (RHM.GR), Siemens Healthineers (SHL.GR), Vonovia (VNA.GR), Knorr-Bremse (KBX.GR), Henkel (HEN3.GR), OHB (OHB.GR), Aumovio (AMV0.GR), Lanxess (LXS.GR), Deutz (DEZ.GR), Kontron (KTN.GR), Wacker Neuson (WAC.GR), SÜSS MicroTec (SMHN.GR), Jungheinrich (JUN3.GR), Rhoen-Klinikum (RHK.GR), PVA TePla (TPE.GR), SNP Schneider-Neureither & Partner (SHF.GR), SGL Carbon (SGL.GR), GFT Technologies (GFT.GR), Deutsche Beteiligungs (DBAN.GR), Hamborner REIT (HABA.GR), Elringklinger (ZIL2.GR), Westwing Group (WEW.GR), Leifheit (LEI.GR), Schloss Wachenheim (SWA.GR), EDAG Engineering Group (ED4.GR), R. Stahl (RSL2.GR), Mister Spex (MRX.GR), DEMIRE Deutsche Mittelstand Real Estate (DMRE.GR), Cherry (C3RY.GR)
Italy: Enel (ENEL.IM), Banca Monte dei Paschi di Siena (BMPS.IM), TERNA Rete Elettrica Nazionale (TRN.IM), Mediobanca (MB.IM), Banca Mediolanum (BMED.IM), Pirelli & C. (PIRC.IM), Azimut Holding (AZM.IM), Iveco Group (IVG.IM), Diasorin (DIA.IM), Brembo (BRE.IM), Cementir Holding (CEM.IM), Banca Ifis (IF.IM), Comer Industries (COM.IM), Intercos (ICOS.IM), D'Amico International Shipping (DIS.IM), Ascopiave (ASC.IM), IGD SIIIQ (IGD.IM)
Norway: Aker BP (AKRBP.NO), Himalaya Shipping (HSHP.NO), DNO (DNO.NO), SpareBank 1 SMN (MING.NO), Veidekke (VEI.NO), Public Property Invest (PUBLI.NO), Solstad Offshore (SOFF.NO), Smartoptics Group (SMOP.NO), MediStim (MEDI.NO), PhotoCure (PHO.NO), Nekkar (NKR.NO), REC Silicon (RECSI.NO), ArcticZymes Technologies (AZT.NO), Norsk Titanium (NTI.NO), Tekna Holding (TEKNA.NO)
Other: Íslandsbanki (ISB.IR)
Portugal: Redes Energeticas Nacionais (RENE.PL), The Navigator Co. (NVG.PL)
Spain: Ferrovial (FER.SM), Melia Hotels International (MEL.SM), Construcciones y Auxiliar de Ferrocarriles (CAF.SM), Global Dominion Access (DOM.SM), Laboratorio Reig Jofre (RJF.SM)
Sweden: Skanska (SKA.B.SS), NOBA Bank Group (NOBA.SS), Loomis (LOOMIS.SS), Sinch (SINCH.SS), Ambea (AMBEA.SS), Intrum (INTRUM.SS), MEKO (MEKO.SS), Haypp Group (HAYPP.SS), Truecaller (TRUE.B.SS), Viva Wine Group (VIVA.SS), Enad Global 7 (EG7.SS), Rugvista Group (RUG.SS), I-Tech (ITECH.SS), Rottneros (RROS.SS), Fractal Gaming Group (FRACTL.SS), Sensys Gatso Group (SGG.SS), Mentice (MNTC.SS), Greater Than (GREAT.SS), Active Biotech (ACTI.SS), Immunovia (IMMNOV.SS)
Switzerland: Swiss Re (SREN.SW), Swisscom (SCMN.SW), Valiant Holding (VATN.SW), Landis+Gyr Group (LAND.SW), Montana Aerospace (AERO.SW), ams-OSRAM (AMS.SW)
UK: Shell (SHEL.LN), Lion Finance Group (BGEO.LN), JD Sports Fashion (JD.LN), Helios Towers (HTWS.LN), HgCapital Trust (HGT.LN), Next 15 Group (NFG.LN)
Trading Update:
Benelux: SBM Offshore (SBMO.NA), Koninklijke BAM Groep (BAMNB.NA), ForFarmers (FFARM.NA)
DACHs: Avolta (AVOL.SW), Exasol (EXL.GR)
France: Klepierre (LI.FP)
Nordics: BioGaia (BIOG.B.SS), GomSpace Group (GOMX.SS)
Southern Europe: Corporación Acciona Energías Renovables (ANE.SM), Metlen Energy & Metals (MTLN.GA), Safilo Group (SFL.IM)
UK: InterContinental Hotels Group (IHG.LN), Coca-Cola HBC (CCH.LN), Harbour Energy (HBR.LN), Morgan Sindall Group (MGNS.LN), Rathbones Group (RAT.LN), S4 Capital (SFOR.LN)
Sales: Norwegian Air Shuttle (NAS.NO), Finnair (FIA1V.FH)
CMD/Events: Essity (ESSITY.B.SS), Anora Group (ANORA.FH),Lumo Homes (LUMO.FH),Nova Ljubljanska Banka dd (NLBR.SV), Piraeus Port Authority (PPA.GA) analyst meeting - Hellenic Fund and Management Assn
Data:
Economics:
Apr Services PMI
UK 52.7 vs preliminary 52.0
Eurozone 47.6 vs preliminary 47.4
Germany 46.9 vs preliminary 46.9
France 46.5 vs preliminary 46.5
Italy 49.8 vs consensus 47.9 and prior 48.8
Spain 47.9 vs consensus 51.9 and prior 53.3
Sweden 52.5 vs consensus 54.1 and prior revised 55.9 from 55.7
Italy Mar Retail Sales +3.7% y/y vs cons +1.2% and prior +1.6%
France Mar Industrial Production +1.0% m/m vs cons +0.5% and prior revised (0.9%) from (0.7%)
Sweden Apr Prelim CPI (0.1%) y/y vs cons +0.3% and prior +0.5%; (0.6%) m/m vs cons (0.2%) and prior (0.6%)
Markets:
WTI Crude (Jun 26): ($7.31) or (7.15%) to $94.96
€-$ +0.0063 or +0.54% to 1.1756
£-$ +0.0061 or +0.45% to 1.3599
€-£ +0.0008 to 0.8645
S&P 500 +1.15%
Performance year-to-date
FTSE 100: +5.11%
DAX: +1.75%
CAC: +1.84%
MIB: +10.57%
Stoxx 600: +5.24%
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