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StreetAccount Summary - Europe Pre-Open: Futures FTSE +1.14%, DAX +0.78%, CAC40 +0.28%

May 06 ,2026

  • Synopsis

    • European equity markets are set for a positive open amidst Asian equities strengthening Wednesday. South Korea surging with Taiwan semis also logging big gains. Hong Kong and Australia. Mainland China resumes trade with indexes outpacing Hong Kong. Australia also higher. Japan remains closed for public holiday. S&P 500 futures gaining afterhours.

    • President Trump pausing Project Freedom, citing progress towards comprehensive agreement with Iran. Blockade will remain in place. US launched 'Project Freedom' on Monday in aim of facilitating movement of commercial vessels in Strait though ships were met with Iranian fire and UAE was subject to drone and missile attacks. Trump's pause has weighed on crude after futures spiked Monday amid flare-up of tensions. US said offensive phase of war over with focus now on reopening Strait of Hormuz. However, two sides seemingly no closer to bridging wide gaps on nuclear issue and Hormuz, leaving status quo intact.

    • Chancellor Merz speech/panellist at North Rhine-Westphalia's Business Day. There, he will deliver the keynote address and subsequently take part in a panel discussion. European Committee of the Regions (through Thu). EU's Albuquerque speech at the Better Finance Conf: Integrating Europe's Capital Markets: Delivering for Retail Investors. Bruegel event at 15:00CET title Hungary's revived euro adoption prospects. TenneT Grid Summit (through Thu). Germany Apr new car registrations.

    • In central banks, ECB's Lane panellist at 10:00CET at 2nd Kiel-CEPR Confon Monetary Policy - Central Bank Independence in the Spotlight organised by Kiel Institut and Cipollone speech at 10:20 at AsVis Sustainable Development Festival. Bundesbank's Köhler-Geib panellist at 15:45CET at event organised by CEPR/Bundesbank. Poland central bank interest rate decision. No change expected in the 3.75% benchmark interest rate.

    • In macro data, Italy, Spain and Sweden services PMI and final reads for Eurozone, France, Germany and UK, France Mar industrial production, Italy Mar retail sales, Eurozone Mar PPI, Sweden Apr preliminary CPI and Portugal Q1 unemployment rate

    • A busy morning for earnings kicked off with Q1 reports from Benelux region companies Philips (PHIA.NA), DSM-Firmenich (DSFIR.NA), Ahold Delhaize (AD.NA) and Adyen (ADYEN.NA). From the DACHs region, Bayerische Motoren Werk (BMW.GR), Logitech (LOGN.SW), Fresenius (FRE.GR), Infineon Technologies (IFX.GR), Continental (CON.GR), Evotec (EVT.GR), Zalando (ZAL.GR), HelloFresh (HFG.GR), Daimler Truck Holding (DTG.GR), Deutsche Lufthansa (LHA.GR) and Heidelberg Materials (HEI.GR) reported Q1. From France, AXA (CS.FP), Arkema (AKE.FP), JCDecaux (DEC.FP) and Veolia Environnement (VIE.FP). From the Nordics, Novo Nordisk (NOVO.B.DC), Vestas Wind Systems (VWS.DC), Pandora (PNDORA.DC), Equinor (EQNR.NO) and Ambu (AMBU.B.DC).

  • Politics/Macro/World News

    • We must be mindful of the risks of private credit - BoE Bailey - FT

    • Merz Rules Out Minority Government, Election as Coalition Stalls - Bloomberg

    • Macron plans to tap ally Moulin to run French central bank - Reuters

    • French opposition slams Macron's nominee for central bank top job - politico

  • Top company news

    • Earnings/updates

      • Benelux:

        • PHIA.NA (Koninklijke Philips) -- reports Q1 adj EPS €0.23 vs consensus €0.19; reiterates its FY26 outlook:

        • DSFIR.NA (DSM-Firmenich) -- reports Q1 Adjusted EBITDA €434M vs consensus €431M; FY 2026 outlook maintained

        • THEON.NA (Theon International) -- reports Q1 EPS €0.69 vs FactSet €0.26 [1 est]

        • BPOST.BB (bnode) -- reports Q1 adjusted net income €6.7M vs year-ago (€0.8M)

        • AD.NA (Koninklijke Ahold Delhaize) -- reports Q1 Underlying EPS cont ops €0.62 vs consensus €0.61; reiterates 2026 outlook

        • ADYEN.NA (Adyen) -- reports Q1 net revenue €620.8M vs FactSet €621.6M [11 est, €619-630.1M]

      • DACHs:

        • BMW.GR (Bayerische Motoren Werke) -- reports Q1 EPS €2.68 vs consensus €2.50; expects FY profit before tax to go down moderately in 2026

        • LOGN.SW (Logitech International) -- reports Q4 EPS $1.13 ex-items vs FactSet $1.10 [12 est, $0.90-1.43]

        • FRE.GR (Fresenius) -- reports Q1 core EPS €0.82 vs consensus €0.77

        • IFX.GR (Infineon Technologies) -- reports Q2 adj EPS €0.34 vs consensus €0.37; guides Q3 and FY26

        • CON.GR (Continental) -- reports Q1 EPS €1.00 vs FactSet €1.66 [2 est, €1.48-1.84]

        • EVT.GR (Evotec) -- reports Q1 adjusted EBITDA (€21.9M) vs FactSet (€3.9M) [2 est, (€8.7)-1M]; reaffirms FY guidance

        • ZAL.GR (Zalando) -- reports Q1 net income (€87.6M) vs consensus €8.0M; confirms its FY26 guidance

        • HFG.GR (HelloFresh) -- reports Q1 EBIT (€41.5M) ex-items vs FactSet (€77.4M) [1 est]; reaffirms FY outlook

        • TMV.GR (TeamViewer) -- reports Q1 adjusted EBITDA €83.0M vs FactSet €79.8M [2 est, €79.7-79.8M]

        • HAG.GR (HENSOLDT) -- reports Q1 adjusted EBITDA €44M vs FactSet €45.5M [2 est, €44-47M]

        • RDC.GR (Redcare Pharmacy) -- reports Q1 adjusted EBITDA €14.4M vs FactSet €15.0M [2 est, €14.9-15M]

        • RAA.GR (Rational) -- reports Q1 EPS €5.21 vs FactSet €5.11 [6 est, €4.81-5.61]

        • DTG.GR (Daimler Truck Holding) -- reports Q1 EPS €0.18 vs FactSet €0.52 [3 est, €0.47-0.56]

        • HP3A.GR (Ringmetall) -- reports Q1 EBIT €2.2M vs year-ago €3.4M

        • KCO.GR (Kloeckner & Co.) -- reports Q1 EBITDA €46M ex-items vs FactSet €50.0M [1 est]; guides Q2; takeover bid by Worthington Steel reaches minimum acceptance threshold

        • LHA.GR (Deutsche Lufthansa) -- reports Q1 EPS (€0.55) vs FactSet (€0.31) [4 est, (€0.48)-0.12]

        • HEI.GR (Heidelberg Materials) -- reports Q1 Operating EBIT (RCO) €163M vs consensus €162M; confirms outlook for the 2026 financial year

        • WIHN.SW (WISeKey) -- CEO releases letter to shareholder: reaffirms 50%-100% revenue growth outlook for 2026, led by SEALSQ commercialization

        • OBCK.GR (Ottobock SE & Co. KGaA) -- reports Q1 underlying net income €22.6M vs year-ago €20.0M; confirms FY29 guidance

        • R3NK.GR (Renk Group) -- reports Q1 adjusted EBIT €42.4M vs FactSet €41.7M [6 est, €40-46.2M]; guidance for current fiscal year confirmed

        • MZX.GR (Masterflex) -- reports Q1 EPS €0.33 vs year-ago €0.32

      • France:

        • CS.FP (AXA) -- reports Q1 revenue €38B vs consensus €37.92B

        • AKE.FP (Arkema) -- reports Q1 EPS €0.86 vs consensus €0.67

        • DEC.FP (JCDecaux) -- reports Q1 revenue €880.6M vs consensus €898.4M

        • VIRI.FP (Viridien) -- reports Q1 net income ($10M) vs FactSet ($8M) [1 est]

        • SCR.FP (SCOR) -- reports Q1 net income €225M vs consensus €202M

        • VIE.FP (Veolia Environnement) -- reports Q1 EBIT €971M vs StreetAccount €961.0M; 2026 guidance confirmed

      • Nordics:

        • NOVO.B.DC (Novo Nordisk) -- reports Q1 net income DKK29.48B vs FactSet DKK23.80B [10 est, DKK22.33-25.27B]

        • VWS.DC (Vestas Wind Systems) -- reports Q1 net income €70M vs consensus €49M; FY26 guidance maintained

        • PNDORA.DC (Pandora) -- reports Q1 EPS DKK12.6 vs consensus DKK10.0; reaffirms FY guidance

        • EQNR.NO (Equinor) -- reports Q1 EPS $1.48 ex-items vs consensus $1.01

        • AMBU.B.DC (Ambu) -- reports Q2 EPS DKK0.46 vs FactSet DKK0.55 [4 est, DKK0.50-0.60]

        • HOFI.SS (Hoist Finance) -- reports Q1 EPS SEK3.57 vs FactSet SEK2.77 [3 est, SEK2.52-3.00]

        • IRLAB.A.SS (IRLAB Therapeutics) -- reports Q1 EPS SEK0.11 vs year-ago (SEK0.65)

        • LIAB.SS (Lindab International) -- reports Q1 EPS SEK1.41 vs FactSet SEK1.81 [4 est, SEK1.55-2.10]

        • NORSE.NO (Norse Atlantic) -- reports April TRASK (own network) 6.0c/ASK, +32% y/y

        • KOG.NO (Kongsberg Gruppen) -- reports Q1 EPS NOK1.29 vs year-ago NOK0.59

        • SCATC.NO (Scatec) -- reports Q1 EPS (NOK1.00) vs FactSet NOK0.26 [6 est, (NOK0.03)-0.94]

        • LUMO.FH (Lumo Homes) -- reports Q1 FFO €0.09 vs FactSet €0.09

        • ZAP.NO (Zaptec) -- reports Q1 EPS NOK0.21 vs year-ago (NOK0.09)

        • WAWI.NO (Wallenius Wilhelmsen) -- reports Q1 EPS $0.38 vs FactSet $0.44 [9 est, $0.35-0.50]; lowers FY outlook

        • ORRON.SS (Orrön Energy) -- reports Q1 net income (€1.0M) vs FactSet (€1.0M) [3 est, (€1.6)-(0.2M)]

        • ANORA.FH (Anora Group) -- reports Q1 comparable EPS (€0.04) vs FactSet €0.01 [5 est, (€0.01)-0.02]

        • SAMPO.FH (Sampo) -- reports Q1 EPS €0.13 vs consensus €0.11

        • CLA.B.SS (Cloetta) -- reports Q1 EPS SEK0.74 vs FactSet SEK0.66 [2 est, SEK0.66-0.66]

        • NETC.DC (Netcompany Group) -- reports Q1 net income DKK143.7M vs FactSet DKK170.2M [7 est, DKK146-213.4M]

        • JYSK.DC (Jyske Bank) -- reports Q1 EPS DKK16.90 vs FactSet DKK15.97 [5 est, DKK12.82-18.20]

        • EOLU.B.SS (Eolus Aktiebolag) -- reports Q1 EPS SEK6.60 vs FactSet SEK8.30 [1 est]

      • Southern Europe:

        • AMP.IM (Amplifon) -- reports Q1 net income €44.4M vs consensus €42.8M

        • CE.IM (Credito Emiliano) -- reports Q1 net income €139.5M vs FactSet €131.8M [4 est, €130-133M]

        • LTMC.IM (Lottomatica Group) -- reports Q1 adj net income €106M vs FactSet €86.7M; expects to close FY26 adj EBITDA at top end of the guidance

        • LDO.IM (Leonardo) -- reports Q1 adj net income €184M vs consensus €138M; confirms FY26 guidance

    • M&A

      • ZIM (Zim Integrated Shipping Services) -- receives competing takeover from consortium led by Skaal Group -- Ynet

      • EDPR.PL (EDP Renovaveis) -- weighing potential sale of its US distributed-generation unit -- Bloomberg

      • LOOMIS.SS (Loomis) -- Transcript Intelligence: Loomis Acquisition of Hemes Transportes Blindados S.A. AB Call

      • FRE.GR (Fresenius) -- expands SAP partnership with investment in Avelios Medical to build AI hospital ecosystem; terms undisclosed

      • PRY.IM (Prysmian) -- on the lookout for potential acquisitions of ~€4B enterprise value - Bloomberg (5-May, 12:19 CEST)

      • SNEX (StoneX Group) -- Inc. issues statement; confirms it has No intention to make an offer for CAB Payments

      • EXAE.GA (Hellenic Exchanges-Athens Stock Exchange) -- Euronext Athens Holding receives regulatory approval for the acquisition of additional 20% equity stake in Hellenic Energy Exchange (post EU close 5-May)

    • Healthcare

      • ABT (Abbott Labs) -- Missouri appeals court upholds $495M verdict in Abbott Labs' baby formula case -- Seeking Alpha (earlier, intraday)

      • BANB.SW (Bachem Holding) -- announces Torsten Wöhr, Chief Commercial Officer, has decided to pursue a new opportunity outside the company (5-May)

      • 2096.HK (Simcere Pharmaceutical Group) -- Simcere Pharmaceutical Group's SIM0613 for injection receives clinical trial approval from China NMPA

    • Other

      • AMBU.B.DC (AMBU) -- initiates new share buyback program; will repurchase shares for total amount of up to DKK 300M from 6-May-26 until no later than 30-Sep-26

      • EQNR.NO (Equinor) -- will commence the second tranche of the share buy-back program for 2026 after the AGM on 12-May

      • TTE.FP (TotalEnergies) -- Daniel Kretinsky interested in adding to his holding in TotalEnergies - BFM Business

      • ADEN.SW (Adecco Group) -- provides update on final terms for 2026 dividend

      • GTT.FP (Gaztransport & Technigaz) -- receives order from Hudong-Zhonghua Shipbuilding for design of tanks of five new LNG carriers

      • ATE.FP (Alten) -- implements share buyback program covering up to 7% of the company's share capital

      • 1COV.GR (Covestro) -- appoints Klaus Fröhlich as new CFO

      • SAX.GR (Stroeer SE & Co. KGaA) -- CFO Henning Gieseke relieved of duties effective the end of April and will formally step down as of 4-Jun-26

      • Anthropic releases new financial, insurance services agents; SEC proposes semiannual reporting in intraday themes (5-May)

      • FDA authorizes marketing of four Glas electronic nicotine delivery systems (ENDS) through the premarket tobacco product application (PMTA) pathway

      • Missouri appeals court upholds $495M verdict in Abbott Labs' baby formula case -- Seeking Alpha (earlier, intraday)

  • Key rating changes

    • Upgrades

      • Jefferies upgrades KNIN.SW; downgrades DHL.GR

      • AKSO.NO (Aker Solutions) -- to neutral from underweight at JPMorgan (earlier, timing uncertain)

      • EN.FP (Bouygues) -- to outperform from neutral at Oddo

      • IPCO.SS (International Petroleum Corp) -- to buy from hold at DNB Carnegie

      • STAN.LN (Standard Chartered) -- to market perform from underperform at Keefe, Bruyette & Woods

    • Downgrades

      • AZA.SS Avanza Bank Holding downgraded to underperform at BofA

      • FAIXA.GR (Aixtron) -- to hold from buy at Berenberg

      • AMUN.FP (Amundi) -- to hold from buy at Kepler Cheuvreux

  • Data

    • Nikkei closed

    • Hang Seng +0.94% to 26143.20

    • Shanghai Composite +1.26% to 4163.78

    • S&P futures +22.8 vs prior close of 7287.3

    • €-$ +0.0042 or +0.36% to 1.1735

    • $-¥ (1.55) or (0.98%) to 156.34

    • €-¥ (1.15) or (0.62%) to 183.46

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