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StreetAccount Summary - EU Market Recap: FTSE 100 (1.55%) to 10276.95, DAX (1.02%) to 24663.61, CAC40 (1.17%) to 8202.08, STOXX 600 (1.10%) to 616.42

May 07 ,2026

  • Synopsis:

    • European indices ended lower with energy, food/beverages, telco and industrials among the main laggards, while travel/leisure, autos and media holding up better. FTSE lagging somewhat amid weakness in energy and utility names. Follows Wednesday's sharp gains.

    • In the UK, local elections in focus with PM Starmer's leadership under intense scrutiny. Press reports in recent days suggest Labour MPs coalescing around a future challenge from Manchester mayor Burnham. May take time to come to fruition as needs to find path back to Westminster. Meanwhile, allies of Health minister Streeting are preparing for a campaign.

    • On macro front in Europe, Riksbank left policy unchanged as expected. Said with inflation below target and economy weak, there is scope to wait and see on policy. Norges Bank hiked key rate by 25 bps to 4.25%, as expected. Highlighted higher inflation and wage growth prospects than previously assumed. Meanwhile, German factory orders beat on Iran war front-running. Construction PMIs from region and UK updates were weak. Eurozone retail sales slightly lower in March.

    • Busy on the earnings calendar, with Swiss Re (SREN.SW), Siemens Healthineers (SHL.GR), Henkel (HEN3.GR), Shell (SHEL.LN) and Intercontinental Hotels (IHG.LN) reporting before the open. In the pharma sector, GSK (GSK.LN) inked a cardiometabolic drug licensing deal worth over $1B, Roche (ROP.SW) acquired PathAI in a deal potentially worth over $1B upfront and in milestones and Novo Nordisk (NOVO.B.DC) received a key UK endorsement for its blockbuster obesity drug Wegovy. Elsewhere, Nexi (NEXI.IM), Telecom Italia (TIT.IIM), Engie (ENGI.FP) also reported. In M&A rumours, Brown-Forman (BF.B) and Pernod Ricard (RI.FP) pick up talks around a deal in the $32/sh range.

    • Looking ahead to tomorrow's EU econ-calendar, key releases will include, amongst others, Germany Mar trade balance, industrial production, and UK Apr house price index - Halifax. Of note, market will be closed in Czech Republic (Liberation Day).

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Travel & Leisure +0.81%, Media +0.25%, Autos & Parts +0.28%, Basic Resources +0.05%, Retail +0.21%, Persnl & HHold Goods (0.15%), Banks (0.50%), Technology (0.43%), Construct & Mtls (0.92%), Financial Svcs (0.99%), Insurance (1.06%)

      • Underperformers:

        • Oil & Gas (2.46%), Food & Beverage (2.09%), Telecom (1.87%), Ind Goods & Svcs (1.77%), Utilities (1.68%), Chemicals (1.28%), Health Care (1.13%), Real Estate (1.15%)

    • Macro:

      • EU:

        • EU agreement on US trade deal within reach, says top lawmaker -- Politico

      • UK:

        • Keir Starmer scrambles to resolve dispute over delayed UK defence budget -- FT

        • Starmer to seek even closer ties to EU -- Telegraph

      • Germany:

        • Germany Sees €52B Tax Hole as Iran War Hits Economy -- Bloomberg

        • Germany Plays Down Tensions With Trump Over Iran, Trade -- Bloomberg

      • France:

        • France preps aid for airlines hit by jet fuel price hikes -- Reuters

      • Italy:

        • Meloni and Magyar cement post-Orbán ties -- Politico

    • Company news:

      • Notable Gainers

        • +29.1% AMS.SW (ams-OSRAM CHF14.57, +3.67) -- earnings

        • +17.0% IMMNOV.SS (Immunovia SEK0.20, +0.03) -- earnings

        • +16.7% MRX.GR (Mister Spex €1.21, +0.20) -- earnings

        • +15.8% GFT.GR (GFT Technologies €19.76, +3.00) -- earnings

        • +14.7% HARVIA.FH (Harvia €40.75, +5.25) -- earnings

        • +14.3% HTWS.LN (Helios Towers £2.36, +0.29) -- earnings

        • +13.9% EG7.SS (Enad Global 7 SEK18.08, +2.40) -- earnings

        • +9.9% BEWI.NO (Bewi ASA NOK15.54, +1.40) -- earnings; new CFO

        • +9.6% MSAB.B.SS (Micro Systemation SEK65.80, +6.00) -- guidance

        • +9.5% ZEAL.DC (Zealand Pharma DKK353.50, +29.80) -- earnings; buyback

        • +9.2% LOOMIS.SS (Loomis SEK456.00, +39.20) -- earnings

        • +8.7% BIOG.B.SS (BioGaia SEK123.30, +10.50) -- earnings

        • +8.7% SMHN.GR (SÜSS MicroTec €88.70, +7.05) -- earnings

        • +8.2% AMBEA.SS (Ambea AB SEK140.50, +11.00) -- earnings

        • +8.1% TPE.GR (PVA TePla €41.20, +3.08) -- earnings

        • +8.0% ZIL2.GR (Elringklinger €5.73, +0.44) -- earnings

        • +8.0% HVO.LN (hVIVO plc £0.08, +0.01) -- clinical trial agreement

        • +7.4% JD.LN (JD Sports Fashion £0.69, +0.05) -- earnings

        • +7.3% SGG.SS (Sensys Gatso Group SEK40.70, +2.80) -- earnings

        • +7.0% CLA.B.SS (Cloetta SEK51.95, +3.49) -- Nordea ugprade

        • +7.0% NKR.NO (Nekkar NOK14.15, +0.95) -- earnings

        • +6.8% NFG.LN (Next 15 Group £2.65, +0.17) -- earnings

        • +6.4% ATO.FP (ATOS SE €36.86, +2.22) -- S&P Global Ratings assigns 'B+' issue rating on proposed issuance of €1.2B senior secured notes due 2031

        • +6.1% WEW.GR (Westwing Group €13.75, +0.80) -- earnings

        • +6.1% TRUE.B.SS (Truecaller SEK13.09, +0.78) -- earnings

        • +5.5% SAFH00.GR (SAF-HOLLAND €19.42, +1.00) -- earnings

        • +5.4% HSX.LN (Hiscox £16.31, +0.84) -- trading statement

        • +5.3% ENVI.NA (Envipco Holding €4.78, +0.24) -- supply agreement

        • +5.2% CREO.LN (Creo Medical Group £0.13, +0.01) -- MicroBlate Fine commercial update

        • +5.1% ELK.NO (Elkem NOK29.18, +1.42) -- private placement

        • +4.7% DEZ.GR (Deutz AG €11.41, +0.50) -- earnings

        • +4.4% JSG.LN (Johnson Service Group £1.37, +0.06) -- AGM statement; buyback

        • +4.3% HEN3.GR (Henkel €65.92, +2.74) -- earnings

        • +3.7% TIT.IM (Telecom Italia €0.68, +0.02) -- earnings

        • +3.6% MEDI.NO (MediStim NOK236.00, +8.00) -- earnings

        • +3.5% NOBA.SS (NOBA Bank Group SEK86.30, +2.90) -- earnings

        • +3.5% BGEO.LN (Lion Finance Group £115.70, +3.90) -- earnings

        • +3.2% ITECH.SS (I-Tech SEK67.00, +2.00) -- earnings

        • +2.8% JUN3.GR (Jungheinrich €28.28, +0.72) -- confirms prelim earnings

        • +2.6% VEI.NO (Veidekke NOK179.00, +4.60) -- earnings

        • +2.5% PST.IM (Poste Italiane €23.35, +0.56) -- earnings

        • +2.4% NAS.NO (Norwegian Air Shuttle NOK14.92, +0.35) -- Apr traffic

        • +2.4% BSL.GR (Basler €23.65, +0.55) -- target up at Berenberg, Jefferies

        • +2.4% SUY1V.FH (Suominen €1.02, +0.02) -- earnings

        • +2.3% KETL.LN (Strix Group £0.43, +0.01) -- trading update

        • +1.9% GARO.SS (GARO SEK12.04, +0.22) -- agreement

        • +1.9% VIVA.SS (Viva Wine Group SEK33.20, +0.60) -- earnings

      • Notable Decliners

        • -26.9% INTRUM.SS (Intrum SEK29.84, -9.94) -- earnings; equity raise

        • -25.8% PHARM.NA (Pharming Group €1.17, -0.36) -- earnings

        • -15.5% AZT.NO (ArcticZymes Technologies NOK22.60, -3.70) -- earnings

        • -14.5% CPR.IM (Davide Campari-Milano €5.79, -0.95) -- earnings

        • -9.1% VATN.SW (Valiant Holding CHF158.60, -16.40) -- earnings

        • -8.7% DMRE.GR (DEMIRE Deutsche Mittelstand Real Estate €0.43, -0.04) -- earnings

        • -8.5% SMOP.NO (Smartoptics Group NOK52.00, -4.80) -- earnings

        • -8.5% EXL.GR (Exasol €2.45, -0.21) -- earnings

        • -8.3% MAERSK.B.DC (Maersk DKK14,745.00, -1,270.00) -- earnings

        • -7.3% SOLB.BB (Solvay €26.44, -2.12) -- earnings

        • -6.9% RHM.GR (Rheinmetall €1,403.20, -100.00) -- reaffrims prelim earnings

        • -6.7% GN.DC (GN Store Nord DKK100.00, -6.98) -- earnings

        • -6.0% ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A. €63.25, -4.05) -- BNP Paribas Exane, Oddo downgrades

        • -5.9% TE.FP (Technip Energies €38.66, -2.36) -- share placing

        • -5.7% FRACTL.SS (Fractal Gaming Group SEK13.28, -0.86) -- earnings

        • -5.6% LXS.GR (Lanxess €16.55, -1.01) -- earnings

        • -5.2% CNA.LN (Centrica £2.00, -0.11) -- AGM statement; acquisition

        • -4.7% BA.LN (BAE Systems £20.31, -0.98) -- trading statement

        • -4.7% SHL.GR (Siemens Healthineers €34.39, -1.68) -- earnings

        • -4.6% MNTC.SS (Mentice SEK12.50, -0.60) -- earnings

        • -4.5% REL.LN (RELX £24.97, -1.15) -- Morgan Stanley downgrade

        • -4.4% MING.NO (SpareBank 1 SMN NOK195.98, -9.00) -- earnings

        • -3.9% AKRBP.NO (Aker BP NOK330.70, -13.30) -- earnings

        • -3.3% BPE.IM (BPER Banca €12.91, -0.44) -- earnings

        • -3.2% SREN.SW (Swiss Re CHF123.60, -4.10) -- earnings

        • -3.1% RI.FP (Pernod Ricard €65.46, -2.04) -- Brown-Forman and Pernod Ricard pick up talks around a deal in the $32/sh range; comments attributed to betaville

        • -3.1% EQNR.NO (Equinor NOK337.60, -10.90)

        • -3.0% ELE.SM (Endesa €36.68, -1.13) -- earnings

        • -2.9% SHEL.LN (Shell Plc £31.31, -0.93) -- earnings, buyback

        • -2.7% TEKNA.NO (Tekna Holding NOK3.69, -0.10) -- earnings

        • -2.5% HAYPP.SS (Haypp Group SEK126.20, -3.20) -- earnings

        • -2.3% NONG.NO (SpareBank 1 Nord-Norge NOK147.76, -3.48) -- earnings

        • -2.3% CCH.LN (Coca-Cola HBC £42.59, -1.02) -- sales

        • -2.2% PGH.LN (Personal Group Holdings £3.69, -0.09) -- AGM statement

        • -2.1% ODF.NO (Odfjell NOK111.00, -2.40) -- earnings

        • -1.7% LR.FP (Legrand €166.05, -2.70) -- earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Commerzbank (CBK.GR), Evonik Industries (EVK.GR), Krones (KRN.GR), Bechtle (BC8.GR), Clariant (CLN.SW), Lonza Group (LONN.SW), Oesterreichische Post (POST.AV)

        • Nordics: Aker (AKER.NO), Höegh Autoliners (HAUTO.NO), AKVA Group (AKVA.NO), Hofseth BioCare (HBC.NO), Synsam (SYNSAM.SS), Fastighets Balder (BALD.B.SS), Sagax (SAGA.B.SS), Karnell Group (KARNEL.B.SS), Catella (CAT.B.SS), Pierce Group (PIERCE.SS), Duroc (DURC.B.SS), Oneflow (ONEF.SS), Mendus (IMMU.SS), Mandatum (MANTA.FH), Teleste (TLT1V.FH), Tokmanni Group (TOKMAN.FH), MT Hojgaard Holding (MTHH.DC)

        • Other: MOL Hungarian Oil & Gas (MOL.HB)

        • Southern Europe: Intesa Sanpaolo (ISP.IM), Sanlorenzo (SL.IM), Piaggio & C (PIA.IM), Amadeus IT Group (AMS.SM), Acerinox (ACX.SM), National Bank of Greece (ETE.GA), Hellenic Telecommunications Organization (HTO.GA), Sonaecom SGPS (SNC.PL)

        • UK: International Consolidated Airlines Group (IAG.LN), Airtel Africa (AAF.LN)

      • Trading Statement:

        • Benelux: Sif Holding (SIFG.NA), Brunel International (BRNL.NA)

  • Data:

    • Economics:

      • Eurozone Mar Retail Sales +1.2% y/y vs consensus +1.0% and prior revised to +1.3% from +1.7%

      • Germany

        • Mar

          • Factory Orders m/m +5.0% vs consensus +1.1% and prior revised to +1.4% from +0.9%

          • Industrial Production y/y +0.7% vs consensus n/a and prior (1.3%)

        • Apr Construction PMI 42.1 vs consensus 49.0 and prior 48.0

      • France Mar Trade Balance (€6.9B) vs consensus (€5.7B) and prior revised to (€5.5B) from (€5.8B)

      • UK Apr Construction PMI 39.7 vs consensus 45.7 and prior 45.6

      • Switzerland Apr Unemployment rate (sa) 3.0% vs consensus 3.1% and prior 3.1%

    • Markets:

      • WTI Crude (26-Jun): ($3.14) or (3.30%) to $91.94

      • €-$ +0.0024 or +0.20% to 1.1772

      • £-$ +0.0026 or +0.19% to 1.3618

      • €-£ +0.0002 to 0.8646

      • S&P 500 +0.13%

      • Performance year-to-date:

        • FTSE 100: +3.48%

        • DAX: +0.71%

        • CAC: +0.65%

        • MIB: +9.67%

        • Stoxx 600: +4.09%

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