May 07 ,2026
Synopsis
European equity markets set to open broadly flat to higher. Asian equities strengthening Thursday. Japan surging (Nikkei +6%) upon resumption of trade with SoftBank leading tech rally. Tech majors driving Hong Kong. TSMC pushing Taiwan to fresh record high. Crude hovering around lows after dropping 7% on US-Iran peace talk headlines.
Markets welcoming signs of fresh momentum in US-Iran peace talks amid reports two sides nearing agreement on 14-point MoU to end war, set in motion 30-day negotiation period and framework for nuclear talks. Trump repeated claim Iran desperate for deal and agreed to abandon nuclear weapons. Publicly, Iran maintaining defiant tone and there is skepticism whether two sides can find common ground on nuclear issue/HEU stockpiles and Iranian demands to control Strait of Hormuz. Some thought also Trump under time constraints to seal agreement before his visit to Beijing.
European macro data releases include Germany Mar factory orders, industrial production, Apr construction PMI, France Mar trade balance, Switzerland Apr unemployment rate, Denmark Mar industrial production, Eurozone Mar retail sales, Ireland Apr unemployment rate, UK Apr construction PMI
In central banks, Riksbank is expected to leave its benchmark interest rate unchanged at 1.75% with decision at 9:15CET, press conf 11:00. Norges Bank interest rate decision at 10:00CET. No change expected in the 4.00% benchmark interest rate. Russia central bank summary of the last MPC meeting and commentary on the medium-term forecast and Czech central bank is expected to leave its benchmark interest rate unchanged at 3.5% in decision at CET, also releasing Spring economic forecast. Amongst speakers are Austria central bank's Kocher panellist at 8:45CET at St. Gallen Symposium (Tue-Thu), Bank of France's Villeroy speech/Q+A at 9:15CET at the Global Interdependence Center conf and ECB's De Guindos speech at 9:15CET, ECB's Elderson chairs panel at 14:00, EU's Albuquerque speech at 15:30, Estonia central bank's Alber at conf jointly organised by EU Commission and ECB on European Financial Integration. Bundesbank's Theurer interview at 9:00CET at Bundesbank-Symposium. BOE's 2026 BEAR conf 'The Interconnected World' (through Fri) - Lombardelli opening remarks at 9:00BST and chairs panel including ECB's Lane, BOE's Taylor at 13:40, as well as Brussels Economic Forum, speakers/panellist include EU's Dombrovskis at 11:00CET, Latvia central bank's Kazāks at 15:30. ECB's Schnabel delivering 5th Annual Charles Goodhart Lecture at 19:00 CET.
In the UK, England local election, Welsh National Assembly election and Scottish Parliament election. Chancellor Merz delivers a speech at the Grand Overseas Day, speaks/Q+A at Chamber of Commerce and Industry Day and will deliver a short address at the Federal Ministry for Digital and Public Sector Innovation (BMDS) to mark its one-year anniversary. Finland's President Stubb hosts German President Steinmeier. EU's Zaharieva participates in the Politico AI&Tech week (Tue-Thu). First day of trading of Silex Microsystems (+SILEX.SS) on Nasdaq Stockholm. Germany Apr new car registrations.
Busy on the corporate front, with heavy earnings newsflow. Swiss Re (SREN.SW) topped consensus with strong Q1 profits and improved reinsurance metrics, while Siemens Healthineers (SHL.GR) met earnings expectations but warned on slower future revenue growth. Henkel (HEN3.GR) reports Q1 revenue €4.95B vs consensus €4.95B; Organic Growth +1.7% vs consensus +1.1%. In the UK, Shell (SHEL.LN) and Intercontinental Hotels (IHG.LN) due to report. GSK (GSK.LN) inked a cardiometabolic drug licensing deal worth over $1 billion. Roche (ROP.SW) boosted M&A activity by moving to acquire PathAI in a deal potentially worth over $1 billion upfront and in milestones. Novo Nordisk (NOVO.B.DC) received a key UK endorsement for its blockbuster obesity drug Wegovy. Italy's Nexi (NEXI.IM) confirmed guidance after solid earnings and Telecom Italia (TIT.IM) reports Q1 EBITDA (organic) ex Sparkle €964M vs consensus €973M; reaffirms 2026 guidance. In France, Engie (ENGI.FP) outperformed profit forecasts. Kontron (KTN.GR) disclosed a potential takeover bid, and Essity (ESSITY.B.SS) launched a strategic review of its Consumer Tissue unit. Atlantic Lithium (ALL.LN) agreed to be acquired by Huayou Cobalt (002274.SZ).. Elsewhere, Airbus (AIR.FP) confirmed a major 150-jet order from AirAsia, and Infineon (IFX.GR) and Relx (REL.LN) saw downgrades from brokers.
Politics/Macro/World News
UK construction activity tumbles as Iran war pushes up costs, RICS survey shows -- Reuters
Iran expected to respond Thursday to US proposal for ending war, source says -- CNN
Polls open in England, Scotland and Wales for biggest round of elections since 2024 -- BBC
Starmer's last-ditch plea as Labour braces for local election disaster -- Independent
Top company news
Earnings/updates
Benelux
GLPG.NA (Galapagos) -- reports Q1 EPS €0.21 vs FactSet (€0.82) [3 est, (€1.10)-(0.51)]
PHARM.NA (Pharming Group) --reports Q1 EPS ($0.01) vs FactSet $0.00 [3 est, ($0.00)-0.00]
AMG.NA (AMG Critical Materials) -- reports Q1 net income $12.2M vs FactSet $5M [1 est]; reiterate FY adj EBITDA guidance range
SBMO.NA (SBM Offshore) -- Q1 Trading Update: Directional revenue $3.49B vs year-ago $1.10B
DACH
SREN.SW (Swiss Re) -- reports Q1 net income $1.51B vs consensus $1.19B; CoR P&C Re 79.5% vs consensus 82.4%; CoRo CoSo 85.1% vs consensus 89.0%
SHL.GR (Siemens Healthineers) -- reports Q2 adj EPS €0.53 vs consensus €0.51; adjusts FY26 comparable revenue growth guidance downward
HEN3.GR (Henkel) -- reports Q1 revenue €4.95B vs consensus €4.95B; Organic Growth +1.7% vs consensus +1.1%; guides FY26
LXS.GR (Lanxess) -- reports Q1 EPS (€0.50) vs consensus (€0.17)
AMS.SW (ams-OSRAM) -- reports Q1 EPS (€0.74) ex-items vs FactSet (€0.39) [5 est, (€0.70)-(0.13)]
AVOL.SW (Avolta) -- reports Q1 CORE EBITDA CHF190M vs StreetAccount CHF192.3M; reaffirms medium-term outlook
VNA.GR (Vonovia) -- reports Q1 EPRA NTA per share €46.57 vs year-ago €46.28; on track towards 2026 guidance of adj. EBITDA €2.95 - €3.05B
AAD.GR (Amadeus FiRe) -- reports Q1 EPS (€0.16) vs year-ago €0.18
KBX.GR (Knorr-Bremse) -- reports Q1 Operating EBIT €260.8M vs StreetAccount €249.8M; Orders €2.23B vs StreetAccount €2.18B; Confirms FY Guidance
Italy
TIT.IM (Telecom Italia) -- reports Q1 EBITDA (organic) ex Sparkle €964M vs consensus €973M; reaffirms 2026 guidance
ENEL.IM (Enel) -- reports Q1 operational data: total installed capacity 91,856 MW vs year-ago 90,725 MW
NEXI.IM (Nexi SpA) -- reports Q1 EBITDA €396.5M vs FactSet €385.0M [4 est, €381-387M]; FY26 guidance confirmed
CPR.IM (Davide Campari-Milano) -- reports Q1 revenue €643M vs consensus €645.2M; FY26 outlook is confirmed
Nordics
ZEAL.DC (Zealand Pharma) -- reports Q1 EPS (DKK5.58) vs FactSet (DKK8.85) [5 est, (DKK9.96)-(7.63)]; reaffirms FY guidance
AMBEA.SS (Ambea AB) -- reports Q1 EPS SEK2.03 vs FactSet SEK1.99 [5 est, SEK1.66-2.32]
AKRBP.NO (Aker BP) -- reports Q1 EPS $1.20 vs FactSet $0.66 [13 est, $0.47-0.75]
SCMN.SW (Swisscom) -- reports Q1 net income CHF332M vs consensus CHF352M; proposes to hike divi from CHF 26 to CHF 27/sh if targets are achieved
GN.DC (GN Store Nord) -- updates guidance to reflect Hearing business being treated as discontinued operations
GN.DC (GN Store Nord) -- reports Q1 EBITA from cont. ops DKK6M ex-items vs consensus DKK98.5M; financial guidance updated to reflect the carve-out of the Hearing division
RECSI.NO (REC Silicon) -- reports Q1 EPS from cont. ops. ($0.04) vs year-ago ($0.04)
STERV.FH (Stora Enso) -- reports Q1 EPS €0.05 vs consensus €0.10
CHEMM.DC (ChemoMetec) -- reports Q3 EBITDA DKK84.5M vs FactSet DKK74.7M [3 est, DKK63.8-92.3M]
SANOMA.FH (Sanoma) -- reports Q1 adjusted EPS (€0.13) vs FactSet (€0.16) [6 est, (€0.19)-(0.14)]
VIVA.SS (Viva Wine Group) -- reports Q1 EPS SEK0.29 vs FactSet SEK0.38 [3 est, SEK0.25-0.63]
EG7.SS (Enad Global 7) -- reports Q1 adjusted EPS SEK0.11 vs year-ago (SEK0.10)
ESSITY.B.SS (Essity) -- reaffirms financial targets of an annual organic sales growth > +3% and an EBITA margin excl. IAC > 15% - CMD
Spain
ELE.SM (Endesa) -- reports Q1 net income attributable €725M vs FactSet €636.6M
ELE.SM (Endesa) -- Follow-up: Endesa reaffirms FY guidance - slides
Portugal
JMT.PL (Jeronimo Martins) -- reports Q1 net income €119M vs FactSet €119.5M [10 est, €112.7-133M]
BCP.PL (Banco Comercial Portugues) -- reports Q1 net income €305.8M vs FactSet €282.5M [10 est, €274-293M]
CTT.PL (CTT - Correios de Portugal) -- reports Q1 net income €4.5M vs FactSet €5.9M [2 est, €5-6.8M] (post EU close 6-May)
UK
DEC.LN (Diversified Energy) -- reports Q1 adjusted EBITDA $287M vs FactSet $252.1M [10 est, $202.9-286.9M]
France
LR.FP (Legrand) -- reports Q1 net income €334.9M vs consensus €337.3M; FY26 targets confirmed
EN.FP (Bouygues) -- reports Q1 Revenue €12.18B vs consensus €12.40B; EBIT €77.0M vs consensus €66.0M
ENGI.FP (ENGIE) -- reports Q1 EBIT ex. Nuclear €3.44B vs consensus €3.16B; 2026 guidance confirmed
EMEIS.FP (Emeis SA) -- reports Q1 revenue €1.51B
TRI.FP (Trigano) -- reports H1 net income €121.3M, +15% vs year-ago €105.7M
Also reporting today
Earnings
Benelux: Titan (TITC.BB), Solvay (SOLB.BB), Eurocommercial Properties (ECMPA.NA)
Nordics: Genmab (GMAB.DC), Maersk (MAERSK.B.DC), Jeudan (JDAN.DC), Lån & Spar Bank (LASP.DC), Solar (SOLAR.B.DC), Columbus (COLUM.DC), Gabriel Holding (GABR.DC), 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), Skanska (SKA.B.SS), NOBA Bank Group (NOBA.SS), Loomis (LOOMIS.SS), Sinch (SINCH.SS), MEKO (MEKO.SS), Haypp Group (HAYPP.SS), Truecaller (TRUE.B.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), 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), ArcticZymes Technologies (AZT.NO), Norsk Titanium (NTI.NO), Tekna Holding (TEKNA.NO)
DACH: Rheinmetall (RHM.GR), OHB (OHB.GR), Aumovio (AMV0.GR), Deutz (DEZ.GR), Kontron (KTN.GR), Wacker Neuson (WAC.GR), SÜSS MicroTec (SMHN.GR), Jungheinrich (JUN3.GR), Rhoen-Klinikum (RHK.GR), PVA Te Pla (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), Lenzing (LNZ.AV), Valiant Holding (VATN.SW), Landis+Gyr Group (LAND.SW), Montana Aerospace (AERO.SW)
France: TotalEnergies EP Gabon (EC.FP), Valneva (VLA.FP)
Italy: 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)
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)
Portugal: Redes Energeticas Nacionais (RENE.PL), The Navigator Co. (NVG.PL)
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: Koninklijke BAM Groep (BAMNB.NA), ForFarmers (FFARM.NA), Exasol (EXL.GR), Klepierre (LI.FP), BioGaia (BIOG.B.SS), GomSpace Group (GOMX.SS), Corporación Acciona Energías Renovables (ANE.SM), Metlen Energy & Metals (MTLN.GA), Safilo Group (SFL.IM), 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)
CMD/Events: 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
M&A
ROP.SW (Roche Holding) -- Roche to acquire PathAI for $750M upfront and additional milestone payments of up to $300M
ITRK.LN (Intertek Group) -- expected to turn down improved acquisition offer from EQT -- FT
DEC.LN (Diversified Energy) -- to acquire assets from Camino Natural Resources
ALL.LN (Atlantic Lithium) -- Zhejiang Huayou Cobalt to acquire Atlantic Lithium by way of an Australian scheme of arrangement for cash consideration of $0.25486/sh (£0.188/sh)
ESSITY.B.SS (Essity) -- initiates strategic review of Consumer Tissue business area
HBR.LN (Harbour Energy) -- Grupo Carso SAB de CV acquires additional 5% interest in Zama oil field for $75.25M
KTN.GR (Kontron) -- discloses potential public takeover bid by Ennoconn Corporation, after it became more than a 30% shareholder in part due to share buybacks; contemplates offering €23.50/sh
HTRO.SS (Hexatronic Group) -- agrees to acquire Superior Fiber & Data Services, Inc. for $29M (enterprise value) + additional potential earn out
ALATA.FP (Atari, Inc.) -- acquires complete and exclusive rights to first five Wizardry games and associated underlying IP; terms undisclosed
Healthcare
NOVO.B.DC (Novo Nordisk) -- NICE recommends Novo Nordisk's Wegovy for reducing risk of major adverse cardiovascular events in people with cardiovascular disease and overweight or obesity
GSK.LN (GSK Plc) -- SiranBio (private) outlicenses cardiometabolic siRNA oligonucleotide to GSK for up to $1B+ (earlier, timing uncertain)
SAN.FP (Sanofi) -- asks FDA to pull teplizumab from CNPV program - STAT News, citing sources
ZEAL.DC (Zealand Pharma) -- initiates $200M share buy-back program
ORNBV.FH (Orion) -- FDA approves Tessie for noise aversion and separation anxiety in dogs
Other
AIR.FP (Airbus SE) -- Airbus confirms AirAsia places order for 150 A220s
DBK.GR (Deutsche Bank) -- sets new timeline for clients to provide thermal coal transition plans
PNDORA.DC (Pandora) -- adds carbon footprint labelling for lab grown diamonds
JDW.LN (JD Wetherspoon) -- comments on Michael O'Leary's proposed two drink limit at airports
DEC.LN (Diversified Energy) -- SEC filing: 10-Q
TRST.LN (Trustpilot Group) -- Transcript Intelligence: Trustpilot Group Capital Markets Day
Key rating changes
Downgrades
IFX.GR (Infineon Technologies) -- to neutral from outperform at Oddo
REL.LN (RELX) -- to equal-weight from overweight at Morgan Stanley
ROVI.SM (Laboratorios Farmaceuticos Rovi, S.A.) -- to neutral from outperform at BNP Paribas Exane
Initiations
SOBI.SS (Swedish Orphan Biovitrum) -- buy at HC Wainwright
CHG.GR (CHAPTERS Group) -- buy at Berenberg
Data
Nikkei +5.98% to 63070.23
Hang Seng +1.34% to 26565.62
Shanghai Composite +0.38% to 4176.15
S&P futures +4.3 vs prior close of 7389.5
€-$ +0.0004 or +0.03% to 1.1752
$-¥ (0.02) or (0.02%) to 156.37
€-¥ +0.01 or +0.01% to 183.74
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