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StreetAccount Summary - EU Market Recap: FTSE 100 (0.43%) to 10233.07, DAX (1.32%) to 24338.63, CAC40 (1.09%) to 8112.57, STOXX 600 (0.69%) to 612.14

May 08 ,2026

  • Synopsis:

    • European equity markets continue closed lower with DAX and CAC 40 near worst levels. US equity markets higher in midday trading. Bonds mostly firmer. Treasuries firmer across the curve, near best levels; yields down 4-5 bp; comes after a 2-3 bp backup in the prior session. Bund down 2 bps at 2.99%. Gilt yields ~7 bps lower with 10-year trading under 4.90%. Dollar index down 0.2%. Gold up 0.6%. Silver up 1.6%. Bitcoin futures off 0.7%. WTI crude down 0.7% after settling down 0.3% in choppy trading.

    • Market sentiment hit by another exchange of fire between US and Iran in Strait of Hormuz but volatility has ebbed after President Trump downplayed skirmish and said ceasefire remains in effect. Tensions remain high as US awaits Iranian response to 14-point peace plan.

    • Attention on UK politics with results of local elections coming through. Reform performing well at the expense of ruling Labour Party. London Times reported that former Labour leader and energy secretary Miliband has urged PM Keir Starmer to set out a timeline to step down to avoid a disorderly exit. Gilts finding a modicum of support after UK PM Starmer said he did not intend to walk away in response to the local elections.

    • In macro data, Germany March Industrial Production fell deeper into negative territory as the Middle East war began to weigh (0.7%) m/m vs cons +0.4% and prior revised (0.5%) from (0.3%). Germany trade surplus also missed expectations, coming in at €14.3B vs cons €17.8B and prior revised €19.5B from €19.8B. Meanwhile, UK April Halifax House Prices little changed down (0.1%) m/m vs cons 0.0% and prior (0.5%).

    • On the reporting front, DACH companies including Commerzbank, Clariant, Krones, Evonik Industries and Bechtle kicked off the session. In Spain, Grifols, Meliá Hotels International, Amadeus IT Group and Ferrovial updated investors, while in Italy, Enel and Pirelli released Q1 results. International Consolidated Airlines Group warned that annual profit will come in below earlier expectations.

    • In M&A news, Intertek Group rejected the latest EQT offer and is seeing strong interest in its Energy & Infrastructure unit. Meanwhile, National Bank of Greece bought a 30% stake in Allianz European Reliance. Trellus Health said it had not yet been successful in securing long term funding and is now evaluating all options including sale of US subsidiary Trellus Health Inc.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Telecom +0.80%, Technology +0.48%, Oil & Gas (0.15%), Food & Beverage (0.20%), Utilities (0.20%), Media (0.20%), Chemicals (0.28%), Autos & Parts (0.36%), Real Estate (0.52%), Basic Resources (0.57%), Financial Svcs (0.66%), Banks (0.69%)

      • Underperformers:

        • Insurance (1.90%), Ind Goods & Svcs (1.51%), Retail (1.39%), Travel & Leisure (1.36%), Construct & Mtls (1.21%), Persnl & HHold Goods (0.96%), Health Care (0.79%)

    • Macro:

      • ECB:

        • ECB's Schnabel warns of market complacency over Iran war risks and over-optimistic AI expectations (Reuters)

      • Trade/Tariffs:

        • Trump sets 4-July deadline for EU to implement trade deal or face much higher tariffs (Reuters, Politico)

        • EU president Costa urges "keep calm and carry on" in response to Trump's repeated attacks (FT)

        • US businesses urge Trump administration to intervene against new EU product liability rules (FT)

      • Geopolitics:

        • EU prepares for direct talks with Putin, frustrated by slow US-led Ukraine peace negotiations (FT)

        • EU weakens flagship methane regulation under pressure from US and fossil fuel industry over energy security (Politico)

      • UK:

        • Reform UK makes sweeping gains in English local elections as Labour suffers heavy losses (Guardian )

        • British house prices fall 0.1% in April, up just 0.4% from a year earlier, Halifax data shows (Reuters)

        • UK government close to finalizing defense spending plan (FT)

      • Germany:

        • German exports rise unexpectedly in March (Destatis)

    • Peripheral markets:

      • Italy:

        • Meloni meets Rubio at premier's office in Rome; Tajani told Rubio US presence in Europe needed for NATO's strength (ANSA )

      • Spain:

        • Tests suspected hantavirus case in Alicante ( Reuters )

    • Company news:

      • Notable Gainers

        • +12.6% IMMU.SS (Mendus SEK5.13, +0.58) -- Q1 earnings

        • +8.3% SFL.IM (Safilo Group €1.77, +0.14) -- Q1 earnings

        • +5.0% DURC.B.SS (Duroc SEK18.90, +0.90) -- Q3 earnings

        • +5.0% AKVA.NO (AKVA Group NOK137.00, +6.50) -- Q1 earnings

        • +5.0% IGR.LN (IG Design Group £0.74, +0.04) -- CEO acquires 1.25M shares

        • +5.0% VCP.LN (Victoria £0.32, +0.02) -- discloses Cleardusk Partners LP acquired ~3.19% stake as of 7-May

        • +3.7% TLT1V.FH (Teleste €3.68, +0.13) -- Q1 earnings

        • +3.0% ZIG.LN (Zigup Plc £4.16, +0.12) -- initiated buy at Berenberg

        • +2.5% BWO.NO (BW Offshore NOK50.30, +1.25) -- contract

        • +2.1% BC8.GR (Bechtle €31.30, +0.64) -- Q1 earnings

        • +1.8% AMS.SM (Amadeus IT Group €51.78, +0.94) -- Q1 earnings

        • +1.4% PIRC.IM (Pirelli & C. €6.25, +0.09) -- Q1 earnings

        • +1.4% EVK.GR (Evonik Industries €17.29, +0.24) -- Q1 earnings

        • +0.9% HEIJM.NA (Heijmans €90.95, +0.85) -- Q1 trading update

        • +0.1% FER.SM (Ferrovial €59.90, +0.08) -- Q1 earnings

      • Notable Decliners

        • -16.9% TOKMAN.FH (Tokmanni Group €6.44, -1.31) -- Q1 earnings

        • -15.6% LAND.SW (Landis+Gyr Group CHF44.75, -8.25) -- FY earnings

        • -9.2% RHM.GR (Rheinmetall €1,218.40, -123.20) -- JPMorgan downgrade

        • -8.5% CAT.B.SS (Catella SEK19.90, -1.85) -- Q1 earnings

        • -5.9% PDL.LN (Petra Diamonds £0.16, -0.01) -- Q3 operating update

        • -5.9% HEX.NO (Hexagon Composites NOK9.52, -0.60) -- Q1 trading update; completes NOK550M private placement

        • -4.9% BIOA.B.SS (BioArctic SEK315.60, -16.40) -- Eisai announcement about supplemental Biologics License Application for once weekly lecanemab

        • -4.7% HFG.GR (HelloFresh €4.12, -0.20) -- UBS downgrade

        • -3.2% LDO.IM (Leonardo €53.16, -1.74) -- Wyser-Pratte comments on groups AGM vote, says plans to request independent investigation

        • -3.1% JFN.SW (Jungfraubahn Holding CHF268.50, -8.50) -- reports visitors YTD

        • -2.9% CLN.SW (Clariant CHF7.86, -0.24) -- Q1 earnings

        • -2.8% IAG.LN (International Consolidated Airlines Group £3.85, -0.11) -- Q1 earnings

        • -2.7% SLHN.SW (Swiss Life Holding CHF879.40, -24.20) -- UBS downgrade

        • -2.7% ITRK.LN (Intertek Group £49.10, -1.36) -- rejects further revised offer from EQT

        • -2.7% MTHH.DC (MT Hojgaard Holding DKK330.00, -9.00) -- Q1 earnings

        • -2.4% GRF.SM (Grifols €8.94, -0.22) -- Q1 earnings

        • -2.2% WKP.LN (Workspace Group £3.43, -0.08) -- receives board requisition notice from Saba Capital ahead of July AGM; Barclays downgrade

        • -2.0% ACX.SM (Acerinox €14.52, -0.29) -- Q1 earnings

        • -0.9% HTO.GA (Hellenic Telecommunications Organization €18.13, -0.17) -- Q1 earnings

        • -0.8% POST.AV (Oesterreichische Post €30.75, -0.25) -- Q1 earnings

    • EU companies reporting 11-May:

      • Earnings:

        • DACHs: Hochtief (HOT.GR), Hannover Re (HNR1.GR), GEA Group (G1A.GR), Aurubis (NDA.GR), TKMS (TKMS.GR), K+S (SDF.GR), Patrizia (PAT.GR), Hypoport (HYQ.GR), adesso (ADN1.GR), JDC Group (JDC.GR), Stratec (SBS.GR), Data Modul (DAM.GR), q.beyond (QBY0.GR)

        • Southern Europe: Banca Monte dei Paschi di Siena (BMPS.IM), Mediobanca (MB.IM), Fincantieri (FCT.IM), Iren (IRE.IM), Pharmanutra (PHN.IM), SECO (IOT.IM), BFF Bank (BFF.IM), Valsoia (VLS.IM), NOS (NOS.PL), Almirall (ALM.SM)

        • France: Cellectis SA (ALCLS.FP)

        • Nordics: AcadeMedia (ACAD.SS)

        • Other: Turkcell (TCELL.E.TI), Bank of Cyprus Holdings (BOCH.CY)

        • UK: Compass Group (CPG.LN), Victrex (VCT.LN)

      • Traffic: Heathrow Airport (+HTR.LN)

  • Data:

    • Economics:

      • UK Apr Halifax House Prices +0.4% y/y vs cons +0.6% and prior +0.8%; (0.1%) m/m vs cons 0.0% and prior (0.5%)

      • Germany Mar

        • Industrial Production (0.7%) m/m vs cons +0.4% and prior revised (0.5%) from (0.3%)

        • Trade Balance €14.3B vs cons €17.8B and prior revised €19.5B from €19.8B

      • Spain Mar Industrial Production +1.8% y/y vs cons (1.8%) and prior revised (0.9%) from (1.1%)

      • Switzerland Apr Consumer Sentiment (40.0) vs cons (46) and prior (42.9)

      • Sweden Mar Industrial Production +3.0% y/y vs cons +2.2% and prior revised +6.2% from +7.0%

      • Norway Mar Manufacturing Production +2.0% m/m vs cons +0.6% and prior (0.4%)

      • Greece Apr CPI +5.4% y/y vs cons +4.4% and prior +3.9%; EU Harmonised: +4.6% y/y vs cons +3.9% and prior +3.4%

      • Finland Mar Industrial Production +7.3% y/y vs cons +4.2% and prior +5.3%

      • Netherlands Mar Manufacturing Production +2.8% m/m vs cons +0.4% and prior revised (1.6%) from (1.3%)

    • Markets:

      • WTI Crude (Jun 26): +$0.74 or +0.78% to $95.55

      • €-$ +0.0050 or +0.43% to 1.1776

      • £-$ +0.0073 or +0.54% to 1.3626

      • €-£ (0.0011) to 0.8643

      • S&P 500 +0.79%

      • Performance year-to-date

        • FTSE 100: +3.04%

        • DAX: (0.62%)

        • CAC: (0.45%)

        • MIB: +9.67%

        • Stoxx 600: +3.37%

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