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StreetAccount Summary - Europe Pre-Open: FTSE +0.1%, DAX (0.2%), CAC (0.1%), IBEX (0.1%), MIB (0.2%)

May 11 ,2026

  • Synopsis

    • European equity markets set to open broadly mixed/little changed. Oil higher. US-Iran talks hit a familiar roadblock after President Trump rejected Iran's latest proposal, which appeared to fall far short of US demands. Two sides remain apart on nuclear issue with Iran reportedly offering only partial handover of HEU stockpiles to third country and much shorter enrichment moratorium, while continuing to assert right over Strait of Hormuz. Developments leave two sides at stalemate with US maintaining blockade, Iran preventing shipping through Strait of Hormuz and Trump reportedly reluctant to restart military action.

    • Asian equities mixed Monday. South Korea staging another rally amid large gains in memory stocks. Asian majors taking cues from Friday's tech rally in US, where SOX closed up 5.5% amid massive gains in INTC and MU. China inflation data showed larger-than-expected pickup in factory-gate inflation, reflecting surge in raw material prices. CPI inflation unexpectedly firmed. Comes after April trade data showed export growth much stronger than expected, tracking PMI data showing momentum in new export orders. However, some note of caution with export strength considered function of stockpiling amid Iran war uncertainty. Import growth came in higher than expected, though crude imports were down sharply.

    • Focus on UK political situation. UK PM Starmer will seek to reset his premiership in a speech on Monday, after heavy election losses left him facing renewed calls to quit (BBC ). Starmer's speech is expected late morning UK time.

    • Meanwhile, in Denmark, the king has asked centre-right leader Troels Lund Poulsen to try to form a government after PM Mette Frederiksen failed to build a coalition. Marks a significant moment, as Frederiksen has been a dominant figure in Danish politics for years.

    • European macro data releases include Denmark Apr CPI, Mar trade balance, Norway Apr CPI, PPI, Greece Mar industrial production

    • In central banks, Norges Bank's Longva lecture to the regional network northwest of Ålesund at 9:00CET the same time as Czech central bank publishes latest monetary policy report includes current outlook/forecasts, related meeting with analysts (webcast link) at 11:00CET. Denmark central bank's Thomsen panellist at 9:15CET at event (webcast link) on the International Monetary System organised by SNB. German-American Conf sees among the speakers Bundesbank's Mauderer at 18:15CET. Also, see the first of the ECB economic bulletin pre-release at 10:00CET. In politics, reportedly, in a speech during the morning, UK PM Starmer will look to reset his government's agenda and stave off calls for him to resign after disastrous local election results for his Party. Closer ties with the EU seen as a plank of vision aimed at appeasing Labour MPs. There's the first EU-Syria high-level political dialogue and EU foreign ministers meet, chaired by EU's Kallas. Also, Kenya and France host the "Africa Forward" Summit, Norway's minister of energy Aasland at a cooperation forum for offshore wind at 12noon CET where participants will provide input to the government's plan for offshore wind and holds a digital meeting at 16:00 with County Council Leaders in Nordland, Troms and Finnmark on the power and grid situation in Northern Norway. Also, Norway's PM Støre will attend the central board meeting of the Labour Party at 13:00CET, EU's Hoekstra, will be in Lisbon, to discuss the clean transition and competitiveness in the EU with government representatives and industry and EU's Kubilius participates in the discussion "How Will We Defend the European Union Eastern Flank?"

    • On the earnings front, Hannover Re posted Q1 net income of €710.6M, slightly below consensus, but confirmed its full-year guidance, while GEA Group delivered in-line Q1 adjusted EBITDA and also reaffirmed its FY26 outlook. Compass Group, Hochtief and Mediobanca among other notable names reporting today. On the M&A side, the headline story comes from Italy, where Armani is reportedly considering splitting a 15% stake equally among luxury giants L'Oréal, EssilorLuxottica, and LVMH, according to La Repubblica. In a separate transaction, Prosus sold a 15.2M share stake in Delivery Hero to Aspex Management at €22.00 per share. On the ratings front, notable upgrades included BP (to outperform at RBC), NatWest Group (to outperform at BNP Paribas Exane, ams-OSRAM (to buy at Jefferies), and EDP Renovaveis (to buy at HSBC), while MTU Aero Engines was downgraded to hold at Berenberg and HelloFresh cut to sell at Stifel.

  • Politics/Macro/World News

    • Geopolitics

      • UK, France to Host Multinational Meeting on Mission to Escort Ships Through Hormuz -- Bloomberg

    • Central banks

      • ECB to Hike Rates Twice in 2026 as Inflation Jumps, Survey Shows -- Bloomberg

      • ECB's Kocher signals that further interest rate hikes may be necessary if conditions don't improve -- NZZ

    • UK

      • UK jobs market cools as Iran war hits outlook, REC survey shows -- Reuters

      • Starmer to promise 'urgent' change as he fights for his political future -- FT

      • At least one MP willing to stand down for Burnham within days, sources tell Sky News

    • France

      • Former PM Philippe launches presidential campaign to take on far right in France -- POLITICO

    • Denmark

      • Danish rightwing leader Troels Lund Poulsen asked to form government after Frederiksen fails to form coalition -- Guardian

  • Top company news

    • Earnings/updates

      • DIA.IM (Diasorin) -- reports Q1 adjusted net income €49M vs FactSet €46.0M

      • G1A.GR (GEA Group) -- reports Q1 adj EBITDA €205.9M vs consensus €205.2M; FY26 guidance confirmed

      • HNR1.GR (Hannover Re) -- reports Q1 net income €710.6M vs consensus €721M; confirms FY guidance

      • ENX.FP (Euronext) -- Apr trading activity

      • SBS.GR (Stratec) -- reports Q1 adjusted EPS (€0.09) vs FactSet €0.00 [1 est]

      • SDF.GR (K+S) -- reports Q1 EBITDA €279M vs 22-Apr guidance ~€280M and FactSet €252.5M [6 est, €221-280.4M] (

      • NDA.GR (Aurubis) -- confirms prelim H1 earnings and FY26 outlook as per 8-May update

      • ALM.SM (Almirall) --- reports Q1 net income €16.1M vs FactSet €16.7M [5 est, €13-19.2M]

      • NCH2.GR (thyssenkrupp nucera) -- reports preliminary Q2 EBIT (€65M) vs FactSet (€47.3M) [1 est]

      • Also reporting today

        • Earnings:

          • DACHs: Hochtief (HOT.GR), TKMS (TKMS.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)

          • France: Cellectis SA (ALCLS.FP)

          • Nordics: AcadeMedia (ACAD.SS)

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

          • 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)

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

        • Traffic: Heathrow Airport (+HTR.LN)

    • M&A

      • Armani could split 15% stake equally among preferred buyers L'Oreal, EssilorLuxottica and LVMH - La Repubblica

    • Healthcare

      • GMAB.DC (Genmab) -- holder orbis Investment Management discloses increased stake of 5.08%

      • 1177.HK (Sino Biopharmaceutical) -- subsidiary enters into exclusive strategic collaboration with GlaxoSmithKline to accelerate bepirovirsen in China at launch

    • Other

      • WHA.NA (Wereldhave) -- CFO Marcel Eggenkamp steps down; to hand over responsibilities in coming period

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- awarded OBN Contract in Gulf of America

      • DHER.GR (Delivery Hero) -- Prosus sells 15.2M shares in Delivery Hero to Aspex Management, sale price is €22.00 per share

      • ACEN Corp.'s Yindjibarndi Energy signs 30-year PPA with Rio Tinto for Jinbi Solar Project

      • Estimated weekend box office revenues in US, Canada $162.1M, +92.9% y/y - Box Office Mojo

      • Henkel ends PRIL and Fa brand licence agreements with Jyothy Labs in India after 31-May

      • Regional Gaming Revenues - New York Sports Betting April 2026

      • Space names extend gains on back of Rocket Lab results; Anthropic identified in Akamai deal in intraday themes (8-May)

  • Key rating changes

    • Upgrades

      • BP.LN (BP) -- to outperform from sector perform at RBC Capital Markets

      • NWG.LN (NatWest Group) -- to outperform from neutral at BNP Paribas Exane

      • HOT.GR (Hochtief) -- to hold from reduce at Kepler Cheuvreux

      • AMS.SW (ams-OSRAM) -- to buy from hold at Jefferies

      • EDPR.PL (EDP Renovaveis) -- to buy from hold at HSBC

      • HAUTO.NO (Höegh Autoliners) -- to hold from sell at ABG Sundal Collier

      • BALD.B.SS (Fastighets Balder) -- to buy from hold at Handelsbanken

    • Downgrades

      • MTX.GR (MTU Aero Engines) -- to hold from buy at Berenberg

      • HFG.GR (HelloFresh) -- to sell from hold at Stifel

      • TOM.NO (Tomra Systems) -- to sell from hold at Handelsbanken

      • MAIRE.IM (MAIRE) -- to neutral from outperform at BNP Paribas Exane

  • Data

    • Nikkei (0.40%) to 62465.54

    • Hang Seng (0.23%) to 26331.88

    • Shanghai Composite +0.78% to 4212.41

    • S&P futures (7.5) vs prior close of 7419.0

    • €-$ (0.0002) or (0.02%) to 1.1752

    • $-¥ +0.52 or +0.33% to 157.12

    • €-¥ +0.62 or +0.34% to 184.66

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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