Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.56%), DAX (0.81%), CAC40 (0.48%)

May 12 ,2026

  • Synopsis

    • European equity markets are set to open lower, following mixed session on Monday. Asian equity markets mixed. South Korea underperforms, more than 3% lower. Nikkei gains. Hang Seng firmer but mainland China weakening.

    • Latest setback in US-Iran negotiations leaves path forward uncertain after President Trump said ceasefire is on life support. Trump's rejection of Iran's proposal underlined still-large gaps between two sides with Tehran refusing to meaningfully cede on nuclear issue and asserting its right over Strait of Hormuz. Market still seems skeptical about full resumption of war though Trump indicated he may revive an expanded naval mission in Strait of Hormuz. However, it remains unclear whether this will alter the status quo.

    • Also on today'a agenda, Chancellor Merz delivers a speech at the Federal Congress of the German Trade Union Confederation. UK and France will host a multinational meeting of defense ministers on military plans to restore trade flows through the Strait of Hormuz as EU's defence ministers meet, chaired by EU's Kallas. There's also an informal meeting of EU energy ministers (through Wed), Norway's Aasland among the participants. Norwegian government's proposal for a revised national budget for 2026 will be presented at 12noon CET by minister of finance Stoltenberg, and minister of trade, industry and commerce Myrseth speech at 10:25 at IFE Mineral Days (through Wed) on updated status of critical raw materials from a Norwegian perspective, also a panellist at 15:35CET at the annual conf of Norwegian Industry, PM Støre having addressed/Q+A at the latter evet at 13:00. Other politic events include EU's von der Leyen speech at the European Summit on Artificial Intelligence and Children and Roswall gives an address at the Namibia-EU Business Forum, Copenhagen Democracy Summit, speakers include Greenland's PM Nielsen, whilst Slovak President Pellegrini will host Czech President Pavel and Austrian President Van der Bellen as part of the Slavkov format. Legal events include in Germany, Federal Court of Justice due to rules on damages claim against truck cartel and oral hearing before the European Court of Justice on the EU classification of TikTok as a gatekeeper. Elsewhere, Germany's BaFin annual press conf at 10:00CET and FT event title Future of the Car (through Thu). IATA's Aviation Energy Forum (through Thu). MSCI regular index reviews.

    • In central banks, Norges Bank's release at 8:00CET its latest financial stability report. ECB's Elderson closing keynote speech at 12:40CET at 23rd Financing Europe 2026 "A New Era of Strategic Investment" and BOE's Woods speech at 18:30BST at the Henry Thornton Lecture, Bayes Business School. Bank of Slovenia's Dolenc speech at a financial conf in Portoroz. EIA Short-Term Energy Outlook.

    • On macro data front, UK retail sales updates from BRC and Barclaycard saw big drop in April. EY said Iran war could push UK economy on the brink of recession. Final German inflation data and Swiss industrial production also on the agenda, along with German and Eurozone ZEW sentiment. In the UK, politics to dominating the news cycle with three senior ministers telling PM Starmer to go after his reset speech on Monday failed to shift sentiment among MPs.

    • In earnings news, DACHs names kicked off the session with Siemens Energy (ENR.GR), Tecan Group (TECN.SW), ThyssenKrupp (TKA.GR), Bayer AG (BAYN.GR), Uniper (UN0.GR), Salzgitter (SZG.GR) and SoftwareONE Holding (SWON.SW) updated investors with their latest numbers. In Benelux, KBC Group (KBC.BB) reported Q1 earnings and reaffirmed its FY and mid-term guidance. In Nordics, Coloplast (COLO.B.DC) released its final Q2 earnings, Camurus (CAMX.SS) and (Lerøy Seafood Group (LSG.NO) reported Q1 earnings, whilst Bavarian Nordic A/S raised its guidance for 2026 following contract win.

  • Politics/Macro/World News

    • UK Apr retail sales monitor (3.4%) vs consensus +0.8% and prior +3.1% - BRC

    • France presses EU to crack down on platforms like Shein and Temu - FT

    • Starmer faces crunch cabinet meeting as home secretary joins ministers pushing for resignation timetable - BBC

    • Trump says ceasefire with Iran on 'life support' after rejecting peace proposals - The Guardian

  • Top company news

    • Earnings/updates

      • DACHs

        • ENR.GR (Siemens Energy) -- confirms Q2 earnings and new FY26 outlook as per 23-Apr update

        • TECN.SW (Tecan Group) -- Q1 update: sales +3.4% in local currencies

        • SAX.GR (Stroeer SE & Co. KGaA) -- reports Adjusted EBITDA €119.3M vs FactSet €111.0M [1 est]

        • TEG.GR (TAG Immobilien) -- reports Q1 FFO I €0.26 vs year-ago €0.26

        • PSPN.SW (PSP Swiss Property) -- reports Q1 EPS CHF1.18 ex-items vs year-ago CHF1.09

        • GYC.GR (Grand City Properties) -- reports Q1 FFO I €0.26 vs year-ago €0.27

        • TKA.GR (ThyssenKrupp) -- reports Q2 EPS €0.00 vs FactSet €0.10 [3 est, €0.04-0.21]' cuts FY26 sales forecast by one percentage point

        • TTR1.GR (technotrans) -- reports Q1 EPS €0.35 vs year-ago €0.37

        • DUE.GR (Duerr) -- reports Q1 EBIT before extraordinary effects €39.1M vs consensus €43.6M; guidance for 2026 confirmed

        • SWON.SW (SoftwareONE Holding) -- reports Q1 adjusted EBITDA CHF79.4M vs FactSet CHF72.0M [2 est, CHF65-79M]; raises FY revenue growth guidance

        • KWS.GR (KWS SAAT SE & Co. KGaA) -- reports 9M EPS €6.67 vs year-ago €6.15; FY25/26 outlook confirmed

        • NCH2.GR (thyssenkrupp nucera) -- confrims prelim Q2 earnings and forecast as per 8-May update

        • PBB.GR (Deutsche Pfandbriefbank) -- reports Q1 net income €5M vs year-ago €24M; says annual targets confirmed in more challenging market environment

        • PEHN.SW (Private Equity Holding) -- reports FY EPS (CHF5.74) vs year-ago CHF3.93

        • VH2.GR (Friedrich Vorwerk Group) -- reports Q1 EBITDA €31.8M vs year-ago €18.2M; confirms FY26 forecast

        • CWC.GR (CEWE Stiftung & Co) -- reports Q1 EPS €0.60 vs year-ago €0.60

        • BAYN.GR (Bayer AG) -- reports Q1 core EPS €2.71 vs consensus €2.21; confirms FY26 currency-adj guidance and provides closing-day rates guidance

        • UTDI.GR (United Internet) -- reports Q1 EPS €0.36 vs consensus €0.33; confirms FY guidance

        • DOU.GR (Douglas) -- reports Q2 adj net income (€10.0M) vs FactSet (€0.5M); confirms FY26 guidance as per 30-April update

        • INH.GR (INDUS Holding) -- reports Q1 EPS €0.64 vs year-ago €0.63

        • AGR.AV Agrana Beteiligungs reports FY EPS (€0.64) vs year-ago (€0.07)

        • IOS.GR (IONOS Group) -- reports Q1 adj EPS €0.40 vs year-ago €0.33; comments on FY26 outlook

        • AFX.GR (Carl Zeiss Meditec) -- reports H1 EPS €0.48 ex-items vs year-ago €0.81

        • JEN.GR (Jenoptik) -- reports Q1 EPS €0.29 vs FactSet €0.23 [3 est, €0.20-0.25]; FY26 forecast confirmed

        • 1U1.GR (1&1 AG) -- reports Q1 EPS €0.10 vs year-ago €0.06

        • UN0.GR (Uniper) -- reports Q1 adj net income €231M vs year-ago (€143M); FY26 earnings affirmed

        • MVV1.GR (MVV Energie) -- reports H1 EPS €1.21 vs year-ago €1.98

        • ILM1.GR (Medios) -- reports Q1 EPS €0.44 ex-items; reaffirms FY guidance

        • EUZ.GR (Eckert & Ziegler Strahlen- und Medizintechnik) -- reports Q1 net income €10.4M vs year-ago €9.7M

        • SZG.GR (Salzgitter) -- reports Q1 net income €81.9M vs FactSet €89.3M [3 est, €3-148.0M] (unclear if comparable); revenues, EBITDA VX and EBT VX in line with prelims

      • France

        • ALCLS.FP (Cellectis SA) -- reports Q1 EPS ($0.16) ex-items vs FactSet ($0.26) [6 est, ($0.34)-(0.20)]

        • CRI.FP (Compagnie Chargeurs Invest) -- reports Q1 revenue €165.7M vs year-ago €187.8M

        • SESG.FP (SES) -- reports Q1 adjusted EBITDA €404M vs consensus €365M ; reiterates full-year outlook

      • Benelux

        • KBC.BB (KBC Group) -- reports Q1 EPS €1.32 vs consensus €1.39; reaffirms FY and mid-term guidance

        • BRNL.NA (Brunel International)-- targets high single-digit revenue growth and an EBIT margin of above 5% by 2029 - CMD

      • Nordics

        • BAVA.DC (Bavarian Nordic A/S) -- Bavarian Nordic awarded contract options from the U.S. Government for smallpox vaccines; raised FY26 guidance

        • CAMX.SS (Camurus) -- reports Q1 EPS SEK2.40 vs FactSet SEK3.47 [5 est, SEK2.83-3.97]; reaffirms 2026 financial outlook

        • LSG.NO (Lerøy Seafood Group) -- reports Q1 EPS NOK0.84 vs FactSet NOK0.74 [11 est, NOK0.60-0.80]

        • HPUR.NO (Hexagon Purus)-- reports Q1 EPS (NOK0.39) vs FactSet (NOK0.47) [2 est, (NOK0.54)-(0.40)]

        • ODL.NO (Odfjell Drilling) -- reports Q1 net income $73M vs FactSet $66.1M [6 est, $58.3-70M]

        • AUSS.NO (Austevoll Seafood) -- reports Q1 EPS NOK3.1 ex-items vs FactSet NOK2.73 [7 est, NOK1.83-3.35]

        • NORCO.NO (Norconsult) -- reports Q1 EPS NOK0.62 vs FactSet NOK0.74 [7 est, NOK0.63-0.83]

        • CLOUD.NO (Cloudberry Clean Energy) -- reports Q1 EPS NOK0.28 vs FactSet NOK0.13 [2 est, NOK0.03-0.22]

        • FSKRS.FH (Fiskars Group) -- publishes new long-term financial targets; sees 12% group Comparable EBIT margin by 2030 -- CMD

        • COLO.B.DC (Coloplast) -- reports final Q2 earnings: Q2 EPS DKK6.16 ex-items vs FactSet DKK5.91 [9 est, DKK5.60-6.20]

        • RAIVV.FH (Raisio) -- reports Q1 EPS €0.04 vs FactSet €0.03 [5 est, €0.03-0.04]; reaffirms FY guidamce

      • Southern Europe

        • BFF.IM (BFF Bank SpA) -- reports Q1 adj net income €43.2M vs year-ago €35.0M

        • NOS.PL (NOS SGPS) -- reports Q1 net income €59.7M ex-items vs FactSet €52.7M [3 est, €46.4-58.1M]

        • MB.IM (Mediobanca) -- reports Q1 net income €322.7M, (3%) vs year-ago €334M

        • OPTIMA.GA (Optima Bank) -- reports Q1 net income €47.5M, +22% vs year-ago €39M

      • Also reporting today

        • Earnings:

          • Benelux: Kendrion (KENDR.NA), Nyxoah (NYXH.BB), Agfa-Gevaert (AGFB.BB)

          • Denmark: GrønlandsBANKEN (GRLA.DC), H+H International (HH.DC), NNIT (NNIT.DC), North Media (NORTHM.DC)

          • Finland: Outokumpu (OUT1V.FH), Raisio (RAIVV.FH), Kamux (KAMUX.FH)

          • France: SES (SESG.FP), Coface (COFA.FP), Jacquet Metals (JCQ.FP)

          • Germany: Munich Re (MUV2.GR), EnBW Energie Baden-Wuerttemberg (EBK.GR), Deutsche EuroShop (DEQ.GR), MBB (MBB.GR), Eckert & Ziegler (EUZ.GR), Mutares (MUX.GR), Deutsche Rohstoff (DR0.GR),Villeroy & Boch (VIB3.GR), All for One Group (A1OS.GR), Aumann (AAG.GR), Knaus Tabbert (KTA.GR), Moberg Pharma (MB8.GR), Delticom (DEX.GR)

          • Greece: Public Power Corp. (PPC.GA)

          • Italy: Recordati (REC.IM), De'Longhi (DLG.IM), CIE Automotive (CIE.SM), ENAV (ENAV.IM), Avio (AVIO.IM), Banca Sistema (BST.IM), Dexelance (DEX.IM)

          • Norway: Bonheur (BONHR.NO), LINK Mobility Group Holding (LINK.NO), Multiconsult (MULTI.NO), Cambi (CAMBI.NO), Nordic Mining (NOM.NO), Nordhealth (NORDH.NO), 2020 Bulkers (2020.NO)

          • Other: Gedeon Richter (RICHT.HB), Magyar Telekom Telecommunications (MTEL.HB)

          • Spain: ACS (ACS.SM), Vocento (VOC.SM)

          • Sweden: Coffee Stain Group (COFFEE.B.SS), Done.ai Group (DONE.SS), Arctic Falls (ARFA.SS), Ascelia Pharma (ACE.SS), Starbreeze (STAR.B.SS), Catena Media (CTM.SS)

          • UK: Vodafone Group (VOD.LN), 3i Infrastructure (3IN.LN), Renew Holdings (RNWH.LN), Bytes Technology Group (BYIT.LN), On The Beach Group (OTB.LN)

        • Trading Update:

          • Benelux: TKH Group (TWEKA.NA), Alfen (ALFEN.NA)

          • DACHs: Molecular Partners (MOLN.SW)

          • France: Eiffage (FGR.FP), Eutelsat Communications (ETL.FP), Delta Plus Group (ALDLT.FP), Adocia (ADOC.FP)

          • UK: IMI (IMI.LN), International Workplace Group (IWG.LN), Greggs (GRG.LN), Restore (RST.LN)

        • Traffic: DFDS (DFDS.DC)

        • CMD/Events: Roche Holding (ROP.SW) Diagnostics at 13:00BST, DSV (DSV.DC), Brunel International (BRNL.NA), Scout24 (G24.GR), Oriola Corp (ORIOLA.FH), MedinCell (MEDCL.FP) R&D

    • M&A

      • EQT.SS (EQT AB) -- to place 12M shares in Enity Holding AB

      • ELG.GR (Elmos Semiconductor) -- Two holders to place 1.77M Elmos shares via accelerated bookbuild offering

      • SOFI (SoFi Technologies) -- to acquire PrimaryBid assets - Mark Kleinman blog Sky News

      • ITRK.LN (Intertek Group) -- 0.5% holder PrimeStone Capital releases letter to board; calls on company board to engage constructively with EQT

      • ITRK.LN (Intertek Group) -- Activist fund Palliser Capital has reportedly taken stake in EQT target Intertek Group -- Bloomberg, citing sources familiar

      • FNAC.FP (Fnac Darty) -- opening on 12-May of the takeover bid initiated by EP Group

      • AQ.SS (AQ Group) -- acquires Time 24

      • VoltaGrid announces $1B strategic equity investment from Blackstone and Halliburton; acquires Propell Energy (pre-open 8:00ET)

    • Healthcare

      • ROP.SW (Roche Holding) -- receives CE Mark for Elecsys pTau217 blood test to accelerate detection of Alzheimer's disease pathology

      • ABVX.FP (Abivax) -- SEC filing: SCHEDULE 13D/A (Filed by Sofinnova Crossover I)

      • IPN.FP (Ipsen) -- FDA provides safety update on Tazverik, confirms voluntary withdrawal from market

      • SIGHT.FP (GenSight Biologics) -- GenSight announces publication on matching-adjusted indirect comparison of Leber Hereditary Optic Neuropathy treatments

    • Other

      • IAG.LN (International Consolidated Airlines Group) -- announces result of the repurchase of convertible bonds

      • TIETO.FH (Tieto Corporation) -- Tieto: updates on arbitration proceedings against JS BidCo Oyj, a company owned by funds advised by Agilitas Private Equity LLP, the buyer of Tietoevry Tech Services business

      • First Quantum Minerals files NI 43-101 technical report for La Granja

      • Market Voices: "The Real Eisman Playbook" with Steve Eisman and Kelsey Zhu on FICO, credit bureaus, mortgage pricing, and information services

  • Key rating changes

    • Upgrades

      • MC.FP (LVMH Moet Hennessy Louis Vuitton) -- to overweight from equal weight at Barclays

      • KER.FP (Kering) -- to equal weight from underweight at Barclays

      • G1A.GR (GEA Group) -- to neutral from underweight at JPMorgan

    • Downgrades

      • YAR.NO (Yara International) -- to neutral from buy at Citi

      • NHY.NO (Norsk Hydro) -- to neutral from buy at Citi

    • Initiations

      • HTWS.LN (Helios Towers) -- buy at Peel Hunt

  • Data

    • Nikkei +0.42% to 62682.53

    • Hang Seng +0.08% to 26428.80

    • Shanghai Composite (0.45%) to 4206.14

    • S&P futures (14.5) vs prior close of 7436.8

    • €-$ (0.0019) or (0.16%) to 1.1766

    • $-¥ (0.12) or (0.07%) to 157.11

    • €-¥ +0.10 or +0.05% to 185.37

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.
Please refer to "Terms Of Use".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE