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StreetAccount Summary - EU Market Recap: FTSE 100 +0.58% to 10325.35, DAX +0.76% to 24136.81, CAC40 +0.35% to 8007.97, STOXX 600 +0.79% to 611.42

May 13 ,2026

  • Synopsis:

    • European equity markets generally opened higher, with pan-European indices briefly extending gains before paring advances and flirting with negative territory on the day shortly after Wall Street's open. Shares then recovered recouping much of the earlier gains.

    • With shares ending back around the best levels of the day, Greece and Norway both ~ +0.1% lead underperformers, with Denmark +1.3%, Netherlands +1.1% and Italy +0.9%, leading outperformers.

    • The war in Iran and the increasing pressure on the UK PM remain in the spotlight.

    • President Trump has arrived in China at the start of a 2-day visit (where he'll meet with Xi Jinping), with tariffs, competition over tech and the US's relationship with Taiwan all on an agenda that is expected to be dominated by the war in Iran

    • In the UK, the Kings speech included a total of 37 bills, outlining the focus of the government's work during the next parliamentary session. These spanned from national security and defence to housing and business as well as changes to education, immigration, health and the courts. However, the government's program was overshadowed by reports that PM Starmer may face a leadership battle as soon as tomorrow, whilst the Scottish National Party is threatening to table an amendment to the King's Speech (being debated by MPs through Thu) on the PM's future, via a motion of no-confidence if Labour MPs fail to force Starmer out of Downing Street.

    • There is a break today in the negotiations to form a new government in Denmark.

    • Both OPEC and the IEA released their latest monthly reports. OPEC cut its Q2 oil demand forecast by 500K bpd and lowered its 2026 demand growth outlook by 210K bpd to +1.17M bpd, though raised its 2027 growth forecast to +1.54M bpd. The IEA said global oil supply fell another 1.8M bpd in Apr to 95.1M bpd, bringing cumulative losses since Feb to 12.8M bpd, with Gulf producers operating 14.4M bpd below pre-war levels. Agency warned supply will remain below demand this year due to Iran war disruptions, while global inventories drew a combined 246M barrels across Mar/Apr. IEA also expects Q2 oil demand to contract by 2.4M bpd, led by petrochemical weakness

    • Macro data saw French unemployment rises to five-year high in Q1 as Iran war weighs on economy

    • Companies releasing earnings/updates with smaller percentage changes to the upside included Allianz (ALV.GR) Q1 core net income €3.79B vs consensus €3.59B, on track to achieve FY outlook of operating profit of €17.4B, +/- €1B, Deutsche Telekom (DTE.GR) Q1 adj. net profit €2.60B vs consensus €2.42B, tweaks up 2026 adj. EBITDA AL and FCF AL guidance and Siemens (SIE.GR) Q2 EPS pre-PPA €2.81 vs consensus €2.68, confirms FY guidance, announces new share buyback program of up to €6B. Also, EU decides not to accept a referral request to assess Vanderlande Industries B.V.'s acquisition of Siemens Logistics unit and will be reviewed by competition authorities of Portugal and Spain. Moving in the other direction were Porsche Automobil Holding (PAH3.GR) Q1 adj net income €382M, (21%) y/y, confirms FY guidance, Infrastrutture Wireless Italiane (INW.IM) Q1 net income €81.0M vs FactSet €80.5M [1 est], confirms FY26 outlook and Eutelsat Communications (ETL.FP) Q3 revenue €300.0M vs consensus €290.0M, confirms outlook.

    • Among the limited M&A news-flow was Intertek Group's (ITRK.LN) board being open to recommending EQT (EQT.SS) final cash bid and Raiffeisen Bank International (RBI.AV) raises offer for Addiko Bank (ADKO.AV) to €26.50/share from €23.05/share. Reportedly, Delivery Hero (DHER.GR) is looking to divest controlling stake in Baemin operator, Woowa Brothers

    • Elsewhere, TSK Electronica y Electricidad (TSK.SM) shares open at €5.28 on Spanish Stock Exchanges vs IPO priced at the top end of the indicative range of €4.45-5.05/share

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Basic Resources +4.37%, Technology +2.65%, Telecom +1.76%, Autos & Parts +0.99%, Retail +0.97%, Banks +0.96%

      • Underperformers:

        • Media (1.10%), Food & Beverage (0.39%), Travel & Leisure (0.25%), Real Estate (0.20%), Construct & Mtls (0.15%), Health Care (0.01%), Utilities +0.29%, Persnl & HHold Goods +0.44%, Chemicals +0.47%, Ind Goods & Svcs +0.51%, Oil & Gas +0.59%, Financial Svcs +0.60%, Insurance +0.71%

    • Macro/Peripheral markets:

      • Central bank speakers:

        • Bank of Slovenia's Dolenc energy prices having limited effect on economy for now - release

        • Bank of France's Villeroy emphasizes need for preparedness against second-round effects - franceinfo

        • Finland central bank's Rehn warns of signs of stagflation in the eurozone - release

        • Estonia central bank's Müller spoke in connection with latest financial stability review - release

        • Bundesbank's Nagel says ECB rate hikes more likely due to Iran war inflation risks - Handelsblatt

      • Oil market:

      • Germany:

        • Merz coalition commits to press ahead with tax, pension and budget reforms - Bloomberg

      • Turkey:

        • Governing party preparing legislation to legally secure Turkey's rights and interests in the Black Sea, the Mediterranean and the Aegean - ekathimerini

      • UK:

        • Health secretary Wes Streeting planning to trigger leadership election as early as Thu - Guardian

        • King's Speech 2026 - release

        • How might Andy Burnham challenge a Wes Streeting leadership bid - Politico

    • Company news:

      • Notable Gainers

        • +38.7% ONCO.SS (Oncopeptides)

          • Q1 EPS (SEK0.12) vs year-ago (SEK0.29)

          • new data supporting the clinical utility of Pepaxti in RRMM will be presented at the 12th World Congress on COMy

        • +15.6% UMI.BB (Umicore) -- buy from neutral at Goldman Sachs

        • +15.4% VBK.GR (Verbio) -- Q3 EPS €0.36 vs FactSet €0.33 [1 est]; guides FY EBITDA to upper end of the €100-140M forecast range

        • +14.2% ACAG.GA (Austriacard Holdings) --Dai Nippon Printing offers to acquire company for €10/share in cash

        • +12.2% VK.FP (Vallourec) -- Q1 net income €87M vs consensus €77.9M; guides Q2

        • +11.2% ALFEN.NA (Alfen) -- Q1 adjusted EBITDA €8.2M vs FactSet €7.2M [2 est, €5.5-8.8M], reaffirms FY guidance

        • +10.6% MEKKO.FH (Marimekko) -- Q1 comparable EPS €0.10 vs FactSet €0.08 [5 est, €0.07-0.09]; confirms FY outlook

        • +8.7% ABN.NA (ABN AMRO Bank) -- Q1 EPS €0.78 vs consensus €0.63

        • +7.7% JST.GR (JOST Werke) -- Q1 Adjusted EPS €1.81 vs year-ago €1.62; confirms FY guidance

        • +7.3% NKT.DC (NKT) -- Q1 net income attributable €58M vs FactSet €39.2M [4 est, €32.8-47M]; reaffirms FY guidance

        • +7.2% MRK.GR (Merck KGaA) -- Q1 EPS pre €2.11 vs consensus €1.96; upgrades target corridors for its FY26 guidance

        • +5.4% BEKB.BB (Bekaert) -- Q1 revenue €917M vs FactSet €921.0M [1 est]

        • +5.3% ITRK.LN (Intertek Group) -- board open to recommending EQT final cash bid of £60.00/sh plus divi of up to 107.7p to shareholders; pauses further work on the strategic review

        • +5.0% TSK.SM (TSK Electronica y Electricidad) -- first day of trading on Spanish Stock Exchanges

        • +4.2% RIO.LN (Rio Tinto) -- issues outlook in presentation; targets 2030 copper production ~1Mt

        • +4.1% ZURN.SW (Zurich Insurance Group) -- Q1 Trading Update: well positioned to navigate the current uncertain environment and stay on track to meet or exceed its 2027 targets

        • +3.8% REC.IM (Recordati) -- Q1 adj. net income €188.1M vs FactSet €171.1M, guides FY adj net income €655-685M vs FactSet €653.7M

        • +3.5% GAMA.LN (Gamma Communications)

          • AGM Trading Update: a good start to FY26 and expects FY26 financial performance be in line with market expectations

          • confirms Providence Equity Partners L.L.C. are amongst parties in discussions with the company

        • +3.3% SIX2.GR (Sixt) -- Q1 net income €1.5M vs FactSet €0M [1 est]

        • +3.4% EOAN.GR (E.ON) -- Q1 adjusted net income €1.34B vs FactSet €1.33B; reaffirms FY guidance+3.1% TNIE.GR (tonies) -- Q1 revenue €125.6M vs FactSet €126.1M [2 est, €125.7-126.4M]; confirms guidance for FY26

        • +2.7% DEME.BB (DEME Group) -- Q1 revenue €1.02B vs FactSet €957.5M [1 est], reaffirms FY outlook

        • +2.7% PSM.GR (ProSiebenSat.1 Media) -- Q1 adj. EBITDA €44M vs FactSet €42.0M [2 est, €39-45M], FY outlook confirmed; buy from hold at mwb research

        • +2.6% FLS.DC (FLSmidth & Co.) -- Q1 net income DKK985M vs FactSet DKK836.8M [8 est, DKK741.9-1.00B], reaffirms FY guidance

          • On earnings/updates: PHIL.IM (Philogen), ALV.GR (Allianz), BAB.LN (Babcock International Group), DTE.GR (Deutsche Telekom), PNE3.GR (PNE), DMP.GR (Dermapharm Holding), VLA.FP (Valneva), AEVS.SW (AEVIS VICTORIA), CEC.GR (CECONOMY), SIE.GR (Siemens), INPST.NA (InPost), AKAST.NO (Akastor), PROX.BB (Proximus), ALO.FP (Alstom), HLAG.GR (Hapag-Lloyd), VER.AV (Verbund), COFA.FP (Coface), CRE.LN (Conduit Holdings), ADOC.FP (Adocia), MSLH.LN (Marshalls) and reversing initial falls ETL.FP (Eutelsat Communications), AG1.GR (Auto1 Group), TUI1.GR (TUI Group), PAH3.GR (Porsche Automobil Holding)

      • Notable Decliners

        • -20.6% ARAMI.FP (Aramis Group) -- prelim H1 adj. EBITDA €23.3M vs year-ago €32.8M, guides FY adj EBITDA €35-45M vs prior guidance at least €55M and FactSet €54.4M [3 est, €50.1-57.6M]

        • -16.3% ADEN.SW (Adecco Group) -- Q1 EPS €0.50 ex-items vs consensus €0.48, guides Q2

        • -12.5% VTY.LN (Vistry Group) -- Group's overall YTD sales rate +32% y/y; guides FY adj. PBT to be towards the middle of the range of analysts' forecasts £168-283M; pauses share buyback

        • -8.0% S92.GR (SMA Solar Technology) -- Q1 net income (€1.6M) vs FactSet €16.4M [1 est]; refines FY26 guidance

        • -7.0% GBF.GR (Bilfinger) -- Q1 EPS €0.99 vs FactSet €1.07 [2 est, €1.06-1.08]; FY guidance confirmed

        • -5.4% NYXH.BB (Nyxoah) -- Q1 EPS (€0.37) vs FactSet (€0.50) [6 est, (€0.59)-(0.45)]

        • -5.1% BAVA.DC (Bavarian Nordic) -- Q1 EBITDA DKK165M vs FactSet DKK264.3M [3 est, DKK240-290M]; maintains FY26 guidance

        • -5.1% COK.GR (CANCOM) -- Q1 EBIT €11.2M vs FactSet €11.5M [3 est, €10-13.6M]; confirms outlook for the 2026 financial year

        • -4.6% AVON.LN (Avon Technologies) -- H1 EPS $0.56 vs FactSet $0.42 [1 est], firmly on track to meet or exceed FY26 guidance

        • -4.4% BOUV.NO (Bouvet) -- Q1 EPS NOK0.93 vs FactSet NOK1.09 [2 est, NOK1.09-1.10]

        • -4.0% RRTL.GR (RTL Group) -- Q1 revenue €1.30B vs FactSet €1.28B [1 est], reaffirms FY outlook; launches share buyback offer

        • -3.5% FING.B.SS (Fingerprint Cards) -- Q1 EPS (SEK10.31) including items and unclear if comparable to FactSet (SEK1.14) [1 est]

        • -3.5% MOLN.SW (Molecular Partners) -- reports financial results and highlights for Q1

        • -3.4% OBCK.GR (Ottobock SE & Co. KGaA) -- acquires Blatchford Norway for ~€ 110M from Blatchford

        • -3.3% TRMD.A.DC (TORM) -- Q1 EPS $1.18 vs FactSet $1.33 [8 est, $1.13-1.54]; raises FY guidance

        • -3.0% GIVN.SW (Givaudan) -- transferred hold at Kepler Cheuvreux; prior rating was buy

        • -2.5% TEG.GR (TAG Immobilien) -- receives Polish antitrust authority approval for acquisition of rental unit portfolio

        • -2.5% RWE.GR (RWE) -- Q1 adj. net income €608M vs consensus €605M, confirms earnings guidance for 2026

          • On earnings/updates: IPH.FP (Innate Pharma), VTU.LN (Vertu Motors), SPX.LN (Spirax Group), LEG.GR (LEG Immobilien), INW.IM (Infrastrutture Wireless Italiane), SUNN.SW (Sunrise Communications), MOWI.NO (Mowi), GLJ.GR (GRENKE), HBX.SM (HBX Group International), HTG.GR (HomeToGo), SVS.LN (Savills), BNR.GR (Brenntag), DEQ.GR (Deutsche EuroShop) and reversing initial gains TCAP.LN (TP ICAP Group), AVIO.IM (Avio), BERG.B.SS (Bergman & Beving)

    • EU companies reporting tomorrow:

      • Earnings:

        • DACHs: Freenet (FNTN.GR)

        • Greece: HELLENiQ ENERGY Holdings (ELPE.GA)

        • Italy: Unipol Gruppo (UNI.IM), Technoprobe (TPRO.IM), A2A (A2A.IM), ACEA (ACE.IM), Carel Industries (CRL.IM), Moltiply Group (MOL.IM), Tinexta (TNXT.IM), doValue (DOV.IM), Italian Exhibition Group (IEG.IM), Equita Group (EQUI.IM), Orsero (ORS.IM), FNM (FNM.IM), Sabaf (SAB.IM), Biesse (BSS.IM), SYS-DAT (SYS.IM), Trevi-Finanziaria Industriale (TFIN.IM), Aquafil (ECNL.IM)

        • Nordics: Vantage Drilling International Ltd. (VDI.NO), S.D. Standard ETC (SDSD.NO), Electromagnetic Geoservices (EMGS.NO)

        • Other: CEZ (CEZ.CP), KRKA d.d. (KRKG.SV)

        • Spain: Telefonica (TEF.SM), MERLIN Properties SOCIMI (MRL.SM), Inmobiliaria Colonial SOCIMI (COL.SM)

        • UK: National Grid (NG.LN), 3i Group (III.LN), Land Securities Group (LAND.LN), Burberry Group (BRBY.LN), Grainger (GRI.LN), Auction Technology Group (ATG.LN), Future (FUTR.LN), Microlise Group Holdings (SAAS.LN)

      • Trading Update:

        • Southern Europe: Webuild (WBD.IM)

        • UK: Aviva (AV.LN), ITV (ITV.LN), Vesuvius (VSVS.LN), Princes Group (PRN.LN)

  • Data:

    • Economics:

      • Finland Apr CPI +1.5% y/y vs consensus +1.3%, prior +1.3%

      • Sweden Apr CPI (0.1%) y/y vs preliminary (0.1%)

      • France

        • Apr CPI +2.2% y/y vs preliminary +2.2%

        • Q1 unemployment rate 8.1% vs consensus 7.8%, prior 7.9%

      • Eurozone

        • Q1 GDP +0.8% y/y vs preliminary +0.8%

        • Mar industrial production (2.1%) y/y vs consensus (1.7%), prior revised (0.8%) from (0.6%)

      • Portugal Apr CPI +3.3% y/y vs preliminary +3.4%

    • Markets:

      • WTI Crude (Jun 26): +$0.22 or +0.22% to $102.40

      • €-$ (0.0026) or (0.22%) to 1.1716

      • £-$ (0.0015) or (0.11%) to 1.3525

      • €-£ (0.0008) to 0.8663

      • S&P 500 +0.27%

      • Performance year-to-date:

        • FTSE 100: +3.97%

        • DAX: (1.44%)

        • CAC: (1.74%)

        • MIB: +10.09%

        • Stoxx 600: +3.25%

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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