May 13 ,2026
Synopsis
European equity markets are set for a positive open. Sweden closes early for Ascension Day. Asian equities mixed Wednesday. South Korea rebounding with SK Hynix rallying. Taiwan lagging amid weakness in TSMC. Mild gains in Japan. Alibaba weighing on Hong Kong ahead of earnings. Mainland China little changed with chip stocks under pressure. S&P 500 futures steady afterhours.
UK politics to remain in the headlines. Today's King's Speech to officially reopen parliament after recess with legislative aims overshadowed by speculation on PM Starmer's future. Press reports said leadership hopeful Streeting to hold a showdown talks with Starmer today, but not clear if he will officially launch a campaign. Elsewhere, Bundesbank chief Nagel said ECB rate hikes are increasingly likely.
In the UK, State Opening of Parliament at 11:25BST including the King's Speech (contains an outline of government's policies and proposed legislation for the parliamentary session) and will be followed by a MPs debate on the address at 14:30. Norway's foreign minister Eide attends security conf in Romania and the B9 group of NATO eastern-flank states is holding a summit. Conferences include FT event Digital Assets Summit (through Thu) speakers include UK's Economic Secretary to the Treasury Rigby at 9:05BST, BOE's Mills panellist at 13:00 and also Energy Transition Summit: East Med & Southeast Europe (through Thu) speakers include political leaders, Greece central bank's Stournaras and senior company execs.
OPEC and IEA publish their latest monthly oil market reports.
In central banks, Austria central bank's Stiftinger press conf at 11:00CET on Austria's Foreign Trade Between Risks and Opportunities (and again on Wed) and BOE's Mann speech at 15:00BST at the London School of Economics and Political Science 'The UK's international exposures and vulnerabilities'. ECB speakers include Buch lecture at 14:15CET at Univ. of Tübingen, Lane speech at 20:00BST at event organised by Centre for European Reform (CER) and Lagarde speech at 21:15CET at the dinner preceding the Karlspreis (Charlemagne Prize) ceremony; attends the ceremony on Thu. Also, releasing MPC minutes are, Riksbank at 9:30CET and Hungary's central bank.
On the macro front, France Apr final CPI, Q1 unemployment rate, Eurozone Q1 GDP - 2nd estimate, Mar industrial production, Sweden Apr final CPI, Portugal Apr final CPI, Netherlands Apr final CPI and Finland Apr CPI
A busy morning for earnings kicked off with DACHs region companies Siemens (SIE.GR), Zurich Insurance Group (ZURN.SW), Allianz (AOLV.GR), Merck (MRK.GR), E.ON (EOAN.GR), RWE (RWE.GR), LEG Immobilien (LEG.GR) and Deutsche Telekom (DTE.GR). From Benelux, ABN AMRO Bank (ABN.NA), InPost (INPST.NA) and Proximus (PROX.BB) updated investors and in France, Eutelsat Communications (ETL.FP), Eiffage (FGR.FP), Valneva (VLA.FP), Vallourec (VK.FP) and Alstom (ALO.FP). Elsewhere, Recordati (REC.IM) and FLSmidth & Co. (FLS.DC) reported Q1 and Rio Tinto (RIO.LN) updated on targeted production.
Politics/Macro/World News
Finland Apr CPI +1.5% y/y vs consensus +1.3% and prior +1.3%
Top company news
Earnings/updates
Benelux:
PROX.BB (Proximus) -- reports Q1 net income €124M vs consensus €69M
NYXH.BB (Nyxoah) -- reports Q1 EPS (€0.37) vs FactSet (€0.50) [6 est, (€0.59)-(0.45)]
ABN.NA (ABN AMRO Bank) -- reports Q1 EPS €0.78 vs consensus €0.63
INPST.NA (InPost) -- reports Q1 adjusted net income PLN71.9M vs FactSet PLN67M; reaffirms FY guidance
ALFEN.NA (Alfen) -- reports Q1 adjusted EBITDA €8.2M vs FactSet €7.2M [2 est, €5.5-8.8M]
DEME.BB (DEME Group) -- reports Q1 revenue €1.02B vs FactSet €957.5M [1 est]
BEKB.BB (Bekaert) -- reports Q1 revenue €917M vs FactSet €921.0M [1 est]
DACHs:
SIE.GR (Siemens) -- reports Q2 EPS pre-PPA €2.81 vs consensus €2.68; confirms FY guidance
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
MRK.GR (Merck) -- reports Q1 EPS pre €2.11 vs consensus €1.96; upgrades target corridors for its FY26 guidance
DTE.GR (Deutsche Telekom) -- reports Q1 adjusted net profit €2.60B vs consensus €2.42B; tweaks up 2026 Adjusted EBITDA AL and FCF AL guidance
EOAN.GR (E.ON) -- reports Q1 adjusted net income €1.34B vs FactSet €1.33B; reaffirms FY guidance
LEG.GR (LEG Immobilien) -- reports Q1 FFO I per share €1.52 vs year-ago €1.53; guidance 2026 unchanged and confirmed
SUNN.SW (Sunrise Communications) -- reports Q1 adj EBITDAaL CHF245.9M vs consensus CHF240.0M; financial guidance for 2026 reconfirmed
GBF.GR (Bilfinger) -- reports Q1 EPS €0.99 vs FactSet €1.07 [2 est, €1.06-1.08]; FY guidance confirmed
BNR.GR (Brenntag) -- reports Q1 EPS €0.68 vs consensus €0.67; Operating EBITDA guidance for the full year 2026 confirmed
RWE.GR (RWE) -- reports Q1 Adj. Net income €608M vs consensus €605M; confirms earnings guidance for 2026
TUI1.GR (TUI Group) -- reports Q2 Underlying EPS (€0.64) vs FactSet (€0.54) [2 est, (€0.59)-(0.49)]
ADEN.SW (Adecco Group) -- reports Q1 EPS €0.50 ex-items vs consensus €0.48
ALV.GR (Allianz) -- reports Q1 core net income €3.79B vs consensus €3.59B; on track to achieve FY outlook of operating profit of €17.4B, +/- €1B
CEC.GR (CECONOMY) -- reports Q2 adj EPS (€0.14) vs year-ago (€0.06); guidance 2025/26 confirmed and specified
MOLN.SW (Molecular Partners) -- reports financial results and highlights for Q1 2026
DEQ.GR (Deutsche EuroShop) -- reports Q1 FFO per share €0.46 vs year-ago €0.52; Full-year forecast confirmed; Conversion to a Societas Europaea (SE) planned
1SXP.GR (SCHOTT Pharma) -- reports Q2 EPS €0.21 vs FactSet €0.21 [3 est, €0.17-0.23]; reaffirms FY guidance
S92.GR (SMA Solar Technology) -- reports Q1 net income (€1.6M) vs FactSet €16.4M [1 est]; refines FY26 guidance
HTG.GR (HomeToGo) -- reports Q1 adjusted EBITDA (€26.8M) vs FactSet (€22.5M) [2 est, (€28.7)-(16.2M)]; reaffirms FY guidance
PCZ.GR (ProCredit Holding) -- reports Q1 net income €21.7M vs FactSet €22.1M [1 est]
AEVS.SW (AEVIS VICTORIA) -- reports Q1 EBITDAR CHF22.0M, representing margin of 32.4% vs year-ago 32.7%
GLJ.GR (GRENKE) -- reports Q1 EPS €0.03 vs year-ago (€0.02); 2026 guidance unchanged
AG1.GR (Auto1 Group) -- reports Q1 adj EBITDA €59.8M vs FactSet €60.0M [4 est, €54-67.6M]; confirms FY26 guidance
SEM.AV (Semperit Holding) -- reports Q1 EPS €0.43 vs year-ago (€0.35); Confirms FY outlook
HLAG.GR (Hapag-Lloyd) -- reports Q1 net income (€219M) vs FactSet (€185.6M) [3 est, (€260)-(104.8M)]; earnings outlook reiterated but subject to significant uncertainty
PSM.GR (ProSiebenSat.1 Media) -- reports Q1 adj. EBITDA €44M vs FactSet €42.0M [2 est, €39-45M]
SIX2.GR (Sixt) -- reports Q1 net income €1.5M vs FactSet €0M [1 est]
France:
ALO.FP (Alstom) -- reports FY net income €324M vs FactSet €519.9M [8 est, €330-700.5M]
VK.FP (Vallourec) -- reports Q1 net income €87M vs consensus €77.9M; guides Q2
ETL.FP (Eutelsat Communications) -- reports Q3 revenue €300.0M vs consensus €290.0M; confirms outlook
FGR.FP (Eiffage) -- reports Q1 revenue €5.62B vs StreetAccount €5.73B; confirms FY outlook
COFA.FP (Coface) -- reports Q1 net income €53.6M vs FactSet €53M [1 est]
ADOC.FP (Adocia) -- reports Q1 revenue €0M vs FactSet €0.0M [1 est]
ARAMI.FP (Aramis Group) -- reports preliminary H1 revenue €1.13B vs year-ago €1.21B
VLA.FP (Valneva) -- reports Q1 net income (€32.1M) vs FactSet (€13.3M) [3 est, (€15.9)-(8.4M)]; cuts revenue guide to €145M - €160M from €155M - 170M; plans further restructuring, including 10-15% global workforce reduction
IPH.FP (Innate Pharma) -- reports Q1 revenue €2.6M vs FactSet €2.3M
Nordics:
FLS.DC (FLSmidth & Co.) -- reports Q1 net income DKK985M vs FactSet DKK836.8M [8 est, DKK741.9-1.00B]
NKT.DC (NKT) -- reports Q1 net income attributable €58M vs FactSet €39.2M [4 est, €32.8-47M]; reaffirms FY guidance
BAVA.DC (Bavarian Nordic) -- reports Q1 EBITDA DKK165M vs FactSet DKK264.3M [3 est, DKK240-290M]; maintains FY26 guidance
AFG.NO (AF Gruppen) -- reports Q1 EPS NOK1.84 vs FactSet NOK1.78 [3 est, NOK1.69-1.90]
MOWI.NO (Mowi) -- reports Q1 underlying EPS €0.27 vs FactSet €0.25 [11 est, €0.23-0.29]
MEKKO.FH (Marimekko) -- reports Q1 comparable EPS €0.10 vs FactSet €0.08 [5 est, €0.07-0.09]; confirms FY outlook
BOUV.NO (Bouvet) -- reports Q1 EPS NOK0.93 vs FactSet NOK1.09 [2 est, NOK1.09-1.10]
AKAST.NO (Akastor) -- reports Q1 net income NOK89.0M vs FactSet NOK172.4M [1 est]
Southern Europe:
REC.IM (Recordati) -- reports Q1 adjusted net income €188.1M vs FactSet €171.1M
INW.IM (Infrastrutture Wireless Italiane) -- reports Q1 net income €81.0M vs FactSet €80.5M [1 est]; Confirms FY26 outlook
AVIO.IM (Avio) -- reports Q1 EBIT €0.1M vs FactSet (€0.4M) [2 est, (€0.8)-0M]
PHIL.IM (Philogen) -- reports Q1 net financial position and update on industrial programs
UK:
RIO.LN (Rio Tinto) -- issues outlook in presentation; targets 2030 copper production ~1Mt
M&A
BF.B (Brown-Forman) -- rejects offer from Sazerac - media report
VOW3.GR (Volkswagen) -- EQT AB tapping funding from Qatari sovereign fund as it prepares to make binding bid for Volkswagen AG's Everllence unit by deadline next month -- Bloomberg
FGR.FP (Eiffage) -- acquires 74.9% stake in Hand & Werk; price undisclosed
ELIS.FP (Elis) -- announces acquisition of Wäscher Perle in Switzerland. Terms were not disclosed
TEG.GR (TAG Immobilien) -- receives Polish antitrust authority approval for acquisition of rental unit portfolio
ROSE.LN (Rosebank Industries) -- completes acquisition of CPM
ENDUR.NO (Endur ASA) -- Endur ASA's HAB to acquire Enviro Entreprenør for EV of NOK25M
ENDUR.NO (Endur ASA) -- Endur ASA's BMO to acquire Wimo for EV of NOK80M
Anthropic in advanced talks to buy Stainless for at least $300M - The Information, citing person with knowledge
Aichi Financial Group, San ju San Financial Group in final talks to merge - NHK
Trading halted in San ju San Financial Group and Aichi Financial Group, pending confirmation of authenticity of media reports related to merger
Aichi Financial, San ju San Financial say they have made decisions on basic agreement for business integration
Healthcare
LLY (Eli Lilly) -- reports Surmount-maintain and Attain-maintain late-phase trials results, people with obesity maintained weight loss long term with either Foundayo or lower-dose Zepbound after switching from higher doses of injectable incretin therapy
ROP.SW (Roche Holding) -- Transcript Intelligence: Roche Holding Investor Day - Diagnostics
EVT.GR (Evotec) -- successfully placed €116.1M convertible bonds
CVSG.LN (CVS Group) -- Activist Converium Capital builds 2% stake in CVS Group; threatens to mobilize shareholders to nominate directors if the company doesn't comply with its demands - FT
MEDCL.FP (MedinCell) -- Transcript Intelligence: MedinCell R&D Day
ADOC.FP (Adocia) -- Business Update; to ensure acceleration and success of its flagship BioChaperone technology, is reallocating human and financial resources and slowing down the development of AdoShell
Other
ORA.FP (Orange) -- Group among a group of investors that announced a MoU to initiate Via Africa subsea cable project
IAG.LN (International Consolidated Airlines Group) -- International Consolidated Airlines confirms final repurchase price of outstanding €825M 1.125% senior unsecured convertible bonds due 2028
EQT.SS (EQT AB) -- resolves on share repurchase for maximum 4.4M shares (SEK 2.5B)
GTT.FP (Gaztransport & Technigaz) -- receives order from Samsung Heavy Industries for tank design of new floating storage and regasification unit
TEL2.B.SS (Tele2) -- CEO Jean Marc Harion to step down
RRTL.GR (RTL Group) -- appoints Clément Schwebig new CEO; Alexander von Torklus to succeed Björn Bauer as CFO
FLOW.NA (Flow Traders) -- releases April 2026 ETP market statistics
Key rating changes
Upgrades
UHR.SW (Swatch Group) -- to sector perform from underperform at RBC Capital Markets
UMI.BB (Umicore) -- to buy from neutral at Goldman Sachs
Downgrades
HEIA.NA (Heineken) -- to neutral from overweight at JPMorgan
UN0.GR (Uniper) -- to reduce from hold at Kepler Cheuvreux
Initiations
BEAN.SW (BELIMO Holding) -- overweight at Barclays
Data
Nikkei +0.81% to 63247.71
Hang Seng (0.04%) to 26338.61
Shanghai Composite +0.43% to 4232.45
S&P futures +12.3 vs prior close of 7426.5
€-$ (0.0007) or (0.06%) to 1.1735
$-¥ +0.09 or +0.06% to 157.70
€-¥ (0.01) or (0.01%) to 185.04
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