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StreetAccount Summary - EU Market Recap: FTSE 100 (1.71%) to 10195.37, DAX (2.07%) to 23950.57, CAC40 (1.60%) to 7952.55, STOXX 600 (1.48%) to 606.92

May 15 ,2026

  • Synopsis:

    • European equity markets closed sharply lower with regional markets down on the week. Cyclicals lead the declines with miners. food/beverage, Media and Energy outperform vs the broader market.

    • Trump-Xi continues with talks that so far appear to have delivered some outcomes on trade, including smaller-than-hoped for Boeing orders. USTR Greer anticipates China to make significant purchases of agricultural products and Trump noted Xi's interest in purchasing US energy. China Foreign Ministry statement was vague, noting only that two sides reached consensus on addressing concerns and improving coordination on global matters. Iran comments mostly reiteration with China urging diplomacy and reopening Strait of Hormuz as soon as possible. Trump said would like to see Hormuz opened but US doesn't need it open.

    • No one specific explanation for pullback in European equity markets. With limited macro updates of note, focus on backup in bond yields amid upside inflation risks. Lack of diplomatic progress in reopening Strait of Hormuz undermining sentiment in Europe, given widely discussed dependency on energy imports. ECB policymakers continue to offer mixed comments. Analysts shifting attention to impact on earnings outlook from sustained period of high energy prices despite narrative on earnings resilience.

    • UK politics remains in the headlines. Manchester mayor Burnham has started his bid to challenge PM Starmer as leader after a Labour backbench MP stepped aside giving him a possible path back to Westminster. Polls show Burnham the most likely to beat Starmer in a head-to-head contest. Worries over fiscal policy continue to weigh on UK assets. Elsewhere, German economy ministry warns on Q2 growth hit from Iran war. Chancellor Merz called for EU budget overhaul to prioritize investment in defense but ruled out taking on more debt. Italian final CPI revised down a notch to 2.7% y/y.

    • On the earnings front, Salvatore Ferragamo (SFER.IM) shares slide on reported Q1 revenue €209M vs consensus €213.8M. Nagarro (NA9.GR) reported Q1 net income €19.2M vs year-ago €11.2M and Unipol Gruppo (UNI.IM) is also out with Q1. Fraport (FRA.GR) and Flughafen Zuerich (FHZN.SW) published Apr traffic data. WHP Global announce deal to acquire Marc Jacobs brand from LVMH (MC.FP).

    • Looking ahead to monday's calendar (see - Europe Week Ahead: 18-May to 22-May attached) Banijay Group (BNJ.NA), Sonova Holding (SOON.SW), BW Offshore (BWO.NO), Bure Equity (BURE.SS), Smart Eye (SEYE.SS), Ryanair Holdings (RYA.ID), Solaria Energia (SLR.SM), Big Yellow Group (BYG.LN), and Kainos Group (KNOS.LN) will be amongst other names to update investors, whilst the macro-calendar releases will include Switzerland Q1 preliminary GDP and Italy Mar trade balance.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Food, Beverage and Tobacco +0.01%, Media (0.14%), Energy(0.14%), Personal Care Drug and Grocery Stores (0.19%), Insurance (0.28%), Health Care (0.35%), Financial Svcs (0.53%), Chemicals (0.97%), Telecom (1.11%), Consumer Products and Services (1.18%),

      • Underperformers:

        • Basic Resources (5.11%), Utilities (3.70%), Construct & Mtls (2.57%), Ind Goods & Svcs (2.47%), Real Estate (2.21%), Autos & Parts (1.87%), Technology (1.74%), Travel & Leisure (1.61%), Banks (1.60%),

    • Macro/Peripheral markets:

      • Geopolitics

        • Trump says he 'made no commitment either way' to Xi on Taiwan - BBC

        • Russia, Ukraine free prisoners of war after Trump deal - Politico

        • Trump suggests deadly Russian strike on Kyiv could set back peace efforts - Reuters

        • Global bonds tumble on fears of inflation shock from Iran war - FT

        • US and Iran Appear to Postpone Uranium Talks Until Later Date - Bloomberg

      • EU

        • Europe 'clarifies' how human rights apply to migrants in bid to stave off populists - Politico

      • UK

        • Streeting backs Burnham for return to Westminster, saying he is Labour's best chance of winning byelection - The Guardian

        • Left-leaning Andy Burnham's leadership tilt spooks bond market - The Times

      • Germany

        • German government expects economic damper in the second quarter - Handelsblatt

        • Merz: Germany should become a leader in CO₂ storage - Handelsblatt

      • Poland

        • US scraps deployment of 4,000 troops to Poland - Reuters

    • Company news:

      • Trading Higher:

        • +11.6% QTCOM.FH (Qt Group €22.84, +2.40)

        • +6.4% ALSN.SW (ALSO Holding CHF173.60, +10.40)

        • +5.8% ABDN.LN (Aberdeen Group £2.39, +0.13) -- Citi upgrade

        • +5.2% III.LN (3i Group £22.20, +1.10)

        • +5.0% TLGO.SM (Talgo €2.83, +0.14)

        • +4.7% SWON.SW (SoftwareONE Holding CHF8.21, +0.37)

        • +4.4% WKL.NA (Wolters Kluwer €60.92, +2.58)

        • +3.9% SOL.SJ (Sasol ZAR224.72, +8.49)

        • +3.4% EKT.GR (EnergieKontor €46.90, +1.55)

        • +2.9% TOKMAN.FH (Tokmanni Group €6.59, +0.19)

        • +2.9% LSL.LN (LSL Property Services £2.11, +0.06) -- AGM trading update

      • Trading Lower:

        • -18.7% SFER.IM (Salvatore Ferragamo €6.63, -1.52) -- Q1 revenue

        • -10.3% ANTO.LN (Antofagasta £38.31, -4.39) -- sector move

          • -10.1% FRES.LN (Fresnillo £33.33, -3.74) --

          • -8.7% HOC.LN (Hochschild Mining £5.94, -0.58) --

          • -7.0% ERA.FP (Eramet €55.90, -4.20) --

          • -6.1% AAL.LN (Anglo American £38.06, -2.48) --

          • -3.7% GLEN.LN (Glencore £5.72, -0.22) --

          • -3.2% VOE.AV (Voestalpine €44.70, -1.48) --

          • -2.2% TKA.GR (ThyssenKrupp €10.58, -0.23) --

        • -8.1% OHB.GR (OHB SE €448.00, -40.00)

        • -7.3% VAL.SJ (Valterra Platinum ZAR1,358.00, -107.64)

        • -7.1% SESG.FP (SES €7.50, -0.57) -- initiated neutral at New Street Research

        • -7.0% CNA.LN (Centrica £1.88, -0.14) -- British Gas settlement update

        • -6.4% AIXA.GR (Aixtron €51.78, -3.56)

        • -5.1% LHN.SW (Holcim CHF72.94, -3.86)

        • -4.9% WBD.IM (Webuild €2.58, -0.13) -- trading update

        • -4.7% AUS.GR (AT & S Austria Technologie & Systemtechnik €101.00, -5.00)

        • -4.6% ASML.NA (ASML Holding €1,300.00, -63.00)

        • -4.1% MEKKO.FH (Marimekko €10.28, -0.44)

        • -4.0% ASM.NA (ASM International €862.80, -36.00)

        • -4.0% IFX.GR (Infineon Technologies €65.08, -2.74)

        • -3.8% ATS.AV (AT & S Austria Technologie & Systemtechnik €100.40, -4.00)

        • -3.4% GFTU.LN (Grafton Group £8.04, -0.28) -- trading update

        • -3.0% BRBY.LN (Burberry Group £10.54, -0.32)

        • -2.9% CO.FP (Casino Guichard-Perrachon €0.23, -0.01) -- reports discussions are continuing with financial creditors across various entities within the group

        • -2.9% AMS.SW (ams-OSRAM CHF18.30, -0.55)

        • -2.9% SUY1V.FH (Suominen €1.02, -0.03)

        • -2.7% S92.GR (SMA Solar Technology €62.75, -1.75)

        • -2.3% TEF.SM (Telefonica €3.94, -0.09)

        • -1.9% LDO.IM (Leonardo €48.91, -0.93)

        • -1.9% RHM.GR (Rheinmetall €1,121.00, -21.60)

        • -1.5% CARD.LN (Card Factory £0.68, -0.01) -- Berenberg downgrade

    • EU companies reporting Monday:

      • Earnings:

        • Benelux: Banijay Group (BNJ.NA)

        • DACHs: Sonova Holding (SOON.SW)

        • Nordics: BW Offshore (BWO.NO), Bure Equity (BURE.SS), Smart Eye (SEYE.SS)

        • Other: Ryanair Holdings (RYA.ID)

        • Southern Europe: Solaria Energia (SLR.SM)

        • UK: Big Yellow Group (BYG.LN), Kainos Group (KNOS.LN)

      • Trading Update:

        • Benelux: Jensen-Group (JEN.BB)

      • Traffic/Sales: Aeroport de Paris (ADP.FP), Hemnet Group (HEM.SS)

      • CMD/Events: Standard Chartered (STAN.LN)

  • Data:

    • Economics:

      • Norway Apr Trade Balance NOK84.2B vs consensus NOK105B and prior NOK97.5B

      • Italy Apr CPI +2.7% y/y vs preliminary +2.8%

    • Markets:

      • WTI Crude (Jun 26): +$3.33 or +3.29% to $104.50

      • €-$ (0.0044) or (0.38%) to 1.1626

      • £-$ (0.0079) or (0.59%) to 1.3322

      • €-£ +0.0020 to 0.8728

      • S&P 500 (0.17%)

      • Performance year-to-date

        • FTSE 100: +2.66%

        • DAX: (2.20%)

        • CAC: (2.42%)

        • MIB: +9.28%

        • Stoxx 600: +2.49%

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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