May 15 ,2026
Synopsis
European indices are set to open lower as Asian equities trade lower. Risk-off session with memory pullback weighing on South Korea's benchmark. Hong Kong leading declines in China with mainland indexes reversing initial weakness. Losses picking up in Japan. Taiwan has flipped negative.
US equities finished higher in Thursday trading, ending a bit off best levels. S&P and Nasdaq again set fresh ATHs and remain on pace for solid weekly gains.
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.
Friday sees, in central banks, ECB's Economic Bulletin Issue 3/2026 published at 10:00CET. Croatia central bank's Vujcic and Slovenia central bank's Dolenc speak at ~10:30CET at a roundtable of regional central-bank governors organized by the Croatian bank and Pula School of Economics title 'From Experiment to Infrastructure: Digital Assets in Traditional Financial World.' In politics,
Economic data due today: Norway Apr trade balance, Italy Apr final CPI
Earnings reported so far today: NA9.GR Nagarro reports Q1 net income €19.2M vs year-ago €11.2M; reaffirms FY outlook. KOSKI.FH Koskisen reports Q1 EPS €0.04 vs FactSet €0.14 [3 est, €0.09-0.19]. UNI.IM Unipol Gruppo reports Q1 net income €329M vs FactSet €307.2M. FRA.GR Fraport reports Apr Frankfurt Airport traffic statistics: passengers 4.8M, (11.0%) y/y
Politics/Macro/World News
Top company news
Earnings/updates
SFER.IM (Salvatore Ferragamo) -- reports Q1 revenue €209M vs consensus €213.8M
RUM (Rumble) -- reports Q1 EPS ($0.12) vs FactSet ($0.09) [2 est, ($0.09)-(0.09)]
SYENS.BB (Syensqo) -- reports Q1 underlying net income €68M vs FactSet €37.2M [4 est, (€37)-100.7M]
FNTN.GR (Freenet) -- reports Q1 Adjusted EBITDA €122.0M vs consensus €119.0M; 2026 guidance confirmed
MOL.IM (Moltiply Group) -- reports Q1 net income €22.9M vs FactSet €15.4M [2 est, €14.7-16M]
M&A
MC.FP (LVMH Moet Hennessy Louis Vuitton) -- WHP Global to acquire Marc Jacobs brand from LVMH; terms undisclosed
RUM (Rumble) -- reports Q1 EPS ($0.12) vs FactSet ($0.09) [2 est, ($0.09)-(0.09)]
AMG.NA (AMG Critical Materials) -- announces strategic acquisition of Zinnwald Lithium
IRE.IM (Iren) -- Iren's CO.GE.S.I. Scrl to take over the management of the integrated water service in Cuneo ATO 4
CVW.AU (ClearView Wealth) -- ACCC determines proposed acquisition of ClearView by Zurich may be put into effect
Healthcare
BAYN.GR (Bayer AG) -- Transcript Intelligence: Bayer AG at BMO Global Farm to Market Conference
Other
STLAM.IM (Stellantis) -- Stellantis, Dongfeng Group sign strategic cooperation agreement, nonbinding strategic MoU
BA.LN (BAE Systems) -- awarded $535.6M US Army contract
DNB.NO (DNB Bank) -- initiates up to 14.4M share buy-back; repurchases to be completed by 14-Aug-26
Cerebras nearly doubles in trading debut; Clarity Act bill clears Senate banking committee in intraday themes (14-May)
Key rating changes
Upgrades
FRA.GR (Fraport) -- to neutral from sell at UBS
Downgrades
SAB.SM (Banco de Sabadell) -- to underperform from market perform at Keefe, Bruyette & Woods
BPE.IM (BPER Banca) -- to neutral from buy at UBS
CARD.LN (Card Factory) -- to hold from buy at Berenberg
Data
Nikkei (1.88%) to 61474.51
Hang Seng (1.35%) to 26033.53
Shanghai Composite (0.35%) to 4163.18
S&P futures (39.3) vs prior close of 7525.5
€-$ (0.0023) or (0.19%) to 1.1647
$-¥ +0.16 or +0.10% to 158.54
€-¥ (0.17) or (0.09%) to 184.65
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