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StreetAccount Summary - Europe Pre-Open: FTSE (0.1%), DAX (0.9%), CAC (0.8%), IBEX (0.6%)

May 18 ,2026

• Synopsis

  • European equity markets set to open broadly lower, extending last week's losses.

  • US-Iran headlines leaning hawkish after President Trump said time is of the essence and urged Tehran to make deal. Told Axios he believes Iran wants a deal and is waiting for them to provide updated proposal, threatening to resume bombing otherwise. Israel's Channel 12 cited senior official who said country preparing for imminent resumption of war that may go for days or weeks. Trump expected to convene national security meeting Tuesday to discuss military options. Middle East tensions notched higher on weekend with UAE and Saudi Arabia reporting drone incidents (Reuters). UAE said one strike damaged nuclear plant while Saudis said three drones intercepted.

  • Some distance remains between US and Iran, clouding prospects of a negotiated settlement (Bloomberg). Iranian media noted US set five conditions for deal, including no war compensation, giving up HEU stockpiles to US, being allowed only one operational nuclear facility, unfreezing less than quarter of Iranian assets and conditioning ceasefire on progress on negotiations. Underlined contrast to Iran's red lines of lifting sanctions, unfreezing assets, payment of war compensation, and recognition of its control over Strait of Hormuz.

  • Asian equities mostly lower Monday. Markets in risk-off mode with Japan, Hong Kong and Taiwan seeing biggest falls. China activity indicators weakened noticeably in April, signaling loss of economic growth momentum following solid Q1. Industrial production growth unexpectedly slowing to softest since mid-2023 (chips and robotics the main drags), retail sales growth lowest since late 2022 (sharp fall in autos) and fixed asset investment returning to contraction (manufacturing and infrastructure weak). Property metrics showed deep downturn persisting with real estate investment declines quickening and new home prices shrinking at faster pace on a y/y basis.

  • European macro data releases out today include Switzerland Q1 preliminary GDP, Italy Mar trade balance

  • In central banks, Hungary central bank's Lamfalussy lectures conf sees Austria central bank's Kocher and Hungary cemtral bank's Varga speak at 9:00CET, BOE's Mann panellist at 10:30, Netherland central bank's former President Knot panellist at 12noon. ECB's Elderson panellist at 9:30CET at the 3rd Sustainability Standards Conf and BOE's Greene panellist at 8:35BST at FT business of luxury summit (through Tue). BOE's Benjamin on a roundtable at 16:00BST at Univ. of Glasgow 'Does bank capital still matter? Rethinking regulation for growth and stability'. ECB's Montagner speech at 17:15CET at conf organised by European University Institute/Bank Policy Institute. City Week (through Tue) sees speech at 9:10BST by Economic Secretary to the Treasury and City Minister Rigby.

  • Elsewhere on Mon, G7 finance ministers and central bank governors meeting in France (through Tue), ECB's Lagarde and Cipollone among the participants. Chancellor Merz hosts Bulgarian PM Radev and will discuss bilateral cooperation as well as issues of European and international security policy. A joint press conf will follow. Meeting of EU's Foreign Affairs Council (Development) whilst EU's von der Leyen delivers a keynote speech at the European Round Table for Industry's (ERT) spring plenary and EU's Šuica participates in the MED9 interior ministers' conf. Indian PM Modi in Norway (through Tue) attends Norwegian-Indian Business and Research Conf.

  • In the UK, the focus remains on PM Starmer as the selection process for the Labour Party candidate for the Makerfield constituency by-election sees applications close (Andy Burnham, potential challenger to PM, seen applying (Party's NEC will endorse a candidate on Thur)). Parliamentary business sees MPs debate on the King's Speech on backing business to create economic growth at 14:30BST, whilst committee topic include large business tax compliance (HMRC execs), the impact of biodiversity loss and ecosystem collapse on the UK's national security at 16:15 and protection of the UK's undersea cables from surveillance and sabotage at 16:30.

  • On the corporate front, Ryanair reported mixed FY results but declined to offer FY27 guidance citing zero second-half visibility and fuel price uncertainty. Says Q1 fares to be behind (mid-single digit percentage) year-ago, while Q2 pricing (with limited visibility) is now trending broadly flat and the final outcome will be totally dependent on close-in peak S.26 bookings and fares. IAG launched a €500M buyback, Publicis agreed to acquire LiveRamp for $2.17B in cash, strengthening its data capabilities. Standard Chartered named Manus Costello as CFO. ASML announced a strategic partnership with Tata Electronics. On the ratings front, Burberry was upgraded to overweight at Morgan Stanley, while Shell and Repsol were lifted to buy at HSBC. Commerzbank downgraded at KBW.

• Politics/Macro/World News

  • G7 finance ministers to discuss bond volatility as yields surge

  • UK May Rightmove house price index (0.3%) y/y vs prior (0.9%), +1.2% m/m vs prior +0.8% - Estate Agent Today

  • BoE should not be 'trigger happy' on rates, says top official - FT

  • Vox becomes kingmaker as Sánchez suffers defeat in Spanish regional election - FT

  • Spain's conservatives lose majority in Andalusia, making far-right deal likely - POLITICO

• Top company news

  • Earnings/updates

    • RYA.ID (Ryanair Holdings) -- reports FY EPS €2.04 vs FactSet €2.08 [19 est, €2.00-2.17]; says far too early to provide any meaningful FY27 profit guidance at this time

    • Cites zero H2 visibility and significant fuel price/potential supply volatility

    • SOON.SW (Sonova Holding) -- reports FY normalized EBITA CHF811.2M vs consensus CHF780.8M; hikes divi by 7% and guides FY26/27

    • KESKOB.FH (Kesko) -- reports Apr sales from continuing operations €1.15B, +4.8% in comparable terms

    • Also reporting today

      • Earnings:

        • Benelux: Banijay Group (BNJ.NA)

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

        • 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) event, SYS-DAT (SYS.IM) strategic update call, Marimekko (MEKKO.FH) group meeting for institutional investors in Helsinki, OHB (OHB.GR)

  • M&A

    • PUB.FP (Publicis), RAMP (LiveRamp Holdings) -- Publicis to acquire LiveRamp for $38.50/share in cash, or EV of $2.17B (€1.86B) total

    • EL (Estée Lauder) -- Final bids are in for Estée Lauder's Too Faced, Smashbox and Dr. Jart -- Women's Wear Daily

    • SHEL.LN (Shell Plc) -- XRG and EIG emerge as frontrunners for Shell Plc's 16.67% stake in the North West Shelf LNG project - The Australian

    • AAL.LN (Anglo American) -- Dilmar emerges as leading bidder for Anglo American's Queensland met coal assets as deal nears - The Australian

    • BEZ.LN (Beazley) -- FTC grants antitrust clearance for Zurich Insurance Group's purchase of Beazley

    • AMS.LN (Advanced Medical Solutions Group) -- TA Associates (UK), LLP announces it does not intend to make an offer for Advanced Medical Solutions Group

    • FEN.LN (Frenkel Topping Group) -- Frenkel Topping Group and Irwell Bidco provide further update on FCA condition and proposed second extension of Long Stop date

    • MAHA.A.SS (Maha Capital) -- and BWIV terminate the Letter of Intent for proposed SPAC transaction

    • FTC grants antitrust clearance for transaction involving Elon Musk and New APR Energy, LLC

  • Healthcare

    • AZN.LN (AstraZeneca) -- FDA approves sBLA for Enhertu; two new indications for adults with HER2+ early-stage breast cancer

    • REGN (Regeneron) -- Phase 3 trial of LAG-3 inhibitor fianlimab in combination with PD-1 did not achieve primary endpoint of PFS

    • NOVN.SW (Novartis) -- presents new data from PSMAddition at AUA 2026, demonstrates improved prostate-specific antigen responses with Pluvicto combined with standard of care in PSMA-positive metastatic hormone sensitive prostate cancer

    • ROP.SW (Roche Holding) -- FDA approves Tecentriq and Tecentriq Hybreza for MIBC

    • ROP.SW (Roche Holding) -- Follow-up: FDA approves Tecentriq and Tecentriq Hybreza for MIBC

    • BIO (Bio-Rad Laboratories) -- Elliott builds sizeable stake in Bio-Rad Laboratories and will push company to boost stock price; also has large investment in Sartorius - media report

    • IPN.FP (Ipsen) -- presents first corabotase data for moderate-to- severe glabellar lines at the 2026 Scale Symposium in Nashville, TN

    • IPN.FP (Ipsen) -- initiates new share buy-back program; to purchase an aggregate number of up to 350,000 shares over maximum period of six months.

    • NANO.FP (Nanobiotix) -- presents Part 1 data from CONVERGE study of JNJ-1900 at ESTRO 2026

    • COPN.SW (Cosmo Pharmaceuticals) -- announces completion of patient enrolment in Phase II clinical trial evaluating novel investigational therapy, Rifamycin enema, for treatment of distal ulcerative colitis and ulcerative proctitis

    • B9P1.GR (NovaBay Pharmaceuticals) -- SEC filing: 10-Q

    • 532296.IN (Glenmark Pharmaceuticals) -- USA launches vancomycin hydrochloride injection USP

    • CRNA.NO (Circio Holding) -- presents new circVec data at ASGCT supporting substantial AAV dose reduction

  • Other

    • ASML.NA (ASML Holding) -- announces strategic partnership with Tata Electronics

    • VTY.LN (Vistry Group) -- workers to stop work on some housing projects in order to preserve cash -- Sunday Times

    • ABI.BB (Anheuser-Busch InBev) -- SEC filing: SCHEDULE 13D/A (Filed by BRC S.a.R.L.)

    • MBG.GR (Mercedes-Benz Group) -- open to moving into defense production - Reuters

    • IAG.LN (International Consolidated Airlines Group) -- announces launch of €500M share buyback programme

    • STAN.LN (Standard Chartered) -- appoints Manus Costello as CFO

    • 8S30.GR (Sphere 3D) -- SEC filing: 10-Q

    • 57L.GR (Sono Group) -- SEC filing: NT 10-Q

    • Estimated weekend box office revenues in US, Canada $105.0M, +0.2% y/y - Box Office Mojo

    • Follow-up: ERock, Inc. files for IPO of indeterminate amount - S-1

    • JLR, GM among carmakers hoping for £900M ($1.20B/INR115.119T) UK defence contract - The Guardian

    • Market Voices: Business Breakdowns on Auto1 Group, Europe's used-car market, and the long-term outlook for online vehicle retail

    • Nidec to exit EV drive component JV with Guangzhao Automobile Group in move away from expansion strategy - Nikkei

    • Regional Gaming Revenues - New Jersey Month April 2026

    • Santos reports first oil from Pikka phase 1 development on Alaska's North Slope

• Key rating changes

  • Upgrades

    • BRBY.LN (Burberry Group) -- to overweight from equal-weight at Morgan Stanley

    • CRL.IM (Carel Industries) -- to buy from hold at Equita

    • CRL.IM (Carel Industries) -- to outperform from neutral at Intermonte

    • MOWI.NO (Mowi) -- to buy from hold at Pareto

    • REP.SM (Repsol) -- to buy from hold at HSBC

    • SHEL.LN (Shell Plc) -- to buy from hold at HSBC

    • TPRO.IM (Technoprobe) -- to buy from neutral at BofA

  • Downgrades

    • CBK.GR (Commerzbank) -- to market perform from outperform at Keefe, Bruyette & Woods

    • BPE.IM (BPER Banca) -- to hold from buy at Deutsche Bank

    • OXIG.LN (Oxford Instruments) -- to hold from buy at Berenberg

    • TATE.LN (Tate & Lyle) -- to hold from buy at Kepler Cheuvreux

    • TWEKA.NA (TKH Group) -- to neutral from outperform at Oddo

    • ASA.NO (Atlantic Sapphire) -- to sell from neutral at Sparebank 1 Markets

  • Initiations

    • BFIT.NA (Basic-Fit) -- outperform at Bernstein

• Data

  • Nikkei (0.60%) to 61042.93

  • Hang Seng (1.23%) to 25644.10

  • Shanghai Composite (0.06%) to 4133.10

  • S&P futures (42.5) vs prior close of 7432.3

  • €-$ +0.0002 or +0.02% to 1.1626

  • $-¥ +0.32 or +0.20% to 158.93

  • €-¥ +0.41 or +0.22% to 184.73