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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.07% to 10330.55, DAX +0.38% to 24400.65, CAC40 (0.07%) to 7981.76, STOXX 600 +0.19% to 611.34

May 19 ,2026

  • Synopsis:

    • European equity markets finished mostly higher yet off best levels with France, Italy and Spain bucking the trend at the close. Media, financial services, retail and food/beverage the top gainers. Basic resources, autos and energy the main laggards. US equity markets lower in midday trading. Treasuries weaker across the curve, near worst levels; yields up 4-8 bp. 30Y yield now at highest level since 2007. Germany's 10-year yield up 3 bps at 3.19%. UK 10-year yield up 2 bps at 5.14%, having climbed to 5.190% on Monday - highest since 2008. Dollar index up 0.2%. Gold down 1.2%, silver down 4%. Bitcoin futures off 0.5%. WTI crude off 1.2% in choppy trading after rising 3.1% on Monday.

    • Rates stabilization supportive for equity market sentiment during European morning, but backup in yield may be a temporary overhang. Oil also off lows. UK debt market encouraged by remarks by leadership hopeful Burnham, who said he would stick with fiscal rules if he became leader. Momentum unwind has been the big story over the last few days and in focus again overnight with the 3%+ selloff in South Korea. Technical dynamics have garnered the bulk of the blame as the AI compute/capex demand narrative remains very much intact.

    • On macro data front, focus in Europe on UK labor market, which saw big drop in number of payrolled employees. Wages surprised on the upside, but eased when excluding bonuses. Private sector wages at lowest since 2020.Sell side economists think the UK labor market may be too weak for the BoE to hike rates after today's official update. UK April inflation data to be released 20-May at 07:00 BST. Consensus is for headline CPI to ease to 3.0% versus prior 3.3%, while core forecast to ease to 2.6% from 3.1%.

    • In corporate news flow, in Financial Services, Intrum (INTRUM.SS) surged after UBS upgraded the stock to Buy, citing its SEK 7.5B rights issue easing leverage and refinancing risks. IG Group Holdings (IGG.LN) rallied after Q1 organic revenue grew +19% y/y alongside upgraded growth guidance. Lloyds Banking Group (LLOY.LN) is also in focus on reports it is expanding into US data-center infrastructure lending. Retail also tracking higher amid several upbeat earnings releases. Currys (CURY.LN) reportied better-than-expected FY profit and strong UK&I and Nordics sales growth, while Dr. Martens (DOCS.LN) rallied on margin improvement driven by tighter discounting and cost controls. In restaurants, SSP Group (SSPG.LN) gained after reaffirming guidance and highlighting solid travel demand momentum into H2. Food & Beverage outperform, led by strong earnings updates. Cranswick (CWK.LN) FY earnings beat expectations, Hilton Food Group (HFG.LN) reiterated medium-term targets, while Bakkafrost (BAKKA.NO) advanced following a strong Q1 beat and higher harvest guidance. C&C Group (CCR.LN) higher despite softer earnings, with management maintaining FY objectives.

    • Basic Resources lag as softer commodity prices and easing geopolitical tensions pressure the sector. Vallourec (VK.FP) down after ArcelorMittal (MT.NA) sells a 10% stake at an 8% discount. Fresnillo (FRES.LN) trades weaker despite maintaining a constructive long-term outlook for precious metals demand. Oil & Gas lag as crude prices retreat on easing Middle East tensions as Trump holds off on Iran strike threat amid reports suggesting Tehran looking to negotiate end of war. BP (BP.LN) remains in focus as labor talks resume at its Whiting refinery, while ENI (ENI.IM) edges lower on reports it is evaluating another FLNG platform offshore Mozambique.

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers:

        • Health Care +1.54%, Food & Beverage +1.50%, Media +1.19%, Telecom +0.82%, Financial Svcs +0.68%, Technology +0.67%, Utilities +0.58%, Persnl & HHold Goods +0.52%, Retail +0.48%, Real Estate +0.29%

      • Underperformers:

        • Basic Resources (2.13%), Construct & Mtls (1.63%), Chemicals (0.49%), Autos & Parts (0.40%), Oil & Gas (0.34%), Ind Goods & Svcs (0.32%), Travel & Leisure (0.18%), Banks (0.18%), Insurance (0.01%)

    • Macro:

      • Geopolitics:

        • NATO Is Starting to Consider Hormuz Deployment to Protect Ships: Bloomberg

        • G7 finance ministers agree need for action on economic imbalances: Reuters

        • EU Commission presents its strategy to tackle rising EU fertiliser prices - Fertilisers Action Plan

        • UK on verge of trade deal with Gulf states, says head of GCC: Bloomberg

      • Economy:

        • Eurozone trade surplus narrows in March on soaring energy prices: EU Commission

      • UK:

        • Official UK labor market data showed the number of payrolled employees in April fell 100K versus consensus for 10K drop and prior 28K fall revised from 10K decline initially reported

        • PM Starmer rejects calls to set out timetable for departure: London Times

        • Britain's energy price cap to rise 13% in July: Reuters

        • UK's Burnham to reject any change to UK fiscal rules: Bloomberg

    • Peripheral markets:

      • Sweden:

        • Sweden to buy navy frigates from France for over $4 billion to boost Baltic defence: Reuters

      • Spain:

        • Former Spanish PM Zapatero targeted in corruption probe: FT , ElPais

      • Greece:

    • Company news:

      • Notable Gainers

        • +18.9% HNSA.SS (Hansa Biopharma SEK34.50, +5.44) -- SERB Pharmaceuticals to acquire European and MENA rights to Idefirix from company for €115M

        • +15.3% CURY.LN (Currys £1.44, +0.19) -- FY trading upate

        • +13.4% OHB.GR (OHB SE €569.00, +65.00) -- OHB to launch JV with Helsing to build satellite constellation with AI for Germany's armed forces - FT

        • +12.2% CMBT.BB (CMB.TECH €14.56, +1.58) -- Q1 earnings

        • +11.9% UN0.GR (Uniper €48.10, +5.10) -- German government launches multi-billion euro sale of Uniper -- Sueddeutsche Zeitung

        • +10.5% IGG.LN (IG Group Holdings £17.37, +1.66) -- AGM trading update

        • +8.1% INTRUM.SS (Intrum SEK18.75, +1.41) -- UBS upgrade

        • +7.4% EVO.SS (Evolution SEK712.80, +49.00) -- announces €2B share buyback program

        • +7.2% LAGR.B.SS (Lagercrantz Group SEK256.20, +17.20) -- Q4 earnings

        • +5.4% CWK.LN (Cranswick £55.00, +2.80) -- FY earnings

        • +5.4% WLN.FP (Worldline €0.31, +0.02) -- purchases remaining 20% stake of Eurobank in their JV - Worldline Greece - for €72M

        • +5.1% SSPG.LN (SSP Group £1.63, +0.08) -- H1 earnings

        • +4.1% TOM.NO (Tomra Systems NOK99.85, +3.95) -- received a letter of intent to supply approximately 2,700 reverse vending machines

        • +4.1% AVIO.IM (Avio €31.25, +1.24) -- announces successful launch of the SMILE scientific satellite with Vega C

        • +3.8% VERK.FH (Verkkokauppa.com €2.45, +0.09) -- to initiate up to 2.5M share buyback program

        • +3.3% DOCS.LN (Dr. Martens £0.00, +0.02) -- FY earnings

        • +3.2% DPLM.LN (Diploma £68.20, +2.10) -- H1 earnings

        • +2.8% EVOK.LN (Evoke Plc £0.34, +0.01) -- Bally's Intralot has requested, and the the companys board has agreed to, an extension of offer to make an offer

        • +2.0% LDO.IM (Leonardo €50.92, +1.01) -- UK preparing ~ £6B funding for Global Combat Air Programme -- FT

        • +1.6% AMS.SW (ams-OSRAM CHF19.10, +0.31) -- JPMorgan upgrade

        • +1.2% SQN.SW (Swissquote Group Holding CHF398.20, +4.60) -- 1:10 share split will be registered on 26-May

        • +0.6% BAKKA.NO (Bakkafrost NOK0.00, +2.80) -- Q1 earnings

      • Notable Decliners

        • -7.9% VK.FP (Vallourec €23.97, -2.07) -- ArcelorMittal places ~23.9M shares at offer price of €24.00/sh

        • -6.7% FORT.LN (Forterra Plc £1.39, -0.10) -- AGM trading update

        • -5.7% ARCH.NO (Archer NOK26.55, -1.60) -- Q1 earnings

        • -5.6% ISOFOL.SS (Isofol Medical SEK0.72, -0.04) -- Q1 earnings

        • -5.6% ACS.SM (ACS SA €123.90, -7.40) -- places ~16.5M shares (including ~ 5.4M new shares) at €125.0/sh

        • -4.2% FRES.LN (Fresnillo £0.00, -1.40) -- AGM

        • -2.8% GSF.NO (Grieg Seafood NOK32.30, -0.94) -- Q1 trading update

        • -2.2% STAN.LN (Standard Chartered £0.00, -0.43) -- unveils new medium-term targets, including targeting ~18% RoTE in 2030

        • -0.7% AIXA.GR (Aixtron €50.10, -0.36) -- order

        • -0.6% MATAS.DC (Matas DKK100.80, -0.60) -- Q4 earnings

    • EU companies reporting tomorrow:

      • Earnings:

        • Benelux: Envipco Holding (ENVI.NA), Cie d'Entreprises CFE (CFEB.BB)

        • DACHs: Ypsomed Holding (YPSN.SW), CA Immobilien Anlagen (CAI.AV), Branicks Group (BRNK.GR)

        • Denmark: Scandinavian Tobacco Group (STG.DC), Møns Bank (MNBA.DC)

        • France: Elior Group (ELIOR.FP)

        • Norway: Orkla (ORK.NO), Salmar (SALM.NO), Cadeler (CADLR.NO), BW Energy (BWE.NO), Icelandic Salmon (ISLAX.NO), Ensurge Micropower (ENSU.NO), Webstep (WSTEP.NO)

        • Southern Europe: Sonae (SON.PL)

        • Sweden: Addtech (ADDT.B.SS), BioArctic (BIOA.B.SS), Embracer Group (EMBRAC.B.SS), Better Collective (BETCO.SS), KB Components (KBC.SS), Surgical Science Sweden (SUS.SS)

        • UK: Experian (EXPN.LN), British Land Co. (BLND.LN), Marks & Spencer (MKS.LN), Ithaca Energy (ITH.LN), RS Group (RS1.LN), Integrafin Holdings (IHP.LN), Bloomsbury Publishing (BMY.LN), Impax Asset Management Group (IPX.LN)

      • Trading Update:

        • DACHs: EFG International (EFGN.SW)

        • France: Parrot (PARRO.FP), Actia Group (ALATI.FP)

        • Nordics: Vow ASA (VOW.NO)

        • Southern Europe: ElvalHalcor Hellenic Copper & Aluminium Industry (ELHA.GA), Mota-Engil (EGL.PL)

        • UK: Keller Group (KLR.LN), Energean (ENOG.LN), Coats Group (COA.LN), S&U (SUS.LN), Gem Diamonds (GEMD.LN)

      • CMD/Events: AstraZeneca (AZN.LN) Morgan Stanley R&D call series, Field trip buyside-only EU healthcare trip, virtual [management], AEVIS VICTORIA (AEVS.SW)

  • Data:

    • Economics:

      • UK Apr Claimant Count Change +26.5K vs consensus +23.1K and prior revised +4.9K from +26.8K

        • Mar Unemployment Rate 5.0% vs consensus 4.9% and prior 4.9%

      • Eurozone Mar Trade Balance €7.8B vs consensus €6.5B and prior revised €11.1B from €11.50B

      • Spain Mar Trade Balance (€4.4B) vs consensus (€5.6B) and prior (€3.3B)

      • Portugal Apr PPI +3.8% y/y vs consensus +2.7% and prior 0.0%; +2.4% m/m vs consensus +1.2% and prior +2.3%

    • Markets:

      • WTI Crude (Jun 26): ($0.06) or (0.06%) to $108.60

      • €-$ (0.0058) or (0.50%) to 1.1599

      • £-$ (0.0036) or (0.27%) to 1.3399

      • €-£ (0.0018) to 0.8659

      • S&P 500 (0.68%)

      • Performance year-to-date

        • FTSE 100: +4.02%

        • DAX: (0.37%)

        • CAC: (2.06%)

        • MIB: +7.59%

        • Stoxx 600: +3.23%

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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