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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.71%), DAX (0.69%), CAC40 (0.17%)

May 20 ,2026

  • Synopsis

    • European indices are set to open lower mirroring Asian equities also lower Wednesday. Samsung weighing on South Korea after union talks broke down. Japan at month-to-date low with Softbank under pressure. Taiwan fluctuating in narrow range. Greater China weaker. S&P 500 futures edging lower afterhours.

    • US equities were lower in Tuesday trading, stocks ended not far from worst levels. S&P 500, Nasdaq down for third-straight day. Semis little changed, unable to hang onto gains, while software also weaker, memory better; Mag 7 group mostly lower.

    • Nothing particularly incremental in latest US-Iran developments.

    • Bond market selloff remains a focus with discussions continuing to feature worries about fiscal trajectories (particularly in UK and Japan)and higher term premium being baked into long-end yields, upside risks to inflation from elevated crude prices/Strait of Hormuz limbo, and hawkish shift in central bank policymaker rhetoric pushing markets to price in rate hikes. Yield backup also intertwined with recent unwinding of momentum trade with higher rate backdrop increasing scrutiny on valuations following recent run-up.

    • Economic data for today: UK Apr CPI/RPI/PPI input/output, Germany Apr PPI, Eurozone Apr final CPI, Denmark Q1 preliminary GDP, Austria Apr final CPI

    • Friday sees, in central banks, ECB's Lane opening address at 3:15CET at 2026 Asian Monetary Policy Forum (AMPF) and Riksbank's Hjelm will give his first speech as a member of the Executive Board at 8:00CET, title 'my view on monetary policy in an uncertain world'.

    • Earnings reported so far: BWE.NO, EMBRAC.B.SS, ALPHA.GA, ENSU.NO, ENVI.NA, VOW.NO, BIOA.S.SS, ORK.NO, YPSN.SW, ELI.BB, WSTEP.NO, SALM.NO, SUS.SS.

    • In corporate news: OBCK.GR (Ottobock) -- rejects misleading allegations in Grizzly Research LLC report

  • Politics/Macro/World News

    • Reeves Floats Price Freezes on Food in Bid to Cut UK Bills (BBG )

    • EU mulls Angela Merkel or Mario Draghi as possible Vladimir Putin whisperer (FT )

    • Bank of England's Breeden: Digital gilt will bring down borrowing costs (CityAM )

  • Top company news

    • Earnings/updates

      • SIE.GR (Siemens AG) -- Siemens confirms target to achieve double-digit percentage growth as part of One Tech Company strategy - Handelsblatt

      • DG.FP (VINCI SA) -- Vinci reports April airport passenger traffic (1.2%)

      • AMS.SW (ams-OSRAM) -- announces pricing of €1B 7.250% Senior Notes due 2032

      • ENX.FP (Euronext) -- reports Q1 adj EPS €2.10 vs consensus €1.98

      • YPSN.SW (Ypsomed Holding) -- reports FY EBIT CHF246.1M vs FactSet CHF230.8M [9 est, CHF175-249.8M]; doubles divi and confirms outlook

      • BIOA.B.SS (BioArctic) -- reports Q1 EPS SEK2.39 vs year-ago SEK11.53

      • ORK.NO (Orkla) -- reports Q1 EPS NOK1.75 ex-items vs FactSet NOK1.68 [6 est, NOK1.54-1.82]

      • ELI.BB (Elia Group SA/NV) -- Elia Group issues Q1 update; reiterates FY26 guidance

      • SALM.NO (Salmar) -- reports Q1 adjusted EPS NOK5.90 vs FactSet NOK5.52 [11 est, NOK4.50-6.00]

      • AED.BB (Aedifica) -- reports Q1 EPRA NTA €80.34 vs €78.40 as of 31-Dec-25

      • EFGN.SW (EFG International) -- 4M Trading Update: net profit of CHF 130M unchanged y/y

      • ARAMI.FP (Aramis Group) -- reports H1 net income €0.1M vs year-ago €6.4M; confirms preliminary H1 earnings and FY26 guidance

    • M&A

      • DSFIR.NA (DSM-Firmenich) -- EU sets a provisional deadline of 24-Jun to rule on CVC's acquisition of DSM-Firmenich to divest Animal Nutrition & Health business

      • 1COV.GR (Covestro) -- approves formal squeeze-out of minority shareholders at annual general meeting

      • RF.FP (Eurazeo) -- to acquire majority stake in Nextron Systems

      • CRI.FP (Compagnie Chargeurs Invest) -- completes sale of Novacel

      • Zerohash seeks new funding after Mastercard withdrew possible investment after it acquired BVNK - Coindesk

      • SpaceX plans to move forward with acquisition of Cursor 30 days after trading publicly - Bloomberg, citing people familiar with the matter

    • Healthcare

      • UCB.BB (UCB) -- NICE recommends UCB's Rystiggo to treat antibody-positive generalised myasthenia gravis in adults

      • IPN.FP (Ipsen) -- announces late-breaking data from study comparing Dysport and Botox in adults with ULS

      • DIA.IM (Diasorin) -- receives 510(K) clearance for fully customizable LIAISON PLEX gastrointestinal flex assay

      • HNSA.SS (Hansa Biopharma) -- Transcript Intelligence: Hansa Biopharma Business Update Call

      • B9P1.GR (NovaBay Pharmaceuticals) -- SEC filing: SCHEDULE 13D/A (Filed by R01 Fund LP)

      • B9P1.GR (NovaBay Pharmaceuticals) -- SEC filing: SCHEDULE 13D/A (Filed by Framework Ventures IV L.P.)

    • Other

      • NOKIA.FH (Nokia) -- Transcript Intelligence: Nokia at JP Morgan Global Technology, Media, and Communications Conference

      • LOGN.SW (Logitech International) -- Logitech announces proposed FY 2026 dividend

      • RYA.ID (Ryanair Holdings) -- Street Takeaways - Ryanair Holdings FY26 Results

      • TEF.SM (Telefonica) -- Street Takeaways - Telefonica Q1 earnings

      • MTG.B.SS (Modern Times Group MTG) -- concludes SEK400M share buyback announced on 9-Oct

      • JUN3.GR (Jungheinrich) -- elects Andreas Umbach as Chairman of Supervisory board (19-May, ~14:45 CET)

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

      • PMET Resources receives non-binding letters of support from EDC, KfW IPEX-Bank to advance Shaakichiuwaanaan Project financing strategy

      • Regional Gaming Revenues - Pennsylvania April 2026

      • US imposes new sanctions on Tehran-linked exchange houses; Google releases new AI tools in intraday themes (19-May)

  • Key rating changes

    • Upgrades

      • Jefferies upgrades BNR.GR, EVK.GR; downgrades LXS.GR

      • BAB.LN (Babcock International Group) -- to buy from add at Peel Hunt

      • FHZN.SW (Flughafen Zuerich) -- to outperform from neutral at BNP Paribas Exane

    • Initiations

      • BEIJ.B.SS (Beijer Ref) -- buy at Sparebank 1 Markets

      • OVZON.SS (Ovzon AB) -- buy at Danske Bank

  • Data

    • Nikkei (1.63%) to 59564.70

    • Hang Seng (0.69%) to 25618.83

    • Shanghai Composite (0.19%) to 4161.71

    • S&P futures (8.3) vs prior close of 7378.0

    • €-$ (0.0009) or (0.08%) to 1.1599

    • $-¥ (0.15) or (0.09%) to 158.94

    • €-¥ (0.29) or (0.16%) to 184.35

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.
Please refer to "Terms Of Use".

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