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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE unch, DAX +0.1%, CAC +0.2%, IBEX +0.3%, SMI (0.1%)

May 21 ,2026

  • Synopsis

    • European equity markets set to open broadly flat following Wednesday's gains that saw the Stoxx 600 close up +1.5%. Considerable risks surrounding overnight market performance given headline fluidity. Middle East situation was taken as a positive after President Trump said US is in the final stages of talks with Tehran. Yet this was accompanied by more threats attacks would resume "very quickly" if Iran doesn't provide the "right answers" and indicated he might wait a few days. IRGC warned earlier of retaliation beyond Middle East if US or Israel resumed strikes. Ease in dollar and crude oil prices offered compelling leads. Crude oil futures partially recouping a sharp drop overnight.

    • Asia equities trading mostly higher Thursday. South Korea and Japan extending rallies, Australia also tracking sharp gains. Early May PMIs show sharp decline in manufacturing. Samsung (005930.KS) labor union suspended a general strike after reaching a tentative wage agreement. Labor disputes have been cited as a key overhang lately.

    • European macro data releases include Eurozone, Germany, France, UK May flash manufacturing/services PMI, UK May industrial trends orders - CBI, Sweden Apr unemployment rate, Eurozone May flash consumer confidence, Mar construction output. Netherlands Apr Unemployment Rate comes in at 3.9% vs consensus 4.0% and prior 4.0%.

    • On the corporate front, focus on stronger than expected results and guidance from Nvidia (NVDA) overnight. Ubisoft (UBI.FP) soft FY27 guidance disappoints and analysts see reinforced refinancing risks. Swiss Life (SLHN.SW) reports H1 gross premiums written CHF8.19B vs consensus CHF8.07B; well on track with the 'Swiss Life 2027' program. Generali (G.IM) reports Q1 net income €1.27B ex-items vs consensus €1.10B; Confirms 2025-2027 growth targets (Lifetime Partner 27). In the UK, BT Group (BT.A.LN) and Smiths Group (SMIN.LN) among those reporting.

    • In central banks, Norges Bank's Bache gives a lecture at 9:15CET titled 'research-based models in monetary policy decisions' at a seminar organized by Simula, the same time as the bank releases its latest expectations survey. Bank of France's Villeroy speech at release of the Prudential Supervision and Resolution Authority annual report. Bundesbank publishes its latest monthly report at 12noon CET. BOE's Taylor speech at 13:00BST at event organised by MNI whilst ECB's Elderson gives a lecture at 16:30BST at Univ. of Oxford. EU Commission may present spring economic forecast and Sweden will host a meeting of NATO Ministers of Foreign Affairs (through Fri). Norway's minister of labour and social inclusion Stenseng speech at DNB's pension conf, also speaking DNB Carnegie's chief economist Kjersti Haugland. In UK, there's MPs questions on business and trade followed by the second reading of the Steel Industry (Nationalisation) Bill, whilst committee topics include unlocking land for housing at 10:00BST. On the EU calendar, EU's McGrath meets with Czech Republic PM Babiš, others in Prague whilst EU's Šuica presents the Pact for the Mediterranean to the French Senate and EU's Albuquerque gives a speech at the European Securities and Markets Authority (ESMA) conf. GLOBSEC Forum (through Sat) where EP's Metsola is among the speakers. Fitch Ratings event Paris Banking Summit, keynote speaker at 15:35CET Ludovic Lebrun, Director of Bank Supervision Directorate, ACPR. Dagens industri and Volkswagen Finans host an event at 15:30CET giving new insights and practical advice to make well-considered decisions when purchasing your next car.

  • Politics/Macro/World News

    • German Government Pushes Associate EU Membership for Ukraine -- Bloomberg

    • Reeves to promise free summer bus rides for children and food tariff cuts in living costs package -- Guardian

    • Wes Streeting pledges 'wealth tax that works' -- BBC

  • Top company news

    • Earnings/updates

      • UBI.FP (Ubisoft Entertainment) -- reports FY non-IFRS EPS (€9.38) vs FactSet (€6.94) [11 est, (€9.19)-(5.45)]; guides FY26/26 and beyond

      • G.IM (Assicurazioni Generali) -- reports Q1 net income €1.27B ex-items vs consensus €1.10B

      • BORR.NO (Borr Drilling) -- reports Q1 net income ($29.0M) vs FactSet ($10.0M) [8 est, ($20.9)-9M]

      • SLHN.SW (Swiss Life Holding) -- reports H1 gross premiums written CHF8.19B vs consensus CHF8.07B; well on track with the 'Swiss Life 2027' program

      • ELIOR.FP (Elior Group) -- reports H1 net income €30M ex-items, (46%) vs year-ago €56M

      • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- reports Q4 EPS €0.24 vs year-ago €4.70

      • FLU.AV (Flughafen Wien) -- reports Q1 EBITDA €87.9M vs FactSet €83.3M [1 est]; guides FY26

      • IBAB.BB (Ion Beam Applications) -- Q1 update: solid commercial momentum with backlog stable at €1.6B

      • ACKB.BB (Ackermans & Van Haaren) -- Q1 Trading Update: Reaffirms FY guidance

      • CAI.AV (CA Immobilien Anlagen) -- reports Q1 FFO I per share €0.28 vs year-ago €0.36

      • BETCO.SS (Better Collective) -- reports Q1 EPS €0.12 vs FactSet €0.17 [2 est, €0.14-0.20]

      • PARRO.FP (Parrot) -- reports H1 revenue €27.9M vs year-ago €18.4M

      • Also reporting today

        • Earnings:

          • Austria: SBO (SBO.AV)

          • Denmark: TCM Group (TCM.DC), BioPorto (BIOPOR.DC)

          • France: Compagnie des Alpes (CDA.FP)

          • Germany: Asmodee Group (2EX.GR), Suedzucker (SZU.GR), 2G Energy (2GB.GR), Nabaltec (NTG.GR), NFON (NFN.GR)

          • Norway: B2 Impact (B2I.NO), Panoro Energy (PEN.NO), Måsøval (MAS.NO), Grieg Seafood (GSF.NO), Selvaag Bolig (SBO.NO), Omda (OMDA.NO), Norse Atlantic (NORSE.NO)

          • Other: Pepco Group (PCO.PW), Moscow Exchange MICEX-RTS PJSC (MOEX.RU)

          • Southern Europe: Multitude (FRU.MIL.IM), CrediaBank (CREDIA.GA)

          • Sweden: L E Lundbergföretagen (LUND.B.SS), BTS Group (BTS.B.SS), Fasadgruppen Group (FG.SS), Paxman (PAX.SS)

          • UK: BT Group (BT.A.LN), Sage Group (SGE.LN), ICG (ICG.LN), LondonMetric Property (LMP.LN), Auto Trader Group (AUTO.LN), Investec (INVP.LN), EasyJet (EZJ.LN), QinetiQ Group (QQ.LN), AJ Bell (AJB.LN), Tate & Lyle (TATE.LN), Nationwide Building Society (NBS.LN), Great Portland Estates (GPE.LN), Young & Co.'s Brewery (YNGA.LN), Ondine Biomedical (OBI.LN), Braemar (BMS.LN)

        • Trading Update:

          • Benelux: EVS Broadcast Equipment (EVS.BB), Ion Beam Applications (IBAB.BB), Banqup Group (BANQ.BB)

          • DACHs: STRABAG (STR.AV)

          • France: GENFIT (GNFT.FP), Quadient (QDT.FP), Claranova (ALCLA.FP)

          • UK: Smiths Group (SMIN.LN), ConvaTec Group (CTEC.LN), Sabre Insurance Group (SBRE.LN)

        • CMD/Events: Stellantis (STLAM.IM), AlzeCure Pharma (ALZCUR.SS), Koninklijke Heiman's (HEIJM.NA), Digia (DIGIA.FH), Eagle Eye Solutions Group (EYE.LN), UCB (UCB.BB) Degroof Petercam virtual call, Ascelia Pharma (ACE.SS) ABG Investor Day

    • M&A

      • NVRI (Enviri) -- announces merger consideration for sale of Clean Earth and update regarding spin-off of New

      • HUH1V.FH (Huhtamaki) -- Holder Suomen Kulttuurirahasto to place 3M shares in Huhtamäki Oyj

      • TSL.IM (Tessellis) -- announces offer for Perimeter B.1 was submitted by DHH S.p.A.

      • AvalonBay Communities, Equity Residential near deal to merge - Bloomberg, citing people familiar with the matter

      • Aker BP and Equinor agree on a set of transactions in the Ringvei Vest, Yggdrasil and Wisting areas

    • Healthcare

      • AZN.LN (AstraZeneca) -- NICE recommends AstraZeneca's Tagrisso to treat EGFR mutation-positive unresectable locally advanced NSCLC after platinum-based chemoradiotherapy

      • FME.GR (Fresenius Medical Care) -- reappoints CFO Martin Fischer for a period of five years until 2031

      • NANO.FP (Nanobiotix) -- files for €75M stock offering - 424B5

      • CRNA.NO (Circio Holding) -- Circio files EPO patent application covering critical aspects of its circVec platform for enhanced gene and cell therapy

    • Other

      • BAS.GR (BASF SE) -- BASF launches "CoreShift" program, aimed at achieving up to 20­% net cash fixed cost savings in core businesses by 2029 (20-May, 15:41 CEST)

      • DSFIR.NA (DSM-Firmenich) -- announced the listing of its ordinary shares on SIX Swiss Exchange

      • KINV.B.SS (Kinnevik) -- provides update regarding ongoing recruitment process for permanent new CEO

      • HUH1V.FH (Huhtamaki) -- prices 3M share placement at €25.25/share

      • PPC.GA (Public Power Corp.) -- places 228.1M new shares at €18.63/share through Citi, Goldman, JPMorgan (post EU close 20-May)

      • TGS.NO (TGS-NOPEC Geophysical Co.) -- awarded streamer 4D contract offshore Norway

      • ISS.DC (ISS) -- Holder Lind Value II ApS offers ~4.2M shares in ISS A/S -- market source citing terms sheet

      • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- AT&S Austria Technologie & Systemtechnik intends to issue hybrid convertible bond and/or hybrid bond; no dividend for financial year 2025/26

      • ATS.AV (AT & S Austria Technologie & Systemtechnik) -- to expand capacity at its location in Chongqing, China

      • CRL.IM (Carel Industries) -- holder Athena FH placing 5.6M shares via accelerated bookbuild through Mediobanca (post EU close 20-May)

      • Regional Gaming Revenues - Massachusetts April 2026

  • Key rating changes

    • Upgrades

      • FHZN.SW (Flughafen Zuerich) -- to buy from neutral at Goldman Sachs

      • ALFEN.NA (Alfen) -- to buy from hold at Jefferies

      • FLS.DC (FLSmidth & Co.) -- to overweight from equal weight at Barclays

      • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- to equal-weight from underweight at Morgan Stanley

      • NTGY.SM (Naturgy Energy Group) -- to outperform from neutral at BNP Paribas Exane

      • NTGY.SM (Naturgy Energy Group) -- to overweight from equal-weight at Morgan Stanley

      • CSG.NA (CSG) -- to outperform from neutral at Oddo

    • Downgrades

      • RWE.GR (RWE) -- to neutral from outperform at BNP Paribas Exane

      • EVK.GR (Evonik Industries) -- to equal weight from overweight at Barclays

      • ELIOR.FP (Elior Group) -- to hold from buy at Kepler Cheuvreux

      • SREN.SW Swiss Re downgraded to sell from neutral at UBS

      • FGR.FP (Eiffage) -- to neutral from buy at Goldman Sachs

    • Other Actions

      • ORK.NO (Orkla) -- transferred hold at Handelsbanken

  • Data

    • Nikkei +3.24% to 61739.24

    • Hang Seng (0.50%) to 25522.77

    • Shanghai Composite (0.15%) to 4156.04

    • S&P futures (6.5) vs prior close of 7451.8

    • €-$ (0.0001) or (0.01%) to 1.1624

    • $-¥ +0.10 or +0.06% to 159.02

    • €-¥ +0.08 or +0.04% to 184.82

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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