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Back to Daily DR Market Summary

StreetAccount Summary - EU Market Recap: FTSE 100 +0.22% to 10466.26, DAX +1.15% to 24888.56, CAC40 +0.37% to 8115.75, STOXX 600 +0.73% to 625.12

May 22 ,2026

  • Synopsis:

    • European indices ended in positive territory, except for Norway. Amidst a busy macro-front, Germany's economy grew 0.3% q/q in Q1 2026, defying drag from Middle East energy shock and marking a second consecutive quarter of positive growth. Year-on-year, GDP was up 0.5% in price-adjusted terms. Headline number encouraging - but composition of growth tells more cautious story. Primary driver was net exports, which contributed 1.3% to quarterly growth, as total goods and services exports surged 3.3% following decline in Q4-2025. Chemical and pharmaceutical products and metals led export gains. Also, May IFO Business Climate came at 84.9 vs a consensus of 84.2 and prior revised 84.5 from 84.4. In the UK, retail sales fell 1.3% in Apr, the sharpest monthly decline since May-2025 and well below 0.6% decline economists had expected - as fuel price surge from Middle East war hit consumer behaviour and households pulled back spending. The headline dominated by motor fuel, where volumes plunged 10.2% -largest monthly fall since Nov-2020. After Mar's stockpiling surge, motorists made fewer journeys in Apr and delayed refuelling. Reversal was sharp, but knock-on effects on footfall and broader retail activity were real. Also, Greater Manchester Mayor Burnham launched his campaign for Makerfield by-election on Friday, positioning himself as potential successor to PM Starmer and openly calling for a change in direction for the Labour Party. In a speech to party activists, Burnham said British politics tired and needs a new script. He told voters that a vote for him on 18-Jun would be a vote to change Labour, pledging to refocus economy on working-class communities. Burnham repeated commitment to launch biggest council-house building programme since Second World War and said he would use rail renationalisation to cut fares, while still working. In Italy, the govt is extending its energy relief measures for as long as Iran war continues to drive up fuel and energy prices. Industry Minister Urso announced government will prolong cut to petrol excise duties, which has already cost ~ €1B since Mar, and will include additional targeted support for the trucking sector to avert threatened strikes. Meloni government simultaneously pressing EU Commission to relax EU fiscal rules, requesting use of national safeguard clause - normally reserved for defence spending - to cover energy-related costs. EU Economy Commissioner Dombrovskis confirmed Brussels evaluating request but stressed any fiscal response must remain temporary, targeted and tailored.

    • Earlier this morning ECB's Lagarde stated that inflation expectations are anchored and the central bank will maintain its data dependency, also adding that long-term inflation expectations broadly well anchored despite Iran conflict

    • In M&A news, CVC Fund IX (CVC.NA) and Groupe Bruxelles Lambert (GBLB.BB) announced a €51.29/sh offer for Recordati (REC.IM) in a deal valued €10.7B. in another deal, LTM (540005.IN) offered to acquire Randstad's (RAND.NA) Technology and Consulting Services business in Europe and Australia and Euronext (ENX.FP) CEO ruled out the possibility of merger with Deutsche Boerse (DB1.GR) in the near future.

    • On the reporting font, out of DACHs, Richemont (CFR.SW) posted better-than-expected Q4 organic sales growth and special div; while, shares of Julius Baer (BAER.SW) shares ended lower following mixed 4M IMS with AuM and NNM both below consensus while gross margin ahead of expectations. Elsewhere, Softcat (SCT.LN), Games Workshop (GAW.LN) and Frontline (FRO.NO) also posted their most recent numbers

    • Looking ahead to next week's calendars (please see our StreetAccount Summary - Europe Week Ahead: May 25-29 attached below), May preliminary CPIs and Q1 final GDPs from across the region as well as earnings/updates from CTS Eventim (EVD.GR), Elekta (EKTA.B.SS), EVN (EVN.AV), Galenica (GALE.SW), Greencore Group (GNC.LN), Kingfisher (KGF.LN), SSE (SSE.LN) and Vienna Insurance Group (VIG.AV) are the main events. Markets in UK, Denmark, Norway and Switzerland are closed on Mon for bank holidays with trading remaining open in rest of Europe. US markets are also closed on Mon for Memorial Day

  • Digest:

    • Sectors - STOXX Europe 600:

      • Outperformers: Technology +3.19%, Telecom +1.83%, Travel & Leisure +1.50%, Ind Goods & Svcs +1.49%, Autos & Parts +1.18%, Retail +0.88%, Chemicals +0.87%, Banks +0.84%

      • Underperformers: Oil & Gas (1.11%), Real Estate (0.37%), Insurance (0.24%), Utilities (0.20%), Persnl & HHold Goods +0.09%, Food & Beverage +0.21%, Financial Svcs +0.25%, Health Care +0.26%, Media +0.39%, Construct & Mtls +0.57%, Basic Resources +0.64%

    • Macro:

      • NATO Welcomes Trump Troop Pledge as Allies Caught Off Guard (BBG)

      • France says countries wary of tapping more oil reserves (FT)

      • France's Macron announces €1.5 billion for quantum computing, advanced microchips (Reuters)

      • Venice election turns into test of Meloni's right-wing cultural revolution (Politico)

      • Mussolini-themed ads against Meloni spark political row in Italy (Reuters)

      • Burnham starts byelection campaign with thinly veiled pitch for No 10 (Guardian)

      • Why a Farage Government Poses a Real Threat to the UK (BBG)

    • Company news:

      • Notable Gainers

        • +66.7% ANOT.SS (Anoto Group SEK0.12, +0.05) -- exits exclusive supply and licence arrangement with KAIT and launches education technology platform

        • +27.5% CREO.LN (Creo Medical Group £0.15, +0.03) -- enters into a non-binding agreement regarding the potential sale and purchase of a 49% shareholding in Creo Medical; Creo Medical Group proposes share placing to raise approximately £5.5M; FY earnings

        • +13.5% HEAD.LN (Headlam Group £0.42, +0.05) -- completes property disposals resulting in ~£15.3M of net of proceeds

        • +12.8% SCT.LN (Softcat £16.27, +1.85) -- Q3 trading update

        • +10.8% FPIP.SS (FormPipe Software SEK21.60, +2.10) -- announces results of the company's voluntary redemption program adopted by the AGM

        • +9.5% NOKIA.FH (Nokia €13.26, +1.16) -- price target increased at Morgan Stalnley

        • +8.8% NANO.FP (Nanobiotix €36.46, +2.94) -- shares resume trading yesterday

        • +8.0% IFX.GR (Infineon Technologies €73.42, +5.42) -- sector move

        • +7.9% GAW.LN (Games Workshop Group £205.00, +15.10) -- FY trading update

        • +7.5% ADMIE.GA (Admie Holdings (IPTO) €3.64, +0.26) -- publishes Strategic Update 2026-2029 presentation

        • +7.3% RMV.LN (Rightmove £4.41, +0.30) -- Betaville article

        • +7.2% BINV.SS (BioInvent International SEK27.50, +1.85) -- study results

        • +6.5% OSE.FP (OSE Immunotherapeutics €5.27, +0.32) -- study results

        • +6.4% OXIG.LN (Oxford Instruments £31.54, +1.90)

        • +5.4% BORR.NO (Borr Drilling NOK51.24, +2.64)

        • +5.2% STMPA.FP (STMicroelectronics €57.95, +2.85) -- sector move

        • +5.1% AJB.LN (AJ Bell £6.43, +0.31)

        • +4.7% ASML.NA (ASML Holding €1,409.00, +63.80) -- sector move

        • +4.5% HBC.NO (Hofseth BioCare NOK1.29, +0.05) -- enters ProGo license and supply agreement with Fission Holdings

        • +4.2% CDA.FP (Compagnie des Alpes €22.50, +0.90) -- H1 eanrings; TPICAP Midcap upgrade

        • +3.8% AMG.NA (AMG Critical Materials €39.08, +1.40)

        • +3.7% WRKS.LN (TheWorks.co.uk £0.60, +0.02) -- Kelso Group increases stake

        • +3.2% ELUX.B.SS (Electrolux SEK50.34, +1.54) -- announces terms for the fully underwritten rights issue of SEK 9.062B

        • +3.1% SY1.GR (Symrise €80.00, +2.38)

        • +2.4% BT.A.LN (BT Group £2.25, +0.05) -- Bharti Enterprises seeking to increase stake in BT to as much as 29.9% - Reuters

        • +2.3% ALPUL.FP (PulluP Entertainment €8.79, +0.20)

        • +2.2% WLN.FP (Worldline €0.32, +0.01)

        • +2.1% MEDCL.FP (MedinCell €26.96, +0.56) -- Teva Pharmaceutical announces EMA accepts MAA for TEV-'749 for treatment of schizophrenia in adults

        • +0.5% ATORX.SS (Alligator Bioscience SEK0.21, -0.00) -- comments on Henlius update on long-term follow-up data for HLX22

        • +0.3% INPST.NA (InPost €15.36, +0.04) -- Advent, FedEx, A&R and PPF €15.60/sh all-cash offer for InPost shares to commence on 26-May-26

      • Notable Decliners

        • -15.0% EVS.BB (EVS Broadcast Equipment €31.15, -5.50) -- CFO to step down

        • -8.9% IPH.FP (Innate Pharma €1.64, -0.16)

        • -8.5% ALCJ.FP (Crossject €2.25, -0.21) -- announces successful completion of a capital increase reserved for specific category of investors in the amount of €15M

        • -6.9% BAER.SW (Julius Baer Group CHF63.38, -4.72) -- 4M trading update

        • -6.0% PEN.NO (Panoro Energy NOK32.70, -2.10)

        • -4.9% MTL.LN (Metals Exploration £0.14, -0.01)

        • -4.1% EXE.FP (Exel Industries €28.00, -1.20) -- H1 earnings

        • -2.9% GSJ.SM (Grupo Empresarial San Jose €7.68, -0.23) -- Q1 earnings

        • -2.9% SOU.LN (Sound Energy £0.05, -0.00)

        • -2.4% AMP.IM (Amplifon €10.35, -0.25) -- to execute share capital increase

        • -2.3% ARCH.NO (Archer NOK26.00, -0.60) -- acquires isol8 to advance subsea and rigless P&A capabilities

        • -1.5% ENRO.SS (Eniro Group SEK0.64, -0.01) -- announces claim filed against Eniro at Solna District Court

        • -1.5% GEN.LN (Genuit Group £2.59, -0.04) -- 4M trading update

    • EU companies reporting on Monday (UK, Denmark, Norway and Switzerland bank holiday):

      • France: Abivax (ABVX.FP)

    • EU companies reporting on Tuesday:

      • DACHs: LEM Holding (LEHN.SW)

      • Nordics: Maha Capital (MAHA.A.SS), Saniona (SANION.SS), Next Biometrics Group (NEXT.NO)

      • UK: Atalaya Mining (ATYM.LN), Diaceutics (DXRX.LN), Calnex Solutions (CLX.LN)

      • Trading Update:

      • DACHs: innoscripta (1INN.GR)

      • France: Inventiva (IVA.FP), Maat Pharma (MAAT.FP)

      • UK: Kingfisher (KGF.LN)

      • CMD/Events: Odfjell (ODF.NO), BONESUPPORT HOLDING (BONEX.SS), Kempower (KEMPOWR.FH), AlzeCure Pharma (ALZCUR.SS) business update call at 14:00 CEST focusing on ACD137

  • Data:

    • Economics:

      • Germany

        • May IFO Business Climate 84.9 vs consensus 84.2 and prior revised 84.5 from 84.4

        • Q1 Final GDP +0.4% y/y vs preliminary +0.3% (earlier)

        • Jun GfK Consumer Confidence (29.8) vs consensus (33.7) and prior revised (33.1) from (33.3) (earlier)

        • UK Apr Retail Sales 0.0% y/y vs consensus +1.3% and prior revised +1.4% from +1.7%

      • France May Business Survey 102 vs consensus 100 and prior 100

      • Denmark Apr Retail Sales +1.3% y/y vs prior revised +7.0% from +7.1%

    • Markets:

      • WTI Crude (Jul 26): +$1.30 or +1.35% to $97.65

      • €-$ (0.0016) or (0.14%) to 1.1602

      • £-$ +0.0009 or +0.07% to 1.3440

      • €-£ (0.0018) to 0.8633

      • S&P 500 +0.66%

      • Performance year-to-date

        • FTSE 100: +5.39%

        • DAX: +1.63%

        • CAC: (0.41%)

        • MIB: +10.16%

        • Stoxx 600: +5.56%

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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