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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE (0.6%), DAX (0.6%), CAC (0.6%), IBEX (0.4%), SMI (0.3%)

May 28 ,2026

  • Synopsis

    • European equity markets set to open broadly lower. Crude extending rally following latest US strikes in Strait of Hormuz. Gold and silver selling off.

    • US military launched another round of strikes against Iranian targets in Strait of Hormuz on Wednesday, shooting down drones that were fired at commercial ships (Bloomberg, link, Reuters) . Marked second such strike this week, which US military again described at defensive in nature. IRGC claimed to have retaliated with strike against US base and Kuwait responding to incoming drones and missiles. Monday's strikes drew rebuke from Iran but didn't derail ongoing talks, though latest actions underline the uneasy backdrop to negotiations.

    • Development follows cautious remarks from President Trump regarding state of US-Iran negotiations (Bloomberg, Reuters). Trump maintained his view Iran wants a deal but said he didn't like Tehran's offer so far and did not rule out further military action. Trump pushed back against Iranian demands over Strait of Hormuz, insisting nobody will control the waterway and threatened to attack Oman amid reports about it sharing management of the Strait with Iran. Trump vowed no sanctions relief for Iran. Also repeated demands for Gulf states to join Abraham Accords, otherwise it could jeopardize US interest in signing agreement with Iran.

    • Asian equities trading lower Thursday. Of note, Bank of Korea left interest rates unchanged as expected in 5-2 vote count (two members dissented in favor of rate hike). Hawkish dot plot shift with median projection for two rate hikes over next six months.

    • European macro data releases out today include France Apr PPI, Spain Apr retail sales, Italy May business/consumer confidence, Apr PPI, Eurozone May economic sentiment indicator, Belgium May CPI, Sweden Apr trade balance

    • In central banks, Denmark central bank's Thomsen speech at 12noon CET at Assn of Local Banks, Savings Banks and Cooperative Banks in Denmark annual meeting. Bundesbank's Köhler-Geib panellist at 14:45CET at conf title 'External statistics in the age of geoeconomics: challenges and opportunities in a changing global landscape'. Reykjavik 2026 economic conf (through Fri) speakers includes Denmark central bank's Krogstrup at 15:30CET. In politics, EU's Competitiveness Council (Internal market and Industry) meets. Amongst events are Dagens industri Bank conf. and Politico Pro Roundtable at 8:15CET on Sustainability.

    • On the corporate front, Elekta (EKTA.B.SS) reported mixed set of Q4 results. Soitec (SOI.FP) out with FY results and guidance; analysts at Bernstein note it was solid print with a Photonics-SOI milestone and FCF beat as the key positives and what it thinks should be seen as an in-line 1Q27 guidance. Uber raised its stake in Delivery Hero (DHER.GR) to ~36.8% from ~25.1%, reportedly paying just under €40/share. The UK government would oppose Bharti lifting its stake in BT Group (BT.A.LN), as per the FT. Sanofi (SAN.FP) secured US priority review for venglustat in Gaucher disease; Genmab (GMAB.DC) won a NICE recommendation for Rybrevant in NSCLC. On ratings, L'Oréal (OR.FP) upgraded to buy; Wärtsilä (WRT1V.FH) and NKT (NKT.DC) cut.

    • Expected first day of trading of BioMar Group (BIOMAR.DC) on Nasdaq Copenhagen.

  • Politics/Macro/World News

    • EU to broaden import quotas and tariffs against China (FT)

    • ECB chief economist sees persistent impact on inflation from Iran war (Reuters)

    • Norway to join France's nuclear umbrella, in move away from US reliance (SCMP)

  • Top company news

    • Earnings/updates

      • EKTA.B.SS (Elekta) -- reports Q4 revenue SEK4.76B vs consensus SEK4.97B; EBIT SEK902M ex-items vs consensus SEK798M; EPS SEK0.57 ex-items vs consensus SEK1.34; Proposes a dividend of SEK 2.40/share, unchanged y/y

      • VIG.AV (Vienna Insurance Group) -- reports Q1 PBT €310.3M vs year-ago €261.1M; FY26 guidance upheld

      • SOI.FP (SOITEC) -- reports FY EBITDA €151M vs FactSet €148.1M [17 est, €94.3-180M]; expects Q1'27 revenue up around 15% at constant currency and scope y/y,

      • FYB.GR (Formycon) -- reports Q1 revenue €13.1M vs FactSet €8.0M [1 est]

      • GALE.SW (Galenica) -- reports Q1 revenue CHF1.41B, +7% vs year-ago CHF1.31B

      • CENER.BB (Cenergy Holdings) -- Cenergy Holdings reports Q1 net income €74.1M vs FactSet €44.4M [1 est]

      • 1AST.GR (ASTA Energy Solutions AG) -- reports Q1 net income €6.3M vs year-ago €0.9M

      • 1AST.GR (ASTA Energy Solutions AG) -- Follow-up: ASTA Energy Solutions AG re-confirms its FY26 guidance

      • COSH.NO (Constellation Oil Services Holding) -- reports Q1 adjusted EBITDA $97.1M vs FactSet $63.7M [5 est, $51-69M]

      • Also reporting today

        • Earnings:

          • Austria: EVN (EVN.AV), CPI Europe (CPI.AV)

          • Denmark: Per Aarsleff Holding (PAAL.B.DC), Luxor (LUXOR.B.DC)

          • France: Laurent-Perrier (LPE.FP)

          • Germany: CTS Eventim (EVD.GR), Azerion Group (9Q9.GR), Novem Group (NVM.GR), BRAIN Biotech (BNN.GR)

          • Norway: Andfjord Salmon Group (ANDF.NO)

          • Southern Europe: eDreams ODIGEO (EDR.SM)

          • UK: Scottish and Southern Energy (SSE.LN), Johnson Matthey (JMAT.LN)

        • Trading Update:

          • DACHs: Galenica (GALE.SW)

        • CMD/Events: Pernod Ricard (RI.FP), Verkkokauppa.com (VERK.FH)

    • M&A

      • DHER.GR (Delivery Hero) --

        • Uber increases stake in Delivery Hero SE to ~36.8% from prior ~25.1% -- filing

        • Uber paid just under €40 per share to Aspex Management as part of the increase in its stake in Delivery Hero -- FT

      • BT.A.LN (BT Group) -- UK would oppose any attempt from Bharti Enterprises to increase stake in BT - FT

      • WBS (Webster Financial) -- shareholders approve proposed acquisition by Santander - 8-K

      • SOP.FP (Sopra Steria Group) -- Sopra Steria proposes acquisition of Digital Product Simulation; price not disclosed

      • DEZ.GR (Deutz AG) -- acquires Maxi Trust Power Ltda.

      • PPH.LN (PPHE Hotel Group) -- provides update on strategic review and formal sale process

    • Healthcare

      • SAN.FP (Sanofi) -- Sanofi's venglustat accepted for priority review in the US to treat type 3 Gaucher disease

      • GMAB.DC (Genmab) -- NICE recommends Genmab's Rybrevant with carboplatin and pemetrexed for untreated advanced NSCLC with activating EGFR exon 20 insertion mutations in adults

      • MOLN.SW (Molecular Partners) -- Transcript Intelligence: Molecular Partners at TD Cowen Oncology Innovation Summit

      • B9P1.GR (NovaBay Pharmaceuticals) -- SEC filing: SCHEDULE 13D (Filed by Sky Frontier Foundation)

    • Other

      • SAAB.B.SS (Saab) -- and CAE expand strategic partnership in support of Canada's AEW&C programme

      • ADYEN.NA (Adyen) -- CFO Ethan Tandowsky to step down, effective 31-Aug-26

      • TTE.FP (TotalEnergies) -- Mozambique to contest claims made by TotalEnergies of ~ $2B in incremental costs following prolonged shutdown of LNG project activities - Bloomberg

      • CAP.FP (Capgemini) -- Transcript Intelligence: Capgemini Capital Markets Day

      • AGN.NA (Aegon) -- announces agreement with Vereniging and publishes proposal for US-aligned governance framework

      • AVOL.SW (Avolta) -- awarded 12-year contract at Norfolk International Airport

      • IG.IM (Italgas) -- appoints Pierre La Tour as CFO, effective 1-Jun-26

      • BCP.PL (Banco Comercial Portugues) -- Banco Comercial Português announces approval of share buyback program for up to €407.5M

      • Avangrid executes PPA with Microsoft for new 140 MW solar project in Washington

      • UK April car manufacturing (1.2%) y/y to 58,513 units - SMMT

  • Key rating changes

    • Upgrades

      • NOKIA.FH (Nokia) -- to buy from hold at SEB

      • OR.FP (L'Oreal) -- to buy from hold at Berenberg

    • Downgrades

      • WRT1V.FH (Wartsila) -- to neutral from buy at UBS

      • NKT.DC (NKT A/S) -- to hold from buy at DNB Carnegie

      • HSX.LN (Hiscox) -- to add from buy at Peel Hunt

      • HAFNI.NO (Hafnia) -- to hold from buy at Pareto

    • Initiations

      • AV.LN (Aviva) -- buy at Berenberg

      • SGL.GR (SGL Carbon) -- neutral at Oddo

  • Data

    • Nikkei (0.56%) to 64636.96

    • Hang Seng (1.53%) to 24941.65

    • Shanghai Composite +0.25% to 4104.12

    • S&P futures (12.5) vs prior close of 7540.0

    • €-$ (0.0025) or (0.22%) to 1.1602

    • $-¥ +0.06 or +0.04% to 159.57

    • €-¥ (0.36) or (0.19%) to 185.10

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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