European Movers: Barratt Redrow (BTRW LN) +2.8%, Stellantis (STLAM IM / STLAP FP) +2.5%, ASML (ASML NA) -0.1%, Aegon (AGN NA) -0.2%, Kering (KER FP) -6.9%, Hermes (RMS FP) -9.9%
Aegon (AGN NA) - Co. to sell Aegon UK to Standard Life for a total consideration of GBP 2bln. (Aegon)
ASML (ASML NA) - Q1 2026 (EUR): Sales 8.77bln (exp. 8.55bln, guided 8.2-8.9bln), Net Profit 2.76bln (exp. 2.58bln), guides Q2 2026 Revenue 8.4-9.0bln (exp. 9.08bln), sees FY26 Sales 36-40bln (prev. guided 34-39bln), sees Q2 gross margin between 51- 52% and FY26 gross margin between 51-53%. CEO: "The semiconductor industry's growth outlook continues to solidify, driven by ongoing AI-related infrastructure investments. Demand for chips is outpacing supply. ASML's order intake continues to be very strong as a result, and we are closely aligned with our customers to support their demand in a combination of delivery of new systems and performance upgrades of their installed base." (ASML)
Barratt Redrow (BTRW LN) - Q3 Trading Update: Q3 was solid, with a resilient reservation rate underpinned by good customer demand. Expect the Middle East conflict to have limited impact on FY26 performance despite heightened macroeconomic uncertainty, given our strong forward sales position and advanced build programme. On track to deliver total house completions of between 17,200-17,800 homes for the full year. (Barratt Redrow)
Hermes (RMS FP) - Q1 2026 (EUR) Revenue 4.07bln (exp. 4.15bln), Sales at constant FX +5.6% (exp. +7.44%), Leather Goods and Saddlery, +9%, Watches métier -4%. By region: Asia excluding Japan (+2%, vs exp. +5.8%) recorded growth in the first quarter, Greater China continued its slight growth, the Americas (+17%), Europe excluding France (+10%) , France (-3%) was affected by a slowdown in tourist flows. Confirms an ambitious goal for revenue growth at constant exchange rates. In a still uncertain economic and geopolitical context, the group has moved into 2026 with confidence. (Hermes)
Kering (KER FP) - Q1 2026 (EUR): Revenue 3.57bln (exp. 3.56bln), Fashion & Leather Goods Revenue 2.85bln (prev. 3.13bln Y/Y), Gucci revenue 1.35bln (exp. 1.37bln, prev. 1.57bln), Gucci comp revenue -8% (exp. -4.28%). In Q1, retail revenue in the Middle East declined by 11%, following growth over the first two months of the year. North America was the strongest at +9% comparable, while Western Europe -7% due to softer tourist flows. On the outlook, the objective remains to return to growth and improve margins. (Kering)
The mixed Q1 earnings results highlight differing trajectories within the consumer and semiconductor sectors. ASML's positive outlook suggests strong demand linked to AI investments, prompting optimism around capital expenditures in tech. In contrast, luxury brands like Kering and Hermes face pressures from slowing tourism and regional variability, indicating potential headwinds for high-end retail in uncertain economic conditions.