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European Movers: Schroders (SDR LN) +29.1%, Siemens (SIE GY) +5.5%, Michelin (ML FP) + 5.3%, Rexel (RXL FP) +4.8%, Hermes (RMS FP) +3.3%, Unilever (ULVR LN) -1.0%, ThyssenKrupp (TKA GY) -1.5%, Mercedes Benz (MBG GY) -5.2%

The significant movements in European stocks reflect a mixed earnings landscape.

Newsquawk StaffPublished On the live feed at — 2 more headlines followed before this page went public
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China is to study a long-term mechanism to manage government debts, Bloomberg reports

EUROPEAN OPEN: SIE GY orders top expectations, raises outlook; MBG GY misses estimates, lowers dividend; ML FP tops estimates, announces buyback; ULVR LN beats, announces buyback; Nuveen to buy SDR LN for GBP 9.9bln

European Movers: Schroders (SDR LN) +29.1%, Siemens (SIE GY) +5.5%, Michelin (ML FP) + 5.3%, Rexel (RXL FP) +4.8%, Hermes (RMS FP) +3.3%, Unilever (ULVR LN) -1.0%, ThyssenKrupp (TKA GY) -1.5%, Mercedes Benz (MBG GY) -5.2%

CBRT raises its end-2026 inflation forecast to 15-21% (prev. 13-19%)

Nissan Motor (7201 JT) 9-month (JPY): Net income -250.22bln (prev. 5.15bln Y/Y), Revenue 8.58tln (prev. 9.14tln Y/Y). Raises its FY revenue forecast to 11.90tln (prev. 11.70tln) and sees narrower FY operating loss at 60bln

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  • Schroders (SDR LN) - Co. to bought by US investment firm Nuveen for a deal worth roughly GBP 9.9bln. (Schroders)
  • Siemens (SIE GY) - Q1 (EUR): Net income 2.2bln (prev. 3.90bln Y/Y), Revenue 19.1bln (exp. 22.4bln), Orders 21.37bln (exp. 20.85bln), raises FY EPS pre-PPA 10.70-11.10 (prev. guided 10.40-11.00) Comp Revenue +8% (exp. +6.95%) Notes Q1'25 net income benefited from a EUR 2.1bln gain from the sale of Innomotics. 
  • Michelin (ML FP) - FY25 (EUR): EPS 2.36 (exp. 2.28), revenue 26bln (exp. 25.8bln). Adj. EBIT 2.72bln (exp. 2.61bln), adj. EBITDA 4.66bln (exp. 4.64bln). Plans a EUR 2bln share buyback over 2026-28. Tire markets are expected to remain stable over 2026, contracting slightly in the first half.
  • Rexel (RXL FP) - FY (EUR): Sales 19.4bln (exp. 19.4bln), Net Income 591.4mln, +7.3% Y/Y. Proposed dividend for 2025 of EUR 1.20/shr, a 52% payout ratio, maintaining a strong track record. 2026 outlook: 3% to 5% same-day sales growth, current adjusted EBITA margin at c. 6.2% and free cash flow conversion above 65%. (Rexel)    
  • Hermes (RMS FP) - FY 2025 (EUR) Revenue 16bln (exp. 16bln), Op. Income 6.56bln (prev. 6.15bln Y/Y); notes that 2026 price increases would be around 5-6%, down from around 6-7% rate in 2025. Q4: Revenue 4.09bln (exp. 4.06bln). Revenue +9.8% (exp. +8.2%).
  • Hermes (RMS FP) - FY 2025 (EUR) Revenue 16bln (exp. 16bln), Op. Income 6.56bln (prev. 6.15bln Y/Y); notes that 2026 price increases would be around 5-6%, down from around 6-7% rate in 2025. Q4: Revenue 4.09bln (exp. 4.06bln). Revenue +9.8% (exp. +8.2%). Outlook: In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates.
  • Unilever (ULVR LN) - Q4 2025 (EUR): Revenue 12.6bln (exp. 12.47bln), Underlying Sales +4.2% (exp. +3.97%); New EUR 1.5bln share buyback announced. (Unilever)
  • ThyssenKrupp (TKA GY) - Q1 (EUR): Sales 7.2bln (exp. 7.94bln), EPS -0.57 (exp. -0.26), Adj. EBIT 211mln (exp. 208.9mln). The group confirmed its forecast for the current fiscal year on this basis and continues to expect adjusted EBIT in a range between EUR 500-900mln. (ThyssenKrupp)
  • Mercedes-Benz Group (MBG GY) - FY25 (EUR): Net 5.33bln (exp. 4.9bln), Revenue 132.2bln (exp. 132.8bln), EBIT 1.76bln (exp. 1.73bln); sees 2026 Adj. ROS between 3-5% (exp. 5.79%). CEO: "Amid a dynamic market environment, our financial results remained within our guidance, thanks to our sharp focus on efficiency, speed, and flexibility". (Mercedes)    
Context

Schroders' acquisition indicates market confidence, while Siemens and Michelin showed robust performance, albeit Siemens missed revenue expectations. Meanwhile, the declines in Unilever and Mercedes-Benz may reflect broader market concerns or sector-specific challenges, suggesting a cautious sentiment ahead.

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