Newsquawk Daily European Equity Opening News - 13th May 2026

ASIA

APAC stocks traded mixed following on from the mostly subdued handover from Wall Street, where sentiment was dampened by tech weakness, higher oil prices and firmer-than-expected inflation, while the geopolitical situation remained uncertain with Iran said to require five confidence-building conditions for it to enter a second round of talks with the US. ASX 200 declined amid weakness in the top-weighted financial sector after shares in Australia's largest lender CBA, slumped around 10% following its earnings results, while the recent federal budget announcement failed to spur risk appetite and was seen by analysts to hit consumer stocks. Nikkei 225 clawed back initial losses after encouraging current account and bank lending data, and despite hawkish market pricing of around a 70% chance for a BoJ rate hike next month. Hang Seng and Shanghai Comp were mixed as participants digested earnings releases and with the focus on the looming Trump-Xi summit, while the US President is on his way to Beijing with various CEOs on Air Force One, including the late addition of NVIDIA's Jensen Huang.

Samsung Electronics (SSNLF) - Samsung and its union failed to reach a pay deal, raising the risk of an 18-day strike from 21st May, Reuters reports. The union cites bonus pay gaps with SK Hynix (HXSCL) and demands higher salaries, profit-based bonuses and clearer bonus calculations. South Korea PM Kim Min-seok urged dialogue to prevent a strike; the government also convened an emergency cabinet meeting on the matter.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -1.41% at 5,813, Dax 40 -1.54% at 23,975, FTSE 100 -0.04% at 10,265, CAC 40 -0.95% at 7,980, FTSE MIB -1.36% at 48,991, IBEX 35 -1.56% at 17,574, PSI -1.26% at 9,050, SMI +0.14% at 13,120, AEX -1.55% at 999

SECTORS: Energy 1.04%, Materials -0.89%, Industrials -2.04%, Consumer Disc -0.69%, Consumer Stpl 1.31%, Healthcare 0.84%, Financials -1.65%, IT -3.06%, Telecoms -0.84%, Utilities -1.09%

FTSE 100

BP (BP/ LN) - United Steelworkers Union said they have asked the Co. to return to the bargaining table for meaningful and good-faith negotiations. (USW)

OTHER UK COMPANIES

BROKER MOVES

DAX

Allianz (ALV GY) - Q1 2026 (EUR): Operating Profit 4.52bln (exp. 4.37bln, prev. 4.24bln Y/Y), Adj. EPS 9.96 (prev. 6.61 Y/Y), Revenue 53.0bln (prev. 54.0bln Y/Y), affirms FY26 outlook, sees 2026 operating profit between 16.4-18.4bln. (Allianz) post-earnings analyst and investor conference call is scheduled for 13:30 BST

Brenntag (BRN GY) - Q1 2026 (EUR): Sales 3.66bln (exp. 3.7bln), Op. Profit 950mln (prev. 1.02bln Y/Y), EPS 0.68 (prev. 0.93 Y/Y). Brenntag confirms its outlook for operating EBITDA in the financial year 2026. (Brenntag)

Deutsche Telekom (DTE GY) - Q1 2026 (EUR): Revenue 29.9bln (exp. 28.4bln), Adj. EBITDAaL 11.5bln (exp. 11.3bln), raises FY26 Adj. EBITDAaL guidance to "around" 47.5bln (prev. guided "around" 47.4bln) and sees FCF "more than" 19.8bln (prev. guided "around" 19.8bln). In other news, the Co. confirms that, with Rheinmetall (RHM GY), they are planning to jointly develop a defence shield against drones. (Deutsche Telekom)

E.On (EOAN GY) - Q1 2026 (EUR): Adj. EBITDA 3.3bln (exp. 3.17bln). FY Outlook: Adj. EBITDA 9.4-9.6bln (exp. 9.33bln). Reaffirmed 2026 guidance, and through to 2030. (E.On)

Merck (MRK GY) - Q1 2026 (EUR): Sales 5.13bln (exp. 5.08bln), Adj. EBITDA 1.53bln (exp. 1.46bln), Adj. EPS 2.11 (exp. 1.95). Raises FY Adj. EPS 7.30-8.20 (prev. guided 7.10-8.00), FY Adj. EBITDA 5.7-6.1bln (exp. 5.84bln), Net Sales 20.4-21.4bln (exp. 20.89bln). Confirms mid-term guidance. Commentary: In the first quarter of 2026, Merck recorded solid demand across its portfolio. (Merck)

RWE (RWE GY) - Q1 2026 (EUR): Adj. EBITDA 1.6bln (exp. 1.66bln), Adj. EPS 0.85 (prev. 0.68 Y/Y). Offshore Wind: Adj. EBITDA 570mln (prev. 380mln Y/Y). Confirms guidance: sees FY Adj. EBITDA 5.2-5.8bln (exp. 5.52bln). (RWE)

Siemens (SIE GY) - Q2 2026 (EUR) Revenue 19.8bln (exp. 20.1bln), Orders 24.11bln (exp. 22.6bln), Net Income 2.24bln, -8.3% Y/Y. Co. announces up to EUR 6bln share buyback for up to 5 years; confirms FY26 outlook. Continue to expect comparable revenue growth − net of currency translation and portfolio effects − in the range of 6% to 8% and a book-to-bill ratio above 1 for fiscal 2026. Digital Industries now expects comparable revenue growth of 7% to 10% (prev. guided 5% to 10%) and a profit margin of 17% to 19% (prev. guided 15% to 19%) for fiscal 2026. Smart Infrastructure now expects for fiscal 2026 comparable revenue growth of 8% to 10% (prev. guided 6% to 9%) and continues to expect a profit margin of 18% to 19%. (Siemens) press conference call is scheduled for 07:00 BST

OTHER GERMAN COMPANIES

Auto1 (AG1 GY) - Q1 2026 (EUR): Revenue 2.44bln (exp. 2.38bln), Adj. EBITDA 59.8mln (exp. 59.5mln). Confirms its full-year guidance for 2026. (Auto1)

Ceconomy (CEC GY) - Q2 2026 (EUR): Revenue 5.47bln (prev. 5.2bln Y/Y), Adj. Net Income -68mln (prev. -29mln Y/Y). (Ceconomy)

Evotec (EVT GY) - Co. launches USD 125mln convertible bond offering. (Newswires)

Hapag Lloyd (HLAG GY) - Q1 2026 (USD): Revenue 4.91bln (prev. 5.31bln Y/Y), EBITDA 494mln (prev. 1.10bln Y/Y). CEO: “The first quarter of 2026 was unsatisfactory for us, with weather-related supply chain disruptions and pressure on freight rates leading to significantly lower results”. Outlook for 2026 unchanged: lower earnings expected in difficult market environment. (Hapag Lloyd)

Sixt (SIX2 GY) - Q1 2026 (EUR): Revenue 928.9mln (exp. 917mln). Confirms 2026 guidance. (Sixt)

Talanx (TLX GY) - Q1 2026 (EUR): Insurance Revenue 12.1bln (prev. 12.4bln Y/Y), EBIT 1.614bln (prev. 1.273bln Y/Y), Net Income 774mln (prev. 604mln Y/Y). FY26 guidance confirmed. (Talanx)

TUI (TUI1 GY) - Q2 2026 (EUR): Revenue 3.7bln (exp. 3.72bln), Adj. EBIT Loss 0.19bln, affirms FY26 outlook assuming there will be no material escalation in geopolitical tensions. Commentary: Notes increased consumer caution and bookings closer to departure in summer 2026, sees strong demand in the Holiday Experiences Business Area in H2, well positioned to respond to current market environment. (TUI)

BROKER MOVES

CAC

Eiffage (FGR FP) - Q1 2026: Revenue 5.7bln (exp. 5.7bln), affirms FY26 outlook. Co. to acquire a majority stake in Hand & Werk to expand its presence in the German data centre market; expected to close this year. (Eiffage)

OTHER FRENCH COMPANIES

Alstom (ALO FP) - FY 2026 (EUR): Adj. EBIT 1.17bln (exp. 1.17bln), Sales 19.2bln (exp. 19bln). CEO: “Market momentum is strong”. Outlook: Confirms outlook for FY26/27. Priority actions on execution, progress towards a leaner cost base, simplify processes and accelerate procurement savings. The Group assumes no additional disruptions linked to the geopolitical context, in the Middle East in particular, and its continuous ability to mitigate fluctuating tariffs. (Alstom)

Elis (ELIS FP) - Elis continues to expand its network through the acquisition of Wäsche Perle in Switzerland. (Elis)

Eutelsat (ETL FP) - Q3 2026 (EUR): Revenue 293mln (exp. 290.9mln), Order Backlog 3.4bln (prev. 3.6bln Y/Y). Confirms FY25/26 objectives. (Eutelsat)

Vallourec (VK FP) - Q1 2026 (USD): Revenue 975mln (prev. 1.043bln Y/Y), EBITDA 220mln (prev. 216mln Y/Y), Operating Income 156mln (prev. 154mln Y/Y). FY outlook maintained with improving US pricing and stronger H2 international activity expected. (Vallourec)

BROKER MOVES

Worldline (WLN FP) resumed with Buy at Jefferies

PAN EUROPE

ABN AMRO (ABN NA) - Q1 2026 (EUR): Op. Income 2.29bln (exp. 2.29bln), Net Income 693mln (exp. 569mln), NII 1.64bln (exp. 1.59bln), CET1 Ratio 15.5% (exp. 15.4%). Lowered cost guidance for the full year to around 5.5bln (prev. guided 5.6bln). (ABN AMRO) post-earnings analyst and investor conference call is scheduled for 08:00 BST

Recordati (REC IM) - Q1 2026 (EUR): Revenue 713.4mln (exp. 709mln), EBITDA 283.6mln, +5% Y/Y. Confirms outlook: Net Revenue 2.73-2.8bln. FY27 targets unchanged. (Recordati)

Wienerberger (WIE AV) - Q1 2026 (EUR): Revenue 1.03bln (exp. 1.04bln), Operating EBITDA 97mln (prev. 130mln Y/Y), Profit after Tax -30mln (prev. 5mln Y/Y), affirms FY26 EBITDA guidance, however highlighting limited visibility due to the Middle East conflict. (Wienerberger)

BROKER MOVES

Heineken (HEIA NA) downgraded to Neutral from Overweight at JPMorgan

SMI

Zurich Insurance (ZURN SW) - Q1 2026 (USD): P&C GWP 15.6bln (prev. 13.3bln Y/Y), P&C Insurance Revenue 12.0bln (prev. 10.8bln Y/Y). CFO: "All our businesses started the year strongly, with growth accelerating across targeted business lines and customer segments. Thanks to our strong capital position, we are well positioned to navigate the current uncertain environment and stay on track to meet or exceed our 2027 targets."(Zurich Insurance)

OTHER SWISS COMPANIES

Adecco (ADEN SW) - Q1 2026 (EUR): EPS 0.50 (prev. 0.48 Y/Y), Revenue 5.66bln (prev. 5.57bln Y/Y), guides Q2 gross margin "lower" Q/Q, reflecting normal seasonality. (Adecco)

BROKER MOVES

Belimo Holding (BEAN SW) initiated with Overweight at Barclays

Swatch (UHR SW) upgraded to Sector Perform from Underperform at RBC

SCANDINAVIA

Bavarian Nordic (BAVAB DC) - Q1 2026 (DKK): Revenue 1.06bln (exp. 1.12bln). FY Outlook: 5.5-5.7bln (exp. 5.21bln). (Bavarian Nordic)

Mowi (MOWI NO) - Q1 2026 (EUR): Revenue 1.54bln (prev. 1.35bln Y/Y), EPS 0.27 (prev. 0.29 Y/Y). (Mowi)

NKT (NKT DC) - Q1 2026 (EUR): Adj. EBITDA 97mln (exp. 84.5mln), Revenue 864mln (prev. 837mln Y/Y). FY26 guidance unchanged. (NKT)

BROKER MOVES

US

CLOSES: SPX -0.16% at 7,401, NDX -0.87% at 29,065, DJI +0.11% at 49,766, RUT -0.97% at 2,842.

SECTORS: Consumer Discretionary -1.06%, Technology -0.99%, Industrials -0.40%, Materials -0.15%, Communication Services +0.09%, Utilities +0.10%, Real Estate +0.10%, Energy +0.71%, Financials +0.72%, Consumer Staples +1.56%, Health +1.93%.

Brown-Forman (BF.B) - Brown-Forman on Monday rejected a roughly USD 15bln cash takeover offer (USD 32/shr) from rival Sazerac, according to sources cited by the WSJ. (WSJ)

Eli Lilly (LLY) - Eli Lilly said late-phase trials showed people with obesity maintained long-term weight loss with Foundayo or lower-dose Zepbound after switching from higher-dose injectable incretin therapy. SURMOUNT-MAINTAIN showed Zepbound MTD and 5mg met primary and key secondary endpoints. ATTAIN-MAINTAIN showed switching to Foundayo supported long-term weight maintenance, meeting primary and key secondary endpoints. (Eli Lilly)

JPMorgan (JPM) - JPMorgan is set to reshuffle senior investment bank roles as part of a wider reorganisation, FT reports. The changes are part of a wider reorganisation, and come amid an uptick in global dealmaking activity. The reshuffle would bring M&A practitioners under industry coverage groups; Dorothee Blessing, Kevin Foley and Jared Kaye will become co-heads of global investment banking; Charles Bouckaert will replace Anu Aiyengar as global head of M&A, while Aiyengar becomes global chair of investment banking. (FT)