Newsquawk Daily European Equity Opening News - 23rd April 2026
ASIA
APAC stocks were mostly negative despite the positive handover from Wall Street, with risk appetite souring amid higher oil prices and following the recent bout of mixed geopolitical headlines ASX 200 declined with the downside led by weakness in the consumer-related sectors and with nearly all industries subdued aside from energy, while the improvement in PMI data, which returned to expansionary territory, did little to spur a rebound. Nikkei 225 swung between gains and losses, in which the index retreated after hitting a fresh record high above the 60,000 level, with pressure seen amid fluctuations in oil. Hang Seng and Shanghai Comp were lower amid a slew of earnings updates and as the weakness seen in retailers and autos clouded over the gains in the energy majors.
SK Hynix (000660 KS) - Q1 2026 (KRW): Net Profit 40.3tln (exp. 30.4tln), Revenue 52.6tln (exp. 53.6tln), Operating Profit 37.6tln (exp. 37.9tln), sees Q2 DRAM shipments to rise high single-digits and NAND shipments to rise by mid-teens Q/Q. Expects favourable pricing environment to continue for the time being. Has seen some signs of softening demand in PC and Smartphone chips. 2026 capex expected to increase significantly Y/Y. Majority of allocated capex to infrastructure preparation centred on Yongin cluster and ramp up of M15x, and the procurement of key equipment. Plans to ramp up volume for HBM4 chips in line with agreed schedule with customers. (SK Hynix)
EUROPEAN CLOSES
CLOSES: Euro Stoxx 50 -0.49% at 5,901, DAX -0.25% at 24,210, FTSE 100 -0.21% at 10,476, CAC 40 -0.96% at 8,156, AEX +0.22% at 1,021, IBEX 35 -0.75% at 18,006, FTSE MIB -0.25% at 47,785, SMI -0.51% at 13,068, PSI +0.54% at 9,186
FTSE 100
OTHER UK COMPANIES
BROKER MOVES
DAX
Volkswagen (VOW3 GY) / XPeng (XPEV) - Xpeng expects to begin large-scale production of its flying cars in 2027 and humanoid robots in Q4 2026, Reuters reports. Exec said Xpeng has over 7,000 flying-car orders, will start robotaxi tests in Guangzhou this year, and sees scope to deepen cooperation with Volkswagen. (Reuters)
OTHER GERMAN COMPANIES
Sartorius (SRT3 GY) - Q1 2026 (EUR): Revenue 899.1mln (exp. 898.2mln), Adj. EBITDA 267.3mln (exp. 267.3mln). Full-year guidance for 2026 confirmed. (Sartorius)
BROKER MOVES
CAC
Carrefour (CA FP) - Q1 2026 (EUR): Revenue 21.1bln (exp. 21.9bln) and affirms outlook; did not see significant changes to consumer behavior in March after Iran conflict started. (Carrefour)
Dassault Systemes (DSY FP) - Q1 2026 (EUR): Revenue 1.51bln (exp. 1.52bln), Adj. EBIT 457mln (exp. 460.3mln). Confirms FY outlook. Across our geographies, Europe saw healthy growth this quarter, driven by strong contributions from consumer centric industries. In the Americas, the performance was impacted by a tough comparison base while growth in Transportation & Mobility and Home & Lifestyle was strong. Asia remained resilient led by core industries. (Dassault Systemes)
Essilorluxottica (EL FP) - Q1 2026 (EUR): Revenue 7.13bln (exp. 7.13bln), Revenue ex-FX +10.8% (exp. +11.3%). North America +12.5%, EMEA +9.5%, supported by AI glasses and strong Ray-Ban brand performance. China accelerating, up low teens supported by myopia and retail. (Essilorluxottica)
L'Oreal (OR FP) - Q1 2026 (EUR): Revenue 12.2bln (exp. 11.87bln). Q1 China growth at mid-to-high single digits. Q1 North America Growth of +7.6% LFL; H2 25 recovery in US and China continued and co. outpaced market in both. Consumption in middle East impacted since conflict breakout, notably in UAE, while resilient in Saudi Arabia. (L'Oreal)
Orange (ORA FP) - Q1 (EUR): Revenue 10.1bln (exp. 9.97bln), EBITDAaL 2.6bln (prev. 2.44bln Y/Y). Sustained retail performance (+2.9%) in France, Europe, and Africa & Middle East. Outlook: Group's 2026 EBITDAaL guidance upgraded to "above +3%" (prev. guided c. +3%). The full takeover of MasOrange, whose closing is expected to occur by the end of the second quarter, will further strengthen the Group’s position at the heart of Europe’s telecom market. (Orange)
Renault (RNO FP) - Q1 2026 (EUR): Revenue 12.53bln, +7.3% Y/Y. Automotive Revenue 10.80bln, +6.5% Y/Y. Sales of 546,183, -3.3% Y/Y. Operating margin of around 5.5% of Group revenue , with H2 operating margin higher than H1, as per usual seasonal patterns. Cost reduction remains a key priority for 2026 and beyond. The Group is taking additional measures to mitigate the potential impact of the Middle East crisis on raw materials, energy, and logistics costs. Reaffirms 2026 guidance. (Renault)
Sanofi (SAN FP) - Q1 2026 (EUR): Revenue 10.5bln (exp. 10.7bln), Business EPS 1.88, +5% Y/Y. By drug: Dupixent sales 40.2bln, +30.8% Y/Y. Affirms guidance. CEO: "we continue to expect sales to grow by a high single-digit percentage and business EPS to grow slightly faster than sales". (Sanofi)
STMicroelectronics (STMPA FP) - Q1 2026 (USD): EPS 0.13 (exp. 0.19), Revenue 3.10bln (exp. 3.06bln), Gross Margin 33.8% & above the mid-point of outlook range, due to a better product mix. “In Q1, despite the macroeconomic uncertainty, we saw improving demand with strong booking and normalized inventory in distribution.” Co. is "now strategically positioned to capture upside from new AI-driven programs, leveraging specialized technologies to enable the evolving AI infrastructure...". Q2 Guidance: Revenue: 3.45bln (exp. 3.18bln) Gross Margin: 34.8%, incl. 100bps of unused capacity charges. (STMicroelectronics)
OTHER FRENCH COMPANIES
Ipsen (IPN FP) - Q1 2026 (EUR): Revenue 1.07bln (exp. 1.01bln). Confirms 2026 guidance. (Ipsen)
Sartorius Stedim Biotech (DIM FP) - Q1 2026 (EUR): Sales 762mln, +2.3% Y/Y, EBITDA 233mln, +1.9% Y/Y. Confirms 2026 guidance. (Sartorius Stedim Biotech)
Wendel (MF FP) - Q1 2026 (EUR): Revenue 1.54bln, -0.8% Y/Y. Maintained steady performance across most regions, in an environment marked by disruptions related to the conflict in the Middle East; growth in the Industry business impacted by the delays of Opex-related services mainly in the Middle East. (Wendel)
BROKER MOVES
PAN EUROPE
Azelis (AZE BB) - Q1 2026 (EUR): Revenue 1.04bln (exp. 1.01bln). Outlook: While some end markets are starting to stabilise, geopolitical tensions continue to drive volatility. Any near-term uplift from pre-buying or price inflation is expected to be more moderate than in the post-Covid disruption cycle, reflecting a softer pre-conflict demand backdrop, and may affect the pace of recovery. Against this backdrop, Azelis remains focused on cost discipline and strong cash generation. (Azelis)
Bankinter (BKT SM) - Q1 2026 (EUR): Net Income 291mln (prev. 270.1mln Y/y), NII 571mln (prev. 541mln Y/Y). CET1 Ratio 12.96% (prev. 12.4% Y/Y). (Bankinter)
BE Semicondcutor (BESI NA) - Q1 2026 (EUR): Revenue 184.9mln (exp. 186.3mln), Orders 269.7mln, +7.7% Y/Y. Outlook: Revenue expected to increase 30%-40%. (BE Semicondcutor)
Heineken (HEIA NA) - Q1 2026 (EUR): Revenue 6.70bln (exp. 6.70bln), Organic Revenue 2.8% (exp. 2.4%). Total Volume 66.4mln, +2.8% Y/Y. Asia Pacific: strong start of the year driven by Vietnam, supported by festive timings, India, and China. Maintains FY outlook. (Heineken)
BROKER MOVES
SMI
Roche (ROP SW) - Q1 2026 (CHF): Sales 14.72bln (prev. 15.44bln Y/Y), Group Sales +6% at constant exchange rates, -5% in CHF, due to significant currency appreciation; confirms 2026 outlook. Sales by Region: US: 5.69bln (prev. 6.22bln Y/Y) Europe: 2.23bln (prev. 2.32bln Y/Y) Japan: 649mln (prev. 671mln Y/Y) Sales by Unit: Group: driven by high demand for our innovative medicines and diagnostics. Pharmaceutical: +7% at CER, -4% in CHF, +10% in USD. Due to continued high growth in sales of medicines for the treatment of severe diseases: Xolair, Phesgo, Hemlibra, Vabysmo & Ocrevus were the top drivers. Diagnostics: +3% at CER, -7% in CHF, +7% in USD. Demand for core lab and pathology solutions more than offset the impact of healthcare pricing reforms in China. 2026 Outlook: Confirmed. Core EPS in the high single-digit range at CER. Expects to increase dividend in CHF. (Roche)
Nestle (NESN SW) - Q1 2026 (CHF): Sales 21.3bln (exp. 21.1bln), Organic Growth 3.5%; maintains guidance. Overall impact of infant formula recall was approximately -90 bps on Q1-26 OG and RIG. Product availability is now back to normal. Sales Breakdown: Americas: 9.1bln (prev. 9.75bln) Asia, Oceania & Africa: 5.2bln (prev. 5.7bln) Europe: 4.6bln (prev. 4.6bln) Nespresso 1.55bln (prev. 1.59bln) 2026 Guidance: "After a good Q1, but reflecting increased geopolitical uncertainty and macroeconomic risks, we are maintaining our 2026 guidance." Organic Growth seen in the 3-4% range, Real Internal Growth to accelerate Y/Y. FCF > 9bln. Underlying Trade Operating Margin to improve Y/Y, strengthening in H2. (Nestle)
OTHER SWISS COMPANIES
Galderma (GALD SW) - Q1 2026 (USD): Sales 1.47bln (exp. 1.43bln). Confirming 2026 full-year guidance. (Galderma)
BROKER MOVES
SCANDINAVIA
Axfood (AXFO SS) - Q1 2026 (SEK): Adj. EBIT 812mln (exp. 854.1mln), Sales 21.6bln (exp. 22bln). (Axfood)
Essity (ESSITYB SS) - Q1 2026 (SEK): Sales 33.2bln (exp. 32.9bln), Adj. EBITA 4.6bln (exp. 4.54bln). New share buyback of SEK 3bln. (Essity)
EQT (EQT SS) - Co. is reportedly considering the takeover of Kakaku.com (2371 JT), Bloomberg reports citing sources. (Bloomberg)
DNB (DNB NO) - Q1 2026 (NOK): Total Income 21.8bln (exp. 21.7bln), EPS 6.50 (prev. 7.04 Y/Y). (DNB)
Nokia (NOKIA FH) - Q1 2026 (EUR): Sales 4.5bln (exp. 4.56bln), Adj. EPS 0.05 (prev. 0.02 Y/Y). Nokia's full year outlook is unchanged. Nokia targets EUR 2.0 to 2.5 billion of comparable operating profit. CEO says: "We are increasing our growth assumption for Optical and IP Networks and we are investing to capture accelerating demand from AI & Cloud customers". (Nokia)
Saab (SAABB SS) - Q1 (SEK): Sales 19.2bln (exp. 19.6bln), EBITDA 2.73bln (prev. 2.14bln Y/Y). The AGM 2026 decided on a dividend of SEK 2.40 per share for the financial year 2025 (prev. 2.00/shr)
BROKER MOVES
Nokian Tyres (TYRES FH) upgraded to Buy from Hold at SEB
Nokian Tyres (TYRES FH) upgraded to Buy from Hold at Danske Bank
US
CLOSES: SPX +1.05% at 7,138, NDX +1.73% at 26,937, DJI +0.69% at 49,490, RUT +0.74% at 2,785.
SECTORS: Technology +2.31%, Communication Services +1.41%, Energy +1.14%, Consumer Staples +0.56%, Consumer Discretionary +0.44%, Materials +0.33%, Health +0.30%, Utilities -0.16%, Financials -0.17%, Industrials -0.20%, Real Estate -0.69%
IBM (IBM) - Shares fell 7% in extended trading as better-than-expected results were overshadowed by unchanged FY guidance. Q1 EPS 1.91 (exp. 1.81), Q1 revenue USD 15.92bln (exp. 15.65bln). Said Q1 was a strong start to the year with broad-based revenue growth across segments; AI remained a tailwind as clients scale use cases. Management said it is operating in a dynamic environment, that Middle East developments did not impact Q1, and it remains on track to deliver its first large-scale fault-tolerant quantum computer by 2029. Sees FY26 constant currency revenue growth of more than 5%, with FX a 0.5-1 point tailwind to growth; sees FY26 free cash flow up about USD 1.0bln Y/Y; sees FY26 software business growth at least 10%; sees FY26 consulting business revenue up low- to mid-single digits; sees FY26 operating tax rate in the mid-teens.
Lam Research (LRCX) - Q1 adj. EPS 1.47 (exp. 1.36), Q1 revenue USD 5.84bln (exp. 5.76bln). Q1 adj. gross margin 49.9%. CEO noted it delivered record revenue and EPS in the March quarter as AI-driven demand reshapes the semiconductor industry, adding that strategic investments and execution are supporting customer AI roadmaps and driving outperformance during an important phase of industry growth. Sees Q2 adj. EPS between 1.50-1.80 (exp. 1.45), sees Q2 revenue between USD 6.2-7.0bln (exp. 6.05bln), sees Q2 adj. gross margin between 49.5-51.5%.
ServiceNow (NOW) - Shares fell over 12% in extended trading, as the conflict in the Middle East delayed several large on-premise deal closings, and weighed on subscription revenue growth, despite it beating on earnings and issuing higher FY guidance. Q1 adj. EPS 0.97 (exp. 0.97), Q1 revenue USD 3.77bln (exp. 3.75bln). cRPO 22.5% Y/Y at USD 12.64bln. It recorded 16 transactions over USD 5mln in net new ACV in Q1 (up ~80% Y/Y), and ended the quarter with 630 customers with more than USD 5mln in ACV (up ~22% Y/Y). Exec noted that Q1 performance beat the high end of guidance once again, adding that AI growth is far exceeding even the company's own expectations. Sees Q2 subscription revenue between USD 3.815-3.82bln, with cRPO up 19.5% Y/Y. Raised FY26 subscription revenue outlook to between USD 15.735-15.775bln (prev. saw 15.53-15.57bln); raised its FY26 AI commitment view to USD 1.5bln (vs prev. target of USD 1bln).
TSMC (TSM), ASML (ASML) - TSMC said it will not use ASML’s latest high-NA EUV chipmaking machines for production through 2029 because of cost; exec noted that the machines cost more than EUR 350mln each, and announced TSMC’s A13 chip will enter production in 2029. TSMC unveiled the A13 and N2U, saying both use existing ASML EUV machines rather than newer tools. It also outlined packaging advances to combine 10 large chips and 20 memory stacks by 2028, supporting AI systems such as Nvidia’s (NVDA); analysts said heat, warping and cracking challenges remain.
Texas Instruments (TXN) - Shares surged by over 10% in extended trading on a Q1 beat and better than expected guidance, driven by data-centre demand, a broad industrial recovery, rising optimism about further growth ahead. Q1 EPS 1.68 (exp. 1.36), Q1 revenue USD 4.83bln (exp. 4.53bln). Data centre revenue is now running at more than USD 1.0bln annually, having grown more than 60% in 2025, and 90% in Q1; management said industrial demand improved across all geographies and segments. CEO noted that the company is seeing broad-based industrial strength and still has a lot of room to grow, while lower spending on new factories should support FCF. Sees Q2 EPS between 1.77-2.05 (exp. 1.58), sees Q2 revenue between USD 5.0-5.4bln (exp. 4.87bln).
Tesla (TSLA) - Shares fell 2.1% in extended trading; despite an earnings beat and stronger auto margins, revenue missed expectations, and it said spending would be higher than previously guided. Q1 adj. EPS 0.41 (exp. 0.37), Q1 revenue USD 22.39bln (exp. 22.64bln). Automotive revenue +16% to USD 16.2bln; Q1 deliveries 358,023, automotive gross margin ex-regulatory credits was 19.2%, net income rose to USD 477mln (from USD 409mln), energy generation and storage revenue fell 12% to USD 2.41bln, and capex rose 67% to USD 2.49bln. Tesla said it plans more affordable Model Y and Model 3, while preparations for its first large-scale Optimus factory will begin in Q2, with a first-generation line targeting 1mln robots per year. On call, management said FY26 capex will be above USD 25bln (vs prior guidance of USD 20bln).