Newsquawk Daily European Equity Opening News - 24th April 2026

ASIA

APAC stocks traded mostly in the red, ex. Nikkei 225, as bourses caught up to the selloff seen stateside, as risk-off flows dominated the tape after the reports that Israel is on high alert in anticipation of a possible renewed war this weekend. ASX 200 slipped further below the 8,800 handle, as losses in IT offset the gains made by Energy names. Nikkei 225 outperformed, supported by the tech sector as chips benefitted from Intel’s earnings (see more below). Ibiden, one of Japan’s biggest electronics companies, hit a new ATH while Canon fell after cutting its FY profitability guidance. Hang Seng and Shanghai Comp traded with the biggest losses, albeit just slightly, after a flurry of earnings. China Telecom reported Q1 net that fell by 17% Y/Y while autos underperformed.

China EVs - Chinese EV makers and suppliers, including Xpeng (XPEV), Nio (NIO) and Hesai Group (HSAI), are developing in-house chips for autonomous driving and in-car entertainment, SCMP reports. Hesai CEO said third-party chips may not meet lidar needs. Xpeng CEO He Xiaopeng said its Turing chip, designed for level 4 autonomous driving, was three times more powerful than Nvidia’s (NVDA) Drive Orin X.

Kia Motor (000270 KS) - Q1 2026 (KRW): Net 1.83tln (exp. 1.93tln), Operating Profit 2.21tln (exp. 2.3tln), Revenue 29.5tln (exp. 29.3tln). (Kia Motor)

Taiwanese Stocks - Taiwan regulator is to increase the equity exposure limit per stock to 25% from 10% for funds and ETFs. (Newswires)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.32% at 5,887, DAX -0.16% at 24,155, FTSE 100 -0.19% at 10,457, CAC 40 +0.87% at 8,227, AEX -0.70% at 1,014, IBEX 35 -0.67% at 17,886, FTSE MIB +0.26% at 47,907, SMI +1.38% at 13,248, PSI +0.25% at 9,209

SECTORS: Consumer Stpl 2.16%, Utilities 0.86%, Telecoms 0.77%, Industrials 0.53%, Materials 0.42%, Healthcare 0.35%, Energy 0.26%, Consumer Disc -0.35%, IT -0.88%, Financials -1.03%

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

DAX

Mercedes-Benz (MBG GY) - Mercedes expects China’s market to remain tough as economic strains deter customers from buying premium vehicles, Bloomberg reports. China chief Oliver Thone said a prolonged property crisis, high youth unemployment and higher petrol prices linked to the Iran conflict were weighing on demand and spending power.

SAP (SAP GY) - Co. reported better-than-expected operating profit and revenue, with cloud metrics also topping expectations. Q1 adj. operating profit EUR 2.87bln (exp. 2.73bln), Q1 revenue EUR 9.56bln (exp. 9.56bln). Q1 cloud revenue EUR 5.96bln (up 19%, and up 27% at CC), current cloud backlog was EUR 21.9bln (up 20% and up 25% at CC), Cloud ERP Suite revenue rose 23% and (up 30% CC). SAP said it will buy back EUR 10bln of shares. CEO noted a strong start to the year, with current cloud backlog +25% and cloud revenue +27%, adding that momentum in Business AI is already delivering real outcomes for customers, helping SAP grow faster than the market and gain share. Sees FY26 cloud revenue between EUR 25.8-26.2bln, sees FY26 cloud and software revenue between EUR 36.3-36.8bln, sees FY26 adj. operating profit between 11.9-12.3bln (exp. 11.8bln), sees FY26 free cash flow approximately EUR 10.0bln. (SAP)

Siemens Energy (ENR GY) - Prelim Q2 2026 (EUR): Revenue 10.3bln (exp. 10.8bln), Order intake 17.7bln (exp. 15.6bln), Adj. net income 1.16bln, FCF 1.98bln; FY adj. revenue growth view 14-16% (prev. guided 11-13%), Profit Margin 10-12% (prev. guided 9-11%). (Siemens Energy)

OTHER GERMAN COMPANIES

Hapag-Lloyd (HLAG GY) - CEO reiterates extra cost is around USD 50mln a week due to Middle East situation, and trying to pass some of that to customers Developments in Middle East will not accelerate return to Suez Canal. Impact of US tariffs has been limited in recent months. (Hapag-Lloyd)

BROKER MOVES

CAC

Vinci (DG FP) - Q1 2026 (EUR): Revenue 16.278bln (prev. 16.320bln Y/Y), Concessions Revenue 2.580bln (prev. 2.546bln Y/Y), Energy Solutions Revenue 6.898bln (prev. 6.586bln Y/Y), Construction Revenue 6.904bln (prev. 7.294bln Y/Y), Order Intake 17.4bln (prev. 16.5bln Y/Y), Order Book 74.9bln (prev. 72.0bln Y/Y), Net Financial Debt -19.8bln (prev. -21.3bln Y/Y). Revenue -0.3% reported, -0.5% LFL, order intake +5%, order book +4%. FY guidance unchanged. (Vinci)

OTHER FRENCH COMPANIES

Forvia (FRVIA FP) - Q1 2026 (EUR): Revenue 5.135bln (prev. 5.488bln Y/Y). Organic growth -2.2% Y/Y, reported growth -6.4% Y/Y. FY revenue guidance 20–21bln confirmed. (Forvia)

Valeo (FR FP) - Q1 2026 (EUR): Sales 5.120bln (prev. 5.313bln Y/Y), Original Equipment Sales 4.24bln (prev. 4.5bln Y/Y), Aftermarket Sales 558mln (prev. 574mln Y/Y). LFL sales +1.3% Y/Y, OE sales -0.6% LFL and outperformed auto production by +3pts. FY guidance confirmed, sales EUR 20–21bln, operating margin 4.7–5.3%, free cash flow above 400mln. (Valeo)

Ubisoft (UBI FP) - Assassin's Creed Black Flag Resynced to be released on 9 July 2026. (Ubisoft)

BROKER MOVES

PAN EUROPE

Adyen (ADYEN NA) - Co. to acquire Talon.One to enable real-time decisioning across commerce channels; deal valued at EUR 750mln. The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals. (Adyen)

BMPS (BMPS IM) - CEO is considering selling its 13%, EUR 7.4bln stake in Generali (G IM) to fund the acquisition of Banco BPM (BAMI IM), the FT reports citing sources. (FT)

Eni (ENI IM) - Q1 2026 (EUR): Adj. Revenue 20.1bln (prev. 19.2bln Y/Y), Adj. EBIT 3.54bln (exp. 2.77bln, prev. 3.68bln Y/Y), Adj. net profit 1.30bln (exp. 1.50bln, prev. 1.41bln Y/Y), Net debt 10.848bln (prev. 10.334bln Y/Y). Proforma gearing 15%. Production +9% Y/Y, FY CFFO guidance raised to 13.8bln, share buyback increased to 2.8bln, +90% (Eni)

Signify (LIGHT NA) - Q1 (EUR): Sales 1.27bln (exp. 1.32bln), Net Income 8mln (prev. 67mln Y/Y). Net Income metric includes the restructuring costs of EUR 63mln mainly related to the recently announced cost reduction program. Signify anticipates the challenging conditions to persist through 2026. Considering the diverging dynamics in its end markets, the company is not providing guidance on full-year sales at this stage. (Signify)

Trade - EU warns that US trade deal risks unravelling with proposed changes, according to Bloomberg citing sources. (Bloomberg)

WDP (WDP BB) - Q1 (EUR): EPS 0.38, +6% Y/Y, Div/shr 1.29. WDP has made a strong start to 2026 – across our portfolio, client partnerships and investment activity. While Q1 is early to reflect the full impact of our ongoing activities, visibility on new business is compelling and broad-based. (WDP)

BROKER MOVES

SMI

Novartis (NOVN SW) - Malaria treatment Coartem Baby receives WHO prequalification, paving way for greater access for newborns and young infants

OTHER SWISS COMPANIES

Kuehne+Nagel (KNIN SW) - Q1 2026 (CHF): EBIT 343mln (exp. 278.5mln), Turnover 5.6bln (exp. 5.91bln). CEO: "Thanks to disciplined cost management, Kuehne+Nagel made a strong start to the year in Air, Road and Contract Logistics. Sea Logistics was affected short-term by disruptions in the Middle East". (Kuehne+Nagel)

Siegfried (SFZN SW) - Co. obtains antitrust clearance for acquisition of three drug substances sites in the US and Australia. (Siegfried)

BROKER MOVES

SCANDINAVIA

Coloplast (COLOB DC) - Q2 2026 (DKK): Adj. EBIT 1.82bln (exp. 1.88bln). Lowers guidance: Group organic growth is now expected to be 5-6% (prev. guided +7%). (Coloplast)

Electrolux (ELUXB SS) - Q1 2026 (SEK): Net Sales 29.54bln (prev. 32.57bln Y/Y), Op. Income 198mln (prev. 452mln Y/Y). The decline was driven by an operating loss in North America, mainly due to increased costs for U.S. tariffs and a significant slowdown in market demand. The Group's ambition for cost reductions remains high and with SEK 0.7bln in the first quarter, we are on track to reach the cost efficiency outlook of SEK 3.5-4.0bln for full-year 2026. (Electrolux)

Kemira (KEMIRA FH) - Q1 2026 (EUR): Revenue 677.3mln (exp. 683.3mln), Adj. EBIT 65.4mln (exp. 77.7mln). FY Outlook: Revenue 2.6bln-3bln (exp. 2.83bln). (Kemira)

Nordnet (SAVE SS) - Q1 2026 (SEK): Adj. Op. Income 1.48bln (prev. 1.39bln Y/Y), Op. Profit 1.04bln (prev. 985mln Y/Y). Good cost control for the quarter. Full-year costs are expected to be in line with the financial target of approximately 8 percent annual cost increase. (Nordnet)

Telia (TELIA SS) - Q1 2026 (SEK): Revenue 20bln (exp. 20.1bln), Net Income 1.8bln (prev. 0.7bln Y/Y). Dividend of SEK 0.50/shr was paid to shareholders. (Telia)

Tomra (TOM NO) - Q1 2026 (SEK): Revenue 334mln (exp. 349mln), Adj. EBITA 26mln (exp. 40.2mln). CEO: "Q1 confirms that we are on the right track. The rollout in Poland is accelerating, we are actively positioning ourselves in upcoming markets including the UK, while underlying growth in existing markets was 5%". (Tomra)

Volvo (VOLVB SS) - Q1 (SEK): Operating Profit 12.1bln (exp. 11.6bln), Net Sales 110.7bln (prev. 121.9bln), EPS 4.09 (prev. 4.86). Order Intake: 62.7k vehicles (prev. 55.3k), Deliveries: 47.5k vehicles (prev. 48.8k). CEO "While the recent geopolitical turmoil, and the Middle East conflict, have not caused any major disruptions in our supply chain, we are keeping a watchful eye on whether they will begin to affect demand and the global economy more broadly". Guidance Q2, net tariff effect is expected to be c. 1.2bln negative, around half impacting construction equipment. (Volvo)

BROKER MOVES

Nokia (NOKIA FH) upgraded to Buy from Hold at Nordea

US

CLOSES: SPX -0.41% at 7,108, NDX -0.57% at 26,783, DJI -0.36% at 49,310, RUT -0.37% at 2,775

SECTORS: Utilities +2.80%, Industrials +1.75%, Consumer Staples +1.73%, Real Estate +1.28%, Energy +0.76%, Health -0.10%, Materials -0.22%, Communication Services -0.38%, Financials -0.79%, Consumer Discretionary -0.93%, Technology -1.47%

Nike (NKE) - Nike announced around 1,400 layoffs, mainly in its technology department, as part of its “Win Now” turnaround strategy, CNBC reports. The cuts affect North America, Asia and Europe, represent less than 2% of global headcount, and follow 775 job cuts in January.

Intel (INTC) - Intel shares surged by over 20% in extended US Trading after stronger-than-expected earnings and revenue in Q1, robust Q2 guidance, growing signs of a business revival, strong data centre and foundry growth, and optimism around rising AI-related CPU and advanced packaging demand. It reported Q1 adj. EPS of 0.29 (exp. 0.01), Q1 revenue at USD 13.6bln (exp. 12.43bln). Data Center and AI revenue was USD 5.1bln, Foundry revenue was USD 5.4bln, with less than USD 200mln from external legacy wafer business, and the company said ASIC revenue remains on track for more than USD 1.0bln this year; Intel also said Intel 7/4/3 improved output and productivity, while 18A and 14A progress is ahead of expectations and advanced packaging capacity is being expanded to support committed demand. CEO said the next wave of AI is moving closer to the end user and is significantly increasing demand for Intel’s CPUs and wafer and advanced packaging offerings; CFO said Q1 reflected the growing and essential role of the CPU in the AI era, unprecedented demand for silicon and disciplined execution to expand available supply. Sees Q2 adj. EPS 0.20 (exp. 0.08) and sees Q2 revenue between USD 13.8-14.8bln (exp. 13.06bln).