Newsquawk Daily European Equity Opening News - 28th April 2026

ASIA

Asia-Pac stocks traded broadly weaker, as risk sentiment weakened amid reports that US President Trump is unlikely to agree to Iran’s proposal. ASX 200 started the session on the backfoot, and held onto its earlier losses. Sectors were broadly in the red, as Utilities underperformed while Energy was supported by higher crude prices. Nikkei 225 opened flat but fell lower, a move which was later exacerbated after the hawkish hold by the BoJ. The Bank upgraded inflation outlook and downgraded growth, with FY27 growth only modestly cut. The index fell back towards the 60,000 handle. For single stock stories, DENSO reported earning in which all metrics rose annually, but the Co. cut its FY net and op. profit guidance while stating its withdrawal of the proposal of Rohn acquisition. KOSPI was the outperformer, with LG Electronics among those that lifted the index after reports that the Co.’s CEO is to meet Nvidia CEO Huang’s daughter to discuss strategic cooperation. Hang Seng and Shanghai Comp. followed the broadly negative bias. CATL’s HK shares were under pressure after the Co.’s announcement of a plan to raise over HKD 39bln in private share placement to step up expansion in its renewables business.

BHP (BHP AT) - China allows the purchases of banned BHP portside cargoes following a deal with the Co., according to sources.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.32% at 5,862, Dax 40 -0.14% at 24,094, FTSE 100 -0.56% at 10,321, CAC 40 -0.19% at 8,142, FTSE MIB +0.04% at 47,674, IBEX 35 +0.01% at 17,693, PSI +0.59% at 9,178, SMI -0.07% at 13,160, AEX -1.15% at 1,009

SECTORS: Financials 0.15%, Utilities 0.14%, Healthcare 0.10%, Industrials -0.32%, Energy -0.40%, Consumer Disc -0.47%, Materials -0.54%, Consumer Stpl -0.95%, IT -1.47%, Telecoms -1.50%

FTSE 100

UK Airport - Heathrow's plans for a third runway is facing growing political uncertainty if Chancellor Reeves is removed after the May elections, FT reports citing sources. (FT)

UK BRC - UK BRC Shop Price Inflation (Apr) 1.0% vs. Exp. 1.5% (Prev. 1.2%). (BRC)

OTHER UK COMPANIES

BROKER MOVES

DAX

QIAGEN (QIA GY) - Q1 2026 (USD): Net sales 492mln (exp. 501.1mln, prev. +2% Y/Y). FY 2026 outlook cut to net sales growth about 1-2% CER (prev. saw "at least 5%), and Adj. diluted EPS at least 2.43 CER (prev. saw "at least" 2.50). (QIAGEN)

OTHER GERMAN COMPANIES

Deutsche Borse (DB1 GY) - Q1 2026 (EUR): Net revenue without treasury result 1.43bln, prev. +12% Y/Y, Net revenue including treasury result 1.63bln, +9% Y/Y, EBITDA excluding treasury result 803mln,+18% Y/Y, EBITDA including treasury result 1.01bln, +10% Y/Y. FY 2026 guidance confirmed. (Deutsche Borse)

BROKER MOVES

Gerresheimer (GXI GY) downgraded to Underweight from Equal Weight at Barclays

CAC

Vinci (DG FP) - Co. awarded a multi-year road maintenance contract in New Zealand; contract worth EUR 200mln. (Vinci)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Eni (ENI IM), Repsol (REP SM) - Eni and Repsol are seeking to raise production at Venezuela’s Cardon IV gas field to 645mln cubic feet per day (from about 580mln), Reuters reports. PDVSA executive Jovanny Martinez said Venezuela will increase crude exports to 1.06mln BPD and lift fuel exports to 134K BPD by year-end, with an ultimate target of 3mln BPD. (Reuters)

Geopols - US President Trump is unlikely to accept Iran's plan, according to CNN citing sources; reopening the strait without resolving the nuclear issues could remove a key piece of US leverage. (CNN)

Nexans (NEX FP) - Q1 2026 (EUR): Standard sales 1.497bln (prev. 1.478bln Y/Y). FY 2026 guidance confirmed for Adj. EBITDA 730-810mln and Free Cash Flow 210-310mln. No material impact from Middle East war. Elsewhere, co. announced it is to acquire Republic Wire. The transaction represents a total enterprise value of around EUR 680mln, with a further earn-out of up to EUR 43mln potentially payable in 2028 based on performance through year end 2027. The transaction is expected to close early in the third quarter of 2026, subject to approvals. (Nexans)

PostNL (PNL NA) - Q1 2026 (EUR): Revenue 781mln (prev. 782mln Y/Y), E-commerce revenue 451mln (prev. 473mln Y/Y), Platforms revenue 185mln (prev. 181mln Y/Y). Outlook 2026 confirmed. (PostNL)

BROKER MOVES

SMI

Bucher (BUCN SW) - Q1 2026 (CHF): Sales 725mln (exp. 755.3mln), Orders 643mln (prev. 783mln Y/Y). Maintains outlook. (Bucher)

Novartis (NOVN SW) - Q1 2026 (USD): Core EPS 1.99 (exp. 2.11), Revenue 13.1bln (exp. 13.6bln), Adj. Op. Income 4.9bln (exp. 5.09bln), reaffirms 2026 guidance. Net sales expected to grow low single-digit and core operating income expected to decline low single-digit CEO: "With the momentum we are seeing across the business, we remain on track to deliver our full year guidance and look forward to multiple readouts in the second half that could raise our mid- to long-term growth outlook.” By drug: Strong growth across key drivers led by Kisqali and Pluvicto, partially offset by declines in Cosentyx and Zolgensma. (Novartis) Kisqali 1.516bln (prev. +55% Y/Y). Pluvicto 642mln (prev. +70% Y/Y). Kesimpta 1.164bln (prev. +26% Y/Y). Leqvio 452mln (prev. +69% Y/Y). Scemblix 433mln (prev. +79% Y/Y). Fabhalta 169mln (prev. +103% Y/Y). Rhapsody 37mln. Cosentyx 1.566bln (prev. -2% Y/Y). Zolgensma 302mln (prev. -12% Y/Y). (Novartis) Investor call to begin at: 14:00 CEST / 13:00 BST | 08:00 EDT

SIG (SIGN SW) - Q1 2026 (EUR): Revenue 714.3mln (exp. 712.8mln), Adj. EBITDA 159.8mln (exp. 159.7mln). Maintains FY guidance. (SIG)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Boliden (BOL SS) - Q1 2026 (SEK): Revenue 27.82bln (exp. 28bln, prev. 21.12bln Y/Y), EBIT 5.24bln (prev. 3.06bln Y/Y), Adj. EBIT 4.43bln (exp. 4.59bln, prev. 2.59bln Y/Y), EPS 13.45 (prev. 7.99 Y/Y). Solid performance in Mines and Smelters, stronger metal prices, Garpenberg abnormal seismic activity caused SEK 700mln asset write-down and SEK 400mln negative volume effect; 2026 Garpenberg guidance cut. (Boliden)

Holmen (HOLMB SS) - Q1 2026 (SEK): Net sales 5.473bln (exp. 5.69bln, prev. 5.973bln Y/Y), EBITDA 1.177bln (prev. 1.348bln Y/Y), Operating profit 827mln (prev. 988mln Y/Y), Net income 618mln (prev. 752mln Y/Y), EPS 4.0 (prev. 4.8 Y/Y). Operating margin 15% (prev. 17% Y/Y). (Holmen)

Nordic Semiconductor (NOD NO) - Q1 2026 (USD): Revenue 192mln (exp. 187.7mln), Gross Margin 52% (prev. 50% Y/Y), EBITDA 21mln (prev. 15mln Y/Y). (Nordic Semiconductor)

Sweco (SWECB SS) - Q1 2026 (SEK): Net sales 8.33bln (exp. 8.47bln, prev. 8.06bln Y/Y), EBITA 869mln (prev. 900mln Y/Y), EBIT 837mln (prev. 891mln Y/Y), Net income 591mln (prev. 644mln Y/Y), EPS 1.64 (prev. 1.79 Y/Y). EBITA margin 10.4% (prev. 11.2% Y/Y), EBIT margin 10.0% (prev. 11.0% Y/Y). (Sweco)

SAAB (SAABB SS) - Q1 2026 (SEK): Revenue 25.33bln (exp. 24.3bln, prev. 25.52bln Y/Y), EBIT 2.20bln (prev. 1.35bln Y/Y), EPS 1.61 (prev. 1.13 Y/Y), Net cash 9.6bln (prev. 14.4bln Y/Y). Operating result improved on better SSAB Europe and SSAB Americas; direct effects from Persian Gulf war limited but customers more cautious. SSAB expects this to improve the supply-demand balance in the European market. (SSAB)

Telenor (TEL NO) - Q1 2026 (NOK): Adj. EBITDA 8bln (exp. 8.22bln). Outlook for 2026: Low single-digit organic growth in Nordic service revenues. (Telenor)

Wartsila (WRT1V FH) - Q1 2026 (EUR): Net sales 1.55bln (exp. 1.62bln, prev. 1.56bln Y/Y), Order intake 2.09bln (prev. 1.90bln Y/Y), Adj. EBIT 199mln (exp. 198.9mln, prev. 171mln Y/Y), EBIT 194mln (prev. 165mln Y/Y), EBITDA 236mln (prev. 207mln Y/Y), Pretax profit 192mln (prev. 164mln Y/Y), EPS 0.25 (prev. 0.21 Y/Y). Outlook: demand environment seen better in Energy and Energy Storage, stable in Marine. (Wartsila)

BROKER MOVES

US

CLOSES: SPX +0.12% at 7,174, NDX +0.01% at 27,306, DJI -0.11% at 49,175, RUT +0.13% at 2,791.

SECTORS: Communication Services +0.94%, Financials +0.65%, Technology +0.46%, Utilities -0.02%, Industrials -0.03%, Energy -0.25%, Materials -0.51%, Health -0.53%, Consumer Discretionary -0.76%, Real Estate -0.83%, Consumer Staples -1.18%.

Cadence Design (CDNS) - Q1 adj. EPS 1.96 (exp. 1.89), Q1 revenue USD 1.474bln (exp. 1.46bln). Q1 adj. operating margin 44.7%. CEO said it had a strong start to 2026, with accelerating AI demand and record backlog. Sees FY26 EPS between 7.85-7.95 (exp. 7.87; prev. saw 8.05-8.15), sees FY26 revenue between USD 6.125-6.225bln (exp. 6.13bln; prev. saw 5.9-6.0bln), and sees FY adj. operating margin between 43.5-44.5%.

Nucor (NUE) - Q1 EPS 3.23 (exp. 2.82), Q1 revenue USD 9.5bln (exp. 8.86bln). Steel mills segment achieved a new quarterly shipment record, while all three operating segments delivered sequential earnings growth. CEO said it had a strong start to 2026, driven by strong demand across key end markets, growing contributions from recent capital investments and federal trade policies that continue to reduce unfairly traded imports into the US, adding that the company enters Q2 with real momentum as it executes its growth strategy and targets strong shareholder returns. Sees Q2 higher consolidated earnings, with improved earnings across all three operating segments, versus EPS expectations of 3.67.

USMCA, Automakers - Foreign-based automakers have warned the Trump administration they may pull their cheapest car models from the US market if the US-Mexico-Canada Agreement is not renewed or is watered down, WSJ reports. Nissan (NSANY), Hyundai (HYMPY) and Toyota (TM) are among companies still offering US consumers small, affordable new cars.