Newsquawk Daily European Equity Opening News - 29th April 2026

ASIA

Asia-Pac stocks initially opened with a slight negative bias, amid the tech-led selloff stateside and the lack of progress between US and Iran. Sentiment improved throughout the APAC session, despite light newsflow. ASX 200 underperformed, with Health Care and Miners weighing on the index. Woodside Energy reported Q1 revenue that rose annually and maintained its FY guidance, helping support shares just shy of 2% gains. KOSPI reversed earlier losses, as the index shrugged off the tech-led selloff in US equities. Hang Seng and Shanghai Comp. outperformed, following a flurry of earnings and updates. For BYD, the Co. reported revenue that beat estimates, however net income fell annually. On the other hand, Hua Hong Semiconductor slipped after the US reportedly ordered numerous chip equipment companies to halt tool shipments to two of the co.’s facilities.

Geely Auto (0175 HK) - Q1 2026 (CNY): Net 4.2bln (exp. 4.5bln), Revenue 83.8bln (prev. 72.7bln Y/Y). (Geely)

LG Electronics (066570 KS) - Q1 2026 (KRW): Net 815.7bln (exp. 801.1bln), Operating profit 1.67tln, Revenue 23.7tln. (LG Electronics)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.46% at 5,835, Dax 40 -0.18% at 24,040, FTSE 100 +0.11% at 10,333, CAC 40 -0.46% at 8,104, FTSE MIB +0.77% at 48,040, IBEX 35 +0.46% at 17,775, PSI +0.95% at 9,265, SMI -0.13% at 13,148, AEX -0.78% at 1,001

FTSE 100

Shell (SHEL LN) - Norco fire broke out on a chemical plant unit, according to Reuters citing sources. (Reuters)

UK Economy - NIESR lowers the UK's 2026 growth forecast to 0.9% (prev. 1.4%) and raises its inflation forecast to 4.7% (prev. 3.3%) at the start of 2027; the BoE may have to respond with big rate hikes if energy disruption is prolonged The UK would face recession and inflation of 5% in a more adverse scenario in which oil prices spike to around USD 140/bbl and Hormuz remains closed. The Middle East shock will also worsen the UK’s public finances. Relative to the OBR's outlook, debt-servicing costs are likely to be higher, growth weaker, and pressure greater for additional support to compensate vulnerable households. (NIESR)

UK Airliners - UK Ministers are planning to relax regulations on what jet fuel airlines can use to keep planes flying this summer, The iPaper reports. (The iPaper)

OTHER UK COMPANIES

BROKER MOVES

DAX

Adidas (ADS GY) - Q1 2026 (EUR): Net Sales 6.592bln (exp. 6.6bln, prev. 6.153bln Y/Y), Operating Profit 705mln (exp. 647mln, prev. 610mln Y/Y), Net Income from Continuing Operations 484mln (prev. 436mln Y/Y), Basic EPS from Continuing Operations 2.70 (prev. 2.44 Y/Y). Gross margin 51.1% (prev. 52.1% Y/Y), operating margin 10.7% (prev. 9.9% Y/Y), currency-neutral sales +14%. By Region: Currency-neutral net sales grew at double-digit rates in North America (+12%), Greater China (+17%), Japan/South Korea (+23%), Latin America (+26%). In Emerging Markets, revenues increased 10%, despite several countries in the Middle East posting sales declines due to the conflict in the region. Revenues in Europe grew 6%, as the company continued its conservative approach to wholesale sell-in. All markets, including Europe, posted double-digit growth in DTC, reflecting continued strong demand and sell-out trends for adidas products. FY 2026 outlook confirmed with currency-neutral sales up high-single-digit and operating profit around 2.3bln. (Adidas)

Deutsche Bank (DBK GY) - Q1 2026 (EUR): Revenue 8.7bln (exp. 8.53bln), Pretax profit 3bln (exp. 2.78bln), FIC sales & trading revenue 2.85bln (exp. 2.87bln). Sees FY Asset Management Net Revenue ‘Slightly’ higher Y/Y. Sees FY Private Bank Net Revenue higher than 2025. (Deutsche Bank) Shares +1.9% in pre-market trade; Call at 10:00BST.

Mercedes (MBG GY) - Q1 2026 (EUR) Adj. EBIT 1.77bln (exp. 1.63bln, prev. 2.55bln Y/Y), Revenue 31.6bln (exp. 31.9bln), EPS 1.49 (prev. 1.74 Y/Y), Cars Adj. EBIT 933mln (exp. 751.3mln), Cars Adj. RoS 4.1% (exp. 3.17%); confirms guidance. In the first three months, the global car market was slightly below previous year’s level. In the European market, particularly in Germany, the division recorded positive growth in unit sales compared to the previous year. Unit sales increased significantly in the United States in the first quarter of 2026. Outlook: The potential impacts of the war in the Middle East are exacerbating existing uncertainties. Customer demand is expected to remain rather weak in the global automotive markets. Accordingly, based on the current assessment, the global car market for 2026 as a whole is likely to remain at the previous year’s level. The market in the sales region Europe is also expected to reach the same level as last year. The market in the United States is expected to remain slightly below the prior-year level due to increased oil prices also having an adverse effect on affordability. In China, the market is also expected to remain slightly below the previous year’s level. In the Chinese premium and luxury segment, the ongoing intense price competition, especially by local manufacturers, is expected to lead to weaker development of unit sales for many foreign manufacturers. (Mercedes) Shares +2.2% in pre-market trade; Call at 07:00BST.

OTHER GERMAN COMPANIES

Hypoport (HYQ GY) - Q1 2026 (EUR): Gross Profit 71mln (prev. 66mln Y/Y), EBIT 12.1mln (prev. 8.6mln Y/Y), Real Estate & Mortgage Platforms Gross Profit 43mln (prev. 41mln Y/Y), Real Estate & Mortgage Platforms EBIT 13.7mln (prev. 12.7mln Y/Y), Financing Platforms Gross Profit 18mln (prev. 16mln Y/Y), Financing Platforms EBIT 2.1mln (prev. 0.5mln Y/Y), Insurance Platforms Gross Profit 9mln (prev. 8mln Y/Y), Insurance Platforms EBIT 0.6mln (prev. 0.2mln Y/Y). Gross profit growth and significant EBIT increase driven by all three operating segments. (Hypoport)

Fuchs (FPE3 GY) - Q1 2026 (EUR): Sales 934mln (exp. 923mln), EBIT 125mln (exp. 111.9mln). EBIT outlook for 2026 confirmed - outlook for sales revenues and cash flow adjusted. Sales now see significantly above EUR 3.7bln (prev. saw "around" EUR 3.7bln). (Fuchs)

Norsk Hydro (NHY NO) - Q1 2026 (NOK): Adj. EBITDA 8.66bln (prev. 9.51bln Y/Y), Adj. EPS 2.07 (prev. 1.63 Y/Y), Net Income 4.34bln, Adj. Net Income 4.06bln. Upstream and recycling performance strong with higher metal prices offset by lower alumina prices and FX, net debt increased to 12.9bln. (Norsk Hydro)

Scout24 (G24 GY) - Q1 2026 (EUR): Revenue 179.6mln (exp. 177.3mln, prev. 157.6mln Y/Y), Ordinary Operating EBITDA 107.9mln (prev. 93.7mln Y/Y), Net Income 68.5mln (prev. 50.0mln Y/Y), EPS 0.97 (prev. 0.69 Y/Y), Adj. EPS 0.95 (prev. 0.79 Y/Y), Free Cash Flow 56.3mln. Ordinary operating EBITDA margin 60.1% (prev. 59.5% Y/Y), FY guidance confirmed, 2026 share buyback upsized to up to 350mln. (Scout24)

Siltronic (WAF GY) - Q1 2026 (EUR): Sales 306.5mln (exp. 312.1mln), EBITDA Margin 23.3% (prev. 21.2% Y/Y). Confirms 2026 guidance. (Siltronic)

Symrise (SY1 GY) - Q1 2026 (EUR): Sales 1.249bln (prev. 1.317bln Y/Y), Taste, Nutrition & Health Sales 749mln (prev. 779mln Y/Y), Scent & Care Sales 500mln (prev. 538mln Y/Y). FY 2026 outlook reaffirmed. (Symrise)

Wacker Chemie (WCH GY) - Q1 2026 (EUR): EBIT 52.2mln (exp. 44mln). FY Outlook: EBITDA 500-700mln (exp. 637mln). CEO: "Given the continued weak market environment, we started the year off well. We were able to increase our earnings primarily due to cost savings and customer orders brought forward". (Wacker Chemie)

BROKER MOVES

CAC

Airbus (AIR FP) - Q1 2026 (EUR): Revenue 12.7bln (exp. 12.6bln), Adj. EBIT 300mln (exp. 386.5mln), Net income 586mln (exp. 461.4mln), Negative adj. FCF 2.49bln (exp. negative 1.42bln) Commercial airplanes adj. EBIT 81mln (exp. 342.7mln). Defense and Space adj. EBIT 130mln (exp. 99.7mln). Helicopters adj. EBIT 65mln (exp. 89.4mln). Commercial Airplanes revenue 8.44bln (exp. 8.53bln). Defense & Space segment revenue 2.83bln (exp. 2.82bln). Helicopters revenue 1.6bln (exp. 1.66bln). Commercial aircraft deliveries 114 planes (exp. 126). Guidance: FY adj. FCF 4.5bln (exp. 4.74bln). FY adj. EBIT 7.5bln (exp. 7.53bln). Still sees Commercial aircraft deliveries about 870 planes (exp. 878). Commentary: Closely monitoring potential impact from fast-changing situation in Middle East. A220 ramp-up is ongoing and Co. continues to target a monthly production rate of 13 aircraft in 2028. On the A320 Family, Pratt & Whitney remains the key pacer of the ramp-up trajectory, impacting both 2026 and 2027. As a result, continues to expect to reach a rate of between 70-75 aircraft a month by the end of 2027, stabilising at rate of 75 thereafter. Continues to target rate 5 for the A330 program in 2029 and rate 12 for the A350 program in 2028. As the basis for 2026 guidance, Co. assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services. CEO remains confident in fundamentals of the industry. Global jet fuel crisis is triggering an appetite for sustainable jet fuel. (Airbus)

Orange (ORA FP) - Orange announces the signing of a EUR 1.3bln financing agreement with CaixaBank and BNP Paribas, intended for the acquisition of Scorefit. (Orange)

Pernod Ricard (RI FP) - Co. and Brown-Forman (BF.B) have ended merger talks. Pernod Ricard remains fully focused and confident in its strategy and operating model, supported by strong and committed teams across the Group to deliver sustainable long-term value for all stakeholders. (Pernod Ricard)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Amadeus (AMS SM) - Co. agrees to purchase Idemia Public Security for EUR 1.2bln, Bloomberg reports. (Bloomberg)

Andritz (ANDR AV) - Q1 2026 (EUR): Revenue 1.79bln (exp. 1.78bln), Order Intake 3.59mln, +54.3% Y/Y. FY Outlook: 8-8.3bln (exp. 8.19bln). This exceptionally high order intake was mainly due to the cumulated booking of several mid-sized orders, predominantly in the Hydropower business area. Therefore, the result should not be extrapolated to the coming quarters. (Andritz)

Ageas (AGS BB) - Co. seals full ownership of AG Insurance and bancassurance partnership between AG and BNP Paribas (BNP FP) Fortis renewed. (Ageas)

Gambling Names - EU Parliament calls for new EU revenue sources – including a digital tax, a levy on online gambling, and a tax on profits from crypto transactions, via Handelsblatt. (Handelsblatt)

KPN (KPN NA) - Q1 2026 (EUR): Adj. Revenue 1.45bln (prev. 1.41bln Y/Y), Service Revenue 1.33bln (prev. 1.31bln Y/Y), Adj. EBITDA AL 653mln (prev. 634mln Y/Y), EBIT 349mln, Net Income 200mln. FY 2026 outlook on track. (KPN)

Nexi (NEXI IM) - CVC reportedly weighs EUR 9bln bid for Nexi, FT reports. (FT)

Puig (PUIG SM) - Q1 2026 (EUR): Net Revenue 1.215bln (exp. 1.22bln, prev. 1.206bln Y/Y), Fragrance and Fashion Revenue 897mln (prev. 896mln Y/Y), Makeup Revenue 171mln (prev. 165mln Y/Y), Skincare Revenue 147mln (prev. 144mln Y/Y). LFL growth +4.7%, reported growth +0.8%, FX impact (4.0)%; EMEA +3.0% LFL, Americas +2.0% LFL, APAC +26.1% LFL, FY 2026 outlook confirmed. (Puig)

Santander (SAN SM) - Q1 2026 (EUR): NII 5.46bln (exp. 4.97bln), EPS 0.36 (exp. 0.26), Total income 15.1bln (exp. 15bln), Net income 5.5bln (exp. 5.0bln), reaffirms 2026-28 targets. Net Loan provisions 3.23bln (exp. 3.17bln). (Santander) Shares +1.4% in pre-market trade; +0.9% in early trade.

BROKER MOVES

SMI

UBS (UBSG SW) - Q1 2026 (USD): Revenue 14.2bln (exp. 13.2bln), Net income 3.04bln (exp. 2.42bln), confident in 2026 financial targets. Announces share buyback of up to USD 3bln by its Q2 results, aiming to do more by year-end. On track to complete Credit Suisse integration by year-end. Swiss capital requirements: CEO said, "On the topic of Swiss capital requirements, we will continue to engage constructively and contribute to fact-based deliberations. These developments do not, and will not, change who we are as a firm. We remain committed to our diversified business model and our global and regional footprint". Other Metrics: NII 2.32bln (prev. 1.62bln Y/Y). CET1 Capital Ratio 14.7% (prev. 14.3% Y/Y). Credit Loss expense 70mln (prev. 100mln Y/Y). Div/share 0.94 (prev. 0.51 Y/Y). RoE 13.3% (prev. 7.9% Y/Y). (UBS) Shares +1.9% in pre-market trade; Press conference at 08:00BST.

OTHER SWISS COMPANIES

Straumann (STMN SW) - Q1 2026 (EUR): Revenue 673mln (exp. 669.2mln). Confirms 2026 outlook. CEO says: "We have delivered a strong start to 2026, across regions and business segments, reflecting the strength of our strategy supported by disciplined execution. We continue to see momentum in implantology, solid progress in our orthodontics transformation and strong adoption of our digital ecosystem". (Straumann)

Sandoz (SDZ SW) - Q1 2026 (USD): Sales 2.76bln (exp. 2.74bln). Full-year 2026 guidance confirmed. (Sandoz)

BROKER MOVES

SCANDINAVIA

DSV (DSV DC) - Q1 2026 (DKK): Revenue 70.416bln (prev. 41.680bln Y/Y), Gross Profit 18.903bln (exp. 18.7bln, prev. 10.991bln Y/Y), Adj. EBIT 4.855bln (exp. 4.99bln, prev. 3.860bln Y/Y), Net Income 1.638bln (prev. 2.812bln Y/Y), Adj. Net Income 2.809bln (prev. 2.874bln Y/Y), Adj. Free Cash Flow 1.517bln (prev. 3.165bln Y/Y). Conversion ratio 25.7% (prev. 35.1% Y/Y), FY 2026 Adj. EBIT guidance reiterated at 23.0-25.5bln (exp. 24.7bln), Schenker synergies still expected at 9bln with full impact in 2027. (DSV)

Huhtamaki (HUH1V FH) - Q1 2026 (EUR): Net Sales 946.8mln (prev. 1.002bln Y/Y), Adj. EBITDA 144.0mln (exp. 144mln, prev. 152.0mln Y/Y), Adj. EBIT 94.5mln (exp. 91.1mln, prev. 98.5mln Y/Y), EBIT 83.2mln (prev. 93.7mln Y/Y), Adj. EPS 0.56 (prev. 0.59 Y/Y), EPS 0.47 (prev. 0.54 Y/Y). FY 2026 outlook unchanged. (Huhtamaki)

Kesko (KESKOB FH) - Q1 (EUR): Sales 3.03bln (exp. 3.03bln), Adj. EBIT 102mln (exp. 99.5mln). Kesko’s comparable operating profit is estimated to improve in 2026. Kesko estimates that its 2026 comparable operating profit will amount to EUR 650–750mln. (Kesko)

Kone (KNEBV FH) - Q1 2026 (EUR): Adj. EBIT 293.6mln (exp. 294.2mln), Sales 2.71bln (exp. 2.67bln). KONE and TKE to combine, for an enterprise value of EUR 29.4bln. The combination would offer substantial value creation from realized synergies, estimated to be approximately EUR 700mln on an annual run-rate basis, benefitting customers and shareholders alike. Synergies are expected to be realized primarily through higher density of service networks, enhancement of combined R&D capabilities, platform optimization, procurement efficiencies and SG&A savings. (Kone)

Swedbank (SWEDA SS) - Q1 2026 (SEK): Total Income 17.1bln (exp. 16.9bln), PBT 9.35bln (prev. 10.4bln Y/Y), NII 11.14bln (prev. 11.48bln Y/Y). CEO notes that it was a stable result in an uncertain external environment. (Swedbank)

Storebrand Bank ASA (STB NO) - Q1 2026 (NOK): Profit Before Tax 149mln (prev. 185mln Y/Y), Net Interest Income 298mln (prev. 301mln Y/Y), Operating Expenses 195mln (prev. 167mln Y/Y), Credit Losses -6mln (prev. 12mln Y/Y). (Storebrand Bank ASA)

SEB (SEBA SS) - Q1 2026 (SEK): Operating Profit 9.43bln (prev. 9.95bln Y/Y), Total Operating Income 18.4bln (prev. 19.8bln Y/Y), Net Income 7.5bln (prev. 7.8bln Y/Y), NII 10.2bln, Net Fee & Commission Income 6.41bln, Basic EPS 3.83 (prev. 3.89 Y/Y). ROE 13.1% (prev. 13.4% Y/Y), CET1 ratio 17.5%, capital buffer 290bps; 2026 cost target unchanged at SEK 33.0bln +/-0.25bln, new SEK 1.25bln share buyback initiated. (SEB)

Volvo Cars (VOLCARB SS) - Q1 2026 (SEK): Revenue 72.6bln (exp. 71.9bln, prev. 82.9bln Y/Y), EBIT 1.6bln (prev. 1.9bln Y/Y), Basic EPS 0.54 (prev. 0.40 Y/Y), Free Cash Flow -10.0bln (prev. -6.3bln Y/Y). EBIT margin 2.2% (prev. 2.3% Y/Y), fully electric sales share 24% (prev. 19% Y/Y), electrified sales share 47% (prev. 43% Y/Y); Q2 profitability to be affected by headwinds and EX60 ramp-up, FY volume growth and cash flow ambition remains. The result also reflects an increasingly challenging external environment, such as tariffs, heavy competition, geopolitical tensions and economic uncertainty. While Europe is solid, the US and China markets remain challenging. US consumer confidence is under significant pressure and the market is taking longer to recover from the removal of incentives, with sales of electrified cars declining significantly. (Volvo Cars)

BROKER MOVES

Nordic Semiconductor (NOD NO) downgraded to Hold from Buy at SEB

US

CLOSES: SPX -0.49% at 7,139, NDX -1.01% at 27,029, DJI -0.05% at 49,142, RUT -1.15% at 2,756

SECTORS: Technology -1.29%, Materials -1.07%, Industrials -0.88%, Consumer Discretionary -0.68%, Communication Services -0.23%, Utilities +0.13%, Financials +0.14%, Health +0.24%, Consumer Staples +0.99%, Real Estate +1.02%, Energy +1.65%.

T-Mobile (TMUS) - T-Mobile shares rose 2.3% in extended US trading after it reported better-than-expected earnings and revenue, stronger postpaid net account additions, raised net account addition guidance, and added support from the SuperBroadband launch with Starlink. Q1 EPS 2.27 (exp. 2.11), Q1 revenue USD 23.1bln (exp. 23.02bln). Q1 postpaid net account additions 217,000 (exp. 193,236). CEO said Q1 marked a strong start to the year, citing accelerating postpaid net account growth and strong postpaid ARPA growth. Sees FY26 core adj. EBITDA between USD 37.1-37.5bln (prev. saw 37.0-37.5bln), adj. free cash flow between USD 18.1-18.7bln (prev. saw 18.0-18.7bln), postpaid net account additions between 0.95-1.05mln (exp. 0.973mln; prev. saw 0.9-1mln), and net cash provided by operating activities, including payments for US Cellular merger-related costs, between USD 28.1-28.7bln.

PPG Industries (PPG) - Q1 EPS 1.83 (exp. 2.24), Q1 revenue USD 3.93bln (exp. 4.35bln). Performance was driven by strength in aerospace and architectural coatings Latin America. Expects strong growth in aerospace, architectural coatings Latin America, protective and marine coatings and packaging coatings, with automotive refinish organic sales expected to improve in H2. Said raw material, energy, logistics and packaging costs have risen in recent weeks and that it has announced global price adjustments to offset inflation more quickly than in prior cycles. Reaffirms FY26 EPS view of 7.70-8.10 (exp. 7.97).

NXP Semiconductors (NXPI) - Shares jumped by 16% in extended trading after a Q1 beat-and-raise, underpinned by an ongoing recovery in industrial and automotive chip markets as customers clear excess inventory and orders improve. Q1 adj. EPS 3.05 (exp. 2.98), Q1 revenue USD 3.18bln (exp. 3.15bln), with broad-based improvement across focus-end markets, led by company-specific growth drivers and customer adoption of its differentiated portfolio, particularly in industrial and automotive processing supporting software-defined vehicles and physical AI. CEO said momentum is expected to accelerate through the rest of 2026, with progress increasingly extending across the core business, while it remains focused on disciplined investment, margin expansion and portfolio optimisation. Sees Q2 EPS between 3.29-3.72 (exp. 3.21), Q2 revenue between USD 3.35-3.55bln (exp. 3.27bln).

Starbucks (SBUX) - Shares jumped by 5% in extended trading after it reported better-than-expected Q2 results, stronger SSS and traffic growth, and a raised FY guidance, with management stating that its turnaround is taking hold despite higher gas prices. Q2 EPS 0.50 (exp. 0.44), Q2 revenue USD 9.5bln (exp. 9.23bln); Q2 global comp sales +6.2% Y/Y, driven by comparable transactions +3.8% and average ticket +2.3%, while US licensed stores returned to positive system comps for the first time since Q1 of FY24, led by record airport volumes and improvement in retail and grocery. CEO said Q2 marked “the turn in our turnaround” as the 'Back to Starbucks' plan drove top- and bottom-line growth. Product and distribution costs rose due to innovation-led mix, tariffs and elevated coffee prices, but expects tariff and coffee pressures to moderate in H2. In May, it is rolling out an app feature allowing customers to schedule order pickup times, while its new 60-point Starbucks Rewards redemption option has become the most used reward. Sees FY26 revenue roughly flat Y/Y, raises FY26 EPS to between 2.25-2.45 (exp. 2.28; prev. saw 2.15-2.40), and raises FY26 global and US comparable store sales growth to 5%+ (from 3%+).

Seagate Technology (STX) - Shares surged 17.5% in extended trading after it issued an upbeat forecast, boosting confidence that enterprise AI spending will remain strong, and continue driving demand for data storage equipment. Q3 adj. EPS 4.10 (exp. 3.51), Q3 revenue USD 3.11bln (exp. 2.96bln). Sees Q4 adj. EPS at 5.00 (exp. 3.99), and Q4 revenue of USD 3.45bln (exp. 3.16bln).

Visa (V) - Shares rose 4.5% in extended trading after it reported a Q2 beat, supported by strong transaction volumes, resilient consumer spending, solid cross-border activity and continued strength across payments, money movement and value-added services. Q2 adj. EPS 3.31 (exp. 3.10), Q2 revenue USD 11.2bln (exp. 10.75bln). Board authorised a new USD 20bln share repurchase programme, and declared a quarterly cash dividend of USD 0.670/shr. Q2 payments volume +9%, total cross-border volume +12%, cross-border volume excluding intra-Europe +11%, and processed transactions +9%. Exec said consumer spending remained resilient, while growth was supported by consumer payments, commercial and money movement solutions, and value-added services. It continued to enhance its Visa as a Service stack, including agentic and stablecoin capabilities. Sees Q3 EPS growth in mid to high single digits, net revenue growth in low double digits and operating expense growth in low teens. Sees FY26 EPS growth in low teens, net revenue growth in low double digits to low teens and operating expense growth in low double digit to low teens.