Newsquawk Daily European Equity Opening News - 5th May 2026

ASIA

APAC stocks traded lower following a weak Wall Street lead, with liquidity thin amid widespread market holidays across Japan, South Korea, and Mainland China. ASX 200 was pressured by weakness in the metals sector, while Westpac declined after a miss in H1 net income. Focus also turned to the RBA, which delivered its third consecutive 25bps rate hike as expected. Hang Seng followed the negative tone, led lower by tech, while mainland markets remained shut, and Stock Connect flows were absent.

Apple (AAPL) - Co. explores using Intel (INTC), Samsung (005930 KS) to build device processors, Bloomberg sources say; explorations remain preliminary. (Bloomberg)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -2.44% at 5,988, Dax 40 -2.42% at 24,672, CAC 40 -2.17% at 8,394, FTSE MIB -1.97% at 46,280, IBEX 35 -2.62% at 17,879, PSI -0.04% at 9,272, SMI -1.42% at 13,816, AEX -1.06% at 1,016.

SECTORS: Energy -0.17%, Healthcare -0.58%, IT -0.65%, Telecoms -0.68%, Consumer Stpl -0.90%, Materials -1.22%, Industrials -1.25%, Consumer Disc -1.50%, Financials -1.50%, Utilities -1.56%

FTSE 100

Experian (EXPN LN) / Equifax (EQFX) - Four US senators, led by Elizabeth Warren, are demanding answers from Experian and TransUnion after reports they are resolving fewer consumer credit report complaints. The scrutiny follows a ProPublica investigation linking the decline in dispute relief to reduced oversight of the Consumer Financial Protection Bureau amid broader regulatory rollbacks. (ProPublica)

HSBC (HSBA LN / 5 HK) - Q1 2026 (USD): Revenue 18.6bln (exp. 18.49bln). CET1 ratio 14% (exp. 14%), Pretax profit 9.38bln (exp. 9.59bln). Raises FY26 NII to USD 46bln (prev. "at least USD 45bln"); Declares first interim dividend of USD 0.10/shr. Net interest income 8.945bln (prev. 8.302bln Y/Y). Net fee income 3.719bln (prev. 3.324bln Y/Y). Net income from financial instruments 5.450bln (prev. 5.356bln Y/Y). Insurance service result 491mln (prev. 37mln Y/Y). Net operating income 17.323bln (prev. 16.773bln Y/Y). Operating profit 8.602bln (prev. 8.671bln Y/Y). Profit before tax 9.376bln (prev. 9.484bln Y/Y). Profit after tax 7.394bln (prev. 7.570bln Y/Y). EPS 0.41 (prev. 0.39 Y/Y). RoTE 17.3% (prev. 17.9% Y/Y). Cost efficiency ratio 46.8% (prev. 45.9% Y/Y). (HSBC) Shares -2.8% in pre-market trade

Vodafone (VOD LN) / CK Hutchison (CKHUY) - CK Hutchison Holdings agreed to sell its 49% stake in VodafoneThree, the UK’s largest mobile operator, in a GBP 4.3bln buy-out deal, Bloomberg reports. VodafoneThree, jointly owned by CK Hutchison and Vodafone Group, will pay CK Hutchison in cash for cancellation of the stake. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

Burberry (BRBY LN) initiated with Hold at Berenberg

Intertek (ITRK LN) upgraded to Outperform from Sector Perform at RBC

Spirax (SPX LN) upgraded to Outperform from Neutral at BNP Paribas

DAX

Fresenius Medical Care (FME GY) - Q1 2026 (EUR): Adj. Net Income 118mln, -22% Y/Y, Op. Income 286mln (prev. 311mln Y/Y), Revenue 4.61bln (prev. 4.88bln Y/Y). Affirms guidance. (Fresenius Medical Care) Shares -3.5% in pre-market trade

Rheinmetall (RHM GY) - Q1 2026 (EUR): Revenue 1.94bln (exp. 2.2bln), Operating profit 224mln (exp. 240mln). Order backlog 73bln (prev. 56bln Y/Y), Operating margin 11.6% (prev. 10.5% Y/Y), FY guidance reaffirmed. For 2026, we anticipate a similar growth trajectory as 2025, for the first half of the year, albeit with a significant growth acceleration in the second quarter. This is expected to be driven by increased deliveries in the Weapons and Ammunition segment, resulting from the full-scale commencement of production at the Murcia site in Spain, as well as by the expected hand-over of the already pre-produced trucks for the German customer in the second quarter. (Rheinmetall) Shares -1.8% in pre-market trade

OTHER GERMAN COMPANIES

Hugo Boss (BOSS GY) - Q1 2026 (EUR): Sales 905mln (exp. 891.4mln), Gross profit 565mln, EBIT 35mln (prev. 61mln Y/Y), Pretax profit 25mln, Net income 18mln, EPS 0.24. EBIT margin 3.9%. By Region: In EMEA, currency-adjusted revenues declined by 8% in the first quarter, with similar trends across key markets such as Germany, France, and the UK. In the Americas, currency-adjusted revenues remained 5% below the prior-year level. In Asia/Pacific, currency-adjusted revenues increased slightly by 1% in the first quarter, driven by a return to growth in China and continued improvements in Southeast Asia & Pacific. The latter was supported by a robust revenue increase in Japan. Affirms FY guidance. (Hugo Boss) Shares +5.5% in pre-market trade

Fraport (FRA GY) - Q1 2026 (EUR): Revenue 853.4mln, EBITDA 196.0mln, Net Income -33.1mln (prev. -26.4mln Y/Y). Group traffic 28.6mln passengers (+5.2% Y/Y), FY guidance confirmed. (Fraport) Shares +1.4% in pre-market trade

BROKER MOVES

CAC

LVMH (MC FP) - The FT reports that LVMH is exploring the sale of several fashion, beauty and drinks assets, including Marc Jacobs, a stake in Fenty Beauty and Joseph Phelps Vineyards, as it responds to softer luxury demand. The disposals could raise billions of euros and add to recent asset sales, marking one of the group’s most significant strategic retrenchments in decades. (FT)

Saint Gobain (SGO FP) - Co. announces an agreement to sell its distribution business in Brazil. (Saint Gobain)

OTHER FRENCH COMPANIES

Elis (ELIS FP) - Q1 2026 (EUR): Revenue 1.18bln (exp. 1.18bln). Organic growth of 3.1%, in line with the quarterly sequence expected for 2026. Confirms guidance for 2026. (Elis)

Rubis (RUI FP) - Q1 2026 (EUR): Revenue 1.792bln (prev. 1.697bln Y/Y), Energy Distribution revenue 1.780bln (prev. 1.687bln Y/Y), Retail & Marketing revenue 1.531bln (prev. 1.420bln Y/Y). FY guidance reaffirmed. (Rubis)

Sodexo (SW FP) - Co. has been awarded a new contract to provide facilities management for Rio Tinto’s (RIO LN) fly-in fly out (FIFO) accommodation villages, residential houses and operational sites in Western Australia’s Pilbara region. (Sodexo)

BROKER MOVES

Arkema (AKE FP) downgraded to Add from Buy at AlphaValue

Bureau Veritas (BVI FP) upgraded to Sector Perform from Underperform at RBC

L'Oreal (OR FP) upgraded to Neutral from Underperform at BNP Paribas

Orange (ORA FP) upgraded to Buy from Neutral at Goldman Sachs

Renault (RNO FP) downgraded to Add from Buy at AlphaValue

PAN EUROPE

Azelis (AZE BB) - Co. to buy back shares for EUR 1.5mln. (Azelis)

AB InBev (ABI BB) - Q1 2026 (EUR): Revenue 15.27bln (exp. 14.84bln), Organic Volume Growth +0.8% (exp. -0.3%), Adj. EBITDA margin 35.6% (exp. 35.4%), Organic Revenue +5.8% (exp. +3.2%). (AB InBev)

Raiffeisen Bank International (RBI AV) - Q1 2026 (EUR): NII 1.076bln (prev. 1.046bln Y/Y), Net fee income 520mln (prev. 466mln Y/Y), Operating result 760mln (prev. 678mln Y/Y), Pretax profit 393mln (prev. 450mln Y/Y), Net income 258mln (prev. 318mln Y/Y), Consolidated profit 209mln (prev. 260mln Y/Y), EPS 0.54 (prev. 0.71 Y/Y). 2026 outlook largely confirmed. (Raiffeisen Bank International)

UniCredit (UCG IM) - Q1 2026 (EUR): Revenue 6.87bln (exp. 6.43bln), Net 3.22bln (exp. 2.68bln). Other Metrics: NII 3.587bln (prev. 3.661bln Y/Y). Fees & net insurance 2.509bln (prev. 2.327bln Y/Y). Operating costs 2.297bln (prev. 2.321bln Y/Y). EPS 2.15 (prev. 1.80 Y/Y). Cost/income ratio 33.4% (prev. 35.4% Y/Y). RoTE 25.8% (prev. 23.1% Y/Y). CET1 14.2% (prev. 16.1% Y/Y). Organic capital generation remained strong at 98 bps, more than supporting EUR 2.48bln accrued shareholder distributions and regulatory and other factors. Equity investment impact greater than expected due to negative 19 bps temporary impact from the increase of equity value from Commerzbank and Alpha Bank, triggered by FY25 net profit. Guidance: FY26 net profit ambition upgraded to equal to or above EUR 11bln (prev. guided "around" EUR 11bln. FY28 and FY30 net profit ambitions reaffirmed, despite the more challenging macro, thanks to confidence in pace of transformation, idiosyncratic strengths and unmatched protection from lines of defence. (UniCredit) Shares +4.1% in pre-market trade

BROKER MOVES

SMI

Adecco (ADEN SW) - Co. announces today that 53.01% of the dividend for the financial year 2025 was elected to be paid in the form of new Adecco Group AG shares, while the remaining 46.99% will be paid out in cash. (Adecco)

Kuehne+Nagel (KNIN SW) - Co. has expanded its healthcare logistics footprint in India with the opening of a new temperature-controlled airfreight cross dock facility in Hyderabad. (Kuehne+Nagel)

Geberit (GEBN SW) - Q1 2026 (CHF): Sales 873mln (exp. 873.1mln), Net Income 196mln (exp. 188mln), EBITDA 283mln (exp. 284.6mln, prev. 277mln Y/Y). Outlook 2026: In Europe, slight market growth is expected in 2026 overall – but no market recovery yet. This assessment is based on a stabilisation in the number of building permits in 2025 with a corresponding stable outlook for the new construction business in the current year. A slightly positive development is again expected in the renovation business, which accounts for around 60% of Geberit’s sales. Strong demand is forecast in several markets, such as India. However, a continued decline in market demand is expected in China due to the collapse in new construction activities. (Geberit)

OTHER SWISS COMPANIES

SGS (SGSN SW) - Co. has acquired Keystone Bioanalytical, a specialized provider of bioanalytical testing services based in Philadelphia, Pennsylvania. (SGS)

BROKER MOVES

Sandoz (SDZ SW) upgraded to Overweight from Equal Weight at Barclays

SGS (SGSN SW) upgraded to Sector Perform from Underperform at RBC

SCANDINAVIA

ISS (ISS DC) - Q1 2026 (DKK): Revenue 21.9bln (exp. 21.5bln). Organic growth 7.4% (prev. 4.3% Y/Y), retention rate 94%, operating margin and free cash flow developed in line with expectations, FY guidance unchanged for organic growth above 5%, operating margin above 5% and free cash flow above 2.5bln. (ISS)

BROKER MOVES

US

CLOSES: SPX -0.41% at 7,201, NDX -0.21% at 27,652, DJI -1.13% at 48,942, RUT -0.60% at 2,796

SECTORS: Technology +2.46%, Consumer Discretionary +1.36%, Communication Services +0.88%, Materials +0.62%, Utilities +0.16%, Energy -0.24%, Real Estate -0.38%, Consumer Staples -0.42%, Financials -0.64%, Industrials -0.89%, Health -1.37%.

ON Semiconductor (ON) - ON Semiconductor’s shares fell 4.5% in extended trading after only narrowly beating expectations, despite solid guidance, as investors’ expectations had risen following the stock’s strong advance. Q1 adj. EPS 0.64 (exp. 0.62), Q1 revenue USD 1.51bln (exp. 1.49bln). Reported a net loss of USD 33.4mln, but narrowed its loss as demand strengthened through the quarter. AI data-centre revenue grew more than 30% sequentially and more than doubled Y/Y, boosted by demand from AI data-centre builders, while management pointed to longer-term opportunities from increasing semiconductor content in automotive, industrial and AI data-centre applications. CEO it has moved beyond the cyclical trough, and is on a path to recovery. Sees Q2 adj. EPS between 0.65-0.77 (exp. 0.67), sees Q2 revenue between USD 1.535-1.635bln (exp. 1.53bln).

Private Credit - SEC Chairman Atkins said the agency is investigating allegations of fraud in private credit firms, Bloomberg reported. He declined to identify the companies under scrutiny, and said the SEC was monitoring private credit alongside the US Treasury and the Fed.

Paramount Skydance (PSKY) - Paramount Skydance beat earnings and revenue expectations, driven by growth in streaming and film revenue, and it reaffirmed its FY outlook. Q1 EPS 0.15 (exp. 0.15), Q1 revenue USD 7.35bln (exp. 7.28bln). Management noted that engagement in streaming and sports "remains strong," with CBS Sports delivering the most-watched final round of The Masters on record. It added 700,000 subscribers, taking the service to nearly 80mln subscribers despite January price increases. The Warner Bros. Discovery deal remains on track for a Q3 close. Sees Q2 revenue between USD 6.75-6.95bln (exp. 7.04bln), Q2 adj. EBITDA between USD 0.9-1.0bln. Sees FY26 revenue USD 30.0bln (exp. 29.94bln), FY26 adj. EBITDA of USD 3.8bln, with revenue relatively more weighted to H2 and profitability skewing slightly towards H1.

Palantir (PLTR) - Palantir shares fell 2.3% in afterhours trading, despite stronger results and lifted guidance, as US commercial revenue fell short of expectations, and the stock remained under pressure from wider concerns about AI disruption in software, while some profit taking was cited after the rally since April. Q1 adj. EPS 0.33 (exp. 0.28), Q1 revenue USD 1.63bln (exp. 1.54bln). Revenue grew 85% Y/Y, its fastest expansion since its 2020 market debut, while net income roughly quadrupled. US government revenue +84% Y/Y to USD 687mln, US commercial revenue +133% Y/Y to USD 595mln, trailing 12-month commercial customers +31% Y/Y to 1,007; remaining performance obligations rose to USD 4.45bln (from USD 1.9bln Y/Y)). CEO said results “dwarfs the performance of essentially every software company in history at this scale” and expects the US business across government and commercial to double again in 2027. Sees Q2 revenue between USD 1.797-1.801bln (exp. 1.68bln), Q2 adj. operating income between USD 1.063-1.067bln. Raised FY26 revenue guidance to between USD 7.65-7.662bln (exp. 7.27bln), and raised FY26 adj. free cash flow view to between USD 4.2-4.4bln.