Newsquawk Daily European Equity Opening News - 6th May 2026

ASIA

Asia-Pac stocks traded entirely in the green, following on from the gains stateside and the positive update from President Trump, stating that Project Freedom is to be paused for a short time to see whether or not the agreement with Iran can be finalised and signed. ASX 200 neared last week’s peak of 8787, rebounding after two consecutive days of losses. The bounce was supported by Financials and Industrials, while Energy lagged as oil prices fell. KOSPI surged at the open, breaking the 7000 handle, and even activated the buy-side sidecar within the first 5 minutes of trade. Tech giants helped the surge in the index, with Samsung Electronics (+15%) being the latest Co. to join the USD 1tln market cap group. Shanghai Comp. and Hang Seng followed the positive risk-on tone as Shanghai returned from holidays. CK Hutchison gained after the Co. agreed to sell its 49% stake in VodafoneThree, while Wuliangye Yibin underperformed after a double downgrade at Goldman Sachs. On the data front, RatingDog services PMI beat estimates, which further supported the indices.

BHP (BHP AT) - CFO says new investors are buying into the Co. on copper exposure and AI demand. (BHP)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.83% at 5,869, Dax 40 +1.67% at 24,392, FTSE 100 -1.40% at 10,219, CAC 40 +1.08% at 8,062, FTSE MIB +2.27% at 48,558, IBEX 35 +1.80% at 17,668, PSI -0.04% at 9,165, SMI +0.43% at 13,059, AEX +0.95% at 1,015

FTSE 100

OTHER UK COMPANIES

BROKER MOVES

DAX

BMW (BMW GY) - Q1 2026 (EUR): Revenue 31bln (prev. 33.8bln Y/Y), Net 2.35bln (prev. 2.17bln), EBIT 2bln (prev. 3.14bln). European order intake hit record levels. Global deliveries 565.78k vehicles, -3.5% Y/Y; BMW Brand global deliveries 496k, -4.6% Y/Y. Confirms FY26 guidance. "The global automotive market is now expected to see a slight decrease.". Globally, forecasts deliveries to be on par Y/Y and full-EVs to account for the same sales share Y/Y. (BMW)

Continental (CON GY) - Q1 2026 (EUR): Adj. EBIT 522mln (exp. 484mln), Sales 4.4bln (exp. 4.36bln). FY Outlook: Sales 17.3-18.9bln (exp. 18.2bln). FY outlook confirmed. CEO: “We had a good operational start to the year, increasing our profitability in both Tires and ContiTech compared with the same quarter of last year”. CFO: “It will take time for recent changes in raw material prices to have an impact on us. We are analysing and assessing the situation and, where necessary, are taking measures to safeguard earnings”. (Continental)

Fresenius (FRE GY) - Q1 2026 (EUR): Revenue before Special Items 5.74bln (exp. 5.82bln), EBIT before Special Items 678mln (exp. 681.4mln), Core Net Profit 460mln, reaffirms 2026 view. Fresenius invests in Avelios Medical and further expands its strategic partnership with SAP (SAP GY). (Fresenius)

HelloFresh (HFG GY) - Q1 2026 (EUR): Revenue 1.68bln (exp. 1.68bln), Adj. EBITDA 23.6mln (exp. 22mln). FY Outlook: 375-425mln (exp. 386.9mln). 2026 outlook reconfirmed. (HelloFresh)

Infineon (IFX GY) - Q2 2026 (EUR): Revenue 3.81bln (exp. 3.82bln), Gross Margin 38.7% (prev. 39.9% Q/Q). Q3 Outlook: Revenue 4.1bln (exp. 4.04bln). FY Outlook: Revenue is now expected to rise significantly Y/Y (prev. "moderate increase"). The adjusted gross margin should be in the low-to-mid forties percent range (prev. low forties percent range) and the Segment Result Margin should reach around 20% (prev. high-teens percent range). Adjusted Free Cash Flow is now expected to be around EUR 1.65bln (prev. EUR 1.4bln) and Free Cash Flow should reach around EUR 1.25bln (prev. EUR 1.0bln). Structure: Effective from Q4 FY 2026, the number of business segments will be reduced from four to three. The revised organization will consist of Automotive (ATV), Power Systems (PS), and Edge Systems (ES). (Infineon)

Zalando (ZAL GY) - Q1 2026 (EUR): Revenue 3bln (exp. 2.99bln), Adj. EBIT 64.8mln (exp. 58mln). FY Outlook: Adj. EBIT 660-740mln (exp. 699.3mln). The group confirms its full-year 2026 guidance across all metrics. AI: Building on its artificial intelligence (AI) capabilities, Zalando is further expanding its Assistant into a true lifestyle companion, deploying advanced robots across its logistics network, and using generative AI image processing to boost product onboarding speed. (Zalando)

OTHER GERMAN COMPANIES

Evotec (EVT GY) - Q1 2026 (EUR): Revenue 156.6mln (exp. 174.1mln). FY Outlook: Revenue 700-780mln (exp. 757.9mln), Adj. EBITDA 0-40mln (exp. 28.3mln). FY 2026 guidance confirmed. (Evotec)

Heidelberg Materials (HEI GY) - Q1 2026 (EUR): Revenue 4.54bln (exp. 4.54bln), Operating EBITDA 484mln (exp. 485mln), Operating EBIT 163mln (exp. 162mln), increased dividend to EUR 3.60/shr, reaffirms FY26 view. (Heidelberg Materials)

Lufthansa (LHA GY) - Q1 2026 (EUR): Adj. EBIT -612mln (exp. -650mln), Revenue 8.7bln (exp. 9.34bln), maintains its 2026 outlook. On the Middle East, the Co. stated that higher kerosene prices have caused EUR 1.7bln of extra costs in 2026 and sees 2026 jet fuel costs rising to EUR 8.9bln. On future supply, the Co. expects no restrictions on kerosene supply. (Lufthansa)

Rational (RAA GY) - Q1 2026 (EUR): Revenue 317.6mln (exp. 310.7mln). Confirms 2026 guidance. (Rational)

BROKER MOVES

Aixtron (AIXA GY) downgraded to Hold from Buy at Berenberg

CAC

TotalEnergies (TTE FP) - CEO says windfall tax would not let us cap fuel prices at French petrol stations anymore. (Newswires)

OTHER FRENCH COMPANIES

Arkema (AKE FP) - Q1 2026 (EUR): Sales 2.18bln (exp. 2.18bln), EBITDA 282.7mln (exp. 263.9mln). Outlook: While remaining vigilant about the potential impacts of the Middle East crisis on global demand, input costs and supply disruptions, the Group confirms its target of a slight EBITDA growth at constant currencies in 2026. (Arkema)

JCDecaux (DEC FP) - Q1 2026 (EUR): Revenue 880.6mln (exp. 896.6mln, prev. 858.0mln Y/Y), Street Furniture revenue 438.8mln (prev. 422.5mln Y/Y), Transport revenue 326.6mln (prev. 315.0mln Y/Y), Billboard revenue 115.1mln (prev. 120.5mln Y/Y). Organic revenue growth 5.7%, digital organic revenue growth 13.1%, digital 41.7% of Group revenue, Q2 organic revenue growth expected around +3%. (JCDecaux)

SCOR (SCR FP) - Q1 2026 (EUR): Net Income 225mln (prev. 200mln Y/Y), EPS 1.26 (prev. 1.12 Y/Y), Insurance Revenue 3.81bln (prev. 4.06bln Y/Y). Combined ratio 80.2% (prev. 85.0% Y/Y). (Scor)

BROKER MOVES

PAN EUROPE

Ahold Delhaize (AD NA) - Q1 2026 (EUR): Sales 22.3bln (exp. 22.6bln), EBIT 895mln. Free Cash Flow -330mln. Adj. EBIT margin 4.0%, comparable sales ex-gasoline +1.5% in U.S. and +2.6% in Europe, online sales +8.3% at constant FX, FY guidance reiterated for underlying operating margin around 4%, mid-to-high-single-digit diluted underlying EPS growth and Free Cash Flow at least 2.3bln. (Ahold Delhaize)

Banco BPM (BAMI IM) - Co. says it considers Credit Agricole (ACA FP) and Monte dei Paschi (BMPS IM) as natural M&A targets but deals are not necessarily ideal, will wait and see. (Newswires)

Leonardo (LDO IM) - Q1 2026 (EUR): New Orders 9.002bln (prev. 6.886bln Y/Y), Revenue 4.448bln (prev. 4.159bln Y/Y), EBITA 281mln (prev. 211mln Y/Y), EBIT 263mln (prev. 189mln Y/Y), Adj. Net Result 184mln (prev. 115mln Y/Y), FOCF -411mln (prev. -580mln Y/Y), Net Debt 3.049bln (prev. 2.125bln Y/Y). ROS 6.3% (prev. 5.1% Y/Y), EBIT margin 5.9% (prev. 4.5% Y/Y), 2026 guidance confirmed. (Leonardo)

Philips (PHIA NA) - Q1 2026 (EUR): Sales 3.9bln (exp. 3.88bln). 2026 outlook reiterated. CEO: "Sales grew across segments and was led by North America and Europe". (Philips)

Santander (SAN SM) - Co. is preparing to drop the TSB brand and run the combined business as Santander UK once the two lenders have been integrated, FT reports citing sources. (FT)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Ambu (AMBUB DC) - Q2 2026 (DKK): Revenue 1.57bln (exp. 1.62bln), Adj. EBIT 173mln (exp. 183.4mln). For FY 2025/26, Ambu now expects organic revenue growth of 10-12% (prev. saw 10-13%). Ambu announced a new share buyback program of up to DKK 300m from 6 May 2026 until no later than 30 September 2026. (Ambu)

Equinor (EQNR NO) - Q1 2026 (USD): Adj. Operating Income after Tax 2.86bln (exp. 2.61bln), Adj. Operating Income 9.77bln (exp. 9.0bln), Adj. Net Income 3.70bln, maintains 2026 production growth guidance. Co. expects 2026 share buyback of up to USD 1.5bln. (Equinor)

Jyske Bank (JYSK DC) - Q1 2026 (DKK): NII 2.139bln (prev. 2.238bln Y/Y), Net fee and commission income 761mln (prev. 726mln Y/Y), Core income 2.983bln (prev. 3.229bln Y/Y), Pretax profit 1.419bln (prev. 1.698bln Y/Y), Net profit 1.049bln (prev. 1.256bln Y/Y), EPS 16.9 (prev. 19.4 Y/Y). CET1 capital ratio 15.6% (prev. 15.7% Y/Y), capital ratio 20.9% (prev. 20.9% Y/Y), loan impairment charges 29mln (prev. 66mln Y/Y). (Jyske Bank)

Novo Nordisk (NOVOB DC) - Q1 2026 (DKK): Adj. Net Sales 70.06bln (exp. 60.07bln), Adj. EBIT 32.85bln (exp. 28.74bln), Wegovy Sales 18.25bln (exp. 17.36bln); sees FY Adj. Sales at CER -4% to -12% (prev. saw -5% to -13%). Outlook: The 2026 outlook is raised, driven by increased expectations for GLP-1 product sales. Adjusted operating profit growth, also excluding the 340B provision reversal, is now expected to be -4 to -12% at CER. Other Metrics: Coupled with total prescriptions for Q1 2026 of around 1.3 million and now more than 2 million since launch, it marks the strongest-ever GLP-1 volume launch in the US. Q1 2026 sales for US Operations adjusted sales decreased by 11% at CER in Q1 2026, driven by lower realised prices, partly offset by volume growth across the Wegovy product portfolio. Q1 2026 adjusted operating profit decreased by 6% at CER, while reported operating profit increased by 65% at CER, driven by a provision reversal related to the 340B Drug Pricing Program in the US. Pipeline: Pending regulatory decisions, the first Wegovy pill launches outside the US are expected during the second half of 2026. (Novo Nordisk)

Pandora (PNDORA DC) - Q1 2026 (DKK): Sales 7.11bln (exp. 7.13bln). EBIT Margin 20.9% (prev. 22.3% Y/Y). FY guidance unchanged. Current trading in Q2 2026 shows around flat LFL growth. The Q1 2026 gross margin ended at 79.5%, down 90bp Y/Y, with efficiencies & other offsetting a material part of the external headwinds related to tariffs, commodities and foreign exchange. (Pandora)

Vestas (VWS DC) - Q1 2026 (EUR): Revenue 3.966bln (prev. 3.466bln Y/Y), EBIT before special items 127mln, Order backlog 76.1bln, Adj. Free Cash Flow -533mln (prev. -325mln Y/Y). Adj. EBIT margin 3.2% (prev. 0.4% Y/Y), Service EBIT margin 16.3%, order intake 4.504GW, FY guidance maintained for revenue 20-22bln (exp. 21bln). (Vestas)

BROKER MOVES

US

CLOSES: SPX +0.81% at 7,259, NDX +1.31% at 28,015, DJI +0.73% at 49,298, RUT +1.75% at 2,854

SECTORS: Materials +1.67%, Technology +1.63%, Industrials +0.86%, Consumer Staples +0.51%, Health +0.38%, Communication Services +0.30%, Consumer Discretionary +0.30%, Energy +0.14%, Real Estate +0.11%, Utilities +0.01%, Financials +0.01%

Alphabet (GOOG), Anthropic - Anthropic committed to spend USD 200bln with Google Cloud over five years under a recent agreement, The Information reports. The deal covers cloud services and Google’s AI chips, and may represent more than 40% of Google’s recently disclosed cloud revenue backlog.

Advanced Micro Devices (AMD) - AMD shares surged by over 17% in extended trading after earnings and revenue beat expectations, and guidance came in stronger than forecast, driven by accelerating data centre growth and strong demand for processors and GPU shipments. Q1 adj. EPS 1.37 (exp. 1.28), Q1 revenue USD 10.3bln (exp. 9.88bln); Q1 Data Centre revenue +57% Y/Y to USD 5.8bln, driven by AMD EPYC processor demand and the continued ramp of AMD Instinct GPU shipments. Client and Gaming revenue +23% Y/Y to USD 3.6bln, including Client revenue +26% to USD 2.9bln on Ryzen demand and market-share gains; Gaming revenue rose 11% Y/Y to USD 720mln on Radeon GPU demand, partly offset by lower semi-custom revenue; Embedded revenue +6% to USD 873mln. Net income rose to USD 1.38bln (vs USD 709mln Y/Y). CEO said Data Centre is now the primary driver of revenue and earnings growth, and expects server growth to accelerate as supply scales to meet demand. Sees Q2 revenue at approximately USD 11.2bln (exp. 10.5bln), and sees Q2 adj. gross margin approximately 56%.

Coty (COTY) - Shares fell almost 4% in extended trading after weaker LFL sales, lower gross profit and margin contraction, with Middle East disruption, tariffs, lower shipments and a Consumer Beauty impairment weighing on results, despite profit coming in ahead of expectations. Q3 adj. EPS -0.03 (exp. -0.01), Q3 revenue USD 1.28bln (exp. 1.27bln). Interim CEO said Q3 marked an important step toward restoring consistent performance, though results remained below potential and were disrupted by Middle East weakness late in the quarter. Beauty demand remains resilient, with continued growth in fragrances and cosmetics, while developed-market demand has stayed broadly consistent. The company is implementing its strategic framework, focusing on core brands and markets, reducing portfolio complexity and identifying savings opportunities to support consumer engagement and profitability. Sees Q4 adj. EPS between -0.02-0.00 (exp. 0.00), Q4 LFL revenue down mid-single digits, and Q4 FCF neutral to moderately positive. Sees FY26 adj. EPS between 0.33-0.35 (exp. 0.27), sees FY26 adj. EBITDA between USD 838-848mln.

Electronic Arts (EA) - Shares slipped 0.7% in extended trading following a profit miss in Q4, despite sales topping expectations. It reported Q4 EPS 1.81 (exp. 1.30), Q4 revenue USD 2.12bln (exp. 1.99bln). Q4 net income rose to USD 461mln (from USD 254mln), with full-game revenue up to USD 609mln and live services and other revenue up to USD 1.511bln; operating cash flow was +6% Y/Y at USD 580mln. FY26 net revenue +1% to USD 7.531bln, net bookings +9% Y/Y reaching a record USD 8.026bln. It said Battlefield 6 was the best-performing Battlefield title in a fiscal year, Global Football net bookings rose mid-single digits, and Apex Legends net bookings rose double digits for FY26 after its strongest bookings quarter of the year in Q4. Declared a quarterly dividend of USD 0.19/shr. CEO Andrew Wilson said disciplined execution delivered a record FY26 and that EA is looking ahead to closing its transaction after strong investor demand for its debt process and continued regulatory engagement.

Strategy Inc (MSTR) - Strategy shares fell over 3% in extended trading after it missed Q1 top- and bottom-lines, while its Bitcoin (BTC) metrics remained positive, with BTC Yield of 9.4% in 2026 YTD and BTC Gain of 63,410, equivalent to roughly USD 5bln through the first four months of the year. It reported Q1 EPS -38.25 (exp. -18.98), Q1 revenue USD 124.3mln (exp. 125.1mln). Management said Bitcoin adoption continues to grow in 2026, citing traditional finance and major banks announcing Bitcoin ETFs, trading, custody and lending services. CFO said Strategy is the dominant issuer of Digital Credit globally, with more than USD 13.5bln of preferred equity outstanding, supported by its Bitcoin balance sheet, and noted the company has met 23 consecutive preferred equity distributions on time and in full, totalling more than USD 693mln since early 2025.

Super Micro Computer (SMCI) - Shares surged 18% in extended trading after it issued stronger than expected guidance, as demand for AI servers remained robust, despite a quarterly revenue miss caused by customer readiness issues that delayed revenue recognition, including insufficient power and networking for cloud deployments, alongside industrywide supply constraints, higher memory prices and shortages of GPUs and Intel (INTC) processors. Management also said customer relationships remain solid despite a federal indictment involving former associates, and CFO does not believe results will need to be restated. Reported Q3 EPS of 0.74 (exp. 0.62), Q3 revenue USD 10.2bln (exp. 12.45bln). CEO said its transformation into a total datacentre infrastructure provider is accelerating, supported by margin recovery and rapid growth in its DCBBS business; added that new US manufacturing facilities in Silicon Valley leave the company well positioned to meet demand across AI and enterprise verticals. Sees Q4 EPS between 0.65-0.79 (exp. 0.56), sees Q4 revenue between USD 11.0-12.5bln (exp. 11.31bln); for the FY, sees revenue between USD 38.9-40.4bln (exp. 41.5bln).