Newsquawk Daily European Equity Opening News - 7th May 2026

ASIA

Asia-Pac stocks traded broadly in the green, as a continuation of gains seen stateside as hopes of an end of the US-Iran conflict spurred risk-on flows. ASX 200 continued its rebound and is set for 2 consecutive days of gains. Miners were the biggest gainers while Energy names slumped. Shares of Tabcorp have nose-dived after the Co. stated that AUSTRAC has commenced an enforcement investigation with serious concerns over money laundering and terrorism financing risks. Nikkei 225 returned from its holiday with the need to catch up to the gains seen in equities while it was closed. As a result, the Nikkei surged to new ATHs and extended above the 63,000 handle, driven by tech majors SoftBank and Ibiden. KOSPI underperformed its APAC peers, as it consolidated following its surge beyond the 7,000 handle. SK Securities raised its PT for Samsung Electronics and SK Hynix to a price that is 88% and 87% higher, respectively, than their current price, reaffirming the tech strength. Shanghai Comp. and Hang Seng gained despite a lack of single-stock news. Continuing on the chip theme, Montage has overtaken CATL as the most expensive dual-listed stock in Hong Kong relative to its mainland shares.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +2.52% at 6,018, Dax 40 +2.24% at 24,949, FTSE 100 +2.15% at 10,439, CAC 40 +2.94% at 8,299, FTSE MIB +2.35% at 49,697, IBEX 35 +2.47% at 18,104, PSI +1.12% at 9,267, SMI +1.77% at 13,283, AEX +1.67% at 1,031

SECTORS: Consumer Disc 4.30%, Industrials 3.17%, Financials 3.06%, IT 2.94%, Materials 2.60%, Consumer Stpl 1.77%, Telecoms 1.40%, Healthcare 1.27%, Utilities 0.14%, Energy -3.79%

FTSE 100

BP (BP/ LN) - The US extended a sanctions waiver allowing BP to continue working with Iranian and Russian partners in Azerbaijan’s Shah Deniz gas field by using a payment workaround. The licence, granted by the Office of Foreign Assets Control, ensures operations can continue at the Shah Deniz gas field, where BP is operator and majority owner, Bloomberg reports. (Bloomberg)

Babcock (BAB LN) - New Zealand's Defence Minister says they are in talks with Australia and the UK to replace its Navy frigates. (Reuters)

Intertek (ITRK LN) - Co. reportedly primed to reject EQT’s (EQT SS) latest GBP 10bln takeover bid, according to FT. Co. feels the GBP 58/shr offer still under values the company, although board likely to reject the offer, no final decision has been made, the FT reports citing sources. (FT)

OTHER UK COMPANIES

Flutter Entertainment (FLTR LN) - Flutter shares rose in extended US trading despite a guidance cut, as higher Q1 revenue, in-line April trading and the early Arkansas launch offset weaker profit, lower monthly players and unfavourable sports results. Q1 adj. EPS 1.22 (exp. 1.09), Q1 revenue USD 4.3bln (exp. 4.24bln). The company said Amy Howe was departing as CEO of FanDuel; Christian Genetski, President of FanDuel, will assume leadership of the division. Dan Taylor, CEO of Flutter's international business, takes on the newly created role of President of Flutter Entertainment, in addition to his existing responsibilities. Lowered its FY view; sees FY26 revenue between USD 18.285-18.325bln (exp. 18.37bln; prev. saw 18.4bln), and adj. EBITDA between USD 2.84-2.89bln (prev. saw 2.97bln). Elsewhere, Fanduel CEO Howe is out after five years at the sportsbook, CNBC reports. (Flutter / CNBC)

BROKER MOVES

DAX

Henkel (HEN3 GY) - Q1 2026 (EUR): Sales 5bln (exp. 4.91bln). Organic sales growth driven by both business units. Has completed share buyback programme. Keeps 2026 outlook unchanged. Foreign exchange effects had a negative impact on sales performance of -5.2 percent. (Henkel)

Rheinmetall (RHM GY) - Q1 2026 (EUR): EPS 2.42 (exp. 2.73), Sales 1.94bn, +7.7% Y/Y, Op. Margin 11.6% (prev. 10.6% Y/Y), Order Backlog 73bln (prev. 56bln Y/Y). Notes that significant growth acceleration is expected in Q2. Due to the current market situation, the continued very good order situation and the expected business development in the current 2026 fiscal year, outlook has been reaffirmed. (Rheinmetall)

Siemens Healthineers (SHL GY) - Q2 2026 (EUR): Revenue 5.68bln (exp. 5.83bln), Adj. EBIT 836mln (exp. 891.7mln), sees FY Adj. EPS between 2.2-2.3 and cuts FY comparable sales forecast. (Siemens Healthineers)

Vonovia (VNA GY) - Q1 2026 (EUR): Adj. EBITDA 711.6mln (exp. 705.4mln). Confident to reach 2026 guidance and 2028 growth objectives. Occupancy and collection rates remained very high with 97.7% and 99.6%, respectively. (Vonovia)

OTHER GERMAN COMPANIES

Kontron (KTN GY) - Q1 2026 (EUR): Revenue 363.7mln (prev. 357.5mln Y/Y), Adj. EBITDA 46.1mln (prev. 45.4mln Y/Y), Order Backlog 2.54bln (prev. 2.18bln Y/Y)

Lanxess (LXS GY) - Q1 2026 (EUR): Sales 1.38bln (exp. 1.38bln), Adj. EBITDA 94mln (exp. 93.7mln). Guidance for FY26 unchanged. We continue to assume a challenging market environment in most of our customer industries. A possible recovery in the construction industry is expected to start within the course of the second half of the year at the earliest. (Lanxess)

Wacker Neuson (WCH GY) - Q1 2026 (EUR): Revenue 591.4mln (exp. 586.8mln), EBIT 41.5mln (exp. 40.1mln). FY Outlook: Revenue 2.2-2.4bln (exp. 2.34bln). Confirmed guidance. (Wacker Neuson)

BROKER MOVES

CAC

Airbus (AIR FP) - AirAsia has placed an order for a 150 of latest gen Airbus A220-A300 aircrafts. (AirAsia)

Bouygues (EN FP) - Q1 2026 (EUR): Net Income -94mln (prev. -156mln Y/Y), Revenue 12.1bln (prev. 12.6bln Y/Y). (Bouygues)

Legrand (LR FP) - Q1 2026 (EUR): Revenue 2.54bln (prev. 2.28bln Y/Y), Organic Rev. +9.3% (exp. +6.8%). (Legrand)

OTHER FRENCH COMPANIES

Klepierre (LI FP) - Q1 2026 (EUR): Net Rental Revenue 269.9mln, +2.8% Y/Y. Revenue 407.7mln, +3.7% Y/Y. Affirms guidance. (Klepierre)

BROKER MOVES

PAN EUROPE

argenx (ARGX BB) - Q1 2026 (USD): Revenue 1.31bln (prev. 807mln Y/Y), Product Net Sales 1.30bln (prev. 790mln Y/Y), Operating Profit 394mln (prev. 139mln Y/Y), Net Income 366mln (prev. 169mln Y/Y). (argenx)

Airliners - EU Transport Commissioner says airlines must continue to reimburse passengers for flight cancellations caused by high energy prices, the FT reports. (FT)

BPER Banca (BPE IM) - Q1 2026 (EUR): Adj. Net Profit 549.0mln, Net Interest Income 1.088bln, Net Commission Income 680.9mln, Core Revenues 1.768bln. Banca Popolare di Sondrio integration completed. (BPER Banca)

Knorr-Bremse (KBX BB) - Q1 2026 (EUR): Order Intake 2.22bln (prev. 2.37bln Y/Y), EBIT Margin 13.5% (prev. 12.1% Y/Y). Knorr-Bremse is confirming its guidance for the 2026 fiscal year. (Knorr-Bremse)

Poste Italiane (PST IM) - Q1 2026 (EUR): Revenue 3.46bln (exp. 3.38bln), Adj. EBIT 905mln, +13.6% Y/Y. FY Outlook: Upgrades Adj. EBIT to 3.4bln (prev. guided 3.3bln). (Poste Italiane)

Solvay (SOLB BB) - Q1 2026 (EUR): Net Sales 997mln (exp. 1.03bln, prev. 1.122bln Y/Y), Adj. EBITDA 219mln (exp. 235mln, prev. 250mln Y/Y). FY outlook for Adj. EBITDA of EUR 770-850mln (exp. 814.4mln)

Tenaris (TEN IM) - CEO Rocca is to step down from his role as CEO, but will remain as chairman. (Bloomberg)

Telecom Italia (TIT IM) - Q1 2026 (EUR): Revenue 3.32bln (exp. 3.32bln, prev. 3.27bln Y/Y), Service Revenue 3.13bln (prev. 3.06bln Y/Y), Organic EBITDA 964mln (prev. 981mln Y/Y), EBITDA AL 794mln (prev. 816mln Y/Y), Net Income -292mln (prev. -124mln Y/Y). 2026 guidance confirmed. (Telecom Italia)

UCB (UCB BB) - Cancer Research UK and Cancer Research Horizons announce new strategic alliance to accelerate development of novel cancer therapies. (UCB)

BROKER MOVES

SMI

Roche (ROP SW) - Co. acquires PathAI for up to USD 1.5bln, with USD 750mln paid upfront and milestone payments of up to USD 300mln. (Roche)

Swiss Re (SREN SW) - Q1 2026 (USD): Net Income 1.5bln (prev. 1.275bln Y/Y), Insurance Revenue 10.0bln (prev. 10.4bln Y/Y), Insurance Service Result 1.65bln (prev. 1.27bln Y/Y). ROE 23.6% (prev. 22.4% Y/Y), ROI 4.6%, recurring income yield 4.1%, P&C combined ratio 79.5%, Corporate Solutions combined ratio 85.1%. Strong earnings driven by underwriting discipline and investment contribution. (Swiss Re)

OTHER SWISS COMPANIES

AMS Osram (AMS SW) - Q1 2026 (EUR): Adj. EBITDA 131mln (exp. 125mln), revenue 796mln (exp. 791mln), Q2 revenue view 725-825mln (exp. 759mln). (AMS Osram)

Swisscom (SCMN SW) - Q1 2026 (CHF): Revenue 3.61bln (exp. 3.66bln). FY Outlook: Revenue 14.7-14.9bln (exp. 14.7bln). Confirmed guidance. (Swisscom)

BROKER MOVES

SCANDINAVIA

Aker BP (AKRBP NO) - Q1 2026 (USD): Revenue 3.000bln (exp. 2.93bln), EBITDA 2.660bln (exp. 2.58bln), Production averaged 398mboepd, production efficiency 97%, Symra first oil achieved nine months ahead of schedule; guidance unchanged. CEO: "With strong cash generation, a solid balance sheet and unchanged guidance, we remain well positioned to execute our investment programme and deliver attractive and sustainable shareholder returns over time".(Aker BP)

DNO (DNO NO) - Q1 2026 (USD): Revenue 627mln (prev. 481.6mln Q/Q), EBITDA 430.2mln, EBITDAX 442.1mln, EBIT 284mln (prev. 177.1mln Q/Q), Net Income 51mln (prev. -34.1mln Q/Q), Free Cash Flow 146mln (prev. -31.7mln Q/Q). Net production 131,671boepd (prev. 149,678boepd Q/Q), net debt 790mln. North Sea production strong; Kurdistan volumes lower after temporary halt following Middle East strikes. (DNO)

GN Store Nord (GN DC) - Q1 2026 (DKK): Gross Profit 1.010bln (prev. 1.158bln Y/Y), Adj. EBITA 6mln (prev. 129mln Y/Y), EBIT -472mln, Net Income -437mln, EPS -3.06. Adj. EBITA margin 0.3% (prev. 5.7% Y/Y), Enterprise organic growth -5%, Gaming organic growth -1%, Hearing organic growth 9%; 2026 guidance updated for Hearing discontinued operations, continuing operations organic revenue growth 0-6% and Adj. EBITA margin 8-9%. (GN Store Nord)

Intrum (INTRUM SS) - Co. plans a fully guaranteed SEK 7.5bln equity capital raise, according to Bloomberg. (Bloomberg)

Stora Enso (STERV FH) - Q1 2026 (EUR): Sales 2.36bln (exp. 2.31bln), Adj. EBIT 159mln (exp. 135.2mln), Adj. EBITDA 309mln (exp. 293.7mln). CEO: "The first quarter of 2026 developed largely as expected, with stable performance in a market that remains challenging. Demand in our main end markets stayed at relatively low levels, and pricing pressure persisted in some business segments, while prices firmed up and increased in others".

SpareBank 1 Nord-Norge (NONG NO) - Q1 2026 (NOK): Net Interest Income 938mln, Pretax Profit 924mln (prev. 1.008bln Y/Y), Net Income 719mln. ROE 14.9% (prev. 17.2% Y/Y), cost/income ratio 35.3% (prev. 31.6% Y/Y), CET1 ratio 16.5% (prev. 16.3% Y/Y), loan losses 24mln (prev. 57mln Y/Y). (SpareBank 1 Nord-Norge)

Veidekke (VEI NO) - Q1 2026 (NOK): Revenue 9.7bln (exp. 9.53bln), EBITDA 308mln, Pretax Profit 27mln (prev. -21mln Y/Y). Strong construction momentum boosted activity and profit; order book remained large. (Veidekke)

Veidekke (VEI NO) - Q1 2026 (NOK): Revenue 9.7bln (prev. 9.0bln Y/Y), EBITDA 308mln, Pretax Profit 27mln (prev. -21mln Y/Y), EPS 0.10, Orders 11.5bln (prev. 12.0bln Y/Y). Construction momentum lifted activity and profits, while Q1 remained seasonally low. (Veidekke)

Zealand Pharma (ZEAL DC) - Q1 2026 (DKK): Revenue 34mln (prev. 8mln Y/Y), Operating Result -539mln (prev. -407mln Y/Y), Operating Expenses 573mln (prev. 415mln Y/Y). Cash position 14.468bln (prev. 15.109bln Q/Q); 2026 net operating expenses guidance unchanged at 2.7-3.3bln, recognized DKK 4.5bln collaboration revenue in Q2 2026 following petrelintide Phase 3 progression, launched DKK 1.3bln buyback. (Zealand Pharma)

BROKER MOVES

Ambu (AMBUB DC) downgraded to Hold from Buy at Danske Bank

US

Arm Holdings (ARM) - Arm shares fell over 4% in extended trading, despite beating quarterly expectations and issuing firm guidance, and highlighting strong demand for its new data-centre CPU, as weaker-than-expected royalty revenue and rising operating expenses offset enthusiasm for its AI server opportunities. Q4 adj. EPS 0.60 (exp. 0.58), Q4 revenue USD 1.49bln (exp. 1.47bln). Sees Q1 adj. EPS between 0.36-0.44 (exp. 0.37), Q1 revenue between USD 1.255-1.265bln (exp. 1.25bln). On the call, management said it sees FY26 licence revenue growth in the 20% range, while over time its long-term licence revenue target is probably in the high-single-digit to low-double-digit range.

Goodyear (GT) - Shares fell in extended trading after it highlighted softer demand, volume weakness and cost pressures which outweighed restructuring savings and regional improvements. Q1 adj. EPS -0.39 (exp. -0.43), Q1 revenue USD 3.9bln (exp. 3.81bln). CEO said increased pressure on industry demand and higher raw-material costs stemming from the conflict in the Middle East require further action to strengthen the cost structure, adding that Goodyear expects to deliver additional savings.

Snap Inc. (SNAP) - Snap shares tumbled by over 8% in extended trading after it issued cautious guidance, the end of its Perplexity partnership, and uncertainty from Middle East headwinds, which outweighed user growth and narrower losses. Q1 EPS -0.05 (exp. -0.07), Q1 revenue USD 1.53bln (exp. 1.53bln). CEO said it returned to daily active user growth, accelerated revenue growth, expanded margins and generated strong free cash flow. Global monthly active users rose +5% Y/Y to 956mln, global daily active users rose +5% Y/Y to 483mln. Sees Q2 revenue between USD 1.52-1.55bln (exp. 1.53bln), sees Q2 adj. EBITDA between USD 175-200mln, assuming no Perplexity contribution after amicably ending the relationship in Q1, as well as continued Middle East headwinds.

Warner Bros. Discovery (WBD) - Q1 EPS -1.17 (exp. -0.11), Q1 revenue USD 8.89bln (exp. 8.89bln). FCF USD -476mln (exp. 638mln), while net loss widened to USD 2.9bln (from USD 450mln Y/Y), including USD 1.3bln pre-tax acquisition-related amortisation of intangibles, content fair value step-up and restructuring expenses, as well as a USD 2.8bln termination fee paid to Netflix (NFLX). WBD said HBO Max meaningfully exceeded guidance of more than 140mln global streaming subscribers at quarter-end, with the multi-year international rollout now largely complete. Expects subscriber-related revenue growth to accelerate in Q2 and through the rest of the year; expects to finish FY26 with more than 150mln global subscribers and said it remains well positioned to achieve at least USD 3bln in annual Warner Bros. Studios adjusted EBITDA.