Newsquawk Daily European Equity Opening News - 22nd April 2026

ASIA

APAC stocks traded mixed as participants reflected on the latest geopolitical developments, including the collapse of peace talks in Islamabad, while US President Trump announced an extension of the ceasefire until discussions conclude, but will maintain the naval blockade in Hormuz ASX 200 declined with the index dragged lower by underperformance in health care and the top-weighted financial industry, while the mining sector was rangebound despite gains in BHP following its quarterly production update. Nikkei 225 initially clawed back losses and printed a fresh record high with some encouragement from stronger-than-expected Exports and Imports data from Japan, while recent source reports continued to point to the central bank refraining from hiking rates next week. Hang Seng and Shanghai Comp were mixed with the Hong Kong benchmark the underperformer, as tech weakness clouded over the strength seen in the Chinese oil majors, while the mainland was kept afloat in rangebound trade with very few fresh China-specific catalysts.

BHP Group (BHP AT) - BHP beat Q3 iron ore output estimates, with WAIO production of 69.8mln tons (exp. 68.9mln), while copper output fell 7% to 476.8K tons (exp. 479.2K). The miner said FY26 copper output should be in the upper half of its 1.9-2mln ton range. It added that talks with China Mineral Resources Group had concluded. (BHP)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -1.01% at 5,922, DAX -0.60% at 24,271, FTSE 100 -1.05% at 10,498, CAC 40 -1.14% at 8,236, AEX -0.28% at 1,019, IBEX 35 -0.65% at 18,143, FTSE MIB -0.63% at 47,903, SMI -1.13% at 13,134, PSI -0.45% at 9,136

SECTORS: Energy 0.83%, Utilities 0.01%, Financials -0.25%, IT -0.27%, Materials -0.66%, Consumer Disc -0.72%, Telecoms -1.37%, Industrials -1.63%, Consumer Stpl -1.76%, Healthcare -2.02%

FTSE 100

UK Pensions - UK pension funds were warned they face large costs if they attempt to offload private market assets, following a warning by the industry regulator about some schemes’ high exposure to hard-to-sell investments, according to FT. (FT)

UK Crypto - UK investors will be able to hold crypto products in an Isa as start-up Stratiphy becomes the first platform to offer both crypto exchange traded notes and Innovative Finance Isas, according to FT. (FT)

OTHER UK COMPANIES

BROKER MOVES

DAX

OTHER GERMAN COMPANIES

Deutsche Telekom (DTE GY) / T-Mobile (TMUS) - T-Mobile US and Deutsche Telekom are discussing a combination to create a more streamlined telecom company, according to sources cited by the WSJ. Talks centre on a new holding company making a stock bid for both firms. Deutsche Telekom is already T-Mobile’s largest shareholder, with a stake of just over 53%, worth around USD 218.57bln. A merger could create the world's largest wireless operator by market capitalisation. Talks are preliminary and will require political support. (WSJ)

BROKER MOVES

CAC

Bureau Veritas (BVI FP) - Q1 2026 (EUR): Revenue 1.55bln (prev. 1.55bln Y/Y). Announces a EUR 200mln share buyback. Trims outlook: Mid-single-digit organic revenue growth (prev. guided "mid-to-high single-digit organic revenue growth"), Improvement in adjusted operating margin at constant exchange rates (unchanged), Strong cash flow generation (unchanged). (Bureau Veritas)

Danone (BN FP) - Q1 2026 (EUR): Revenue 6.71bln (exp. 6.69bln), LFL Growth +2.7% Y/Y. Confirms FY outlook. By Region: In the Americas , LFL sales were up +3.4%. In Asia Pacific , LFL sales rose by +6.0%. (Danone)

Eurofins Scientific (ERF FP) - Q1 2026 (EUR): Revenue 1.78bln, +1.3% Y/Y. In Europe, organic growth was 1.7%; North America 2.1%. Eurofins is reiterating its objectives for FY 2026, the mid-term, and FY 2027, as previously announced. (Eurofins Scientific)

Sanofi (SAN FP) - Sanofi's Tzield approved in the US to delay the onset of stage 3 type 1 diabetes in young children. Expanded approval includes children aged one year and above with stage 2 T1D to delay the onset of stage 3. (Sanofi)

OTHER FRENCH COMPANIES

FDJ United (FDJU FP) - Q1 2026 (EUR): Revenue 895mln, -3% Y/Y. This performance reflects: Temporary impacts at the end of the first quarter of fewer long cycles for draw games, less attractive sports fixtures and a high payout ratio for retail sports betting The continued good momentum of instant games in point of sale and online. (FDJ United)

Ipsen (IPN FP) - Ojemda approved in the European Union as the first targeted therapy in relapsed or refractory pediatric low-grade glioma regardless of BRAF alteration. (Ipsen)

BROKER MOVES

PAN EUROPE

AkzoNobel (AKZA NA) - Q1 (EUR): Adj. EBITDA 345mln (exp. 325.2mln), Net Income 93mln (exp. 112mln), Op. Income 177mln (prev. 192mln Y/Y). Agreement signed to sell AkzoNobel Pakistan to Packages Group, expected to close in H2. CEO: “While the conflict in the Middle East is impacting our cost of supply, we’re maintaining our guidance for the year. Our already announced price increases are expected to fully compensate anticipated cost impacts based on current assumptions. (AkzoNobel)

ASM International (ASM NA) - Q1 2026 (EUR): Adj. Net Income 246mln (prev. 169.6mln Y/Y), Revenue 862.5mln (exp. 838mln), Gross margin 53.3% (prev. 49.8% Y/Y). Revenue was led by logic/foundry, with continued strength in the leading-edge segment and a sequential strong rebound in mature logic/foundry sales in China. AI-led demand accelerated further in the quarter, underpinned by strong customer investments in capacity to drive long-term AI infrastructure expansion. Outlook: at constant currency, revenue is projected to increase to EUR 980mln +/-5% in Q2 2026. H2 is expected to be stronger than H1. (ASM International)

Geopols - US President Trump said the US have been asked to hold their attack on Iran until such time as its leaders and representatives can come up with a unified proposal. More recently, it was reported that Iran received 'some sign' the US is ready to break the blockade – a rise in sentiment was seen.

Moncler (MONC IM) - Q1 2026 (EUR): Revenue 881mln, +12% Y/Y. Robust performance of the brand in Asia (+22% cFX YoY) – supported by strong trends mostly in China and Korea – as well as in the Americas (+7% cFX YoY). EMEA underperformed (-1% cFX YoY) mainly due to ongoing subdued tourism flows into the region. (Moncler)

Randstad (RAND NA) - Q1 (EUR): Revenue 5.51bln (exp. 5.46bln). CEO: “While geopolitical instability and limited visibility require us to remain vigilant, the trajectory in Q1 with 0.4% growth gives us confidence for the months ahead". Noted that early April trading was in line with March. (Randstad)

Terna (TRN IM) - Director Karina Audrey Litvack resigns from the Board of Directors. (Terna)

Vopak (VPK NA) - Q1 (EUR): Revenue 333mln (exp. 471mln), Adj. EBITDA 295mln (exp. 298mln). Subject to ongoing market uncertainties and currency exchange movements, confirms outlook for 2026. (Vopak)

BROKER MOVES

SMI

ABB (ABBN SW) - Q1 2026 (USD): Revenue 8.73bln (exp. 8.47bln), EPS 0.73 (exp. 0.78), Orders 11.3bln (exp. 9.77bln), Op. Income 1.78bln (exp. 1.87bln). "ABB had a strong start to the year, delivering higher business performance and record orders". Outlook: "In the second quarter of 2026, we expect a high single-digit to low double-digit growth in comparable revenues, year-on-year. The operational EBITA margin should improve year-on-year". (ABB)

Roche (ROP SW) - Roche announced new data from the Phase III FENhance 1 and 2 studies, which met their primary endpoint. Both studies showed positive trends in reducing disability progression with fenebrutinib compared to teriflunomide. Fenebrutinib could become a first-in-class BTK inhibitor and the first and only high-efficacy oral for both RMS and primary progressive multiple sclerosis (PPMS). Elsewhere, Roche announced data from the Phase III METEOROID study demonstrating that ENSPRYNG reduced the risk of a new relapse by 68% compared to placebo in adults and adolescents with myelin oligodendrocyte glycoprotein antibody-associated disease, meeting its primary endpoint. (Roche)

OTHER SWISS COMPANIES

BROKER MOVES

SCANDINAVIA

Evolution (EVO SS) - Q1 2026 (EUR): Revenue 513mln (exp. 516.2mln), EBITDA 335.3mln (prev. 342mln Y/Y), EPS 1.26 (prev. 1.24 Y/Y). CEO: In Asia, we made some further progress in the battle against cybercrime with a quarter-on-quarter growth of 2.2 percent. Growth in North America improved compared to the fourth quarter but is impacted by the weak USD. In our reporting currency EUR, year-on-year growth was 10.1 percent, whereas growth in local currency was 21.4 percent. (Evolution)

Handelsbanken (SHBA SS) - Q1 2026 (SEK): Total Income 14.8bln (exp. 14.4bln), EPS 3.21 (exp. 2.94), NII 10bln (prev. 10.13bln Y/Y). (Handelsbanken)

Nordea (NDAFI FH) - Q1 2026 (EUR): NII 1.76bln (exp. 1.74bln), Op. Income 2.91bln (exp. 2.88bln), EPS 0.36 (exp. 0.29). Outlook for 2026 unchanged. (Nordea)

Nel (NEL NO) - Q1 2026 (NOK): Revenue 148mln (prev. 155mln Y/Y), EBITDA -100mln (prev. -115mln Y/Y). (Nel)

Tele2 (TEL2 SS) - Q1 2026 (SEK): EPS 9.20 (exp. 1.73), Revenue 7.2bln (exp. 7.25bln). Net profit from total operations of SEK 6.4bln increased by SEK 5.5bln compared to Q1 2025, mainly due to a capital gain of SEK 5.1bln related to the Baltic tower company. (Tele2)

Var Energi (VAR NO) - Q1 2026 (USD): Total Income 2.67bln (exp. 2.72bln). Dividend guidance of USD 300mln for the second quarter of 2026. (Var Energi)

BROKER MOVES

Genmab (GMAB DC) upgraded to Buy from Neutral at Goldman Sachs

Royal Unibrew (RBREW DC) downgraded to Neutral from Buy at Goldman Sachs

SKF (SKFB SS) upgraded to Hold from Sell at Danske Bank

US

CLOSES: SPX -0.63% at 7,064, NDX -0.42% at 26,479, DJI -0.59% at 49,150, RUT -1.01% at 2,765.

SECTORS: Energy +1.31%, Technology -0.23%, Consumer Staples -0.47%, Consumer Discretionary -0.49%, Financials -0.63%, Health -1.01%, Materials -1.23%, Communication Services -1.24%, Industrials -1.39%, Utilities -1.75%, Real Estate -1.94%.

Sonoco (SON) - Q1 EPS 1.20 (exp. 1.20), Q1 revenue USD 1.676bln (exp. 1.71bln). Exec said the quarter reflected solid performance despite severe winter weather disruptions, a fire that destroyed a recycling facility in South Carolina, and rapidly changing macro and geopolitical conditions. Exec added that Consumer Packaging exceeded expectations, while Industrial Paper Packaging faced operational and demand challenges, with productivity and a favourable price/cost environment more than offsetting lower volume/mix. Sees FY26 adj. EPS at the low end of its 5.80-6.20 guidance range (exp. 5.94), and sees FY26 revenue between USD 7.25-7.75bln (exp. 7.46bln).

United Airlines (UAL) - Q1 adj. EPS 1.19 (exp. 1.09), Q1 revenue USD 14.6bln (exp. 14.38bln). TRASM +6.9% Y/Y, CASM +4.4%, and CASM-ex +5.9% vs Q1 2025. Operating cash flow was USD 4.8bln, free cash flow was USD 2.9bln, with ending available liquidity of USD 17.2bln, total debt, finance lease obligations and other financial liabilities of USD 24.2bln, and trailing 12-months net leverage of 2.0x. The company repurchased approximately USD 27mln of shares in Q1. Exec said the results showed the resilience of United’s long-term strategy despite escalating fuel expense, adding that the group’s financial position and brand loyalty allowed it to make tactical adjustments while maintaining its long-term focus. Sees Q2 adj. EPS between 1.00-2.00 (exp. 2.00). Sees FY26 adj. EPS between 7.00-11.00 (exp. 9.78; prev. saw 12.00-14.00) and sees FY26 adj. total CapEx less than 8.0bln. The carrier plans to reduce 5 points of planned capacity for the rest of the year, sees Q3 and Q4 capacity flat to up around 2% Y/Y, and sees year-end 2026 total mainline aircraft of 1,180, and total regional aircraft of

22 Apr 2026 - 06:56- Geopolitical- Source: Newsquawk