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European Stocks Head Lower in Wednesday Trading; Strait of Hormuz Stalemate Continues

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-- The European stock markets were tracking lower Wednesday as a stalemate over the reopening of the Strait of Hormuz continues, and a slew of major European companies report quarterly earnings.

The Stoxx Europe was down 0.7%, Germany's DAX was declining 0.3%, the FTSE 100 was falling 1.2%, France's CAC was off 0.6%, and the Swiss Market Index dropped 1%.

In corporate news, UBS Group reported Q1 earnings Wednesday of $0.94 per diluted share, up from $0.51 a year earlier. Analysts polled by FactSet expected $0.80.

Total revenue for the quarter was $14.24 billion, up from $12.56 billion a year earlier.

UBS expects Q2 net interest income for global wealth management and personal & corporate banking to be "broadly flat" compared with Q1, it said.

Shares of the Swiss Bank were up 3.6% in Zurich.

Deutsche Bank reported Q1 earnings Wednesday of 1.06 euros ($1.24) per diluted share, up from 0.99 euro a year earlier. Five analysts polled by FactSet expected 1 euro.

Net revenue for the quarter, expressed as the sum of net interest income and total noninterest income, was 8.67 billion euros, compared with 8.52 billion euros a year earlier. Analysts surveyed by FactSet expected 8.54 billion euros.

Shares of the German bank were falling close to 2% in Frankfurt.

Lloyds Banking Group reported Q1 earnings Wednesday of 0.024 British pounds ($0.03) per diluted share, up from 0.017 pounds a year earlier.

Net income for the quarter ended March 31 was 4.79 billion pounds, up from 4.39 billion pounds a year earlier. Analysts surveyed by FactSet expected 4.89 billion pounds.

Shares of the British bank were down 1.4% in London.

TotalEnergies reported Wednesday Q1 adjusted earnings of $2.45 per diluted share, up from $1.83 per share a year earlier. Analysts polled by FactSet expected $2.16 per share.

Revenue for the quarter was $54.16 billion, up from $52.25 billion a year earlier. Analysts surveyed by FactSet expected $44.58 billion.

Shares of the French oil and gas company edged marginally lower in Paris.

Banco Santander reported Q1 earnings Wednesday of 0.36 euro ($0.42) per share, up from 0.21 euro a year earlier. Analysts polled by FactSet expected 0.27 euro.

Revenue for the quarter ended March 31 was 15.14 billion euros, up from 14.58 billion euros a year earlier. Analysts surveyed by FactSet expected 15.04 billion euros.

For 2026, the bank expects higher profits and affirmed its previous guidance of mid-single-digit revenue growth.

Shares of the Spanish lender were rising 1.1% in Madrid.

GSK reported Q1 core earnings Wednesday of about 0.47 British pound ($0.63) per share, up from about 0.45 pound a year earlier. Analysts polled by FactSet expected 0.43 pound.

Sales for the quarter ended Dec. 31 were 7.63 billion pounds, up from 7.52 billion pounds a year earlier. Analysts surveyed by FactSet expected 7.63 billion pounds.

For 2026, the pharmaceutical company expects core EPS to increase 7% to 9% and sales to increase 3% to 5%.

The company said it declared a quarterly dividend of 0.17 pounds per share, payable July 9 to holders on record of May 15.

Shares of GSK were losing 6.3% in London.

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