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Swiss Equities Close Week Downbeat; Novartis, Kuehne+Nagel in Red

Swiss equities slipped back into negative territory, with the Swiss Market Index down 0.59% on Friday's close, as investors digest a slew of corporate releases and trading updates.Buildings materials company Holcim (HOLN.SW), logistics group Kuehne+Nagel (KNIN.SW), instrumentation company Inficon (IFCN.SW), and contract development and manufacturing organization Siegfried Holding (SFZN.SW) were among Switzerland-listed companies that reported financial results.Kuehne+Nagel reported a year-over-year drop in first-quarter earnings to 248 million francs from 303 million francs, while net turnover fell to 5.60 billion francs from 6.33 billion francs. The results were impacted by cost-saving measures and sea logistics disruptions caused by the conflict in the Middle East. The stock was down 4.30% at the end of the trading day.Meanwhile, Novartis (NOVN.SW) secured a positive recommendation from the European Medicines Agency's Committee for Medicinal Products for Human Use for the approval of Itvisma for treating 5q spinal muscular atrophy in patients aged two and above.The Swiss drugmaker also withdrew its EMA type 2 variation application for Pluvicto to expand the indication to include treating adults with prostate-specific membrane antigen-positive metastatic castration-resistant prostate cancer in pre-chemotherapy following the committee's feedback. Novartis shares closed 4.30% lower.On the macroeconomic front, Swiss National Bank (SNBN.SW) Governing Board Chairman Martin Schlegel expects Swiss economic growth to be "rather subdued" in the short term before seeing an upturn over the medium term "to some extent" amid "significantly" increased uncertainty arising from the Middle East conflict. In terms of inflation, the SNB forecasts it will further increase in the coming quarters, mainly driven by higher energy prices.

Germany's DAX Index Retreats; SAP Surges on Higher Q1 Earnings

Germany's blue-chip DAX index closed Friday lower by 0.11%, as investors weighed the stalled US-Iran peace talks against the latest round of corporate earnings and trading updates.As the Strait of Hormuz remains closed, tensions linger between Washington and Tehran, with no signs of further talks on the horizon. US President Donald Trump said he is willing to wait for an "everlasting" peace deal, even as he authorized the US Navy to fire on mine-laying boats in the embattled waterway.Against this backdrop, the ifo Institute's business climate indicator fell to 84.4 points in April 2026 from the revised 86.3 points earlier, below the consensus estimate of 85.7 points on Investing.com. The latest reading marked the index's lowest level since May 2020, with both the current situation index and expectations indicator falling from a month ago and missing market expectations."The war in the Middle East and soaring energy prices have again exposed the fact that Germany is one of Europe's largest net importers of energy. ... With the war in the Middle East now gradually shifting from a pure energy price shock towards an energy supply and broader supply chain shock, the German economy is once again at the centre of an exogenous, global, disruption," ING said. "All of this said, even if sentiment is suffering enormous setbacks right now and fears of another year of stagnation have returned, it should be clear that the planned investments in defence and infrastructure are still on track and should support the economy this year and beyond. The fiscal impulse is real, it just needs time to reach the real economy."On the corporate front, SAP (SAP.F) gained 4.68%, rising to the top of the blue-chip index, after reporting an increase in first-quarter earnings on robust cloud business performance, with total revenue up 6% year over year to 9.56 billion euros. The German software company maintained its full-year 2026 forecasts, including 23% to 25% cloud revenue growth at constant currencies, while noting the outlook remains contingent on the de-escalation of the Middle East conflict.Meanwhile, BofA Global Research upgraded its price objective and earnings estimates for Siemens Energy (ENR.F) to account for the company's revised fiscal 2026 outlook. The German energy company now projects revenue growth between 14% and 16%, improving upon its previous 11% to 13% estimate, among others."We raise our 2026/27 adj EBITA estimates 8/12% after ENR's guide upgrade yesterday (+10/16% vs consensus) and lift our [free cash flow] estimates 40/11% too (+42/37% vs consensus). As a result, we raise our [price objective] to EUR250 from EUR220. Reiterate Buy," the research firm wrote. Siemens Energy was up 2.64% at the end of the last trading day of the week.

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UK's FTSE 100 Extends Losing Streak; Sainsbury's Shares Up

British stocks extended their losses to a fifth day, with the FTSE 100 down 0.75% on Friday's close, amid fresh tariff threats and continued geopolitical uncertainty arising from the Middle East conflict.US President Donald Trump told The Telegraph that he is looking at "putting a big tariff on the UK" if British Prime Minister Keir Starmer does not drop the digital service tax, which is aimed at Apple, Meta and other major technology companies.On the economic front, the UK's retail sales volumes rose 0.7% on a monthly basis in March, following a revised 0.6% decline in February, according to data from the Office for National Statistics. Annually, retail sales volumes increased 1.7%, against the revised 1.8% gain earlier.In corporate news, Bernstein lowered its price target for J Sainsbury (SBRY.L), d/b/a Sainsbury's, to 3.40 pounds sterling from 3.50 pounds, with the stock rated market-perform, following the British grocery retailer's broadly in-line fiscal 2026 results. The stock closed the trading session 1.29% in the green."The challenge for Sainsbury's is that 6 years into the CEO's tenure, margins have gone backwards over the last few years (c. >-30bps) and could soften further into next year. This is despite a well-defined and well executed strategy to put Food First, playing out in market share gains, grocery volume growth, improved pricing, and improved FCF," the research firm said. "However, this successful commercial turnaround is continuously hampered by Argos, cost pressure, macro weakness & competitive pressures, and does not seem to be able to feed into higher margins or a greater share of the profit pool."Meanwhile, aerospace and defense companies Babcock International Group (BAB.L) and BAE Systems (BA.L) were among the blue-chip index's top fallers, losing 4.60% and 2.86%, respectively, at closing.

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European Stocks Tracking Lower in Friday Trading as Middle East War Uncertainty Continues

European stock markets were tracking lower in Friday as investors remained wary over a lack of progress in resolving the Middle East war, as well as the continued closure of the Strait of Hormuz.The Stoxx Europe fell 0.6%, Germany's DAX edged 0.1% lower, the FTSE 100 was off 0.7%, France's CAC declined 0.8%, and the Swiss Market Index was down 0.7%.In corporate news, BP and Repsol were accused of anti-competitive practices in a complaint filed with the European Commission by Spanish fuel wholesaler Hatta Energy, Bloomberg reported Friday.The complaint alleges "coordinated corporate behaviors" among major oil firms and state-backed actions that restrict competition in Spain's fuel distribution market, according to the report.The complaint also names Moeve and infrastructure operator Exolum, alongside the Spanish state, the report said.BP, Repsol and Moeve did not immediately respond to' request for comment.Shares of BP were off 0.3% in London.Stellantis plans to direct the bulk of its future investment toward Jeep, Ram, Peugeot, and Fiat under Chief Executive Antonio Filosa's turnaround strategy, Reuters reported Friday, citing unnamed sources familiar with the plan.The carmaker is set to unveil the long-term plan in May, focusing on strengthening its most profitable global brands while streamlining its sprawling 14-brand portfolio, the industry's largest, the report said.Shares of the automaker were falling 4.5% in Paris.ING said its Slaski unit in Poland has completed its full acquisition of Goldman Sachs TFI.The 405 million Polish zloty ($111.6 million) acquisition of Goldman Sachs' 55% stake in TFI gives ING full ownership of the Polish asset management company, the company said.Following the transaction, Goldman Sachs TFI changed its name to ING TFI.Shares of ING were heading 0.7% lower in Amsterdam.Novartis has received a positive Committee for Medicinal Products for Human Use recommendation from the European Medicines Agency for Itvisma, a gene replacement therapy for spinal muscular atrophy, bringing it closer to regulatory approval, the company said Friday.If approved by the European Commission, Itvisma would treat spinal muscular atrophy in patients aged two and older, including teens and adults, by replacing the faulty SMN1 gene to address the disease's root cause, the company said. Novartis said the recommendation is based on phase 3 STEER study results, which showed a statistically significant 2.39-point motor function improvement sustained over 52 weeks.The European Commission is expected to issue a final decision on marketing authorization in the coming months, it added.Shares of the Swiss pharmaceutical company were falling 2.3% in Zurich.Sanofi said Friday that a European Medicines Agency committee recommended the approval of Cenrifki in the European Union to treat secondary progressive multiple sclerosis, a chronic autoimmune disorder.The company said a final decision is expected in the coming months.Shares of the French pharmaceutical company were down close to 2% in Paris.

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European Equities Traded in the US as American Depositary Receipts Rise in Friday Trading

European equities traded in the US as American depositary receipts were rising late Friday morning, gaining 0.66% at 1,798.36 on the S&P Europe Select ADR Index, which is off 2% for the week so far.From continental Europe, the gainers were led by pharmaceutical company Novo Nordisk (NVO) and software firm SAP (SAP), which rose 6.4% and 5.6% respectively. They were followed by furniture maker Natuzzi (NTZ) and consumer goods company Unilever (UL), which were up 2.6% and 1.7% respectively.The decliners from continental Europe were led by biotech firm Evaxion (EVAX) and petroleum refiner Equinor (EQNR), which fell 2.4% and 1.4% respectively. They were followed by biopharmaceutical company Cellectis (CLLS) and oil and gas company Eni (E), which were down 1.2% and 0.9% respectively.The gainers from the UK were led by British American Tobacco (BTI) and InterContinental Hotels Group (IHG), which advanced 2.5% and 2.4% respectively. They were followed by insurance company Prudential (PUK) and educational publisher Pearson (PSO), which increased 1.2% and 0.7% respectively.The decliners from the UK and Ireland were led by biopharmaceutical firm NuCana (NCNA) and Autolus Therapeutics (AUTL), which fell 5.1% and 2.7% respectively. They were followed by Trinity Biotech (TRIB) and Silence Therapeutics (SLN), which lost 1.6% and 1% respectively.

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Asian Equities Traded in the US as American Depositary Receipts Rise in Friday Trading

Asian equities traded in the US as American depositary receipts were tracking higher Friday morning, rising 0.72% to 2,771.65 on the S&P Asia 50 ADR Index, which has fallen more than 2.5% for the week so far.From North Asia, the gainers were led by semiconductor firm ASE Technology (ASX) and internet and data center services provider VNET Group (VNET), which climbed 6.8% and 4.1% respectively. They were followed by computer hardware maker Canaan (CAN), which advanced 2.5%.The decliners from North Asia were led by LexinFintech (LX) and Four Seasons Education (FEDU), which shed 9.3% and 8.9% respectively. They were followed by financial firm Nomura (NMR) and 51Talk Online Education Group (COE), which fell 5.6% and 4.9% respectively.From South Asia, the gainers were led by tech conglomerate Sea (SE), which rose 1.2%, followed by pharmaceutical company Dr. Reddy's Laboratories (RDY) and lender HDFC Bank (HDB), which were up 0.7% and 0.2% respectively.The decliners from South Asia were led by telecommunications operator Telekomunikasi Indonesia (TLK) and IT firm Infosys (INFY), which dropped 3.1% and 2.7% respectively. They were followed by ICICI Bank (IBN), which was down 0.9%.

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Israel-Lebanon Ceasefire Extension Nudges US Equity Futures Higher Pre-Bell

US equity futures nudged higher pre-bell Friday as Israel and Lebanon extended their ceasefire by three weeks in a meeting at the White House facilitated by President Donald Trump.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.4%, and Nasdaq futures were 1.3% lower.Fighting between Israel and Iran-backed militant group Hezbollah in Lebanon has been a key discussion point in negotiations to end the conflict in the Middle East. The Strait of Hormuz remains effectively closed to vessels, while the US maintains its blockade on Iranian ports.Trump said he was not in a hurry to reach a peace agreement with Iran, saying he wanted to make it "everlasting." He had extended the US-Iran ceasefire, calling the Iranian government "fractured," but Iran's Supreme Leader Ayatollah Mojtaba Khamenei on Thursday denied Trump's claim of disunity in the country's leadership.Traders tracked the latest round of earnings, with Procter & Gamble (PG) reporting higher fiscal Q3 financial results and HCA Healthcare (HCA) posting an increase in Q1 adjusted earnings and revenue.Oil prices were mostly flat, with front-month global benchmark North Sea Brent crude up 0.3% at $105.39 per barrel and US West Texas Intermediate crude 0.1% lower at $95.73 per barrel.The final University of Michigan consumer sentiment report for April, scheduled at 10 am ET, is expected to show consumer sentiment index coming in at 48.5, compared with the preliminary reading of 47.6, according to estimates compiled by Bloomberg.In other world markets, Japan's Nikkei closed 1% higher, Hong Kong's Hang Seng ended 0.2% higher, and China's Shanghai Composite finished 0.3% lower. Meanwhile, the UK's FTSE 100 was down 0.3%, and Germany's DAX index was 0.2% higher in Europe's early afternoon session.In equities, Intel (INTC) shares rose 26% after the company reported fiscal Q1 adjusted earnings and revenue, as well as issued fiscal Q2 guidance, that surpassed analyst estimates. Advanced Micro Devices (AMD) stock was 11% higher after DA Davidson upgraded the company's stock to buy from neutral and raised its price target to $375 from $220. Procter & Gamble shares were up 2.6% after the company's fiscal Q3 financial results beat analysts' consensus.On the losing side, HCA Healthcare shares dropped 7.8% after the company reported its Q1 financial results. Comcast (CMCSA) stock was down 2.7% after the company posted lower Q1 adjusted earnings from a year ago. Infosys (INFY) shares fell 2.6% despite reporting higher fiscal Q4 earnings and revenue.

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UAE Indices Snap Losing Streak Amid Renewed Hopes for US-Iran Peace Talks

Emirati equities broke a losing streak on the last trading day of the week as the FTSE ADX General Index added 0.432%, while the DFM General Index gained 0.691% at the close of Friday trading.Global market sentiment was once again bolstered by renewed optimism on continued US-Iran peace talks after a Reuters report said Iranian Foreign Minister Abbas Araqchi is due to arrive in Pakistan on Friday night. Citing a government source, the news outlet added that a US logistics and security team is already in Islamabad.Brent crude oil futures hovered at $104.28 per barrel at 3:58 pm UAE time on Friday, down 0.75% from the previous day.Meanwhile, the International Energy Agency said global liquefied natural gas output dropped 8% year over year due to attacks on Middle Eastern oil and gas infrastructures, with total supply losses of 20 billion cubic meters expected for the period between March and April from Qatar and the UAE."The Middle East conflict has already caused the loss of around 120 bcm of cumulative LNG supply for the period 2026-2030 when considering the combined effect of the near-term supply disruptions and the medium-term implications for supply. The losses resulting from the Middle East conflict account for around 15% of the expected global LNG supply over the 2026-30 period and, as such, will ultimately be offset by the start-up of new liquefaction facilities through the medium term," the IEA commented in its second-quarter gas market report.On the corporate side, the region saw the release of Sudatel Telecommunications Group's (ADX:SUDATEL) full-year 2025 earnings report, in which the telecommunications and internet services company posted a revenue of $452.5 million, its highest over the past six years. Its shares closed the session 1.81% in the green.Elsewhere, Dubai Investments (DFM:DIC) secured shareholders' approval to distribute a cash dividend of 0.25 Emirati dirham per share for 2025, sending the investment company's shares 1.26% higher at closing.

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US Equity Indexes Drop as Growth Sectors Dampen Sentiment, Hormuz Deadlock Continues

US equity indexes fell as technology and consumer discretionary stocks weighed on investor sentiment, which remains frail as the standoff over the Strait of Hormuz, the choke-point for about a fifth of global crude oil flows, persists.The Nasdaq Composite fell 0.9% to 24,438.50, with the Dow Jones Industrial Average down 0.4% to 49,310.32, and the S&P 500 lower by 0.4% to 7,108.40 on Thursday. Utilities and industrials led the gainers.Shares of IBM (IBM) slid 8.3%, among the steepest decliners on the Dow, following Q1 results. Software growth decelerated to 8% in constant currency from 11% in Q4 and 9% in Q3, a "potential red flag for the bears," CFRA said in a note.Tesla (TSLA) slid 3.6% after the firm issued higher-than-expected 2026 capital expenditure guidance. TechCrunch reported the group is planning to spend $25 billion, compared with $8.5 billion in 2025.ServiceNow (NOW) reported strong Q1 results, but softer organic revenue trends and a slightly weaker margin outlook weighed on the overall forecast, Oppenheimer said in a note. Shares of ServiceNow sank 18%, the worst performer on the S&P 500.Texas Instruments (TXN) soared 19%, among the top outperformers on the S&P 500 and the Nasdaq, after the company posted higher Q1 earnings and sales and set out Q2 guidance above consensus.In geopolitical developments, President Donald Trump ordered the US Navy to "shoot and kill" any boat that is laying mines in Hormuz, according to a Truth Social post on Thursday. On the same day, Iran flaunted its tightened grip over Hormuz with a video of commandos storming a cargo ship named MSC Francesca, Reuters reported.The United States and Iran remain at an impasse, with Tehran refusing to negotiate a peace deal as long as the US Navy continues to blockade its ports and Washington refuses to lift the siege. Trump said the pressure is on Iran to reach a deal ending the war, claiming he has "all the time in the world," CNN reported.Iran "had made the lifting of the US blockade a precondition for the resumption of negotiations," Helima Croft, head of global commodity strategy at RBC Capital Markets, said in a note. "President Trump, for his part, has indicated that the ceasefire will remain in place for now, leaving the conflict in a no airstrike, minimal movement of ships, unsustainable equilibrium."West Texas Intermediate crude oil futures jumped 3.6% to $96.51, and Brent crude futures advanced 3.7% to $105.58.In precious metals, gold futures fell 1.1% to $4,703.3, and silver futures dropped 3.5% to $75.27 as higher crude oil prices tend to raise inflation concerns. Most US Treasury yields rose, reflecting a similar dynamic in the fixed-income complex in addition to the macroeconomic data. The 10-year yield jumped 3.1 basis points to 4.33%, and the two-year rate climbed 3.8 basis points to 3.83%.In US economic news, initial jobless claims rose to 214,000 in the week ended April 18 from an upwardly revised 208,000, compared with the 210,000 print expected in a Bloomberg-compiled survey.Meanwhile, the April flash reading of manufacturing conditions from S&P Global improved to a 47-month high of 54.0 from 52.3 in March, compared with the 52.5 anticipated in a Bloomberg-compiled poll.

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US Equity Indexes Decline as Corporate Earnings Weigh, Hormuz Standstill Continues

US equity indexes fell in midday trading on Thursday as investors evaluated quarterly earnings, and after Washington and Tehran remained deadlocked over a reopening of the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.The Nasdaq Composite fell 0.9% to 24,443.5, with the Dow Jones Industrial Average down by 0.6% to 49,181.9. The S&P 500 was 0.5% lower at 7,098.8.Financials and technology led the decliners, while utilities and industrials were among the top gainers.Tesla (TSLA) shares dropped 3.8% after the electric vehicle manufacturer issued higher-than-expected 2026 capital expenditure guidance. TechCrunch reported the electric vehicle manufacturer is planning to spend $25 billion this year, compared with $8.5 billion in 2025.ServiceNow (NOW) reported strong Q1 results, but softer organic revenue trends and a slightly weaker margin outlook weighed on its overall forecast, Oppenheimer said in a note. Shares of ServiceNow sank 18.6%, the worst performer on the S&P 500.International Business Machines (IBM) fell 10%, the steepest decline on the Dow, following its quarterly results. Software growth decelerated to 8% in constant currency from 11% in Q4 and 9% in Q3, a "potential red flag for the bears," CFRA said in a note.Texas Instruments (TXN) shares were up nearly 19%, among the biggest outperformers on the S&P 500 and the Nasdaq, after the company posted higher Q1 earnings and revenue and set out Q2 guidance above consensus.United Rentals (URI) traded 22% higher, the top gainer on the S&P 500, after the company reported overnight higher Q1 adjusted earnings and revenue and lifted its 2026 sales guidance.President Donald Trump has ordered the US Navy to "shoot and kill" any boat that is laying mines in Hormuz, according to his Truth Social post on Thursday. On the same day, Iran flaunted its tightened grip over Hormuz with a video of commandos storming a cargo ship named MSC Francesca, Reuters reported.The United States and Iran remain at an impasse, with Tehran refusing to negotiate a peace deal as long as the US Navy continues to blockade its ports and Washington refuses to lift the siege. Mediators are trying to get the diplomatic process back on track, including arranging a possible meeting between warring parties as soon as Friday, The Wall Street Journal reported.West Texas Intermediate crude oil futures rose 2.8% to $92.13, and Brent crude futures advanced 1.7% to $103.63.In precious metals, gold futures were steady at $4,751.5, and silver futures dropped 2% to $76.44.In economic news, US initial jobless claims rose to 214,000 in the week ended April 18 from an upwardly revised 208,000, compared with the 210,000 print expected in a Bloomberg-compiled survey.Meanwhile, the April flash reading of manufacturing conditions from S&P Global improved to a 47-month high of 54.0 from 52.3 in March, compared with the 52.5 anticipated in a Bloomberg-compiled poll.US Treasury yields were mixed, with the 10-year increasing 4.3 basis points at 4.34% and the two-year adding 3.5 basis points at 3.83%.

Exchange-Traded Funds Lower as US Equities Fall After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM and IVV were lower. Actively traded Invesco QQQ Trust (QQQ) eased 0.2%.US equity indexes fell in midday trading Thursday, as geopolitical risk ratcheted up in the Middle East and Tesla's (TSLA) capital expenditure guidance for this year tripled from a year ago.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each gained about 0.3%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was down 0.7%; iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) each lost about 0.6%.The State Street SPDR S&P Semiconductor (XSD) rose 3%, and iShares Semiconductor (SOXX) was up 2.7%.FinancialThe State Street Financial Select Sector SPDR (XLF) shed 0.7%. Direxion Daily Financial Bull 3X Shares (FAS) declined 2.8%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), climbed up 2.8%.CommoditiesCrude oil rose 1.1%, and the United States Oil Fund (USO) gained 1.5%. Natural gas was up 1.0%, and the United States Natural Gas Fund (UNG) dropped 4.5%.Gold on Comex slipped 0.2%, and the State Street SPDR Gold Shares (GLD) fell 0.2%. Silver declined 2.2%, and iShares Silver Trust (SLV) was down 1.7%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) rose 1.6%. The Vanguard Consumer Staples ETF (VDC) gained 1.4%, and iShares Dow Jones US Consumer Goods (IYK) was 1.7% higher.The State Street Consumer Discretionary Select Sector SPDR (XLY) dipped 0.2%. VanEck Retail ETF (RTH) rose 0.3%, while the State Street SPDR S&P Retail (XRT) fell 0.9%.Health CareThe State Street Health Care Select Sector SPDR (XLV) fell 0.3%, iShares US Healthcare (IYH) shed 0.5%, and Vanguard Health Care ETF (VHT) was 0.5% lower. IShares Biotechnology ETF (IBB) dipped 1.1%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) rose 2.1%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) also advanced.CryptocurrencyIn midday activity, bitcoin (BTC-USD) fell 0.9%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) dipped 0.7%, ProShares Ether ETF (EETH) lost 2.8%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was down 1.1%.

UK Shares Decline on Continued Geopolitical Tensions, Potential Monetary Policy Tightening

London's FTSE 100 closed 0.19% lower on Thursday as the lack of peace talks between the US and Iran increased the possibility of a protracted conflict and the closure of the Strait of Hormuz, while the latest economic data reignited fears of a tighter monetary policy.Britain's private sector output growth accelerated in April, supported by modest rebounds in manufacturing production and in services activity, flash data from S&P Global showed. The flash UK PMI Composite Output Index hit a two-month high of 52 in April, compared with 50.3 in the previous month and the consensus of 49.8."The UK economy has gathered some renewed momentum in April after the initial impact of the war in the Middle East caused growth to stall in March, but the upturn comes with a catch," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "The improved rate of expansion is in part a reflection of a short-term boost from a rush to secure purchases ahead of feared price rises and supply shortages linked to the war.""The unexpected rise in the UK PMIs suggests the economy may retain some momentum in Q2, but also that the Bank of England (BoE) may have to raise interest rates to lean against inflation," according to Berenberg. "The rise in the composite output PMI leaves it consistent with growth of 0.2% qoq, above our forecast for unchanged output (0.0%). However, the larger increase in the selling prices balance than in the eurozone coupled with mentions of strong wage pressures points to a higher risk of second-round effects (i.e. pay rises to keep pace with inflation) than we anticipated given the weak labour market backdrop."In corporate news, J Sainsbury (SBRY.L), d/b/a Sainsbury's, posted annual growth in preliminary profit and revenue for fiscal 2026, with a warning that the Middle East conflict will weigh on both its customers and business. The British supermarket chain became one of the FTSE 100's worst performers, with shares down 3.68% at closing."FY25 was broadly in line with profits of GBP1,025m and [free cash flow] beat by +2.5%. Q4 trading was softer in grocery (-30 [basis-point] miss) at +4.5% but [general merchandise] outperformed and beat weak expectations. The problem is the guidance range of GBP975-1,075m which is below current consensus of GBP1,100m and therefore we will see consensus trend downwards," Bernstein said.

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Blue-chip DAX Index Slips as German Private Sector Activity Contracts

German shares ended Thursday in the red, as the market processed weak private sector data alongside war-driven oil price hikes.At closing, the blue-chip DAX index lost 0.16%.Business survey data compiled by S&P Global showed that private sector output in Germany contracted for the first time in nearly a year due to the conflict in the Middle East. The Flash Germany Composite PMI output index came in at a 16-month low of 48.3 in April, against the previous 51.9 and the market forecast of 51.1.Zooming out, the flash composite PMI for the eurozone hit a 17-month low of 48.6 in April, compared with the previous 50.7 and expected 50.2, as private sector output tumbled for the first time in 16 months amid strengthening inflationary pressures."The Iran war and the subsequent surge in energy prices are taking their toll on Europe... This dip below the 50-point threshold, which separates growth from contraction, confirms our forecast that Eurozone growth will temporarily stall as a result of the war. Whilst the Bloomberg consensus forecasts GDP growth of 0.2% and 0.3% qoq for Q2 and Q3, we expect growth of just 0.0% and 0.2%," Berenberg said.In corporate news, TUI (TUI1.F) was down 4.24%, as Deutsche Bank Research trimmed the price target of the German leisure, travel, and tourism company's buy-rated stock to 10.5 euros from 12 euros following its fiscal 2026 outlook revision."Key Changes are i) Revenue initial +2-4% growth guidance is suspended, ii) the underlying EBIT Original +7-10% growth vs FY25's EUR1,413m is lowered to a range of EUR1.1-EUR1.4bn, a -6.7-20% cut from initial consensus. Summer bookings are down -7% due to a 'wait and see' approach, with declines in Turkey, Cyprus, and Egypt not fully offset by Western Mediterranean bookings. Positive Development: two cruise ships finally exited the Arabian Gulf and are expected to resume cruises mid-May," the research firm wrote.Meanwhile, Allianz (ALV.F) unit Allianz Global Investors purchased a 51% stake in battery storage platform Green Energy Storage Initiative, or GESI. The acquisition is intended to bolster the German insurer's presence in large-scale battery storage, supporting the infrastructure required for a stable and resilient energy grid. Allianz gained 0.08% at the end of the session.

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Swiss Market Index Recovers; Nestlé, Galderma Shares Rise

The Swiss Market Index broke its three-day losing streak on Thursday, closing 1.38% in the green, amid a busy day of corporate financial updates and private sector data releases.Nestlé (NESN.SW) delivered an organic sales growth of 3.5% year over year in the first quarter, including a negative impact of 90 basis points from the precautionary recall of batches of its infant formula products globally, with total group sales reaching 21.32 billion francs. Real internal growth came in at 1.2% over the period. The consumer goods giant's stock added 5.89% at closing."A widespread, RIG led beat underpins maintained guidance (with consensus currently at the bottom of the range for sales growth guidance). It is good to see coffee back on song after last year's price squeeze, with RIG of 3.5% and organic sales growth of 9.3%," RBC Capital Markets said in a quick take note, describing the results as "impressive."Galderma Group (GALD.SW) also saw its shares rise 6.60% as it reported a "strong" start to the year, with net sales climbing to $1.47 billion in the first quarter from the year-ago $1.13 billion. For full-year 2026, the dermatology company reaffirmed its guidance of net sales growth between 17% and 20% at constant currency, expecting its exposure to US tariffs to remain "manageable."Other Switzerland-listed heavyweights that posted trading updates included pharmaceutical major Roche (RO.SW), testing and certification company SGS (SGSN.SW), and escalators and elevators manufacturer Schindler (SCHP.SW).On the macroeconomic front, Switzerland signed an investment protection agreement with Saudi Arabia during Swiss President Guy Parmelin's official visit to the Middle Eastern country. The deal is set to become effective following completion of internal approval procedures in both countries.Zooming out to the euro area, the seasonally adjusted S&P Global Flash Eurozone Composite PMI Output Index fell to a 17-month low of 48.6 in April from 50.7 in March. The latest reading marks the first time the index dropped below the neutral 50 threshold in 16 months.

European Stocks Mixed in Thursday Trading; Eurozone Faces 'Deepening Economic Woes'

European stock markets were mixed Thursday as the eurozone private sector ended a 15-month growth streak and fell into contraction in April, according to the provisional Purchasing Managers' Index, which dropped to 48.6 from 50.7 in March."The eurozone is facing deepening economic woes from the war in the Middle East, presenting a major headache for policymakers," Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement. "The conflict has pushed the economy into decline in April, while driving inflation sharply higher."The Stoxx Europe was up 0.13%, Germany's DAX was off 0.06%, the FTSE 100 was also down 0.08%, France's CAC climbed 1%, and the Swiss Market Index advanced 1.38%.In corporate news, Novo Nordisk said Thursday a phase 3a trial of oral semaglutide in children and adolescents aged between 10 and 17 years with type-2 diabetes showed a "superior reduction" in a measure of blood sugar control over placebo.Results also showed a "well-tolerated" safety profile, consistent with prior semaglutide trials, the Danish drugmaker said. Oral semaglutide is available as Rybelsus in the European Union and the US, and will be available in the US as Ozempic pill "soon," Novo Nordisk said.Shares of the Danish pharmaceutical company were moving close to 1% lower in Copenhagen.Banco Santander will temporarily suspend its share buyback program pending approval from US lender Webster Financial's shareholders of a proposed takeover by the Spanish bank, it said Thursday.The suspension will run from Friday through May 26 inclusive, the date of Webster's shareholder meeting, the company said in a regulatory filing. Following the program's resumption, its indicative duration is now expected to run through Aug. 20, Banco Santander said.Shares of the Spanish bank were falling nearly 2% in Madrid.Sanofi reported Q1 adjusted earnings Thursday of 1.88 euros ($2.20) per share, up from 1.79 euros a year earlier.Analysts polled by FactSet expected 1.8 euros.Net sales for the quarter ended March 31 were $10.51 billion, compared with $9.90 billion a year earlier. Analysts surveyed by FactSet expected 10.72 billion euros.For 2026, the company reiterated its sales guidance of high single-digit percentage growth. Analysts surveyed by FactSet expect 48.55 billion euros.Shares of the French pharmaceutical company were rising 1% in Paris.STMicroelectronics reported Thursday Q1 non-GAAP earnings of $0.13 per diluted share, up from $0.07 per share a year earlier.Analysts polled by FactSet expected $0.18 per share.Revenue for the quarter ended Mach 28 was $3.10 billion, up from $2.52 billion a year earlier. Analysts polled by FactSet expected $3.04 billion.The company said it expects Q2 revenue of $3.45 billion. Analysts polled by FactSet expect $3.16 billion.Shares of STMicroelectronics were up 1.1% in Paris.Stellantis' total passenger vehicle registration rose 8.5% in Q1, according to the European Automobile Manufacturers' Association.European Union consumers registered almost 547,000 new battery-electric vehicles during Q1, representing more than 19% of the region's market, while hybrid models represented 38.6%, and traditional gasoline and diesel automobiles dropped to 30.3%, it added.Shares of Stellantis were down 1.3% in Paris.

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European Equities Traded in US as ADRs Ease in Thursday Trading

European equities traded in the US as American depositary receipts eased late Thursday morning with the S&P Europe Select ADR Index dropping 0.1% to 1,801.52.From continental Europe, the gainers were led by telecommunications company Nokia (NOK) and pharmaceutical company Sanofi (SNY), which rose 6.4% and 2.5%, respectively. They were followed by biopharmaceutical company argenx (ARGX) and medical device maker EDAP TMS (EDAP), which were up 0.7% and 0.6%, respectively.The decliners from continental Europe were led by software firm SAP (SAP) and internet advertising company Criteo (CRTO), which fell 5% and 3.5%, respectively. They were followed by internet browser company Opera (OPRA) and 3D printer company Materialise (MTLS), which were down 3.2% and 3.1%, respectively.The gainers from the UK were led by pharmaceutical company Silence Therapeutics (SLN) and hospitality company InterContinental Hotels Group (IHG), which advanced 4.8% and 2.4%, respectively. They were followed by biopharmaceutical company Amarin (AMRN) and telecommunications operator Vodafone Group (VOD), which increased 2% and 1.6%, respectively.The decliners from the UK and Ireland were led by biopharmaceutical company Biodexa Pharmaceuticals (BDRX) and biotech firm Trinity Biotech (TRIB), which lost 6.4% and 6.2%, respectively. They were followed by software firm Endava (DAVA) and biopharmaceutical company Akari Therapeutics (AKTX), which dropped 6.1% and 2.6%, respectively.

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Asian Equities Traded in the US as American Depositary Receipts Fall Sharply in Thursday Trading

Asian equities traded in the US as American depositary receipts were falling sharply Thursday morning, dropping 1.2% to 2,766.6 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by travel company Tuniu (TOUR) and fintech firm Maase (MAAS), which climbed 16.3% and 15.9% respectively. They were followed by education company 51Talk Online Education Group (COE) and media company Phoenix New Media (FENG), which increased 5.5% and 3.9% respectively.The decliners from North Asia were led by video display maker LG Display (LPL) and biopharmaceutical company Zai Lab (ZLAB), which shed 17% and 5.3% respectively. They were followed by semiconductor company Himax Technologies (HIMX) and fintech company Jiayin Group (JFIN), which dropped 5% and 3.6% respectively.From South Asia, the only gainers were pharmaceutical company Dr. Reddy's Laboratories (RDY) and telecommunications operator PLDT (PHI), which rose 4.6% and 0.2% respectively.The decliners from South Asia were led by IT firms Infosys (INFY) and Wipro (WIT), which fell 6.4% and 4.7% respectively. They were followed by tech conglomerate Sea (SE) and telecommunications operator Telekomunikasi Indonesia (TLK), which were each down 2.9%.

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US Equity Futures Decline Pre-Bell as Investors Turned Wary Amid Stalled US-Iran Peace Talks

US equity futures were lower pre-bell Thursday as the market turned wary amid the lack of clarity regarding the Middle East situation, with peace talks stalled indefinitely after President Donald Trump extended the ceasefire.Dow Jones Industrial Average futures were 0.4% lower, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.1% lower.Iran said Wednesday it had captured two container vessels in the Strait of Hormuz, while the US is maintaining its blockade of Iranian ports.Trump has said that the ceasefire is extended until Iran's "fractured" government can come up with a unified proposal regarding the end of the conflict.Traders took note of today's round of earnings, with American Express (AXP) posting higher Q1 earnings and revenue and Thermo Fisher Scientific (TMO) reporting increases in fiscal Q1 adjusted earnings and revenue. Intel (INTC) and SAP (SAP) are set to report their results after market close.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.2% at $101.72 per barrel and US West Texas Intermediate crude 0.2% higher at $92.77 per barrel.Initial jobless claims rose to a level of 214,000 in the employment survey week ended April 18 from an upwardly revised 208,000 level in the previous week, compared with expectations for an increase to 210,000 in survey of analysts compiled by Bloomberg.The Chicago Fed National Activity Index came in at negative 0.20 in March, compared with expectations for negative 0.13 and down from 0.03 in the prior month.The April S&P Global Composite Purchasing Managers' Index, due at 9:45 am ET, is seen coming in at 50.6.In other world markets, Japan's Nikkei closed 0.8% lower, Hong Kong's Hang Seng ended 1% lower, and China's Shanghai Composite finished 0.3% lower. Meanwhile, the UK's FTSE 100 was down 0.6%, and Germany's DAX index was 0.2% lower in Europe's early afternoon session.In equities, IBM (IBM) shares were down 7.9% despite posting late Wednesday Q1 adjusted earnings and revenue. Tesla (TSLA) stock was 3.3% lower after the company issued higher-than-expected 2026 capital expenditure guidance for 2026. Thermo Fisher Scientific shares were down 7.1% after the company posted its Q1 financial results.On the winning side, Texas Instruments (TXN) shares were up 11% after the company posted higher Q1 earnings and revenue in addition to issuing Q2 guidance that exceeded analyst expectations. Netflix (NFLX) stock was up by 1.2% after Bloomberg reported that the company was is in talks to purchase a historic Los Angeles movie studio space for a fragment of its 2021 sale price of $1.85 billion. The company also said it authorized an additional $25 billion share repurchase program.