The earnings season is picking up speed in Europe as well
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After a hot fall, a spring tornado could wreak havoc in France
Barely half a year after this year’s French budget was passed, the wrangling over the 2027 budget is about to begin, but that’s not all, because France will also hold a presidential election next spring. During the first public presidential debate, some of the radical candidates put forward ideas that were, at times, unconventional. Although the presidential election in late April still seems far off, based on the latest polls, if no candidate secures enough votes and a runoff is held, it cannot be ruled out that two radical presidential candidates will face off against each other. Market participants may have begun to price in this growing uncertainty, as the yield spread between French and German 10-year government bonds has started to widen again in recent weeks. The period ahead promises to be full of twists and turns, so it will be worth keeping a close eye on developments in French domestic politics.
Commodities - Technical Analysis
Gold and silver prices have retested their uptrend lines, so the long-term trend may continue. Oil prices have broken out of a contracting pattern, which may signal the start of another upward wave. Natural gas prices have also begun to rise, signaling a buy. In the case of copper, the main uptrend remains in effect, and there are currently no signs indicating a change in the trend’s structure. Following significant gains, wheat and corn have become heavily overbought, increasing the likelihood of a correction.
Next week, the earnings season will also pick up speed in Europe: during the week of April 27, Deutsche Bank, Mercedes-Benz, Volkswagen, and Stellantis, among others, will release their earnings reports. Among US companies, Alphabet, Amazon, and Apple will also release their earnings reports next week. As for Hungarian blue-chip companies, Mol will report on May 8, Richter and Magyar Telekom on May 12, and OTP will release its latest figures on May 15.
As of Friday noon, 26% of the companies in the S&P 500 had already released their latest figures; In terms of revenue, these companies reported an average of 2.1% above expectations; 69.7% of the companies that have released their earnings reports so far delivered a positive surprise, while 17.4% delivered a negative surprise. In terms of EPS, companies that have published their earnings reports so far reported results that were 10.6% above expectations on average; 79.6% of the companies that have reported so far delivered a positive surprise, while 13.6% delivered a negative surprise.
Of the companies in the Stoxx 600 index, 20% have already released their latest figures, in terms of revenue, these companies reported an average of 0.2% above expectations; 36.5% of the companies that have published their earnings reports so far delivered a positive surprise, while 43.8% delivered a negative surprise. In terms of EPS, companies that have released their earnings reports so far have reported earnings 0.9% above expectations on average; 50% of the companies that have reported so far delivered a positive surprise, while 38.7% delivered a negative one.
During the week of April 27, US companies such as Coca-Cola, Starbucks, Alphabet, Amazon, and Apple will release their earnings reports. Next week, European companies including Deutsche Bank, Mercedes-Benz, Volkswagen, and Stellantis will publish their latest results as well. Among Hungarian blue-chip companies, Mol will report on May 8, Richter and Magyar Telekom on May 12, and OTP will release its earnings report on May 15.
First quarter earnings dates – 2026.04.27. – 05.01.
First quarter earnings dates – 2026.05.04. – 05.08.
First quarter earnings dates – 2026.05.11. – 05.15.
S&P500 first quarter earnings dates – 2026.04.27. – 05.15.
Stoxx600 first quarter earnings dates - 2026.04.27. – 05.15.
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