Barclays
May 11, 2026
European Morning Research Summary
Daily UpdateEquitiesMacro Economic IndicatorsConsumer StaplesFinancials
Barclays' morning research summary highlights a return to volume growth in consumer staples and tracks 1Q26 earnings results across European banks, energy, and healthcare. Key themes include rising US gasoline prices, electrification re-ratings, and significant hyperscaler capex growth projections for 2026.
Key Takeaways
- 1.Volume growth is returning to the European Consumer Staples sector, with 9 out of 11 reporting companies meeting or beating estimates.
- 2.US gasoline prices have reached seasonal record highs of near $4.5/gal, impacting consumer sentiment.
- 3.Electrification stocks have seen significant re-ratings with an average 30% share price increase YTD despite minimal earnings revisions.
Table of Contents
- Summary of Changes
- Industry Research
- Thematic Investing
- Publications Summary
- Basic Industries
- Consumer
- Energy
- Equity Investment Companies
- Financial Services
- Healthcare
- Industrials
- Internet & Media
- Retail
- Technology
- Telecommunications
- Analyst(s) Certification(s)
- Important Disclosures
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Authors
Warren AckermanLydia Rainforth, CFAFlora Bocahut
Securities
III.LMAERSKb.COBNIntesa SanpaoloLLY
Themes
Volume Growth RecoveryEnergy Price VolatilityAI and Electrification Re-rating
Regions
EuropeNorth AmericaUnited StatesUnited KingdomItaly