EU Financials Special Sales Update

The report highlights strong 1Q earnings for Euronext and positive regulatory developments for UBS, while cautioning about intense deposit competition in Germany led by Chase.

Key Takeaways

• 1.Euronext reported a strong 6% EBITDA beat for 1Q26, driven by higher cash equity trading and clearing revenues, as well as capital markets strength.
• 2.Swiss parliamentary debates regarding capital requirements for UBS suggest a potential lowering of CET1 backing at foreign subsidiaries from 100% to 75-80%, which would significantly reduce capital shortfalls.
• 3.Chase has launched an aggressive 4% deposit campaign in Germany, which is expected to pressure margins and client stickiness for incumbents like ING.

Table of Contents

• Q1/ CMDs
• GIR note: here
• POST Q1/CMD EARNINGS CHANGE
• TODAY'S NEWS
• BANKS
• Div FINs
• CORPORATE ACCESS EVENTS

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