UK and European Research at a Glance

RBC Capital Markets provides a summary of rating changes and company updates for May 13, 2026, headlined by an upgrade for Swatch Group following a new product collaboration.

Key Takeaways

• 1.Swatch Group AG upgraded to Sector Perform following a confirmed high-profile collaboration with Audemars Piguet.
• 2.BMW's Q1 results were mixed, with an automotive beat overshadowed by a UK financial services provision, while China recovery remains uncertain.
• 3.Munich Reinsurance Co. faces underwriting margin pressure in its core P&C Re division due to increasing competition.

Table of Contents

• Rating Revisions
• Company Comments
• Quick Takes
• Disclaimer

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