RBC Capital Markets
May 15, 2026
UK and European Research at a Glance
Daily UpdateEquitiesCommoditiesMacro Economic IndicatorsIndustrialsFinancials
RBC provides a comprehensive update on UK and European markets, highlighting significant price increases in Tungsten and Ruthenium and skepticism over the reopening of the Strait of Hormuz. Company-specific updates include model revisions for Babcock, AJ Bell, and Sandvik following recent earnings and trading updates.
Key Takeaways
- 1.Tungsten and Ruthenium prices have experienced dramatic year-over-year surges (+630% and +158% respectively), significantly impacting earnings for companies like Sandvik.
- 2.RBC expresses significant skepticism regarding the market consensus that the Strait of Hormuz will reopen in June 2026.
- 3.Babcock International demonstrates strong performance with a 4% EPS estimate upgrade following a beat in FY26 results and a new buyback program.
Table of Contents
- Company Comments
- Industry Comments
- Quick Takes
- Global Commodity Strategy and MENA
- Iran Update: Magical Thinking
- Disclaimer
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Authors
Ben BathurstHelima CroftSebastian Kuenne
Securities
AJBBABSANDSRGValterra Platinum
Themes
Critical Mineral Price VolatilityMiddle East Geopolitical FrictionEuropean vs North American Energy Valuation
Regions
EuropeNorth AmericaMiddle EastUnited KingdomSwedenItaly