Corporate results:
  • Commerzbank: Q1 net profit rises to €580m.
  • Siemens AG: The group slightly raises its annual organic growth forecast.
  • Zurich Insurance: Gross premiums rose in Q1, thanks to price increases and rising interest rates.
  • Retail group Target was down 3% in pre-market trading after it said it expected lower-than-expected profit and lower sales in the second quarter, due to the impact of inflation on customers. 
In other news:
  • April car registrations were up 16% in Europe, according to ACEA.
  • UBS estimates the impact of the Credit Suisse takeover at $17bn, including $13bn of negative valuation adjustments and $4bn of regulatory and legal risk. The bank has provided an update on the impact of the merger.
  • SAP launches a €5bn share buyback programme starting in the second half of 2023, using proceeds from the Qualtrix offering.
  • Lyft announced Tuesday that it has appointed Erin Brewer as CFO, succeeding Elaine Paul, who has resigned.
  • Mercedes Vans unveils new strategy focusing on EVs and the premium segment.
  • Pfizer launches a $31 billion bond offering, the fourth largest of its kind in history, to help finance the buyout of Seagen.
  • Partners Group revives its plan to sell UK software company Civica.
  • PayPal may sell Xoom under pressure from its shareholders, according to The Information.
  • Minority shareholders SdK and DSW denounce Software AG's planned delisting.
  • Walt Disney asks court to dismiss Florida tourism board's lawsuit.
  • Tesla shareholders approve the appointment of Jeffrey Brian Straubel as a director and oppose the publication of a report outlining Elon Musk's plan to succeed him as CEO.
  • Blackstone and Thomson Reuters will sell 28 million shares of the London Stock Exchange, representing 5.5% of the share capital.
  • ThyssenKrupp's new chairman, Miguel Angel Lopez Borrego, is preparing to make "difficult and far-reaching" decisions.
  • Swoctem holds 41.5% of Klöckner after its offer.
Today's main earnings reports: Tencent, Cisco, Siemens AG, Target, Zurich Insurance, Munich Re, Experian, Commerzbank, Aegon, Elia... The full earnings calendar is here.