European stock markets, FTSE, CAC, DAX, Vodafone, Greggs and Swiss Life shares

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European stock markets, FTSE, CAC, DAX, Vodafone, Greggs and Swiss Life shares

British pound extends gains

The British pound was 0.2% higher against the U.S. dollar at 6:29 a.m. in London on Tuesday, extending its gains from the previous day to trade at around $1.338.

On Monday, sterling rose 0.6% against the greenback after the U.K. and the EU reached a landmark agreement to reset their post-Brexit relations.

What to keep an eye out for today

British telecom giant Vodafone Group is expected to report its 2025 financial year results.

Analysts polled by FactSet expect full-year total sales to be £31.74 billion ($42.39 billion), with a pre-tax profit of £1.84 billion. Earnings per share is expected at 7.10 pence.

UBS analysts expect the merger with U.K. competitor Three will add £470 million to adjusted profits, but will detract from free cash flow as the company will be forced to invest upfront.

“While easing declines in ******* service revenues should be a tailwind for the shares, the prospect of further [free cash flow] downgrades will likely weigh on the stock near-term,” UBS analyst Polo ***** added in an earnings preview note to clients on May 12.

The stock currently trades at nearly 5.3% expected dividend yield. Analysts forecast a dividend of 3.78 pence per share, according to FactSet.

U.K. baker Greggs and Swiss Life are also set to report earnings on Tuesday.

— Ganesh Rao

Here are the opening calls

Here are Tuesday’s opening calls.

European bourses are expected to open higher Tuesday, with London’s FTSE expected to open up 43 points at 8,726, Germany’s DAX up 92 points at 23,998, the French CAC 40 up 41 points at 7,908 and Italy’s FTSE MIB up 92 points at 40,330, according to data from IG.

— Holly Ellyatt

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