1. Europe consensus EPS growth estimates have barely begun to decline.

EU equities do not yet fully reflect the rise in Brent, as earnings estimates for the region have barely begun to decline in response to the oil shock.

2. Eurostoxx50 on support level.

Hedge funds are now short $16 billion across DAX/Stoxx50 and CAC with significant upside convexity, says Goldman trader Ioannis Blekos, who pegs the first triggers for the Euro Stoxx 50 around 5,750 points. The blue-chip benchmark has held major support levels this week after sliding into oversold territory, including its 200-day moving average and 38% Fibonacci retracement.
“Whatever the outcome is, it will have longer-term repercussions for equity exposure.
This suggests that following a strong bounce as hostilities die down, the market may move sideways for some time.”

3. Humanoids are a national priority for China.

We continue to see strong support from the China government, keeping it ahead in the humanoid/robotics race. The 15th Five-Year Plan (FYP) named robotics as a strategic emerging industry for the first time, alongside with next-gen IT, NEV, biomedicine, and aerospace. China also released its first national standard system for humanoid and embodied AI. The continued top-level government support is critical to push early adoption and drive the scale flywheel.
The past month saw a sharp, broad-based sell-off across Chinese robotics names, driven more by de-grossing and risk reduction than by fundamental deterioration.
Order momentum in China is set to accelerate from 2Q, with government procurement as the main driver for 2026.

4. Siemens, a European play in robotics.

Siemens’ exposure to automation, software, electrification and mobility is attractive in the current context and should deliver above sector average organic growth on a multi-year view.
Siemens will report Q2’26 results on May 13 and direct exposure to the Middle East is immaterial for Siemens at c.3% of sales (and likely similar in profit terms), noting
the c14% decline in the share price since 28 Feb.

5. Daily robotaxi driven miles.

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