Mar 06 ,2026
Synopsis
European indices are set open in positive territory as Asian equities trading mixed Friday. The Hang Seng, China mainland boards and Japan trading higher but there is more weakness for Australia, South Korea and Taiwan. India also trading lower but set to be an outperformer for the week.
US equities finished lower in Thursday trading, though ended off worst levels; Nasdaq still higher WTD.
While Iran conflict did not immediately cause a spike in oil prices after last weekend's opening operations, crude now up nearly 21% vs the 27-Feb close, on Thursday seeing its largest single-day gain since May 2020 and settling above $80/barrel for the first time since July 2024.
Thursday saw a general continuation of the conflict, with ongoing US/Israeli strikes on Iranian targets and more Iranian missile/drone attacks at targets across the region
Friday sees, in central banks, ECB's Lagarde lecture at 11:00CET at the Politecnico di Milano. Croatia central bank's Švaljek panellist at 14:30CET at event organised by Prime Time komunikacije (Thu-Sat). ECB's Cipollone presentation at 14:30CET at European Banking Federation exec. committee meeting in Frankfurt. 2026 US Monetary Policy Forum, ECB's Schnabel speech at 18:00CET.
Economic data today: Germany Jan factory orders, Eurozone Q4 Final GDP, UK Feb house prices index -Halifax, Norway Jan manufacturing production, Denmark Jan industrial production, Ireland Q4 GDP
Earnings reported early morning: (MIKN.SW) Mikron Holding reports FY net income CHF32.5M vs FactSet CHF32.6M. (TOKMAN.FH) Tokmanni Group reports Q4 EPS €0.52 vs FactSet €0.54. BPOST.BB bnode reports Q4 Adjusted net income €70.6M. (SPIE.FP) SPIE reports FY adj EPS €2.69 vs FactSet €2.75. (LHA.GR) Deutsche Lufthansa reports Q4 net income €246M vs consensus €289.4M
In other news: Roche ADRs slump 6.3% after obesity shot trial results underwhelm
Politics/Macro/World News
Top company news
Earnings/updates
UMG.NA (Universal Music Group) -- reports Q4 adjusted EBITDA €810M vs StreetAccount €788.1M
SPIE.FP (SPIE) -- reports FY adj EPS €2.69 vs FactSet €2.75 [11 est, €2.45-2.90]; hikes divi by 8^% and raises mid-term EBITA margin target
COTN.SW (COMET Holding) -- reports FY EBITDA CHF46.3M, (20%) vs year-ago CHF58.0M
BPOST.BB (bnode) -- reports Q4 Adjusted net income €70.6M, +34% vs year-ago €52.7M; guides 2026 Adjusted EBIT of €165-195M vs FactSet €200.29M
ECMPA.NA (Eurocommercial Properties) -- reports FY Direct investment result per share €2.44 vs prior guidance upper end of €2.40-2.45 and FactSet €2.46
NB2.GR (Northern Data) -- reports preliminary Q4 consolidated revenue €31M; FY26 outlook
NB2.GR (Northern Data) -- Follow-up: Northern Data reports preliminary Q4 consolidated revenue €31M; provides operational update & FY26 outlook
SFSN.SW (SFS Group) -- reports FY net income CHF220.2M vs FactSet CHF230.2M [8 est, CHF216.9-256.2M]
CLTN.SW (Coltene Holding) -- reports FY net income CHF14.9M vs FactSet CHF17.0M [2 est, CHF15.5-18.5M]
BNJ.NA (Banijay Group) -- reports FY adjusted net income €449.6M vs FactSet €394.7M
BNOR.NO (BlueNord) -- reports preliminary Feb net production 43.6 mboepd
M&A
INF.LN (Informa) -- exploring sale of stake in its portfolio of ?Monaco-based luxury events - Reuters (5-Mar, 15:11 GMT)
ANZ.AU (ANZ Group) -- exploring sale or buyback of its stake in merchant payments JV with Worldline -- The Australian
SNR.LN (Senior) -- discloses offer of 272p/sh received from Advent in February was rejected
Healthcare
ROG.SW (Roche Holding) -- announces topline Phase II ZUPREME-1 results for Petrelintide
ZEAL.DC (Zealand Pharma) -- announces Phase 2 trial of petrelintide meets primary endpoint
ZEAL.DC (Zealand Pharma) -- Transcript Intelligence: Zealand Pharma Business Update Call
ALK.B.DC (ALK-Abello) -- Transcript Intelligence: ALK-Abello at Jefferies Deep Dive Series
MEDCL.FP (MedinCell) -- launches private placement of ~6% of the company's share capital, targeted at international institutional investors through an accelerated book-building process.
Other
TGS.NO (TGS-NOPEC Geophysical Co.) -- deploys Ramform Vanguard for multi-project summer acquisition campaign
CO.FP (Casino Guichard-Perrachon) -- discloses presentation discussing terms of France Retail Holdings proposal
NOKIA.FH (Nokia) -- releases annual report, including sustainability statement
SHEL.LN (Shell Plc) -- Shell signs oil agreements with Venezuelan government - Reuters
OR.FP (L'Oreal) -- signs deal with cleantech startup to turn captured CO2 into packaging materials
OR.FP (L'Oreal) -- L'Oréal to implement €500M or 2M share buyback
SPIE.FP (SPIE) -- Chairman and CEO Gauthier Louette will not seek his renewal; to adopt new governance structure with separation of the functions of Chairman and CEO
SPSN.SW (Swiss Prime Site) -- announces the conversion price of its CHF 350M green convertible bonds due 2032 and the outcome of the incentivized conversion invitation
BMW to adopt smart-car tech supplied by NTT Docomo Business for new models to be sold globally - Nikkei
Leonardo Del Vecchio nearing deal to buy stakes of two siblings in Delfin - FT, citing Leonardo Del Vecchio
OpenAI introduces ChatGPT for Excel, announces new financial data integrations -- blog post
Key rating changes
Upgrades
Barclays upgrades DHL.GR, MAERSK.B.DC
JPMorgan upgrades A5G.ID, BIRG.ID
Keefe, Bruyette & Woods upgrades ACA.FP, BNP.FP, UBSG.SW
ADEN.SW (Adecco Group) -- to neutral from sell at UBS
DIM.FP (Sartorius Stedim Biotech) -- to outperform from sector perform at RBC Capital Markets
FHZN.SW (Flughafen Zuerich) -- to hold from reduce at Kepler Cheuvreux
HOLN.SW (Holcim) -- to buy from neutral at Citi
SAFE.LN (Safestore Holdings) -- to add from hold at Peel Hunt
SHUR.BB (Shurgard Self Storage) -- to buy from hold at Deutsche Bank
Downgrades
IFX.GR (Infineon Technologies) -- to neutral from buy at UBS
UCB.BB (UCB) -- to equal-weight from overweight at Morgan Stanley
UTG.LN (UNITE Group) -- to hold from add at Peel Hunt
Data
Nikkei +0.59% to 55602.23
Hang Seng +1.68% to 25745.64
Shanghai Composite +0.31% to 4121.42
S&P futures +11.8 vs prior close of 6835.3
€-$ (0.0005) or (0.04%) to 1.1607
$-¥ +0.25 or +0.16% to 157.82
€-¥ +0.24 or +0.13% to 183.16
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