Mar 10 ,2026
Synopsis:
European equities closed higher following sharp retreat in oil prices. Basic resources, banks and technology were the best performing sectors, food and beverage, energy and health care the main laggards. Follows a lower close on Monday with Energy the only sector in the black.
European equities tracked cautious global relief rally. Risk sentiment supported into Tuesday as President Trump declared Iran conflict "very complete", said it would end "very soon" while simultaneously vowing to press on until Iran decisively defeated and threatening to strike harder if Iran disrupts oil flows. Oil prices declined substantially although trade remains volatile. Iran's Revolutionary Guard defiant. Also aiding sentiment was Trump confirming plans for temporary relief from oil-related sanctions and growing speculation of a coordinated G7 strategic reserve release. Attention remains firmly fixed on the Strait of Hormuz, where Gulf production shut-ins are widening, with Trump said to be weighing options including US Navy escorts and a potential takeover of shipping lanes. Situation remains fluid. EU's Dombrovskis said ready to release strategic oil reserves if required
On the political calendar, Chancellor Reeves faces MPs' Treasury questions at 11:30 GMT and OBR fields questions on latest economic and fiscal forecast at 14:15 GMT. ECB's Šimkus and Müller said duration of energy shock key, but ECB likely to stay put for now.
In macro, German and French Jan trade balances better than expected, recording a bigger surplus of €21.2B vs consensus €15.2B and prior revised to €17.1B from €17.1B and a smaller deficit (€1.8B) vs consensus (€3.4B) and prior revised to (€4.3B) from (€4.8B), respectively. UK consumer spending and consumer confidence slowed in Feb.
In corporate news flow, Hugo Boss (BOSS.GR), Volkswagen (VOW.GR), Kuros Biosciences (KURN.SW), Deutsche Beteiligungs (DBAN.GR), Galenica (GALE.SW) posted their latest numbers, together with Lindt & Sprüngli (LISN.SW), Flughafen Zuerich (FHZN.SW) and Partners Group Holding (PGHN.SW). In the UK, Costain (COST.LN), Persimmon (PSN.LN), Domino's Pizza Group (DOM.LN), Spirax (SPX.LN) and Rotork (ROR.LN) also updated investors before the open. Elsewhere, Renault (RNO.FP) launcheed new strategic plan and Airbus (AIR.FP) reported Feb orders.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Basic Resources +4.23%, Banks +3.62%, Technology +2.87%, Ind Goods & Svcs +2.76%, Travel & Leisure +2.51%, Retail +2.33%, Construct & Mtls +2.26%, Autos & Parts +2.17%
Underperformers:
Food & Beverage (0.23%), Oil & Gas +0.29%, Health Care +0.31%, Media +0.79%, Telecom +0.91%, Chemicals +1.06%, Persnl & HHold Goods +1.41%, Financial Svcs +1.43%, Real Estate +1.68%, Insurance +1.83%, Utilities +1.87%
Macro:
Geopolitics:
France:
French municipal elections set to test far-right momentum and center alliances ahead of 2027 presidential race (Politico)
UK:
UK consumer spending slows in February as Middle East war fuels economic pessimism (Reuters)
UK consumer confidence plunges amid Iran war oil shock and inflation fears (Bloomberg)
UK retail sales growth weakens in February, hit by weather and looming Middle East conflict risks (Retail Week)
Rachel Reeves warns families to brace for fresh inflation from Iran war oil price surge (Telegraph)
Households face £344 rise in annual energy bills from Iran war gas price surge, Citi warns (Telegraph)
Company news:
Notable Gainers
+17.0% SENS.SW (Sensirion Holding CHF58.10, +8.45) -- FY earnings
+16.8% COST.LN (Costain Group £1.99, +0.29) -- FY earnings
+12.4% ATORX.SS (Alligator Bioscience SEK0.21, +0.02) -- granted U.S. patent for tetravalent bispecific antibody design
+11.6% IDIA.SW (Idorsia CHF4.04, +0.42) -- company and and Pharmalink enter into an exclusive distribution and commercialization agreement for QUVIVIQ in the United Arab Emirates (UAE), Kuwait, Qatar, Oman, and Bahrain
+10.6% KURN.SW (Kuros Biosciences CHF29.40, +2.82) -- FY earnings
+10.2% AIXA.GR (Aixtron €31.53, +2.93)
+9.5% ETL.FP (Eutelsat Communications €2.12, +0.18)
+9.3% PRX.NA (Prosus €46.55, +3.97)
+9.0% DEZ.GR (Deutz AG €11.09, +0.92)
+8.8% DMP.GR (Dermapharm Holding €41.50, +3.35) -- prelim FY earnings; resolves to tender up to 4.3M shares at an offer price of €42.00 per share
+8.5% SBRE.LN (Sabre Insurance Group £1.40, +0.11) -- FY earnings
+8.1% LHA.GR (Deutsche Lufthansa €8.22, +0.62) -- sector move
+6.9% MT.NA (ArcelorMittal €49.21, +3.17)
+6.4% WIZZ.LN (Wizz Air Holdings £9.60, +0.58) -- sector move
+5.9% GEN.LN (Genuit Group £3.23, +0.18) -- FY earnings
+5.9% FR.FP (Valeo SE €10.84, +0.60)
+5.7% IAG.LN (International Consolidated Airlines Group £3.78, +0.20) -- sector move
+5.6% SAN.SM (Banco Santander €10.00, +0.53)
+5.6% PSN.LN (Persimmon £12.92, +0.69) -- FY earnings
+5.6% SZG.GR (Salzgitter €47.58, +2.52)
+5.6% GNFT.FP (GENFIT €9.39, +0.50) -- issues press release on previously reported FDA orphan designation for NTZ
+5.6% JUP.LN (Jupiter Fund Management £1.90, +0.10)
+5.4% SECT.B.SS (Sectra SEK224.00, +11.40) -- DNB Carnegie and Stifel upgrades
+5.2% SEYE.SS (Smart Eye SEK57.55, +2.85) -- two additional driver monitoring system design wins with European truck OEM
+5.2% RR.LN (Rolls-Royce Holdings £13.03, +0.65) -- sector move
+5.1% NDX1.GR (Nordex €43.14, +2.08) -- order
+5.0% IGD.IM (IGD SIIIQ €3.96, +0.19) -- trading update
+4.9% FARN.LN (Faron Pharmaceuticals £0.54, +0.03) -- sets terms for previously announced €40M rights offering through Stifel;
+4.8% AZM.IM (Azimut Holding €33.95, +1.55) -- Feb net inflows
+4.8% BARC.LN (Barclays £4.16, +0.19)
+4.4% HOT.GR (Hochtief €386.60, +16.40) -- contract
+4.3% KINV.B.SS (Kinnevik SEK53.48, +2.20) -- letter that responds to the recent short-seller report
+4.0% SCATC.NO (Scatec NOK118.40, +4.50) -- starts commercial operation of 60 MW Sidi Bouzid solar power plant in Tunisia
+3.8% AF.FP (Air France-KLM €10.07, +0.37) -- sector move
+3.6% DBK.GR (Deutsche Bank €27.50, +0.95)
+3.5% DIS.IM (D'Amico International Shipping €7.74, +0.27) -- reduction of its average cost of debt
+3.5% TUI1.GR (TUI Group €7.14, +0.24) -- sector move
Notable Decliners
-63.5% VID.LN (Videndum £0.04, -0.06) -- announces refinancing, including £85M placing, equitisation of £23M of existing RCF and write-offs
-63.5% VID.LN (Videndum £0.04, -0.06) -- results of £85M placing at An offer price of 270 pence per new ordinary share
-21.6% CPI.LN (Capita £2.77, -0.76) -- FY earnings
-15.3% TLW.LN (Tullow Oil £0.12, -0.02) -- receives $36M proceeds of Tranche B payment for Kenya assets sale; comments on oil price impact on cash flow guidance
-13.4% ROR.LN (Rotork £3.21, -0.49) -- FY earnings
-11.0% BRNK.GR (Branicks Group €1.56, -0.19) -- comments on recent trends in connection with announcement on talks with creditors
-10.6% EVT.GR (Evotec €4.66, -0.56) -- prelim FY earnings; CMD
-8.6% PCELL.SS (PowerCell Sweden SEK15.45, -1.45) -- responds to claims regarding deficient technology
-8.5% LISN.SW (Chocoladefabriken Lindt & Spruengli CHF112,000.00, -10,400.00) -- FY earnings; cuts guidance
-7.1% CSG.NA (CSG NV €30.35, -2.30) -- statement regarding media report concerning Fbricaa de Municiones de Granada and NSPA
-3.8% EQNR.NO (Equinor NOK313.10, -12.30) -- lower oil prices
-3.6% DEC.LN (Diversified Energy Co. £10.74, -0.40) -- lower oil prices
-3.1% HBR.LN (Harbour Energy £2.84, -0.09) -- lower oil prices
-3.0% NOVO.B.DC (Novo Nordisk DKK246.95, -7.55) -- FDA publishes Warning Letter sent to Novo Nordisk on 5-Mar
-2.4% VTU.LN (Vertu Motors £0.60, -0.02)
-2.3% VER.AV (Verbund €64.00, -1.50) -- Oddo downgrade
-2.2% 2020.NO (2020 Bulkers NOK135.30, -3.10) -- Feb update
-2.0% BP.LN (BP £5.02, -0.10) -- lower oil prices
EU companies reporting tomorrow:
Earnings:
Benelux: CVC Capital Partners (CVC.NA), Envipco Holding (ENVI.NA), Agfa-Gevaert (AGFB.BB)
France: Eurazeo (RF.FP)
Germany: Rheinmetall (RHM.GR), Porsche (P911.GR), Uniper (UN0.GR), Henkel (HEN3.GR), Wacker Chemie (WCH.GR), Kloeckner & Co. (KCO.GR), JDC Group (JDC.GR)
Nordics: Clas Ohlson (CLAS.B.SS), Rederiaktiebolaget Gotland (GOTL.A.SS), Talenom (TNOM.FH), Rapala VMC (RAP1V.FH), Next Biometrics Group (NEXT.NO)
Southern Europe: Inditex (ITX.SM), ERG (ERG.IM), Webuild (WBD.IM), WIIT (WIIT.IM), Esprinet (PRT.IM), SYS-DAT (SYS.IM), Geox (GEO.IM)
Switzerland: BKW (BKW.SW), Avolta (AVOL.SW)
UK: Legal & General Group (LGEN.LN), Hochschild Mining (HOC.LN), Balfour Beatty (BBY.LN), Canal+ SA (CAN.LN), Hill & Smith (HILS.LN), Breedon Group (BREE.LN), 4imprint Group (FOUR.LN), Forterra Plc (FORT.LN), Gym Group (GYM.LN), Robert Walters (RWA.LN)
Trading Update:
France: Sword Group (SWP.FP), Groupe Partouche (PARP.FP)
Traffic:
Flughafen Zuerich (FHZN.SW), Heathrow Airport (+HTR.LN)
CMD/Events: Allfunds Group (ALLFG.NA), Mota-Engil (EGL.PL), SynAct Pharma (SYNACT.SS)
Data:
Economics:
Denmark Feb CPI +0.7% y/y vs consensus +0.5% and prior +0.8%
Jan Trade Balance
Germany €21.2B vs consensus €15.2B and prior €17.1B
France (€1.8B) vs consensus (€4.6B) and prior revised (€4.3B) from (€4.8B)
Jan Industrial Production
Sweden +1.9% y/y vs consensus +3.6% and prior +4.2%
Austria +0.3% y/y vs consensus (0.7%) and prior (3.3%)
Markets:
WTI Crude (Apr 26): ($10.54) or (11.12%) to $84.23
€-$ +0.0012 or +0.10% to 1.1650
£-$ +0.0024 or +0.18% to 1.3459
€-£ (0.0005) to 0.8656
S&P 500 +0.46%
Performance year-to-date
FTSE 100: +4.84%
DAX: (2.13%)
CAC: (1.13%)
MIB: +0.57%
Stoxx 600: +2.35%
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