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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE +0.68%, DAX +1.27%, CAC40 +1.52%

Mar 10 ,2026

  • Synopsis

    • European equity markets are set to open higher amidst Asia equities higher Tuesday following a sharp correction in crude prices. WTI Crude (Apr 26) (5.78%) to $89.29/bbl. Monday's underperformers leading with strong gains in Japan, South Korea and Taiwan, while Hong Kong and mainland China benchmarks are also higher.

    • Hopes Iran conflict could end soon after President Trump said war "very complete" and predicted it will be ending soon (though also vowed to go further until Iran is decisively defeated). Confirmed plans for temporary relief from oil-related sanctions. Speculation of joint G7 reserves release also helping to stabilize oil prices. The situation remains unsettled, with market focus remaining largely on implications for Strait of Hormuz shipping as Gulf production shut-ins widen. Trump mulling options to resume shipping, flagging US navy escorts and takeover while threatening to intensify bombing if Iran stops flows.

    • Also on today's agenda, in politics, Chancellor Merz hosts the new PM of the Czech Republic, Andrej Babiš. Joint press conf. follows. In the UK there's MPs questions on Treasury (Chancellor Reeves) at 11:30GMT, whilst committee topics include settlement, citizenship and integration at 10:30, question the Office for Budget Responsibility on its latest economic and fiscal forecast at 14:15 and then question leading economists at 15:15. Norway's PM Støre and finance minister Stoltenberg's only meeting with the press during the budget conf ay 9:30CET. Other events include IATA World Cargo Symposium (through Thu) and European Defence Fund (EDF) Info Days (through Wed). Also Fitch Rating presentation at 10:00GMT examining the credit implications of the ongoing conflict in the Middle East and at 11:30CET insights on the factors influencing Greece in 2026 and beyond.

    • In central banks, Lithuania central bank's Šimkus opening remarks at 8:00CET at bank's roundtable discussion 'Baltic Economic Resilience: Why Investors Stay - and the Faith Behind Investment', and then is a panellist along with Estonia central bank's Müller, others at 8:40 (youtube). Slovenia central bank's publishes latest macroeconomic trends review. Also, ECOFIN meeting, ECB's de Guindos among the participants.

    • European macro data releases out today include Germany Jan trade balance, France Jan trade balance, Italy Jan PPI, UK Feb retail sales monitor - BRC, Netherlands Feb final CPI, Jan manufacturing production, Sweden Jan industrial production, Denmark Feb CPI, Norway Feb CPI, Finland Jan industrial production, Greece Feb CPI, Jan industrial production

    • In earnings news, DACHs names kicked off the session with Galenica (GALE.SW), Lindt & Spruengli (LISN.SW), Partners Group Holding (PGHN.SW), Evotec (EVT.GR), Flughafen Zuerich (FHZN.SW) and Hugo Boss (BOSS.GR) reporting FY earnings, with the latter announcing a share buyback of up to €200M until year-end 2027. Lindt's cut to FY26 top line guidance likely to weigh on the shares. Also in DACHs, Evotec (EVT.GR) announced a new strategic plan, "Horizon", guiding FY26 and a medium-term framework 2026-2030. In France, Airbus (AIR.FP) released February orders and deliveries yesterday after the market closed, whilst Renault Group (RNO.FP) launched a new strategic era, futuREady, aiming to generate an operating margin of between 5% and 7% in the medium term.

  • Politics/Macro/World News

    • Trump Signals Possible End to War, Floats Removing Oil Sanctions - Bloomberg

    • UK Consumer Confidence Plunges to Four-Month Low Amid Iran War - Bloomberg

    • France to deploy almost a dozen warships, mulls Hormuz mission, Macron says - Reuters

    • Israel expects Lebanon offensive to outlast Iran conflict - FT

    • Retail Sales Monitor February: Wet February dampens retail sales - BRC

    • Germans punish Merz's coalition amid economic and war fears - Politico

  • Top company news

    • Earnings/updates

      • France

        • AIR.FP (Airbus SE) -- Airbus reports Feb gross orders 28 aircraft, deliveries 35 aircraft to 21 customers

        • RNO.FP (Renault) -- Group launches new strategic era futuREady; aims to generate operating margin of between 5% and 7% in the medium term

        • SCHP.FP (Seche Environnement) -- reports FY net income €21.5M vs FactSet €22.2M [4 est, €18.6-26.6M]

      • DACHs

        • PGHN.SW (Partners Group Holding) -- reports FY net income CHF1.26B vs consensus CHF1.28B

        • LISN.SW (Chocoladefabriken Lindt & Spruengli) -- reports FY net income CHF726.7M vs FactSet CHF725.7M [15 est, CHF701-749.3M]; new share buyback program of CHF 1B; due to geopolitical uncertainties, Lindt & Sprüngli adjusts its expectation for sales growth to 4-6% with an improvement in the operating profit margin of 20-40 bps (unchanged) for the financial year 2026.

        • GALE.SW (Galenica) -- reports FY adjusted net income CHF188.7M vs FactSet CHF185.4M [6 est, CHF173.4-192.8M]

        • HUBN.SW (HUBER+SUHNER) -- reports FY net income CHF74.9M vs FactSet CHF74.7M [4 est, CHF72.5-78M]

        • KURN.SW (Kuros Biosciences) -- reports FY net income $5.0M vs FactSet $6.1M [3 est, $4.5-9.2M]

        • SENS.SW (Sensirion Holding) -- reports FY net income CHF20.1M vs FactSet CHF20.0M [3 est, CHF16.4-25M]

        • FHZN.SW (Flughafen Zuerich) -- reports FY net income CHF346.5M vs FactSet CHF338.6M [15 est, CHF315-360.9M]

        • EVT.GR (Evotec) -- reports prelim FY adj EBITDA ~€41M vs guidance €30-50M and FactSet €32.5M [8 est, €13.9-51M]

          • EVT.GR (Evotec) -- announces new strategic plan "Horizon"; guides FY26 and medium-term framework 2026-2030

        • DMP.GR (Dermapharm Holding) -- reports preliminary FY adjusted EBITDA €324.8M vs FactSet €324.3M [4 est, €318-335M]

        • BOSS.GR (Hugo Boss) -- reports Q4 EPS €1.57 vs consensus €1.31; announces share buyback of up to €200M until year end 2027; FY25 DPS €0.04 vs consensus €1.41

        • DBAN.GR (Deutsche Beteiligungs) -- reports FY net income €24.7M vs FactSet €19.2M [6 est, €12-26.2M]; keesp divi unch and continues buyback

        • MZX.GR (Masterflex) -- reports preliminary FY EBIT €14M vs FactSet €14.1M [3 est, €13.6-14.5M]

      • UK

        • TLW.LN (Tullow Oil) -- receives $36M proceeds of Tranche B payment for Kenya assets sale; comments on oil price impact on cash flow guidance

      • Southern Europe

        • SL.IM (Sanlorenzo) -- confirms prelim FY results as per 13-Feb update; hikes divii by 5%

      • Nordics

        • HAUTO.NO (Höegh Autoliners) -- February Trading Update: 1.2M cbm of transported cargo on prorated basis

        • HANZA.SS (HANZA AB) -- sets new financial targets for 2028

      • Also due to report today includes

        • Earnings:

          • Benelux: D'Ieteren Group (DIE.BB)

          • Germany: Volkswagen (VOW3.GR)

          • Southern Europe: Infrastrutture Wireless Italiane (INW.IM), Carel Industries (CRL.IM)

          • UK: Spirax Group (SPX.LN), Persimmon (PSN.LN), Rotork (ROR.LN), Costain Group (COST.LN), Capita (CPI.LN), dotDigital Group (DOTD.LN), Somero Enterprises (SOM.LN)

        • CMD/Events: Repsol (REP.SM)

    • M&A

      • EQT.SS (EQT AB) -- EQT considering sale of SUSE in up to $6B (€5.1B) deal - Reuters, citing people familiar with the matter

      • BAR.BB (Barco) -- to acquire VerVent Audio Holding for ~€135M (EV basis)

      • MOWI.NO (Mowi) -- to purchase all of Torghatten Aqua AS's salmon farming seawater business for NOK 293M (€26M) in cash

      • TLW.LN (Tullow Oil) -- receives $36M proceeds of Tranche B payment for Kenya assets sale; comments on oil price impact on cash flow guidance

      • Queensland Taroom Trough emerging as popular target as energy assets again come into focus - The Australian

    • Healthcare

      • AZN.LN (AstraZeneca) -- FDA grants orphan drug designation to AZD8965 for idiopathic pulmonary fibrosis

      • PRTA (Prothena Corp.) -- Prothena announces achievement of $50M clinical milestone payment from Novo Nordisk related to ongoing coramitug trial in ATTR amyloidosis with cardiomyopathy

      • XNCR (Xencor) -- discloses notice of termination of collaboration and license agreement with Genentech/Roche - 8-K

      • ARDX (Ardelyx) -- announces publication of a review article demonstrating rapid and meaningful symptom relief with tenapanor in IBS-C

      • GNFT.FP (GENFIT) -- issues press release on previously reported FDA orphan designation for NTZ (nitazoxanide)

      • IPH.FP (Innate Pharma) -- Transcript Intelligence: Innate Pharma at Leerink Global Healthcare Conference

      • IDIA.SW (Idorsia) -- and Pharmalink enter into an exclusive distribution and commercialization agreement for QUVIVIQ in the United Arab Emirates (UAE), Kuwait, Qatar, Oman, and Bahrain

      • HNSA.SS (Hansa Biopharma) -- Transcript Intelligence: Hansa Biopharma at Leerink Global Healthcare Conference

      • +BOEHRINGER (Boehringer Ingelheim) -- FDA grants orphan drug designation to Boehringer's nerandomilast for the treatment of systemic sclerosis

    • Other

      • CO.FP (Casino Guichard-Perrachon) -- notes discussions are continuing with FRH, Term Loan B creditors and certain banking institutions

      • ELM.LN (Elementis) -- holder Threadneedle Asset Management/Ameriprise discloses reduced 4.965% stake in TR-1 filing

      • UMG.NA (Universal Music Group) -- Transcript Intelligence: Universal Music Group at BNP Paribas TMT Conference

      • REP.SM (Repsol) -- discloses the launch of previously disclosed €350M buyback program

      • BUCN.SW (Bucher Industries) -- completes 410K-share buyback

      • Mongolia pushing Rio Tinto to renegotiate commercial terms of Oyu Tolgoi mine, which it considers unfair - FT

  • Key rating changes

    • Upgrades

      • E.ON SE (EOAN.GR) -- to outperform from neutral at Oddo

      • KNEBV.FH (Kone) -- to hold from sell at DNB Carnegie

      • ORNBV.FH (Orion) -- to buy from hold at Danske Bank

      • RMS.FP (Hermes) -- to buy from hold at Kepler Cheuvreux

    • Downgrades

      • NOKIA.FH (Nokia) -- to hold from buy at DNB Carnegie

      • Verbund (VER.AV) -- to underperform from neutral at Oddo

      • GRF.SM (Grifols) -- to equal-weight from overweight at Morgan Stanley

      • BEI.GR (Beiersdorf) -- to underperform from sector perform at RBC Capital Markets

      • CADLR.NO (Cadeler) -- to hold from buy at SEB

      • SFSN.SW (SFS Group) -- to hold from buy at Kepler Cheuvreux

    • Initiations

      • FORTUM.FH (Fortum) -- buy at Sparebank 1 Markets

    • Other Actions

      • LXS.GR (Lanxess) -- comments on Moody's downgrade of long-term issuer rating from Baa3 (investment grade) to Ba1 (speculative)

  • Data

    • Nikkei +2.88% to 54248.39

    • Hang Seng +1.96% to 25907.49

    • Shanghai Composite +0.52% to 4118.05

    • S&P futures (7.0) vs prior close of 6801.0

    • €-$ (0.0003) or (0.03%) to 1.1635

    • $-¥ (0.11) or (0.07%) to 157.57

    • €-¥ (0.11) or (0.06%) to 183.34

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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