Mar 17 ,2026
Synopsis:
European equity markets higher, just off best levels. Energy and defensives the top gainers; tech, defense and retail the big laggards. US equities higher in midday trading. Treasuries a bit firmer across the curve, extending Monday rally with yields down 2-3 bp. Germany's 10-year Bund yield declined for a second consecutive session, settling at 2.92%, just below Friday's near two-year high of 2.99%. Dollar index down 0.1%; sees biggest weakness against the Australian dollar post RBA rate hike. Gold up 0.4%. Silver up 0.3%. Bitcoin futures little changed. WTI crude up 0.9% after losing nearly 5.5% in prior session.
US and European stocks building on Monday's rally despite the instability in the Middle East. Iran again targeting energy infrastructure in the Gulf and Israel again targeting Iranian senior leadership. However, while oil higher, off best levels after a nearly 5.5% pullback on Monday. Still some focus on how Iran is allowing select vessels to transit Strait of Hormuz, along with IEA hints of more reserve releases if needed. Equity market resilience partly chalked up to positioning/hedging dynamics. Recent rate reprieve another area of focus into March FOMC. Elsewhere, President Trump confirmed he requested China delay summit with President Xi by a month or so, citing preoccupation with Iran conflict.
Limited European macro data of note today. ZEW investor sentiment saw big drop in German and Eurozone indicators amid the Iran war. UK Chancellor Reeves delivered keynote speech; vowed UK will adopt AI faster than any other G7 nation as part of her bid to spur growth..
In earnings, out of DACHs, Sartorius (SRT3.GR), Fraport (FRA.GR) and Springer Nature (SPG.GR) reported. In the UK, Trustpilot Group (TRST.LN), Essentra (ESNT.LN), Travis Perkins (TPK.LN) and Close Brothers Group (CBG.LN) also updated investors before the open. In France, BNP Paribas (BNP.FP) and Sartorius Stedim Biotech (DIM.FP) host CMDs today. In M&A headlines, media reports Canal+ (CAN.LN), PPF Group considering offer to take Viaplay (VPLAY.A.SS) private. Further in market rumours, Kone (KNEBV.FH) reportedly in talks to acquire TK Elevator. Societe Generale (GLE.FP) and Crédit Mutuel Arkéa sign MoU for divestment of the retail business of Societe Generale Securities Services.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Oil & Gas +2.30%, Utilities +1.62%, Insurance +1.57%, Financial Svcs +1.29%, Telecom +1.06%, Banks +0.88%, Autos & Parts +0.88%, Construct & Mtls +0.72%, Basic Resources +0.68%
Underperformers:
Media (1.36%), Persnl & HHold Goods (0.64%), Retail (0.32%), Food & Beverage +0.05%, Technology +0.17%, Ind Goods & Svcs +0.30%, Health Care +0.42%, Travel & Leisure +0.54%, Real Estate +0.59%, Chemicals +0.59%
Macro:
Geopolitics:
EU to restart process to ratify US trade deal after block (Bloomberg )
EU foreign policy chief Kallas calls on US, Israel to end Iran war (Reuters )
EU's Kallas rejects Belgian PM's call to normalise Moscow ties, get cheap Russian energy (Reuters )
PMs Carney and Starmer agreed safe passage must be restored (Canadian Press)
Focus must remain on Ukraine despite Iran war, UK PM says (BBC )
UK:
Germany:
SNB:
Swiss National Bank largely refrained from currency interventions in Q4 2025 (Bloomberg)
Peripheral markets:
Greece:
Greece pushes LNG hub role in Europe's post-Russian gas era (Bloomberg )
Greece to move 'within weeks' on social media ban for under-15s (Kathimerini )
Sweden:
Riksbank is widely expected to keep its policy rate unchanged at 1.75% at its 19-Mar meeting
Spain:
Benidorm approves plan to avoid insolvency (Bloomberg )
Company news:
Notable Gainers
+11.1% IPO.LN (IP Group £0.55, +0.05) -- FY earnings
+9.5% ESNT.LN (Essentra £0.99, +0.09) -- FY earnings
+8.5% DIM.FP (Sartorius Stedim Biotech €173.70, +13.55) -- CMD
+8.2% BOKU.LN (BOKU £1.78, +0.14) -- FY earnings
+8.1% MAB1.LN (Mortgage Advice Bureau £5.86, +0.44) -- FY earnings
+8.0% SRT3.GR (Sartorius €225.80, +16.80) -- CMD
+6.4% FRA.GR (Fraport €76.25, +4.60) -- FY earnings
+6.0% NDX1.GR (Nordex €45.96, +2.62) -- order
+5.3% NESTE.FH (Neste €28.57, +1.43) -- Barclays upgrade
+3.4% SLR.SM (Solaria Energia €22.18, +0.72) -- obtains favourable environmental impact statements (DIA) for installation of 480 MWh of batteries in 7 PV plants located in Castile-La Mancha (Spain)
+3.2% SREN.SW (Swiss Re CHF134.10, +4.10) -- announces $2B longevity reinsurance transaction
+3.1% PEBB.LN (The Pebble Group £0.51, +0.02) -- FY eanrings; commences today new £5.0M share buyback program
+2.2% KNEBV.FH (Kone €57.40, +1.22) -- Kone reportedly in talks to acquire TK Elevator -- Bloomberg
+1.9% BYLOT.GA (Bally's Intralot €0.92, +0.02) -- FY earnings
+1.7% GAM.SW (Gam Holding CHF0.12, -0.00) -- Samvardhana Motherson International completes acquisition of Yutaka Autoparts India
+1.3% ZTF.LN (Zotefoams £3.80, +0.05) -- FY earnings
+1.2% MED.SW (Medartis Holding CHF84.60, +1.00) -- FY earnings
+0.6% EYE.LN (Eagle Eye Solutions Group £3.25, +0.02) -- confirms H1 earnings
+0.5% NTG.GR (Nabaltec €10.60, +0.05) -- CFO Günther Spitzer to step down effective 31-Dec; appoints Dirk A. Müller as new CFO
Notable Decliners
-20.9% IMM.LN (ImmuPharma £0.06, -0.01) -- P140 update and equity fundraise of £6M plus additional £1.5M
-10.8% EKT.GR (EnergieKontor €34.00, -4.10) -- Donstorf repowering wind project reaches financial close
-4.9% CBG.LN (Close Brothers Group £3.40, -0.18) -- H1 earnings; statement regarding report from viceroy research
-3.7% AVOL.SW (Avolta CHF46.40, -1.78) -- holder Taobao China Holding offers 2.9M shares - market sources
-2.7% HBR.LN (Harbour Energy £2.83, -0.08) -- holder LET offers 44M shares via JPMorgan - market sources
-2.6% FNTL.LN (Fintel £1.85, -0.05) -- FY earnings; partners with Intellect Design Arena
-1.7% STEM.LN (Sthree £1.64, -0.03) -- Q1 trading update
-1.3% BCGE.SW (Banque Cantonal de Geneve CHF31.10, -0.40) -- FY earnings
-0.9% EQUI.IM (Equita Group €5.26, -0.05) -- confirms negotiation with Xenon Private Equity shareholders to acquire asset management platform
-0.8% BSL.GR (Basler €14.84, -0.12) -- prelim FY eanrings
-0.6% PHP.LN (Primary Health Properties £1.01, -0.01) -- FY earnings
EU companies reporting tomorrow:
Earnings:
Austria: Verbund (VER.AV), Semperit Holding (SEM.AV)
Benelux: InPost (INPST.NA)
Germany: Talanx (TLX.GR), HelloFresh (HFG.GR), TAG Immobilien (TEG.GR), DMG MORI (GIL.GR), Aumovio (AMV0.GR)
France: Deezer (DEEZR.FP)
Nordics: SkiStar (SKIS.B.SS), Biovica International (BIOVIC.B.SS)
Southern Europe: Jeronimo Martins (JMT.PL), Autohellas (OTOEL.GA)
Switzerland: SMG Swiss Marketplace Group (SMG.SW), Stadler Rail (SRAIL.SW), TX Group (TXGN.SW), Orell Füssli (OFN.SW), BioVersys (BIOV.SW)
UK: Softcat (SCT.LN), Advanced Medical Solutions Group (AMS.LN), Genel Energy (GENL.LN), FDM Group (Holdings) (FDM.LN), Nexteq (NXQ.LN), Gem Diamonds (GEMD.LN)
CMD/Events: Boliden (BOL.SS)
Data:
Economics:
Germany Mar ZEW Economic Sentiment Indicator (0.5) vs cons 38.7 and prior 58.3
Current Situation (62.9) vs cons (67.1) and prior (65.9)
Italy Feb CPI +1.5% y/y vs prelim +1.6%; +0.7% m/m vs prelim +0.8%
EU Harmonised: +1.5% y/y vs prelim +1.6%; +0.5% m/m vs prelim +0.6%
Switzerland Feb PPI (2.7%) y/y vs cons (2.6%) and prior (2.2%); (0.3%) m/m vs cons 0.0% and prior (0.2%)
Markets:
WTI Crude (Apr 26): +$1.00 or +1.07% to $94.50
€-$ +0.0022 or +0.19% to 1.1529
£-$ +0.0025 or +0.19% to 1.3346
€-£ +0.0000 to 0.8639
S&P 500 +0.32%
Performance year-to-date
FTSE 100: +4.75%
DAX: (3.10%)
CAC: (2.15%)
MIB: (0.13%)
Stoxx 600: +1.73%
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