Jun 02 ,2026
Synopsis:
European equity markets ended mostly higher Tuesday, but slightly off best levels. Dax close to May highs. Italy's FTSEMIB at fresh record high. US equities mixed in Tuesday morning trading. Comes after stocks put in a mixed performance to start the week that saw S&P 500, Nasdaq mark fresh record closes. Gold up 0.7%. Silver up 1.3%. Bitcoin futures down over 5%, well below $70K. WTI crude down 0.5% after rallying 5.5% on Monday.
More headline noise surrounding US-Iran negotiations after Trump said talks continuing at a rapid pace. Iran reportedly studying deal to halt war. Lebanon announced partial ceasefire between Israel and Hezbollah following Trump's phone to PM Netanyahu. Follows flare-up on Monday. Trump has expressed conflicting opinions on state of negotiations, yet markets continue to discount optimism regarding potential agreement.
In Europe, Eurozone flash CPI accelerated to 3.2% y/y, as expected. Core ahead of expectations at 2.5% and services inflation accelerated to 3.5%. Number to support an ECB rate hike. BoE data showed net mortgage approvals hit 15-month high in April, though may be due to rate-locking rather than strong demand. Business group BCC said UK growth to remain subdued in next two years. Elsewhere, European Commission is weighing plans to give member states additional fiscal flexibility to cushion impact of higher energy costs.
European Technology sector had another positive day. STMicroelectronics (STMMI.IM) gained +15% after the company lifted the revenue ambition for Data Centers citing continued strong demand for AI infrastructure. Data center revenues are now expected at ~$1B in 2026 (compared to "nicely above $500M" expected previously). Also added that assuming the current dynamic continues and with the current engagements it has, revenues could double in 2027. Sivers Semiconductors (SIVE.SS) gained +60% after it announced a strategic collaboration with GlobalFoundries (GFS) to develop advanced silicon photonics solutions for the high-growth AI infrastructure market. The tech sector also benefitted from a steady stream of supportive AI headlines, including Alphabet's (GOOGL) planned AI infrastructure investment, Marvell Technology's (MRVL) boost from Nvidia (NVDA) CEO and Anthropic's IPO filing. Elsewhere, Hewlett Packard Enterprise Server drives very strong beat and raise; demand durability the key concern.
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Basic Resources +3.52%, Technology +3.31%, Telecom +1.46%, Ind Goods & Svcs +1.35%, Travel & Leisure +1.28%, Banks +1.06%, Retail +0.96%, Autos & Parts +0.67%
Underperformers:
Health Care (1.70%), Media (0.88%), Persnl & HHold Goods (0.17%), Real Estate (0.12%), Oil & Gas (0.09%), Financial Svcs +0.00%, Utilities +0.04%, Chemicals +0.20%, Insurance +0.20%, Food & Beverage +0.49%, Construct & Mtls +0.58%
Macro:
EU Inflation
Euro zone inflation jump reinforces case for June rate hike -- Reuters
Denmark
Switzerland
SNB Has No Exchange Rate Target for Franc, Schlegel Says -- Bloomberg
UK
Germany
German labour agency faces over 8 bln euro deficit in 2026, report says -- Reuters
EU membership
Ukraine and Moldova on course to start formal EU membership talks in June -- POLITICO
Company news:
Notable Gainers
+60.1% SIVE.SS (Sivers Semiconductors SEK0.00, +36.60) -- announces strategic collaboration with GlobalFoundries to develop advanced silicon photonics solutions for high-growth AI infrastructure market
+15.2% STMPA.FP (STMicroelectronics €64.62, +9.04) -- lifts revenue ambition for Data Centers
+9.5% IFX.GR (Infineon Technologies €85.12, +7.65) -- sector move
+8.7% PRX.NA (Prosus €43.09, +3.38) -- Delivery Hero holder Prosus (PRX.NA) seeking to raise stake in company -- FT
+6.8% NOKIA.FH (Nokia €14.21, +0.92) -- price target upgraded at Danske Bank
+6.6% ATS.AV (AT & S Austria Technologie & Systemtechnik €143.80, +9.20) -- added to STOXX Europe 600
+6.1% SZG.GR (Salzgitter €65.45, +3.75) -- Morgan Stanley upgrade
+5.9% ALBPS.FP (Biophytis €0.02, -0.00) -- submits the registration filing for its joint venture in Hong Kong with its Asian partners
+3.7% LOGN.SW (Logitech International CHF101.35, +3.59)
+3.6% IHP.LN (Integrafin Holdings £3.56, +0.12) -- Shore Capital Stockbrokers upgrade
+3.4% ELM.LN (Elementis £1.60, +0.05) -- completes the sale of its pharmaceutical manufacturing business to Associated British Foods
+3.0% SWEC.B.SS (Sweco SEK134.50, +3.90) -- acquires Finland's nuclear expert company Platom
+2.8% DHL.GR (DHL Group €52.96, +1.46) -- Kepler Cheuvreux upgrade
+2.8% RF.FP (Eurazeo €47.30, +1.28) -- company s private debt fund closes at record €3.9B, exceeding its initial target
+2.1% IMPN.SW (Implenia CHF62.70, +1.30) -- releases presentation in connection with deep dive for investors and analysts
+1.9% UHR.SW (Swatch Group CHF220.20, +4.10) -- Apr Swiss Watch Exports
+1.1% WIZZ.LN (Wizz Air Holdings £10.41, +0.11) -- May traffic
+1.0% BME.LN (B&M European Value Retail £1.73, +0.02) -- removed from STOXX Europe 600
+0.9% SAVE.LN (Savannah Energy £0.07, -0.00) -- announces a private group led by Andrew Knott agreed to acquire a 6.2% minority stake
Notable Decliners
-43.5% ABVX.FP (Abivax €80.50, -48.60) -- trading lower on safety concerns (malignancies) with Ulcerative Colitis drug; Jefferies downgrade
-17.4% GBG.LN (GB Group £2.18, -0.43) -- earnings
-15.7% GHH.LN (Gooch & Housego £10.30, -1.75) -- H1 earnings
-4.2% SESG.FP (SES €8.85, -0.39) -- added to STOXX Europe 600
-2.9% BATS.LN (British American Tobacco £44.49, -1.31) -- H1 trading update
-2.3% AVOL.SW (Avolta CHF45.76, -1.08) -- Around ~7.3M Avolta shares being placed in accelerated bookbuild -- FuW
-2.1% SAAB.B.SS (Saab SEK524.00, -11.30) -- order
-2.0% CHG.LN (Chemring Group £4.95, -0.10) -- H1 earnings
-1.7% EMBRAC.B.SS (Embracer Group SEK72.60, -1.22)
-0.3% VOE.AV (Voestalpine €45.48, -0.16) -- Morgan Stanley downgrade
-0.2% BWLPG.NO (BW LPG NOK192.40, -0.30) -- Q1 earnings
EU companies reporting tomorrow:
Earnings:
DACHs: Voestalpine (VOE.AV), M1 Kliniken (M12.GR)
France: Wavestone (WAVE.FP)
Nordics: Clas Ohlson (CLAS.B.SS)
Southern Europe: Inditex (ITX.SM)
UK: discoverIE Group (DSCV.LN), Ramsdens Holdings (RFX.LN)
Sales: Volvo Car (VOLCAR.B.SS), Avanza Bank Holding (AZA.SS), Nordnet (SAVE.SS), Clas Ohlson (CLAS.B.SS), flatexDEGIRO (FTK.GR)
CMD/Events: Schindler Holding (SCHP.SW), Sartorius (SRT.GR) user group meeting
Data:
Economics:
Eurozone May preliminary CPI +3.2% y/y vs consensus +3.2%, prior +3.0%
May preliminary core CPI +2.5% y/y vs consensus +2.4%, prior +2.2%
UK Apr
Mortgage approvals 65.94K vs consensus 61.7K, prior revised 63.98K from 63.53K
M4 money supply +0.2% m/m vs consensus +0.6%, prior +0.8%
Spain May unemployment change (36.3K) vs consensus (55.0K), prior (62.7K)
Austria May preliminary CPI +3.7% y/y vs consensus +3.7%, prior +3.4%
Switzerland Apr trade balance CHF3.10B vs prior CHF3.09B from CHF3.18B
Apr Swiss watch exports (16.6%) to CHF2.1B
Finland May preliminary HICP +3.0% y/y vs consensus +2.6%, prior +2.4%
Netherlands May preliminary CPI +3.5% y/y vs consensus +3.6%, prior +2.8%
Markets:
WTI Crude (Jul 26): ($0.34) or (0.37%) to $91.82
€-$ +0.0009 or +0.08% to 1.1641
£-$ +0.0020 or +0.15% to 1.3476
€-£ (0.0007) to 0.8639
S&P 500 +0.22%
Performance year-to-date
FTSE 100: +4.45%
DAX: +2.59%
CAC: +0.73%
MIB: +12.54%
Stoxx 600: +5.60%
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