Jun 03 ,2026
Synopsis
European equity markets are set for a negative open. Asian equities mixed Wednesday. Japan outperforming with semi equipment names rallying. Taiwan chip stocks also higher. Greater China mixed with Hong Kong weighed down by tech platforms. S&P 500 futures flat afterhours.
US and Iran traded fire again with US and Kuwait intercepting missile and drone attacks by IRGC, which it claimed as retaliation for recent American strikes in Qeshm Island. US also fired at ship attempting to evade Hormuz blockade. Clashes between Israel and Lebanon another complication. Iran still reviewing proposed agreement with US with Iranian media saying no talks have been in recent days (though Trump maintained communications ongoing). Developments heightening timeline uncertainty for an agreement.
In central banks, Bank of Finland and European Systemic Risk board Joint Conf on AI and Systemic Risk Analytics (through Thu), speakers include Bank of Finland's Rehn at 8:45CET. ECB's Elderson speech at 11:50CET at Goldman Sachs European Financials Conf whilst ECB's Cipollone is before EP committee at 15:30CET (livestream).
OECD publishes its latest economic outlook; OECD Ministerial Council meets, other meetings. In political events, EU Commission expected to present Spring European Semester package and EU Commission's annual conf on environmental policy (Green Week 2026). In the UK, after MPs questions on Northern Ireland, there's regular weekly PMQs at 12noon BST following which the Railway Bill's passage continues with its remaining stages, whilst committee topics include energy resilience at 9:15, defence spending and finance at 14:00 and extreme weather: heat at 14:30. EU's Zaharieva takes part in the official opening of the European Innovation Council (EIC) Summit 2026 and launch of the European Scaleup Fund, EQT (EQT.SS) will be present; EU's von der Leyen delivers the opening speech at the former. EU's Albuquerque delivers a speech at the German Insurance Assn. (GDV) annual reception.
Other events on Wed include, Money 20/20 (through Thu), Eurelectric Power Summit (through Thu), Bloomberg Tech event (through Thu), St. Petersburg International Economic Forum (through Sat). Also on Wed are Germany May new car registrations and quarterly review of DAX Indices.
On the macro front, Italy, Spain and Sweden May services PMI as well as final reads for Eurozone, France, Germany and UK are due as well as Eurozone Apr PPI and Austria Q1 final GDP
In earnings, Inditex (ITX.SM) reported Q1 net income €1.40B vs FactSet €1.38B and saying store and online sales in constant currency between 1 May and 1-Jun increased +11.5% y/y. Voestalpine (VOW.AV) reported Q4 EBITDA €447.8M vs consensus €412.7M; guides FY26/27 and Clas Ohlson (CLAS.B.SS) reported Q4 EPS SEK2.18 vs FactSet SEK2.26.
Politics/Macro/World News
USTR Greer proposes tariff rate of at least 10% on major trading partners over forced labor practices
Trump Proposes New Levies of at Least 10% to Rebuild Tariff Wall - Bloomberg
Top company news
Earnings/updates
France:
NANO.FP (Nanobiotix) -- provides Q1 2026 operational and financial update
DACHs:
VOE.AV (Voestalpine) -- reports Q4 EBITDA €447.8M vs consensus €412.7M; guides FY26/27
DR0.GR (Deutsche Rohstoff) -- Operational Update: first four new wells drilled in 2026 reached combined 6,000 bopd three weeks after production started
Nordics:
CLAS.B.SS (Clas Ohlson) -- reports Q4 EPS SEK2.18 vs FactSet SEK2.26 [3 est, SEK2.09-2.36]; presents updated financial targets at CMD
Southern Europe:
ITX.SM (Inditex) -- reports Q1 net income €1.40B vs FactSet €1.38B [10 est, €1.34-1.41B]
M&A
BP.LN (BP) -- recently discussed £2B deal for its North Sea assets with Ithaca Energy -- FT
BAS.GR (BASF SE) -- European Commission approves Carlyle Group's (CG) acquisition of BASF's coatings business, subject to conditions
DHER.GR (Delivery Hero) -- European Commission to extend deadline for Prosus to sell down stake in Delivery Hero to 11-Oct - Bloomberg, citing people familiar with the matter
Healthcare
AZN.LN (AstraZeneca) -- NICE recommends AstraZeneca's Imfinzi with chemotherapy for neoadjuvant and adjuvant treatment then alone for adjuvant treatment of resectable gastric or gastro-oesophageal junction adenocarcinoma in adults
ROP.SW (Roche Holding) -- Transcript Intelligence: Roche Holding at American Society of Clinical Oncology Meeting
UCB.BB (UCB) -- announces BIMZELX (bimekizumab) data at EULAR 2026 in PsA and axSpA
DBV.FP (DBV Technologies) -- screens first participant in THRIVE Phase 2 study of VIASKIN Peanut patch in infants with peanut allergy
OXB.LN (OXB) -- Transcript Intelligence: OXB Capital Markets Day
Other
BAYN.GR (Bayer) -- has no plans to spin off Monsanto -- Reuters, citing representative
AENA.SM (Aena S.M.E.) -- informs that the CNMC has published report related to DORA Three NTGY.SM Naturgy Energy Group informs shareholders' agreement between Alba Europe and Rioja entities in relation to Naturgy has been terminated
WBD.IM (Webuild) -- JV wins $1B contract for Ohio River Tunnel Project in Pennsylvania
AZRN.NA (Azerion Group) -- announces CFO Julie Duong Ferat is stepping down
GEBN.SW (Geberit) -- AG completes buyback programme 2024-2026; to commence new CHF 300M buyback on 4-Jun-26
SUBC.NO (Subsea 7) -- announced award of sizeable contract by Murphy Exploration & Production Company
FGR.FP (Eiffage) -- selected for deployment of shared infrastructure on the Fouju Campus in a deal worth over €120M
Market Voices: Pitch the PM with Priyal Maniar, T. Rowe Price energy analyst, on shale productivity, oil markets, and long-term energy security
Trump signs AI executive order, Microsoft unveils new quantum chip in intraday themes (2-Jun)
Key rating changes
Upgrades
CWK.LN (Cranswick) -- outperform from neutral at BNP Paribas Exane
PRS.NO (Prosafe) -- buy from hold at Pareto
Downgrades
SAX.GR (Stroeer) -- sell from neutral at Goldman Sachs
Initiations
HTRO.SS (Hexatronic Group) -- neutral at Sparebank 1 Markets
Goldman Sachs initiates OMC, PUB.FP, REL.LN, others
DOU.GR (Douglas) -- buy at Berenberg
Other Actions
ELK.NO (Elkem) -- reinstated buy at DNB Carnegie; prior rating was buy
Data
Nikkei +2.99% to 68730.38
Hang Seng (1.61%) to 25618.42
Shanghai Composite +0.55% to 4097.32
S&P futures (4.5) vs prior close of 7623.8
€-$ (0.0013) or (0.11%) to 1.1620
$-¥ +0.01 or +0.01% to 159.93
€-¥ (0.21) or (0.11%) to 185.81
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.
Please refer to "Terms Of Use".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE