Jun 09 ,2026
Synopsis:
European equity markets ended the day mixed, with pan-European indices giving up all the early gains after Wall Street turned lower, the slide accelerating on both sides of the Atlantic into the EU close.
Sentiment was initially aided by an easing in Middle East tensions.
Greece +1.4% and Ireland +0.7% led outperformers. Finland (0.8%) joined the DAX and FTSE100 in leading underperformers.
In central banks, Bundesbank's Köhler-Geib was amongst the panellists at Jacques Delors Friends of Europe Foundations event Single Market Summit 2026, whilst Croatia central bank presented latest issue of the bank's Financial Stability publication. Riksbank's published its latest business survey and Estonia central bank held a press conf in connection with the recent IMF staff official visit
ECB's Lagarde hosting an informal dinner and exchange of views at 18:30CET with EU Commissioner for Climate, Net Zero and Clean Growth Hoekstra.
Economic news flow included UK's CBI lowering its forecast for GDP in 2026 and 2027 and expects inflation to increase towards +4% by the end of 2026, whilst Germany released Apr industrial production as well as trade balance.
In politics, PMs of the Baltic States and Nordic countries (NB8) met in Estonia, post meeting press conf (livestream) where France's Macron had participated via videoconf. in the session on regional security and defense. In the UK, MPs debate the remaining stages of the Steel Industry (Nationalisation) Bill whilst committee topics included financial inclusion strategy, the work of the ministry of housing, communities and local government, a one-off session on defence on Ukraine, the relationship between the Government and the defence industry, China and the UK economy and fiscal devolution in England.
EU's von der Leyen gave the opening speech at the New European Bauhaus Festival 2026. In the evening, Chancellor Merz hosts World Economic Forum President Zwinggi and around 50 members of the "Leaders for European Growth and Competitiveness" initiative. Norway's PM Støre will host a dinner with Kenya's President Ruto.
EU's Kubilius spoke at the event 'Europe's New Security Architecture: Ukraine as a Strategic Pillar of the Continent's Defence Future' whilst EU's Jørgensen, others, in a fireside chat at EUSEW 2026. Also, EU Telecom ministers met
Other events include IATA Slot Conf (through Thu) and Global Mobility Call (through Thu). Fitch Ratings held webinars on Global Renewables Projects: Credit Trends, Rating Pressures & Regional Insights (APAC/EMEA) as well as for NA/LATAM. Ljubljana and Zagreb Stock Exchanges hosts CEE Investment Opportunities.
Amongst the handful of company earnings/updates wea SoftwareONE Holding (SWON.SW) setting new 2030 financial targets including EBITDA margin above 28% - CMD.
M&A news flow included GSK (GSK.LN) agreeing to acquire Nuvalent, Inc. for $124/share in cash in a $10.6B deal, Sitowise Group to sell its Swedish subsidiary to Sweco for ~€3.0M (enterprise value) and Kona BidCo completes cash tender offer for Zalaris (ZAL.NO), will make a mandatory offer to acquire the remaining shares. Also, EU clears KBC Group (KBC.BB) and Van Lanschot Kempen Investment Banking's (VLK.NA) 50/50 equities activities JV and reportedly, PAI Partners withdraws from bidding for Nestle's (NESN.SW) water business and UniCredit (UCG.IM) eyes Delfin ~17.5% stake in MPS to block Intesa Sanpaolo takeover plan.
Elsewhere, reports suggested Germany and France had agreed to abandon development of the joint fighter aircraft under the Future Combat Air System (FCAS) defense program, with Airbus (AIR.FP) planning to announce a German-led alliance to replace doomed fighter jet at the ILA Berlin Air Show. Also, AstraZeneca (AZN.LN) announces elecoglipron moves to Phase III program and RAG-Stiftung launches an offering of bonds exchangeable into shares of Evonik Industries (EVK.GR)
Digest:
Sectors - STOXX Europe 600:
Outperformers:
Chemicals +1.97%, Food & Beverage +1.93%, Retail +1.50%, Persnl & HHold Goods +1.42%, Insurance +0.78%, Real Estate +0.63%, Utilities +0.25%, Media +0.02%, Travel & Leisure (0.04%), Health Care (0.06%)
Underperformers:
Basic Resources (2.49%), Oil & Gas (2.39%), Telecom (2.00%), Ind Goods & Svcs (1.29%), Technology (1.28%), Banks (0.87%), Construct & Mtls (0.67%), Financial Svcs (0.55%), Autos & Parts (0.53%)
Macro/Peripheral markets:
G7:
France's Macron to host G7 video call with China on global trade imbalances ahead of Evian summit - Politico
EU:
Finland:
Following the funding round, the State of Finland will own ~ 12% of ICEYE - press release
Forest and nature information strategy completed - information strengthens sustainable forest use and biodiversity - release
Greece:
Government spokesperson rejects early election talk - ekathimerini
Norway:
Norway and Italy have today signed a letter of intent on a strategic industrial partnership - release
Sweden:
The economic situation is still weak and uncertainty around the war in the Middle East has increased again, which the companies say risks delaying the already prolonged recovery - Riksbank survey
Ukraine:
Zelensky reports positive call with US envoys as Europe backs proposed Putin meeting for ceasefire - France24
UK:
UK GSP forecast 2026 +1.1% vs prior +1.3% and 2027 +0.9% vs prior +1.5% - Confederation of British Industry (CBI) press release
Starmer vows to fight leadership challenge as Makerfield by-election looms - Politico
UK government to reimburse visa fees for tech and scale-up firms to attract talent - Bloomberg
Investors warn Scotland against long-term bonds over independence risk premium - FT
Cross-party group of UK lawmakers have warned government must overhaul property taxes if it is serious about helping first-time buyers and supporting economy - London Times
Andy Burnham made an election pledge to crack down on crime during campaigning in the Makerfield by-election - Manchester Evening News
Company news:
Notable Gainers
+243.0% ALZCUR.SS (AlzeCure Pharma) -- enters into a collaboration and out-licensing agreement with Eli Lilly for ACD680
+16.3% GROW.LN (Molten Ventures)
reports FY NAVPS 760.0p vs year-ago 671.0p
Molten Ventures's portfolio company ICEYE Oy completes primary Series F financing round of ~€450M; Molten's holding value in ICEYE will increase to £317M
Participates in Isar Aerospace signs a €270M Series D round
+6.6% PTP.GR (Pentixapharm Holding) -- FDA grants "Study May Proceed" for Phase 3 Study for PentixaFor; to issue up to 10M shares and pubishes BaFin Financial Reporting Enforcement Review
+5.7% INSTAL.SS (Instalco) -- installation order worth NOK112M
+5.6% FEVR.LN (Fevertree Drinks) -- AGM Trading Statement; remains confident of achieving full-year market expectations; announces further £30M extension of share buyback
+4.5% CEM.IM (Cementir Holding) -- announces agreement with Danish Energy Agency to receive carbon capture subsidy for ACCSION
+4.5% JLP.LN (Jubilee Metals Group) -- updates on Molefe Mine operation
+4.4% IDIA.SW (Idorsia) -- announces up to CHF250M loan from Pharmakon
+3.4% HAUTO.NO (Höegh Autoliners) - May trading update: 1.2M cbm of transported cargo on prorated basis
+3.2% BREE.LN (Breedon Group) -- completes acquisition of Falling Springs Quarry for EV of $120M (£90M)
+2.7% BMPS.IM (Banca Monte dei Paschi di Siena) -- initiates preliminary assessment of offers from Banco BPM and Intesa Sanpaolo
+2.7% BWY.LN (Bellway) -- trading update to 29-May; on track to deliver FY26 underlying operating profit within previously guided range of £320-330M
+2.4% BNZL.LN (Bunzl) -- outperform from neutral at BNP Paribas Exane
+2.4% OTB.LN (On The Beach Group) -- buy from hold at Shore Capital Stockbrokers
+2.2% HFD.LN (Halfords Group) -- initiated buy at Shore Capital Stockbrokers
On earnings/updates: AZM.IM (Azimut Holding), KLR.LN (Keller Group)
Notable Decliners
-28.9% LBG.LN (LBG Media) -- H1 revenue £52.4M, +19% vs year-ago £43.9M, pretax income £1.8M vs year-ago £8.6M, lowers FY guidance
-11.4% RUSTA.SS (Rusta) -- Q4 EPS (SEK0.40) vs FactSet (SEK0.23) [3 est, (SEK0.34)-(0.14)]
-9.0% OXIG.LN (Oxford Instruments)
reports FY adj EPS from cont ops 100.7p vs FactSet 95.3p [7 est, 93.6-97.0p]; hikes divi by +6.3%
downgraded to hold from buy at Shore Capital Stockbrokers
-8.2% GLE.LN (MJ Gleeson) -- announces slippage into FY27 of previously disclosed land sales; FY26 trading in Gleeson Homes is in line with management's expectations
-7.3% DATA.LN (GlobalData) -- initiated neutral at JPMorgan
-4.8% BIOPOR.DC (BioPorto) -- intends to initiate the ProNephro AKI U.S. Adult Urine NGAL Validation Study following FDA feedback; clearance is now expected mid-2028
-3.8% IDR.SM (Indra Sistemas) -- German and France agree to abandon development of the joint fighter aircraft under the Future Combat Air System (FCAS) defense program - Reuters
-3.7% NANO.LN (Nanoco Group) -- notes Glass Lewis recommends voting for delisting resolution at next week's general meeting
-3.0% SWON.SW (SoftwareONE Holding) -- new 2030 financial targets - CMD; shares reversed initial gains
-2.7% SDF.GR (K+S) -- launches offering of ~€300M convertible bonds due 2031
On earnings/updates: reversing initial gains ANIM.IM (Anima Holding)
EU companies reporting tomorrow:
Earnings:
DACHs: MPH Health Care (93M1.GR)
France: Figeac Aero (FGA.FP)
Nordics: Systemair (SYSR.SS)
UK: Pennon Group (PNN.LN), Workspace Group (WKP.LN), Fuller, Smith & Turner (FSTA.LN), Vp (VP.LN), H-Power (HPOW.LN), Motorpoint Group (MOTR.LN)
Trading Update:
UK: WH Smith (SMWH.LN), Frontier Developments (FDEV.LN)
Traffic: Flughafen Zuerich (FHZN.SW)
CMD/Events: Evonik Industries (EVK.GR) innovation press conf at 9:30CET, Volkswagen Group (VOW.GR) ESG Conf at 15:00CET, Volvo Group (VOLV.B.SS) at 9:00CET
Data:
Economics:
UK May LFL retail sales +3.4% vs consensus +0.8%, prior (3.4%) - British Retail Consortium (BRC) release
Netherlands May CPI +3.5% vs preliminary +3.5%
Denmark Apr
Manufacturing production (1.1%) m/m vs consensus (2.9%), prior revised +8.3% from +8.6%
Trade balance DKK32.8B vs consensus DKK29.9B, prior revised DKK31.4B from DKK33.8B
Norway May PPI +24.0% y/y vs consensus +26.0%, prior +22.7%
Germany Apr
Industrial production +0.4% m/m vs consensus +0.4%, prior revised (0.1%) from (0.7%)
Trade balance €14.5B vs consensus €15.4B, prior revised €14.7B from €14.3B
Markets:
WTI Crude (Jul 26): ($3.54) or (3.88%) to $87.76
€-$ +0.0017 or +0.15% to 1.1550
£-$ +0.0036 or +0.27% to 1.3377
€-£ (0.0012) to 0.8634
S&P 500 (1.07%)
Performance year-to-date:
FTSE 100: +2.98%
DAX: (0.23%)
CAC: +0.66%
MIB: +11.83%
Stoxx 600: +4.47%
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