Jun 09 ,2026
Synopsis
European equity markets are set to open mostly lower, following a negative close on Monday. Asian equities mostly higher Tuesday. Tech-heavy benchmarks recovering from Monday's tech-led sell-off with South Korea, Japan and Taiwan outperforming. Greater China mixed with Hang Seng weakening while mainland indexes higher.
Markets welcomed Iran and Israel agreeing to cease strikes against each other following weekend tit-for-tat that sparked concerns about a resumption of war. US and Iran said strikes have not halted negotiations though developments underscored fragility of the ceasefire following repeated skirmishes between US and Iran in Strait of Hormuz and with Israel continuing its campaign in Lebanon. Market continues to expect deal will ultimately be reached, though timeline is uncertain and key sticking points (Strait of Hormuz control, frozen assets) remain.
On today's agenda, PMs of the Baltic States and Nordic countries (NB8) will meet in Estonia. In the UK, there's the remaining stages of the Steel Industry (Nationalisation) Bill whilst committee topics include financial inclusion strategy at 9:45BST (government ministers, FCA execs), the work of the ministry of housing, communities and local government at 10:00, one-off session on defence on Ukraine at 10:30, relationship between the Government and the defence industry at 11:00, China and the UK economy at 14:00 and fiscal devolution in England at 15:00 (former Chancellor George Osborne). EU's von der Leyen 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 speech at 11:00CET at the event 'Europe's New Security Architecture: Ukraine as a Strategic Pillar of the Continent's Defence Future'. EU's Jørgensen, others, in a fireside chat at EUSEW 2026 (Tue-Thu). Amongst events, EU Telecom ministers meet, IATA Slot Conf (through Thu) and Global Mobility Call (through Thu). Fitch Ratings webinar at 9:00BST Global Renewables Projects: Credit Trends, Rating Pressures & Regional Insights (APAC/EMEA) with another for NA/LATAM at 15:00BST. Ljubljana and Zagreb Stock Exchanges host CEE Investment Opportunities.
In central banks, Jacques Delors Friends of Europe Foundations event Single Market Summit 2026 sees Bundesbank's Köhler-Geib among the panellists at 9:30CET. Croatia central bank's Švaljek discusses economic trends at 10:15CET at event organized by Krapina-Zagorje County. Riksbank's latest business survey published at 9:30CET and Estonia central bank press conf at 10:00CET on the IMF visit. ECB's Lagarde informal dinner and exchange of views at 18:30CET with EU Commissioner for Climate, Net Zero and Clean Growth Hoekstra.
European macro data releases out today include, Germany Apr trade balance, industrial production, UK May retail sales monitor - BRC, Netherlands May final CPI, Norway May PPI, and Denmark Apr trade balance, manufacturing production.
In corporate news, SoftwareONE Holding (SWON.SW) set new 2030 financial targets including EBITDA margin above 28% ahead of its CMD today. In France the FT reported that Renault (RNO.FP) is seeking to cap revenue from drone manufacturing and other defence ventures at 5%. In Nordics, Rusta (RUSTA.SS) reported Q4 earnings, while Höegh Autoliners (HAUTO.NO) released its May trading update.
In M&A, the FT reported that GSK (GSK.LN) is in talks to acquire Nuvalent for over $9B. Elsewhere, Banca Monte dei Paschi di Siena (BMPS.IM) initiated preliminary assessment of offers from Banco BPM (BAMI.IM) and Intesa Sanpaolo (ISP.IM) confirming that all integration activities relating to Mediobanca (MB.IM) are progressing as previously announced. Out of the DACHs region Bloomberg reported that PAI Partners withdrew from bidding for Nestle's (NESN.SW) water business.
Politics/Macro/World News
Fighter plane exit strains relations with France - Handelsblatt
UK consumers up their spending in May after April drop - Reuters
EU capitals to rip apart 'sacrificial lamb' first draft of new bloc budget - FT
ASML chief warns EU against directing chip supplies - FT
Israel and Iran step back from renewed conflict after Trump calls for halt - The Guardian
Poland Eyes New Growth Engines to Compete in Big Leagues, State Assets Minister Says - Bloomberg
Netherlands May CPI +3.5% vs preliminary +3.5%
UUK May retail sales monitor +3.4% y/y vs consensus +0.6% and prior (3.4%) - BRC
Top company news
Earnings/updates
SWON.SW (SoftwareONE Holding) -- sets new 2030 financial targets including EBITDA margin above 28% - CMD
HAUTO.NO (Höegh Autoliners) -- May trading update: 1.2M cbm of transported cargo on prorated basis
RSUTA.SS (Rusta) -- reports Q4 EPS (SEK0.40) vs FactSet (SEK0.23) [3 est, (SEK0.34)-(0.14)]
Also reporting today
Earnings:
UK: Oxford Instruments (OXIG.LN), LBG Media (LBG.LN)
Other: Mavi Giyim Sanayi ve Ticaret (MAVI.E.TI)
Trading Update:
France: Groupe Partouche (PARP.FP)
UK: Bellway (BWY.LN)
M&A
NUVL (Nuvalent) -- GSK in talks to acquire Nuvalent for over $9B - FT
NESN.SW (Nestle) -- PAI Partners withdraws from bidding for Nestle's water business - Bloomberg
ORA.FP (Orange) -- acquires 100% ownership of MasOrange
KPN.NA (Royal KPN) -- KPN notes ACM prohibition of proposed Glaspoort acquisition
SAAB.B.SS (Saab) -- Omda acquires Saab's Public Safety Solutions for SEK15M upfront plus earn-out component limited to SEK45M
ELIS.FP (Elis) -- acquires RS10 in Spain; terms undisclosed
BMPS.IM (Banca Monte dei Paschi di Siena) -- initiates the preliminary assessment of offers from Banco BPM and Intesa Sanpaolo (post EU close)
ZAL.NO (Zalaris) -- Kona BidCo AS completes cash tender offer for Zalaris at NOK100/share; deal announced 13-Mar
Healthcare
AZN.LN (AstraZeneca) -- announces elecoglipron moves to Phase III program
AZN.LN (AstraZeneca) -- Transcript Intelligence: AstraZeneca at American Diabetes Association Scientific Session
ROP.SW (Roche Holding) -- Transcript Intelligence: Roche Holding at American Diabetes Association Scientific Session
LKFT.NA (Lakefront Biotherapeutics) -- appoints Eric Hedrick as Chief Medical Officer
ZLAB (ZAI Lab) -- Zai Lab's TIVDAK obtains China NMPA approval for recurrent/metastatic cervical cancer
DBV.FP (DBV Technologies) -- to present data from VITESSE study and preview recently initiated THRIVE study at EAACI Congress 2026
IDIA.SW (Idorsia) -- announces up to CHF 250M loan from Pharmakon
VICO.SS (Vicore Pharma Holding) -- Transcript Intelligence: Vicore Pharma Holding Business Update Call
ALBPS.FP (Biophytis) -- announces the official registration of its joint venture in Hong Kong, Biopharmaceutical Group Limited
IBAB.BB (Ion Beam Applications) -- receives FDA Investigational Device Exemption approval for first ConformalFLASH human clinical study
PHO.NO (PhotoCure) -- and Artera to partner on digital pathology AI test evaluation for Bladder Cancer
Other
TGS.NO (TGS-NOPEC Geophysical Co.) -- announce the award of an offshore wind site characterization contract in Europe
EUROB.GA (Eurobank SA) -- shareholders approve dividend of €0.07187/share (gross) (post EU close 8-Jun)
ASML.NA (ASML Holding) -- ASML warns EU against direct intervention in semiconductor supply chains as reducing reliance on foreign technology requires building stronger companies in EU - FT, citing CEO
UBSG.SW (UBS Group) -- Swiss lawmakers exploring new pitch to soften capital requirements on UBS - Reuters
RNO.FP (Renault) -- seeking to cap revenue from drone manufacturing and other defence ventures at 5% - FT
EPI.A.SS (Epiroc) -- Transcript Intelligence: Epiroc Capital Markets Day
MSG Entertainment enters MOU with Halmar International and Skanska - 8-K
Philippine Airlines looking to order as many as 20 widebody jets - Bloomberg
Rio Tinto increases community investment 30% to C$13M
Key rating changes
Downgrades
TATE.LN (Tate & Lyle) -- to neutral from outperform at BNP Paribas Exane
Initiations
BOL.SS (Boliden) -- sell at Goldman Sachs
DATA.LN (GlobalData) -- neutral at JPMorgan
ELN.IM (El.En.) -- buy at Stifel
Other Actions
PUIG.SM (Puig Brands) -- CORRECTION: Puig Brands reinstatement at Goldman Sachs was pre-open yesterday
Data
Nikkei +2.02% to 65320.50
Hang Seng +0.08% to 24677.17
Shanghai Composite +0.70% to 3987.16
S&P futures +23.5 vs prior close of 7416.0
€-$ +0.0012 or +0.10% to 1.1545
$-¥ (0.02) or (0.01%) to 160.15
€-¥ +0.16 or +0.09% to 184.90
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