Newsquawk Daily European Equity Opening News - 10th March 2026

ASIA

APAC stocks rose with global risk sentiment underpinned after oil price pressures eased on a potential G7 joint release of emergency reserves, and with relief seen after US President Trump said the war in Iran could end very soon. ASX 200 rallied with gains led by outperformance in miners, materials, tech and healthcare, while there was little reaction seen to the improved consumer sentiment and mixed business surveys. Nikkei 225 reclaimed the 54,000 status amid softer yields and as exporters cheered the pullback in energy prices. There were also several data releases, including the final Q4 GDP, which either matched the preliminary numbers or were revised upwards, although Household Spending disappointed. Hang Seng and Shanghai Comp were in the green, although the mainland bourse lagged behind its regional peers after reports that the US and China clashed over fentanyl and tariffs at a global drugs meeting, while the Trump administration told Beijing it expects to reimpose the fentanyl-related levy ⁠under a different law.

Chinese Data - Chinese Balance of Trade (Jan-Feb) 213.62B vs. Exp. 179.6B (Prev. 114.10B, Rev. From 114.1B); Imports YoY (Jan-Feb) Y/Y 19.8% vs. Exp. 6.3% (Prev. 5.7%); Exports YoY (Jan-Feb) Y/Y 19.2% vs. Exp. 7.1% (Prev. 6.6%). (Newswires)

TSMC (TSM / 2330 TT) - TSMC said January and February revenue rose +30% Y/Y to TWD 718.9bln, supported by AI infrastructure demand before conflict in the Middle East. February sales increased 22%, with growth affected by Lunar New Year holidays. Bloomberg notes that analysts expect Q1 growth of 33%.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.54% at 5,689, Dax 40 -0.83% at 23,394, FTSE 100 -0.34% at 10,250, CAC 40 -0.98% at 7,915, FTSE MIB -0.29% at 44,025, IBEX 35 -0.86% at 16,928, PSI -0.78% at 8,876, SMI -1.08% at 12,955, AEX +0.27% at 983.

SECTORS: Energy 1.92%, Healthcare -0.13%, IT -0.17%, Utilities -0.32%, Financials -0.57%, Consumer Stpl -0.67%, Industrials -1.08%, Telecoms -1.14%, Consumer Disc -1.40%, Materials -1.52%

FTSE 100

Rio Tinto (RIO LN) - Mongolia’s government is seeking to renegotiate a loan from Rio Tinto used to fund its share of developing the Oyu Tolgoi copper/gold mine, the FT reports. The government wants a lower interest rate on the loan, and a lower annual mine-management fee paid to Rio. (FT)

UK BRC - UK BRC Retail Sales Monitor YoY (Feb) Y/Y 0.7% vs. Exp. 2.4% (Prev. 2.3%). (BRC)

UK Banks - UK finance-sector workers may benefit from the Employment Rights Act, under which the Labour government will remove the financial cap on unfair dismissal claims on 1st January, Bloomberg reports. Employment tribunals currently can award up to GBP 118,223 for wrongful dismissal, a level below the annual earnings of many City of London employees. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

DAX

Volkswagen (VOW3 GY) – FY 2025 (EUR): Op. Result 8.9bln (exp. 9.55bln, prev. 19.1bln Y/Y), Revenue 321.9bln (exp. 324.65bln, prev. 324.7bln Y/Y), Op. RoS +2.8% (prev. +5.9% Y/Y), Op. Margin 2.8% (exp. 2.9%), Vehicle Sales 9mln (prev. 9mln Y/Y). Decline in Operating Result was attributable to U.S. tariffs, expenses in connection with the adjustment of the Porsche product strategy, currency effects and price/mix effects. Proposed dividend of EUR 5.26/preferred share for 2025, -17% Y/Y. Outlook: Guides initial FY26 Revenue flat to +3%, Op. RoS 4.0-5.5%. Challenges are expected in particular from the macroeconomic environment, uncertainties regarding restrictions in international trade and geopolitical tensions, increasing competitive intensity, volatile commodity, energy and foreign exchange markets, as well as high requirements resulting from emissions-related regulations. Notes it will launch an affordable electric mobility with premium tech in 2026. 50,000 jobs due to be cut by 2030 across the group in Germany. (Volkswagen)

OTHER GERMAN COMPANIES

Evotec (EVT GY) – FY 2025 (EUR): Adj. EBITDA 41mln (exp. 29.8mln), Revenue 788mln (prev. guided 760-800mln). FY Outlook: Revenue 700-780mln (exp. 827.7mln). (Evotec)

Hugo Boss (BOSS GY) – FY 2025 (EUR): Revenue 4.27bln (exp. 4.2bln), EBIT 391mln (prev. 361mln Y/Y). Guides initial FY26 Sales 4.27bln (exp. 3.89bln), EBIT 300-350mln. Announces share buyback in an amount of up to EUR 200mln until year end 2027. Proposed legal minimum dividend of EUR 0.04 per share for fiscal year 2025 to preserve financial flexibility. Region: In Asia/Pacific, sales decreased 5% currency-adjusted, mainly reflecting subdued local demand in China. In the fourth quarter, sales improved sequentially to -1% currency adjusted, with growth in Southeast Asia & Pacific largely compensating for a moderate revenue decline in China. In the Americas, currency-adjusted revenues grew 3% for the full year. (Hugo Boss)

Nordex (NDX1 GY) - Nordex Group receives orders from WPD totalling nearly 280 MW in Germany. (Nordex)

BROKER MOVES

CAC

Airbus (AIR FP) - (Feb): Deliveries 35, Gross orders 28; Jan-Feb: Deliveries 54, booked 77 gross aircraft orders and 77 net aircraft orders. (Airbus)

BNP Paribas (BNP FP) – Co. raises EUR 540mln for first GP Stakes business. (BNP Paribas)

Renault (RNO FP) – Co. launches futuREady opening a new strategic era. Aims to generate consistently robust and resilient financial results, with a Group operating margin of between 5% and 7% of revenue and an Automotive free cash flow superior or equal to EUR 1.5bln per year on average. Elsewhere, ahead of an investor day, Renault said 16 of the 22 vehicles it plans to introduce in Europe by 2030 will be fully electric. The automaker also plans to launch 14 new vehicles outside Europe, where it is seeking more growth, as consumers face higher fuel prices.(Renault / Bloomberg)

OTHER FRENCH COMPANIES

Ipsen (IPN FP) - Ipsen voluntarily withdraws Tazverik (tazemetostat) in follicular lymphoma and epithelioid sarcoma. Notes that the risks may outweigh potential benefits for patients within this treatment regimen. (Ipsen)

BROKER MOVES

Hermes (RMS FP) upgraded to Buy from Hold at Kepler Cheuvreux

PAN EUROPE

Geopols - US trade saw a late boost to sentiment after US President Trump said the war could be over soon and that he thinks the war is very complete, pretty much as Iran has no navy, no communications, and have no air force, while he added that the US is “very far” ahead of his initial 4-5 week estimated time frame". Iran's Revolutionary Guards said they will not allow a single litre of oil to be exported from the region if the US and Israeli attacks continue, while it added that they will determine how and when the war ends, and stated that US President Trump's comments about Iran were nonsense. (Newswires)

BROKER MOVES

SMI

Partners (PGHN SW) – FY 2025 (CHF): Revenue 2.56bln (exp. 2.56bln), Net Income 1.26bln (prev. 1.13bln Y/Y). Proposed dividend of CHF 46.00/shr, +10% Y/Y. Reconfirmed guidance of expected gross new client demand. (Partners)

Xencor (XNCR), Roche (ROG SW) - Xencor said it received notice from Genentech terminating their amended collaboration and licence agreement for convenience, effective 4th September 2026. Roche had already removed efbalropendekin alfa, the only active collaboration product, from its pipeline. Xencor had ceased cost-sharing development in H1 2024 after opting out of co-development. (Xencor)

OTHER SWISS COMPANIES

Galenica (GALE SW) – FY 2025 (CHF): Sales 4.14bln (prev. 3.92bln, +5.5% Y/Y), Adj. EBIT 235mln (exp. 231.7mln, prev. 211mln Y/Y), sees FY26 sales growth between 5-7% and raises its 2027 Adj. EBIT to 270mln (prev. guided 250mln). (Galenica)

Lindt (LISN SW) – FY 2025 (CHF): Sales 5.92bln (exp. 5.9bln, prev. 5.47bln Y/Y), Net Income 727mln (prev. 672mln Y/Y). Proposed dividend: CHF 1,800 per registered share and CHF 180 per participation certificate (prev. CHF 1,500 per registered share, CHF 150 per participation certificate). Sees FY26 sales growth between 4-6% (prev. guided 6-8%) due to geopolitical tensions; also announced a CHF 1bln share buyback. (Lindt)

Flughafen Zurich (FGHN SW) – FY 2025 (CHF): Revenue 1.36bln (prev. 1.33bln Y/Y), EBITDA 762.2mln (prev. 733mln Y/Y). At the Zurich site, passenger growth of between 2.0% and 3.0% is expected for 2026, which corresponds to a passenger volume of over 33mln passengers. (Flughafen Zurich)

BROKER MOVES

SCANDINAVIA

Novo Nordisk (NOVOB DC), Prothena (PRTA) - Prothena said it earned a USD 50mln milestone payment from Novo Nordisk after reaching a prespecified enrolment target in the ongoing Phase 3 CLEOPATTRA trial of coramitug, an amyloid depleter antibody for ATTR amyloidosis with cardiomyopathy. Novo Nordisk is studying coramitug in about 1,280 ATTR-CM participants, with primary completion expected in 2029. (Prothena)

Mowi (MOWI NO) – Co. enters into Transaction Agreement to purchase Torghatten Aqua's salmon farming seawater business. (Mowi)

Skanska (SKAB SS) – Co. builds a data center in the US for around SEK 1.7bln. (Skanska)

BROKER MOVES

Kone (KNEBV FH) upgraded to Hold from Sell at DNB Markets

Novo Nordisk (NOVOB DC) downgraded to Hold from Buy at TD Cowen

Orion (ORNBV FH) upgraded to Buy from Hold at Danske Bank

US

CLOSES: SPX +0.84% at 6,797, NDX +1.32% at 24,967, DJI +0.50% at 47,741, RUT +1.05% at 2,552.

SECTORS: Technology +1.80%, Communication Services +1.13%, Health +0.95%, Consumer Staples +0.57%, Industrials +0.56%, Materials +0.31%, Real Estate +0.23%, Utilities +0.19%, Consumer Discretionary +0.11%, Energy -0.43%, Financials -0.52%.

Hewlett Packard Enterprise (HPE) - HPE shares rose 1.4% in extended trading after it lifted its outlook for networking revenue and reported a surge in enterprise AI server orders driven by rising AI-driven demand for connectivity. Q1 adj. EPS 0.65 (exp. 0.59), Q1 revenue USD 9.3bln (exp. 9.35bln). Exec said data-centre switching orders rose +40% and routing orders increased by the mid-20% range, while highlighting a significant increase in enterprise AI server orders, reflecting strong demand. CEO said the result reflected the newly combined networking innovation and effective operational discipline in a dynamic commodity supply environment. Sees Q2 adj. EPS between 0.51-0.55 (exp. 0.53), Q2 revenue between USD 9.6-10.0bln (exp. 9.56bln); sees FY26 adj. EPS between 2.30-2.50 (exp. 2.36), and FY26 revenue growth between +17-22%. (Hewlett Packard Enterprise)

Microsoft (MSFT) - Strategy EVP Kathleen Hogan sold 12.3K shares on 6th March, for a total USD 5.05mln. (Newswires)

10 Mar 2026 - 06:58- Geopolitical- Source: Newsquawk