Newsquawk Daily European Equity Opening News - 24th March 2026

ASIA

APAC stocks took their cues from the positive performance on Wall Street, where the major indices rallied, and oil dropped after US President Trump announced US-Iran conversations and a five-day halt of strikes against Iranian energy infrastructure, while Iran denied the talks and called it fake news. Nonetheless, stocks gained in Asia but are well off their earlier highs as the conflict persisted overnight, while oil prices also partially rebounded amid news that gas-related facilities were hit in strikes on Isfahan in central Iran, where offices belonging to a gas company and a gas pressure reduction station were damaged. ASX 200 climbed at the open with outperformance in mining, materials and resources, although the index eventually pared the majority of gains with losses seen in tech and financials, while flash PMI data weakened. Nikkei 225 traded higher but had given back a chunk of the earlier spoils and briefly returned to beneath the 52,000 level with headwinds seen as oil prices partially rebounded from yesterday's slump. Hang Seng and Shanghai Comp gained with outperformance in Hong Kong amid tech strength and with attention on earnings.

Nintendo (7974 JT) - Co. reportedly cuts Switch 2 output by over 30% on weak holiday sales.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.42% at 5,579, Dax 40 +0.96% at 22,595, FTSE 100 -0.15% at 9,903, CAC 40 +0.79% at 7,726, FTSE MIB +0.91% at 43,230, IBEX 35 +1.04% at 16,888, PSI +0.25% at 8,779, SMI +0.61% at 12,411, AEX +0.53% at 967

SECTORS: IT 2.41%, Financials 1.51%, Industrials 1.50%, Materials 1.35%, Consumer Disc 1.16%, Healthcare -0.24%, Telecoms -0.54%, Consumer Stpl -0.93%, Utilities -1.15%, Energy -2.90%

FTSE 100

Lloyds (LLOY LN) / Close Brothers (CBG LN) – The FT writes that banks and claims management companies are set to challenge the FCA’s GBP 11bln car finance redress scheme. Sources cited by the FT suggest that banks and car finance providers have “set aside billions”, calling the FCA’s plans as “too generous”. The FCA is expected to publish details on the scheme on Friday, 27th March 2026. (FT)

OTHER UK COMPANIES

BROKER MOVES

DAX

Bayer (BAYN GY) - Activist investor Inclusive Capital Partners is seeking to sell about 8.5mln Bayer shares in a placing arranged by JPMorgan, according to terms seen by Bloomberg. The stake is worth about EUR 327mln, based on Bayer’s closing price on Monday. (Bloomberg)

BMW (BMW GY) - BMW is recalling 179,527 vehicles in China over improperly routed air-conditioning wiring harnesses that could be damaged during air-filter replacement and, in extreme cases, cause a short circuit and fire. The recall covers domestically produced and imported 5 Series, 7 Series and M5 models. BMW will inspect, re-secure or replace affected harnesses free of charge. (BMW)

Continental (CON GY) - Apollo and Bain are reportedly among bidders for Continental's industrial unit, according to sources. (Bloomberg)

OTHER GERMAN COMPANIES

BROKER MOVES

BASF (BAS GY) upgraded to Buy from Hold at Deutsche Bank

Bechtle (BC8 GY) upgraded to Buy from Hold at Berenberg

Brenntag (BNR GY) upgraded to Buy from Hold at Deutsche Bank

Thyssenkrupp (TKA GY) upgraded to Equal Weight from Underweight at Morgan Stanley

Salzgitter (SZG GY) upgraded to Equal Weight from Underweight at Morgan Stanley

SAP (SAP GY) downgraded to Neutral from Overweight at JP Morgan

CAC

Sanofi (SAN FP) – Co. and Regeneron’s (REGN) Dupixent approved in Japan as the first targeted medicine to treat adults with bullous pemphigoid. Elsewhere, Sanofi discloses Q1 FX impacts is estimated at -8% on Revenue and -9% on business EPS. (Sanofi)

TotalEnergies (TTE FP) – US Interior Secretary Burgum said that it will reimburse Total Energies USD 928mln, for the cost of its two offshore wind leases, and instead wants Total Energies to use the money to invest in producing oil and gas. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

Banca Monte dei Paschi (BMPS IM) - Monte Paschi’s board will continue reviewing potential steps regarding CEO Luigi Lovaglio on Tuesday, according to Bloomberg. Directors on Monday discussed whether he can remain after he agreed to seek another term despite the lender’s plan to replace him, and requested a legal assessment before adjourning. (Bloomberg)

EU-Australia - The EU and Australia agreed a free-trade deal, concluding almost a decade of negotiations, removing most bilateral tariffs and giving the EU greater access to Australian critical minerals. The EU will eliminate about 98% of duties on Australian goods exports, while Australia will remove more than 99% of tariffs on EU goods. The agreement was announced in Canberra by Australia PM Albanese and European Commission President von der Leyen. After adoption by the European Council, it must be signed by both sides and ratified by their parliaments before entering into force. (Newswires)

European Autos - European new-car registrations rose 1.7% Y/Y in February to 979,321 units (vs prev. -3.5% Y/Y in January) as buyers shifted toward EVs, supported by new subsidies and more affordable models. Sales increased in Germany, Spain, Italy and the UK, offsetting a near 15% decline in France, ACEA said. Tesla’s (TSLA) registrations rose 11.8%, ending a 13-month fall, while BYD’s (BYDDY) more than doubled and both held 1.8% share. Volkswagen (VOW3 GY) and Stellantis (STLAM IM/STLAP FP) gained, Renault (RNO FP) fell, and EU electrified-car registrations reached 67% of total, Reuters said. (Reuters)

Global Winemakers - China’s crackdown on drinking at official events is hurting the global wine trade, WSJ reports. President Xi’s stance is a stricter anti-extravagance push that curbs alcohol at official events, discouraging banquet-driven consumption, the article notes. Treasury Wine Estates said in December it had excess wine worth about USD 150mln in distributor warehouses in China. Grace Vineyards, a family-run Chinese winery, was unprofitable last year as its business declined. (WSJ)

Geopols - Gas-related facilities said to be hit in strikes on Isfahan in central Iran, in which offices belonging to a gas company and a gas pressure reduction station were damaged in a US-Israeli attack on Isfahan in central Iran, according to Fars News Agency. (Fars News Agency)

Leonardo (LDO IM) / Leonardo DRS (DRS) - Leonardo DRS has been awarded an engineering solutions contract for the Advanced Technology Support Program V (ATSP5) to support the U.S. military in rapidly fielding emerging technologies. The indefinite-delivery, indefinite-quantity, multiple award contract has a total potential value of more than USD 25bln over ten years. (Leonardo DRS)

Puig (PUIG SM) / Estee Lauder (EL) – Estee Lauder confirms that it is in discussions regarding a potential business combination with Puig. No final decision has been made, and no agreement has been reached. Follows reports from the FT on Monday

Telecom Italia (TIT IM) - Co. confirms takeover offer from Poste Italiane and has begun evaluating the offer. (Telecom Italia)

BROKER MOVES

Akzo Nobel (AKZA NA) downgraded to Hold from Buy at Deutsche Bank

SMI

Roche (ROP SW) – Co. launches the cobas eplex respiratory pathogen panel 3, a fast and comprehensive test to help clinicians treat patients with respiratory infections, in CE markets. (Roche)

OTHER SWISS COMPANIES

BROKER MOVES

Givaudan (GIVN SW) downgraded to Hold from Buy at Deutsche Bank

SIG Group (SIGN SW) initiated with Buy at Goldman Sachs

SCANDINAVIA

Equinor (EQNR NO) - Equinor is seeking to expand its US shale-gas business as it reshapes its global portfolio, Bloomberg reports; the company is primarily looking in the Marcellus area for opportunities that would build on its existing base and add longevity to the portfolio. (Bloomberg)

Telenor (TEL NO) – Co. affirms its FY26 Nordics Organic Service Revenue “low single digit growth”. (Telenor)

BROKER MOVES

Stora Enso (STERV FH) initiated with Sell at Goldman Sachs

UPM (UPM FH) initiated with Neutral at Goldman Sachs

US

CLOSES: SPX +1.15% at 6,581, NDX +1.22% at 24,189, DJI +1.38%, RUT 2.29%

SECTORS: Health +0.03%, Consumer Staples +0.37%, Real Estate +0.62%, Communication Services +0.69%, Financials +0.86%, Utilities +1.03%, Energy +1.14%, Industrials +1.16%, Technology +1.46%, Materials +1.49%, Consumer Discretionary +2.46%.

Gilead (GILD) - Gilead Sciences agreed to acquire privately held Ouro Medicines for around USD 1.7bln, adding clinical-stage BCMAxCD3 T-cell engager gamgertamig, for autoimmune diseases, to its inflammation portfolio. Gilead said gamgertamig has shown efficacy and a differentiated safety profile in Phase 1/2 studies in AIHA and ITP, has Fast Track and Orphan Drug designations, and is expected to enter registrational studies in 2027. (Gilead)

24 Mar 2026 - 06:55- Research Sheet- Source: Newsquawk