Newsquawk Daily European Equity Opening News - 2nd March 2026

ASIA

APAC stocks were mostly pressured as all focus centred on geopolitics following the US and Israeli strikes on Iran, which killed its Supreme Leader and dozens of officials, while Iran responded with retaliatory strikes against the US and allies, including several neighbours in the Gulf. ASX 200 was rangebound with weakness seen in tech, financial and airlines stocks as the latter got a double whammy from flight disruptions and higher fuel costs, while energy stocks benefitted from the surge in oil due to the Iran conflict. Nikkei 225 fell beneath the 58,000 level as exporters suffered from the worsening geopolitical climate and disruption in the Strait of Hormuz, which the IRGC shut. Hang Seng and Shanghai Comp were mixed with heavy losses in Hong Kong due to tech weakness, while the mainland shrugged off early jitters and climbed ahead of the annual 'two sessions' in Beijing, where top officials are set to unveil economic strategies.

Sony (6758 JT) - Co. is fighting a GBP 2bln lawsuit that claims UK PlayStation users are overcharged for games, according to FT. (FT)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.51% at 6,130, Dax 40 +0.09% at 25,312, FTSE 100 +0.59% at 10,911, CAC 40 -0.47% at 8,581, FTSE MIB -0.46% at 47,210, IBEX 35 -0.73% at 18,361, PSI +0.09% at 9,276, SMI +0.94% at 14,045, AEX +0.45% at 1,027

SECTORS: Telecoms 2.28%, Healthcare 1.03%, Consumer Stpl 1.02%, Energy 0.45%, IT 0.10%, Utilities 0.05%, Industrials 0.04%, Materials 0.02%, Consumer Disc -0.82%, Financials -0.89%

FTSE 100

Barclays (BARC LN) - Tricolor bondholders sue JPMorgan (JPM), Barclays and Fifth Third (FITB). (Newswires)

FTSE 100 - Citi equity strategist Manthey, noted that: “The UK market is tilted heavily towards commodities and defensive sectors along with a sizable share of aerospace & defense, and thus serves as an effective ‘geopolitical hedge’ within equity portfolios". (Bloomberg)

UK Budget - UK Chancellor Reeves has received a GBP 22bln windfall ahead of her Spring update as tax receipts outperformed forecasts, according to Bloomberg; analysis of official data showed stronger than expected self-assessed income tax and sales levy revenues, alongside lower debt-interest spending, contributing to the improvement in the public finances. (Bloomberg)

UK Growth - Top academics warned that planned cuts to physics and astronomy funding risks undermining a key government strategy to harness innovation to boost economic growth, according to FT. (FT)

OTHER UK COMPANIES

BROKER MOVES

Centrica (CNA LN) downgraded to Hold from Buy at Jefferies

Unite (UTG LN) downgraded to Sell from Hold at Panmure Gordon

DAX

Bayer (BAYN GY) - Announced results from the ongoing global Phase I first-in-human, dose-escalation PAnTHa study (NCT06217822) evaluating the safety, tolerability and preliminary efficacy of 225Ac-PSMA-Trillium (BAY 3563254). The dose for expansion was successfully identified, with 80% of patients achieving a PSA50 response at the expansion dose. Data support advancing 225Ac-PSMA-Trillium to the next phase of development. (Bayer)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Airbus (AIR FP), Delta Air Lines (DAL) - Delta ordered 34 additional Airbus A321neo jets, exercising existing options as part of a fleet modernisation plan; the aircraft are scheduled for delivery from 2029. The purchase marks Delta’s third aircraft order in less than six weeks. (Delta)

Engie (ENGI FP) - The Co. is launching a capital increase of EUR 3bln to finance the acquisition of UK Power Networks. The French State will not participate in the capital increase. (Newswires)

Sanofi (SAN FP) - Sanofi’s rilzabrutinib earns orphan drug designation in Japan for IgG4-related disease. Designation based on positive data from a phase 2 study of rilzabrutinib in IgG4-RD. (Sanofi)

OTHER FRENCH COMPANIES

Exosens (EXENS FP) - Photonis Defense awarded U.S. Army BiNOD contract for advanced night vision solutions, a strategic milestone for Exosens’ expansion in the U.S. (Exosens)

BROKER MOVES

TotalEnergies (TTE FP) upgraded to Overweight from Neutral at JPMorgan

PAN EUROPE

Flughafen Wien (FLU AV) – FY 2025 (EUR): Revenue 1.13bln (exp. 1.12bln), EBITDA 412.4mln, -6.8% Y/Y. Dividend proposal EUR 1.65/shr (prev. EUR 1.65/shr). (Flughafen Wien)

Geopols - US and Israel launched a large-scale joint military operation against Iran on Saturday, 28th February; Iranian state television officially confirmed the death of Supreme Leader Ayatollah Ali Khamenei. Iran launched immediate retaliatory missile and drone attacks against Israel, and multiple US military installations across the Gulf and multiple Gulf states, including the UAE, Qatar, Kuwait and Bahrain. Energy names: Iran’s IRGC declared the Strait of Hormuz closed to international navigation until further notice; IRGC also announced on Sunday that they hit 3 US and UK oil tankers with missiles in the Gulf and Strait of Hormuz. Brent May'26 +6.3%

Shipping Insurance - Seven of the 12 members of the International Group of Protection and Indemnity Clubs will automatically terminate war-risk cover for ships entering the Persian Gulf, adjacent waters or Iranian waters from midnight London time on 5th March, Bloomberg reports. The move affects only war-risk insurance, with other coverage terms unchanged.

Renault (RNO FP), Stellantis (STLAM IM / STLAP FP) - French new car registrations fell 14.7% Y/Y in February to 120,764 vehicles, down from 141,570, reflecting weaker sales at Renault and Stellantis, according to the PFA. Registrations for the first two months of the year declined 11.1% to 227,921. (PFA)

BROKER MOVES

SMI

Roche (ROG SW) - Roche's FENhance 1 met its primary endpoint, showing investigational fenebrutinib significantly reduced relapses by 51% compared to teriflunomide in relapsing multiple sclerosis, consistent with FENhance 2 results showing 59% reduction. Secondary endpoints in both RMS studies show statistically significant and clinically meaningful reductions in brain lesions. (Roche)

UBS (UBSG SW) - NZZ reports, citing sources, that UBS plans to keep CEO Ermotti on beyond April 2027 to guide the Bank's pushback against the Swiss government's plans for tighter regulation. (NZZ)

OTHER SWISS COMPANIES

BROKER MOVES

Barry Callebaut (BARN SW) downgraded to Underweight from Neutral at JPMorgan; analysts suggest that shares have re-rated, and recent volume improvement is likely to take time to materialise.

SCANDINAVIA

Ericsson (ERICB SS) - Co. and Intel (INTC) collaborate to accelerate path to commercial AI native 6G. Comes amidst a broader announcement by NVIDIA, details in the US section

Nokia (NOKIA FH) - Nokia announced progress in its AI-RAN partnership with Nvidia (NVDA), including customer integrations and tests, working with BT (BT/ LN), Elisa, NTT DOCOMO and Vodafone Group (VOD). Nokia also launched Doksuri Remote Radio Heads under its AirScale portfolio. Separately, Nokia and Ericsson (ERIC) agreed to collaborate on intelligent automation, joining each other’s platforms to enable broader rApp availability across multivendor networks.

Novo Nordisk (NOVOB DC) - FDA approves Novo Nordisk's Sogroya as the first and only once-weekly, long-acting growth hormone for three additional pediatric indications. (Novo Nordisk)

BROKER MOVES

Lundbeck (HLUNB DC) upgraded to Hold from Underperform at Jefferies

Maersk (MAERSKB DC) upgraded to Neutral from Underperform at Bank of America; PT raised to DKK 16,500/shr (prev. DKK 13,000/shr)

Novo Nordisk (NOVOB DC) downgraded to Neutral from Buy by Goldman Sachs; PT cut to DKK 260/shr (prev. DKK 400 /shr)

Royal Unibrew (RBREW DC) downgraded to Hold from Buy at Danske Bank

US

CLOSES: SPX -0.43% at 6,879, NDX -0.30% at 24,960, DJI -1.05% at 48,977, RUT -1.68% at 2,632

SECTORS: Technology -2.17%, Financials -1.99%, Consumer Discretionary +0.03%, Industrials +0.23%, Real Estate +0.50%, Materials +0.80%, Utilities +1.07%, Communication Services +1.44%, Consumer Staples +1.51%, Energy +1.68%, Health +1.77%.

Apple (AAPL) - Apple has reportedly placed key OLED panel orders with Samsung Display for its first foldable iPhone, aiming to reduce crease depth to below 0.15mm — roughly one-quarter that of rival foldables, Digitimes reports. The device, referred to as the 'iPhone Fold', is positioned as a near crease-free model and is expected to potentially debut in Autumn 2026, alongside Apple’s broader product lineup, the report adds.

Berkshire Hathaway (BRK) - Q4 operating earnings USD 10.2bln (vs 14.56bln Y/Y); operating earnings decline was driven by a 54% Y/Y fall in insurance underwriting profit (to USD 1.56bln) and a near 25% Y/Y drop in insurance investment income (to USD 3.1bln). FY25 operating earnings were USD 44.49bln (vs USD 47.44bln in FY24). Overall Q4 earnings were USD 19.2bln, including a USD 4.5bln impairment. Cash totalled USD 373.3bln at year-end, with no share buybacks in the quarter. CEO Greg Abel said the company continues to assess investment opportunities and will repurchase shares when below intrinsic value, while keeping a concentrated US equity portfolio; in his first shareholder letter, he pledged to uphold Berkshire’s culture, disciplined investing and a “fortress-like” balance sheet, while he also reiterated his opposition to dividends, and kept buyback criteria unchanged.

Nvidia (NVDA) - Nvidia announced a commitment with Booz Allen (BAH), BT Group (BT/ LN), Cisco (CSCO), Deutsche Telekom (DTE GY), Ericsson (ERICB SS), MITRE, Nokia (NOKIA FH), OCUDU Ecosystem Foundation, ODC, SK Telecom, SoftBank (SFTBY) and T-Mobile (TMUS) to develop 6G wireless networks on AI-native, open and secure platforms. The initiative aims to advance AI-RAN and transform telecom networks into AI infrastructure, according to CEO Huang. (Nvidia)

02 Mar 2026 - 06:56- Geopolitical- Source: Newsquawk