Newsquawk Daily European Equity Opening News - 29th May 2026

APAC stocks headed into month-end on the front foot as the region took impetus from the gains stateside, where the S&P 500 and Nasdaq 100 posted fresh record highs amid reports of a tentative agreement regarding an MOU for a 60-day US-Iran ceasefire extension and to launch negotiations on Iran's nuclear programme, although it still needs approval from US President Trump, while Iranian sources also pushed back and stated it was not finalised. ASX 200 was led higher by outperformance in the mining, materials and resources industries, while the energy and defensive sectors were at the other end of the spectrum as geopolitics and oil moves remained the main catalyst for price action. Nikkei 225 rallied back above the 66,000 level amid lower oil prices and following a slew of data, including softer Tokyo CPI, lower Unemployment, and better-than-expected industrial output & retail sales. Hang Seng and Shanghai Comp were mixed as the mainland lagged and with headwinds from earnings, as automakers were pressured following weak results from XPeng, while sentiment was also not helped by trade frictions, with the EU set to discuss restrictions on Chinese imports.

CLOSES: Euro Stoxx 50 -0.32% at 6,051, Dax 40 -0.54% at 25,083, FTSE 100 -0.87% at 10,414, CAC 40 -0.19% at 8,192, FTSE MIB +0.44% at 49,799, IBEX 35 -0.62% at 18,268, PSI -0.32% at 9,107, SMI -0.98% at 13,493, AEX -0.21% at 1,038.

SECTORS: IT 1.07%, Energy 0.25%, Consumer Disc 0.22%, Materials 0.12%, Industrials -0.12%, Healthcare -0.63%, Telecoms -0.91%, Utilities -1.17%, Financials -1.25%, Consumer Stpl -1.37%

AstraZeneca (AZN LN) - Co. announced high-level results from the VOLGA Phase III trial, showing that perioperative treatment with IMFINZI in combination with neoadjuvant enfortumab vedotin demonstrated statistically significant and clinically meaningful improvements in event-free survival and overall survival in patients with muscle-invasive bladder cancer who were ineligible for or had declined cisplatin-based chemotherapy. (AstraZeneca)

DCC (DCC LN) - Sky News reports that the KKR consortium is looking into a GBP 5.5bln bid for DCC. (Sky News)

OTHER UK COMPANIES

Balfour Beatty (BBY LN) - Co. awarded a GBP 83mln contract to build Forres Academy in Scotland. (Balfour Beatty)

BROKER MOVES

Currys (CURY LN) downgraded to Hold from Buy at Deutsche Bank

B&M European (BME LN) downgraded to Sell from Hold at Deutsche Bank

Infineon (IFX GY) - Co. has joined NVIDIA's MGX AI Factory ecosystem to help transform power delivery for next-generation AI data centers. (Infineon)

Qiagen (QIA GY) - Co. has announced the availability of two custom-designed research-use-only (RUO) digital PCR assays to support infectious disease research and surveillance efforts related to the Bundibugyo ebolavirus outbreak. (Qiagen)

OTHER GERMAN COMPANIES

BROKER MOVES

Airbus (AIR FP) - Airbus signs agreements with strategic partners at heart of Canada's defence industry. (Airbus)

Eiffage (FGR FP) - Co. signs a 12-year pact with EDF unit Arabelle to make nuclear heat exchanger components in France. (Eiffage)

LVMH (MC FP) / Hermes (RMS FP) - French prosecutors placed Alexandre Montavon under formal investigation, after they suspected him of having "participated in the misappropriation ⁠of Nicolas Puech's Hermes shares for the benefit of LVMH", Reuters reports citing an email. (Reuters)

OTHER FRENCH COMPANIES

Eurazeo (RF FP) - Acquires a majority stake in T1A Group; terms undisclosed. (Eurazeo)

Sopra Steria (SOP FP) - Expansion in aerospace with the proposed acquisition of the Manufacturing Engineering business from Daher Industrial Services a Group Dahersubsidiary; exp. to close in H2, with no terms disclosed. (Sopra Steria)

BROKER MOVES

EU Chips - The EU is planning a rebooted Chips Act 2.0 requiring EUR 120bln in public-private investment by 2035, according to Bloomberg. The revamped law will prioritise demand-side measures, in contrast to the supply-driven original 2023 act, which failed to grow the bloc's market share. Plans include a EUR 30bln foundry for AI semiconductors and advanced 3-nanometer chips, with the proposals due to be presented to lawmakers next week. (Bloomberg)

EU-China - The EU is to reportedly discuss restrictions on Chinese imports, The Guardian reports; no decision is to be made on Friday but talks would help align the commission's thinking and address Chinese overproduction. China will retaliate against EU's overcapacity tool and may probe EU supply chains, according to state-linked Yu Yuantan. (The Telegraph / Yu Yuantan)

BROKER MOVES

OTHER SWISS COMPANIES

BROKER MOVES

BROKER MOVES

Elekta (EKTAB SS) downgraded to Hold from Buy at SEB

Orkla (ORK NO) downgraded to Sell from Neutral at UBS

CLOSES: SPX +0.57% at 7,563, NDX +0.84% at 30,224, DJI +0.05% at 50,670, RUT +0.57% at 2,937.

SECTORS: Health +1.41%, Technology +1.34%, Consumer Discretionary +0.54%, Materials +0.24%, Communication Services +0.12%, Energy -0.14%, Industrials -0.27%, Financials -0.28%, Real Estate -0.47%, Consumer Staples -0.50%, Utilities -1.13%.

Dell Technologies Inc. (DELL) - Q1 2027 (USD): Adj. EPS 4.86 (exp. 2.89), Revenue 43.84bln (exp. 34.95bln). Guidance: Raises FY27 AI server revenue to about USD 60bln (prev. about USD 50bln). FY revenue 165-169bln (prev. 138-142bln). Q2 adj. EPS 4.80 (exp. 2.98). FY adj. EPS 17.90 (exp. 13.09).