Newsquawk Daily European Equity Opening News - 31st March 2026

ASIA

APAC stocks were mixed with some indecision seen amid fluctuations in oil and mixed geopolitical headlines, including US President Trump's threats to obliterate Iran's energy infrastructure if a deal is not made soon, although he was also reported to have told aides he is willing to end the military operation in Iran without reopening Hormuz. ASX 200 rallied with gains led by strength in tech, telecoms and financials, while there was little impact from the RBA minutes, which stated that board members agreed financial conditions needed to be restrictive and that a further tightening would likely be needed, but disagreed on whether to hike at the meeting. Furthermore, members agreed that it is not possible to predict the future path of the cash rate with any confidence, given the Middle East conflict. Nikkei 225 retreated at the open but is off lows amid mixed data and fluctuations in oil. Hang Seng and Shanghai Comp failed to sustain early gains and dipped into negative territory despite better-than-expected Chinese official PMI data, and with participants reflecting on a deluge of earnings releases.

Chinese Data - Chinese NBS Manufacturing PMI (Mar) 50.4 vs. Exp. 50 (Prev. 49.0, Low. 48.8, High. 50.5); Non Manufacturing PMI (Mar) 50.1 vs. Exp. 49.9 (Prev. 49.5); NBS General PMI (Mar) 50.5 vs. Exp. 50.2 (Prev. 49.5)

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +0.70% at 5,544, Dax 40 +1.18% at 22,563, FTSE 100 +1.61% at 10,128, CAC 40 +0.92% at 7,772, FTSE MIB +1.02% at 43,823, IBEX 35 +0.99% at 16,969, PSI +2.11% at 9,070, SMI +0.82% at 12,674, AEX +0.44% at 964.

SECTORS: Utilities 3.06%, Energy 2.57%, Materials 1.79%, Telecoms 1.67%, Consumer Stpl 1.42%, Healthcare 1.16%, Financials 0.95%, Consumer Disc 0.81%, Industrials 0.29%, IT -1.06%

FTSE 100

HSBC (HSBA LN) / BlackRock (BLK) - Co. looks at HSBC Canary Wharf Tower for its London headquarters, according to FT. (FT)

UK BRC - UK BRC Shop Price Inflation (Mar) 1.2% vs. Exp. 1.3% (Prev. 1.1%)

UK Motor Finance / Lloyds (LLOY LN) / Close Brothers (CBG LN) - UK says lenders face GBP 7.5bln car loan redress bill vs. prior GBP 8.2bln; FCA says estimated total bill to firms is down from 11bln to 9.1bln. (FCA)

Unilever (ULVR LN) / McCormick (MKC) - McCormick’s board met on Monday afternoon to review the transaction with Unilever to combine their food businesses, and an announcement could come as soon as Tuesday, WSJ reports. The deal is a cash-and-stock deal that would create a food company worth about USD 60bln including debt. (WSJ)

OTHER UK COMPANIES

BROKER MOVES

Diageo (DGE LN) upgraded to Buy from Hold at Deutsche Bank

DAX

Deutsche Bank (DBK GY) - Former Deutsche Bank manager Michele Faissola sued the bank in London for at least GBP 473mln, alleging he was wrongly blamed for the Monte Paschi (BMPS IM) accounting scandal, Bloomberg reports; other former employees are also suing, with total claims of at least GBP 664mln. Separately, Deutsche named Joe Lai head of investment banking and capital markets for APAC, succeeding Mayooran Elalingam, who will focus on senior client relationships and strategy development, Bloomberg reports. (Bloomberg)

German Fiscal - Germany could cut more than EUR 60bln in healthcare costs by 2030 via measures including limits on doctors’ pay, lower drug costs and shifting welfare recipient financing; the options were proposed by a commission for Chancellor Merz’s government to address a public health-insurance fiscal gap which could reach EUR 40bln by the end of the decade. (Bloomberg) 

OTHER GERMAN COMPANIES

Nordex Group (NDX1 GY) – Co. receives 42 MW order From Max Bögl in North Rhine-Westphalia, Germany. (Nordex)

BROKER MOVES

BASF (BAS GY) downgraded to Hold from Buy by Kepler Cheuvreux

CAC

Kering (KER FP) - Kering announced the completion of its initial acquisition of a 20% stake in Raselli Franco Group, one of the largest global independent luxury jewellery manufacturers in Europe, for a total consideration of EUR 115mln. (Kering)

Sanofi (SAN FP) - Sanofi’s Rezurock approved in the EU to treat chronic graft-vs-host disease. (Sanofi)

OTHER FRENCH COMPANIES

Casino (CO FP) – Final FY 2025 (EUR): Sales 8.26bln (exp. 8.32bln), Adj. EBITDA 655mln (prev. 576mln Y/Y). (Casino) Prelim results released on 26th Feb 2026

BROKER MOVES

PAN EUROPE

Aena (AENA SM) – Acquires 100% stake of the concessionaire company of Rio Galeão Airport, for approximately EUR 483mln. The closing of the transaction is expected to take place in the second half of 2026. (Aena)

Geopols - US President Trump reportedly told aides he's willing to end the war without reopening the Strait of Hormuz, according to the WSJ. US Secretary of State Rubio presented a plan at last week's G7 foreign ministers' meeting for the Strait of Hormuz to be run by a multinational coalition, while he stressed there would be “no fees, and free circulation” through the shipping route. (WSJ / Newswires)

UCB (UCB BB) - European Commission approves KYGEVVI (doxecitine and doxribtimine) as first and only treatment for Thymidine Kinase 2 Deficiency (TK2d). (UCB)

WDP (WDP BB) - WDP obtains full ownership of Luxembourg platform through asset swap with Luxembourg State. (WDP)

BROKER MOVES

SMI

UBS (UBSG SW) – The FT reports that Swiss lawmakers have signalled some compromise on its USD 22bln capital plan. A decision could be published by April, as parliament gets ready for debate on foreign capital requirements. (FT)

OTHER SWISS COMPANIES

Swiss Prime Site (SPSN SW) – Co. appoints Martina Moosmann as its new Chief Financial Officer, effective April 15. (Swiss Prime Site)

Sonova (SOON SW) – Co. partners with Singapore Economic Development Board to accelerate innovation and profitable growth across APAC. (Sonova)

VAT (VACN SW) – Co. notes of very strong order intake in Q1’26. Notes that conflict-related disruptions in the supply chain and adjustments to customer configurations led to delayed revenue recognition. VAT now expects sales for the first quarter of around CHF 215mln (prev. guided 240-260mln). Positive outlook for business year 2026 confirmed. (VAT)

BROKER MOVES

Givaudan (GIVN SW) downgraded to Hold from Buy at Berenberg

Sonova (SOON SW) upgraded to Neutral from Underweight at JPMorgan

SCANDINAVIA

Elisa (ELISA FH) downgraded to Sell from Hold at Nordea

BROKER MOVES

Demant (DEMANT DC) upgraded to Buy from Hold at Danske Bank

US

CLOSES: SPX -0.39% at 6,344, NDX -0.78% at 22,953, DJI +0.11% at 45,217, RUT -1.51% at 2,413.

SECTORS: Financials +1.10%, Utilities +0.66%, Consumer Staples +0.57%, Real Estate +0.38%, Communication Services +0.38%, Health +0.36%, Materials +0.35%, Consumer Discretionary +0.06%, Energy -0.87%, Technology -1.49%, Industrials -1.61%.

US Defence Budget - Key details of the US fiscal 2027 defence budget will be released on 21st April, Bloomberg reports citing a US defense official; a broad overview of the proposed USD 1.5tln defence plan is due on 3rd April. (Bloomberg)