European Equity pre-Market Summary - 8th September 2026: Novartis does not meet Phase 3 primary endpoint; European equity futures indicative of a slightly lower open, as energy picks up

Stories:

• Rio Tinto (RIO LN): Bloomberg reports, citing sources, that China's CMRG has told some steel mills to pause purchases of Rio's Pilbara blend as negotiations between the two Cos are at a key stage.
• Airbus (AIR FP): Co. announced its April delivery figures: Deliveries 57, Orders 67, Deliveries to date 475 (prev. 434 Y/Y).
• Deutsche Telekom (DTE GY), Orange (ORA FP), Vodafone (VOD LN), Telefonica (TEF SM): Cos are reportedly in early talks to create a consortium to bid on satellite spectrum and offer direct-to-mobile service, Bloomberg reports.
• Novartis (NOVN SW), -4%: Co. announces that the global Phase III HARBOR study evaluating del-desiran in people living with myotonic dystrophy type 1 did not demonstrate statistically significant improvement on the primary endpoint.
• ASML (ASML NA), TSMC (2330 TT/TSM) - ASML announces a collaborative initiative with TSMC to lead the transition to a larger-format EUV lithography photomask. There is to be a transition to larger 12-inch masks that is expected to further increase fab productivity.

Broker Moves:

• Societe Generale (GLE FP), -0.8%: downgraded to Neutral from Overweight at JPMorgan
• Schneider Electric (SU FP), -0.2%: downgraded to Neutral from Outperform at Santander
• Infineon (IFX GY), -2%: downgraded to Equal Weight from Overweight at Morgan Stanley