European Equity pre-Market Summary - 9th September 2026: European bourses are indicative of a slightly softer open; Inditex reports poor results

Stories:

• AstraZeneca (AZN LN): UK NICE recommends Imfinzi with platinum-based chemotherapy, then with or without olaparib for untreated advanced or recurrent endometrial cancer in adults.
• French Energy: Multiple union members tell Reuters that unions are preparing to strike next Tuesday over a July recommendation by France's Court of Auditors to limit wage growth and curb employee benefits.
• Orsted (ORSTED DC), -0.6%: Shareholder Andel Holding is looking to sell c. DKK 3bln worth of shares.
• Airbus (AIR FP), -0.5%: Co. lowers its long-term forecast for demand of narrowbody deliveries in China, cutting its projection by around 500 units, in the next 20 years.

Earnings:

• Inditex (ITX SM), -4%: Reported H1 metrics, where it beat on Revenue, whilst falling short of EBIT and Net Profit. Sees around -1% currency impact on sales in 2026 and expects stable gross margin.

Broker Moves:

• AstraZeneca (AZN LN) initiated with Outperform at RBC
• GSK (GSK LN) initiated with Sector Perform at RBC
• Novartis (NOVN SW) downgraded to Hold from Buy at Deutsche Bank
• Burberry (BRBY LN) initiated with Hold at HSBC
• LVMH (MC FP) downgraded to Hold from Buy at HSBC
• LVMH (MC FP) upgraded to Outperform from Neutral at Santander
• ASML (ASML NA) PT cut to EUR 1,700 from EUR 1,930 at Morgan Stanley, stating that near-term overhangs around China, capacity and margins are likely to constrain the multiple.

The numbers after the Co. & ticker are the pre-market indication via Tradegate