European Movers: Boohoo (DEBS LN) +8.7%, Rio Tinto (RIO LN) +3.7%, UMG (UMG NA) +3.0%, Nokia (NOKIA FH) +2.5%, Glencore (GLEN LN) +0.5%, Inwit (INW IM) -2.5%
The recent movements in European equities highlight a mixed market sentiment, largely influenced by geopolitical tensions and positive corporate news.
Japanese Government spokesperson says closely watching market moves with a extremely high sense of urgency; seeing large volatility in financial markets
Honda Motor (7267 JT) reports February vehicle production -5% Y/Y
European Movers: Boohoo (DEBS LN) +8.7%, Rio Tinto (RIO LN) +3.7%, UMG (UMG NA) +3.0%, Nokia (NOKIA FH) +2.5%, Glencore (GLEN LN) +0.5%, Inwit (INW IM) -2.5%
Morgan Stanley strategist Wilson says the S&P 500 correction is nearing its final stage
Two China-linked ships, owned by Cosco Shipping (601919 CN), appear to attempt to cross the Strait of Hormuz
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Aluminium-exposed names - Israel conducted strikes on Iran’s largest steel plants simultaneously on Saturday, while Iran issued evacuation orders for six of the largest steel plants in neighbouring Gulf countries as well as Israel as it prepared to retaliate. It was separately reported that Aluminium Bahrain said its facilities were targeted by Iran on Sunday. (Newswires)
Boohoo (DEBS LN) - Co. raises FY27 Adj. EBITDA to "double digit %". (Boohoo)
Glencore (GLEN LN) - Canada and Quebec are reportedly close to a deal with Glencore to keep the Horne copper smelter open, after the company threatened closure due to stricter arsenic emission rules. (Bloomberg)
Nokia (NOKIA FH) upgraded to Neutral from Sell at Goldman Sachs
Telecom Italia (TIT IM) - Telecom Italia said it will not renew a mobile phone tower agreement with Inwit when it expires in August 2030 (that would have extended the contract to 2038); it leaves Telecom Italia without a new long-term tower arrangement, Bloomberg notes. (Bloomberg)
UMG (UMG NA) - Co. announces a EUR 500mln share buyback programme. (UMG)
Boohoo's upgrade in EBITDA guidance signals stronger operational performance, while UMG's share buyback may attract investor interest. In contrast, the strikes in Iran impacting aluminium plants introduce a risk factor for related sectors, especially with Glencore's ongoing negotiations for its copper smelter, suggesting potential shifts in supply dynamics.
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