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European Movers: BP (BP/ LN) +3.8%, Eutelsat (ETL FP) +2.8%, Puig (PUIG SM) -0.9%, Bayer (BAYN GY) -1.7%, Akzo Nobel (AKZA NA) -4.5%, Air France (AF FP) -4.9%

Newsquawk StaffPublished On the live feed at — 4 more headlines followed before this page went public
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EUROPEAN OPEN: US plans tariffs on some drugmakers; US to overhaul US steel & aluminium tariffs; RI FP completes disposal to Trinchero; EL-PUIG SM advance towards mostly stock tie-up; STLAM IM explores Canada EV project with Leapmotor

Explosion reported in Kuwait; explosions are caused by an attack on American positions, Mehr and Fars News report

European Movers: BP (BP/ LN) +3.8%, Eutelsat (ETL FP) +2.8%, Puig (PUIG SM) -0.9%, Bayer (BAYN GY) -1.7%, Akzo Nobel (AKZA NA) -4.5%, Air France (AF FP) -4.9%

Pakistan foreign ministry spokesperson says there is no confirmation so far of any US delegation arriving for talks

Iranian President Pezeshkian says attacking Iran’s vital infrastructure shows an inability to achieve a sustainable solution, IRNA reports

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Air France (AF FP) - Co. has submitted a non-binding offer for a stake in TAP. (Bloomberg)

Akzo Nobel (AKZA NA) downgraded to Neutral from Buy by Goldman Sachs

Bayer (BAYN GY) - US President Trump's administration is readying to impose tariffs of 100% on certain medicines as it pushes pharmaceutical companies to manufacture more in the US, according to FT. (FT)

Eutelsat (ETL FP)/SES (SESG FP) - Amazon (AMZN) is reportedly in talks to purchase Globalstar (GSAT), FT reports citing sources. (FT)

Puig (PUIG SM) - Estee Lauder and Puig are advancing talks to combine in a mostly stock deal that could be announced within weeks, Bloomberg said. (Bloomberg)

Context

Today's European movers reflect significant corporate activity, with notable headlines including Air France's non-binding offer for TAP and Puig potentially merging with Estee Lauder. The upgrades and downgrades, particularly Akzo Nobel being downgraded to Neutral by Goldman Sachs, suggest a cautious market outlook, impacting sector sentiment. Additionally, tariff discussions from the Trump administration affecting Bayer could heighten volatility in pharmaceutical equities.

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