European Movers: BP (BP/ LN) +5.3%, Rheinmetall (RHM GY) +5.2%, Roche (ROG SW) -1.3%, Smith & Nephew (SN/ LN) -1.6%, Renault (RNO FP) -4.1%, Barclays (BARC LN) -4.3%, Lufthansa (LHA GY) -10.5%

Airlines - Increased travel disruptions following the war in Iran.

Barclays (BARC LN) - Tricolor bondholders sue JPMorgan (JPM), Barclays and Fifth Third (FITB). (Newswires)

Energy Names - Iranʼs IRGC declared the Strait of Hormuz closed to international navigation until further notice; IRGC also announced on Sunday that they hit 3 US and UK oil tankers with missiles in the Gulf and Strait of Hormuz. 

Renault (RNO FP) - French new car registrations fell 14.7% Y/Y in February to 120,764 vehicles, down from 141,570, reflecting weaker sales at Renault and Stellantis, according to the PFA.

Roche (ROG SW) - Roche's FENhance 1 met its primary endpoint, showing investigational fenebrutinib significantly reduced relapses by 51% compared to teriflunomide in relapsing multiple sclerosis, consistent with FENhance 2 results showing 59% reduction. (Roche)

Smith & Nephew (SN/ LN) - Q4 2025 (USD): Revenue 1.7bln (prev. 1.57bln Y/Y), Op. Profit 794mln (prev. 657mln Y/Y). In line with our provisional guidance issued in December 2025, underlying revenue growth is expected to accelerate further to around 6% for the full year. (Smith & Nephew)

The significant drop in airline stocks, particularly Lufthansa, amid increased travel disruptions following the escalation of conflict in Iran indicates growing market concerns about geopolitical risks affecting air travel. Furthermore, disruptions in the Strait of Hormuz, a crucial shipping route for oil, could have broader implications for energy markets and related sectors, potentially leading to supply concerns and price volatility.