European Movers: HSBC (HSBA LN) +2.7%, Barratt Redrow (BTRW LN) +1.8%, Heineken (HEIA NA) +1.7%, BP (BP/ LN) -2.2%, Berkeley (BKG LN) -7.7%

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Iranian Deputy Speaker of Parliament says "Strait of Hormuz will never be opened, there has been no negotiation and there will be no negotiation", Fars reports

Tesla (TSLA) CEO Musk says FSD 14.3 will probably go into wide release by the end of the week

European Movers: HSBC (HSBA LN) +2.7%, Barratt Redrow (BTRW LN) +1.8%, Heineken (HEIA NA) +1.7%, BP (BP/ LN) -2.2%, Berkeley (BKG LN) -7.7%

Qatari Defence says a cruise missile struck an oil tanker chartered for QatarEnergy in the economic waters, Al Arabiya reports

Iranian Foreign Minister, when asked about the status of negotiations with the US, says "No decision has been made yet. We have many considerations. Our conditions for ending the war are very clear. We do not accept the ceasefire; We seek a complete end"

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Barratt Redrow (BTRW LN) upgraded to Outperform from Sector Perform at RBC

Berkeley (BKG LN) - Trading Update: Affirms guidance. Berkeley expects to deliver pre-tax profit for FY26 of GBP 450mln, in line with guidance put in place two years ago, with around GBP 300mln of net cash. (Berkeley) 

Energy Names - WTI and Brent have fallen below USD 100/bbl. Late in Tuesday's session, President Trump said the war is coming to an end, while a White House official said Trump is confident that an agreement will be reached soon.

HSBC (HSBA LN) added to Goldman Sachs European conviction list. 

Heineken (HEIA NA) upgraded to Buy from Hold at HSBC

Context

The upward moves in Barratt Redrow and Heineken reflect positive changes in analyst sentiment, which could bolster investor confidence in these sectors. Conversely, Berkeley's stable guidance implies resilience in its operations despite broader market shifts, while BP's decline aligns with falling oil prices—likely influenced by geopolitical developments suggesting the potential resolution of conflict. Traders should consider these factors when assessing sector rotations or adjusting positions accordingly.

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