European Movers: Inditex (ITX SM) +5.1%, Howden Joinery (HWDN LN) +4.4%, Publicis (PUB FP) +1.2%, Rio Tinto (RIO LN) -0.8%, BASF (BAS GY) -1.0%, Renault (RNO FP) -1.0%

BASF (BAS GY) - Carlyle gets EU conditional approval for EUR 7.7bln acquisition of BASF's automotive coatings and surface treatment businesses. (MLex)

Geberit (GEBN SW) - Co. announces to start a new share buyback of up to CHF 300mln, which is to start almost immediately and to be carried out over 2 years maximum. (Geberit)

Inditex (ITX SM) - Q1 2026 (EUR): Sales 8.7bln (exp. 8.71bln), EBIT 1.76bln (exp. 1.755bln), Net Income 1.4bln (exp. 1.4bln), sales between May 1st-June 1st rose 11.5% Y/Y. Co. backs its FY27 view, sees stable gross margin +/- 50bps.Co. backs its FY27 view, sees stable gross margin +/- 50bps. Notes that Spring/Summer collections have been very well received by our customers. Sales grew 5.8% to reach €8.7 billion. Sales in constant currency grew 8.8%. (Inditex)

Publicis (PUB FP) initiated with Buy at Goldman Sachs

Rio Tinto (RIO LN) downgraded to Underperform from Sector Perform at RBC

Tariffs - The US is proposing new tariffs of at least 10% on imports from 60 partners following an investigation into goods produced by forced labour. Countries to be affected include Canada, Mexico, the EU, Taiwan and the UK. (USTR)