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[MARKET ANALYSIS] European bourses hit amid higher energy prices; NOVN SW on track for its biggest daily loss since Covid 2020

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The Netherlands sells EUR 3bln vs exp. 2.5-3bln 2.75% 2036 DSL: Avg. yield 3.463% (prev. 3.206%)

Amazon (AMZN) to sell GBP-denominated bonds; 3yr, 6yr, 12yr & 19yr

[MARKET ANALYSIS] European bourses hit amid higher energy prices; NOVN SW on track for its biggest daily loss since Covid 2020

Iranian Official Azizi says "We inform the International Atomic Energy Agency and the Director General to pay attention to the fact that they are dealing with Iran after the war. Iran is different before the 40-day war and after it"

Yemeni Houthis confirm they struck Aramco facilities as well as Khamis Mushait Air Base, with dozens of ballistic missiles and drones in response to recent Saudi airstrikes; warn that further attacks on Yemen will be met with broader strikes on Saudi

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  • European bourses are softer across the board, Euro Stoxx 50 -0.5%, with clear underperformance in the SMI, -1.5% (see Novartis below). The disappointing risk tone comes amid upside in energy prices. The Saudi Energy Minister said a number of energy facilities and utilities were hit, resulting in operations being temporarily halted. This was later confirmed in a Yemeni Houthis statement.
  • Sectors point to a mixed picture. Food, Beverages & Tobacco is the clear outperformer, with Optimised Personal Care and Energy rounding out the top 3 sector gainers. On the other hand, Health Care is the laggard, with Banks and Insurance completing the underperformers.
  • Another setback for Novartis (-9.7%) this morning, after it announced that its del-desiran failed to meet the primary endpoints in its late-stage trial. Hopes were high for del-desiran after it was a key reason for the USD 12bln takeover of Avidity Biosciences. In an interview with Bloomberg, the CEO said the drug had a peak sales potential of over USD 5bln. This comes after two other negative announcements, in which a trial was halted due to the death of three patients and in which its pelacarsen failed to meet endpoints. Analysts at Vontobel have held their hold rating; however, they state that today's failure is a major pipeline setback that has not helped confidence in other therapies Novartis gained with Avidity.
  • Other key movers: Computacenter (+2.2%), strong H1 metrics and raises its FY26 outlook; Sandoz (+5.1%), confirms its 2028 outlook and set out new 2030 guidance and targets 100 biosimilars by 2040; Infineon (-3.5%), downgraded to equal weight at Morgan Stanley; Schneider Electric (-0.8%), downgraded to neutral at Santander.
  • US equity futures point to a softer open, ES -0.4%, in line with their European peers as the cash market returns from holiday.

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