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[MARKET ANALYSIS] European equities trade mixed as Trump considers diesel export pause; Swiss Upper House backs 90% CET1 foreign unit backing by UBS

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[MARKET ANALYSIS] Fixed falters once more as energy climbs

"Iranian commercial plane lands in China despite US sanctions", AFP reports

[MARKET ANALYSIS] European equities trade mixed as Trump considers diesel export pause; Swiss Upper House backs 90% CET1 foreign unit backing by UBS

Diplomatic sources suggest that "Yesterday's talks between the US and Iran did not achieve the minimum required to resume negotiations", Hayom reports

The German Finance Ministry is reportedly considering a review of takeover law, with reference to "lowball" or "dumping" offers, Handelsblatt reports

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  • European bourses (STOXX 600 +0.1%) initially started Wednesday's trading session entirely in the green but have pared slightly, now pointing to a mixed picture. Traders note the widening of London gasoil/NY Heating Oil spread as a catalyst for the pullback in equities, after US President Trump said he would back a pause to American diesel exports. European gas prices are expected to rise and, as a result, weigh on margins as costs increase.
  • On the data front, the EZ flash PMIs surprised to the upside, particularly in the Services sector. S&P notes that the flash PMI survey is indicative of GDP rising at a quarterly rate of 0.4%, and that this resilience in the European economy will likely push the ECB to hike further in 2026, amid the geopolitical headwinds and price pressures. On the other hand, the UK PMIs were mixed but metrics essentially in line with estimates.
  • Sectors lack a clear bias, with breadth quite narrow. Banks top the sector pile, with Financial Services and Energy rounding out the sector gainers. To the downside is Insurance, with Real Estate and Telecoms following closely behind.
  • Top stories include: UBS (+0.9%), Swiss Upper House backs 90% CET1 foreign unit backing; Arcadis (-6.6%), WSP Global withdraws offer to takeover the Co.; JD Sports Fashion (-1.0%), H1 2026/27 revenue came in-line with consensus and affirms its FY27 guidance; Adyen (-2.5%), names a new CFO; CaixaBank (+1.2%), upgraded to Buy from Neutral at UBS.
  • US equity futures are mixed, with RTY (-0.2%) the modest underperformer. Focus heading towards the latter part of the week will be on the Trump-Xi meeting, scheduled for Thursday.

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