Newsquawk Daily European Equity Opening News - 10th September 2026

APAC stocks were mostly lower following the losses stateside, where all major indices declined as yields and oil prices climbed, with Brent crude topping USD 100/bbl for the first time since July. ASX 200 underperformed amid broad-based weakness across sectors and with the downside led by materials, mining, resources, and tech. Nikkei 225 was pressured alongside a higher yield environment and ongoing rate hike expectations, while BoJ board member Masu also stuck to the hawkish hymn sheet. KOSPI declined at the open but was off today's worst levels as SK Hynix rebounded from intraday lows. Hang Seng and Shanghai Comp conformed to the subdued mood across the region in the absence of bullish drivers and after the PBoC conducted open market operations, but at a paltry amount of CNY 3bln.

Chinese AI Chipmakers - Chinese AI chipmakers have reportedly lifted prices amidst higher memory prices, Reuters reports, with the likes of Huawei having lifted the indicated price of its Ascent 950DT accelerator card above CNY 250k, indicating a 20-50% increase from prices quoted to customers. Cambricon (688256 CH) has also lifted prices 20-30% above its indicated level, the report added. (Reuters)

TSMC (2330 TT/TSM) - Reports August Revenue (TWD) 514.8bln, +53.3% Y/Y. (TSMC)

US-China AI Talks - China's Commerce Ministry says they are willing to hold constructive discussions with the US on the principles of equality and mutual benefit, but if the US takes action to contain and suppress Chinese AI companies in the name of combating distillation, China will resolutely take countermeasures. (Newswires)

CLOSES: Euro Stoxx 50 -1.58% at 6,312, DAX 40 -1.74% at 25,554, FTSE 100 -1.31% at 10,670, CAC 40 -1.94% at 8,157, FTSE MIB -0.58% at 51,875, IBEX 35 -1.58% at 19,681, PSI -0.38% at 9,445, SMI -1.64% at 13,827, AEX -1.27% at 1,102.

IG Group (IGG LN) - Co. is reportedly cutting hundreds of jobs from its 2300 strong workforce, weeks after announcing the USD 1.3bln acquisition of Underdog, reports Sky News. (Sky News)

UK Housing - RICS House Price Balance (Aug) -28 vs Exp. -30 (Prev. -30, Rev. -29). "RICS’ gauges of buyer demand and sales volumes improved in August, suggesting the market is gradually finding its footing... The Bank of England’s increasingly hawkish tone, on the back of renewed volatility in global energy markets, is a reminder that the borrowing cost outlook could yet deteriorate further.” (RICS)

UK Taxes - Universities UK calls for the UK Government to extend a tax break to include all workers under 25, which would exempt firms from paying NI on young workers earnings less than GBP 50,270/yr. In a separate report published by Hilton Worldwide Holdings (HLT), stated that over 15k hospitality vacancies could be filled by young people not in education, employment or training, if taxes were reduced. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

BAE Systems (BA/ LN) initiated with Neutral at BNP Paribas

DCC (DCC LN) downgraded to Hold from Buy at Jefferies

Relx (REL LN) initiated with Buy at TD Cowen

Bayer (BAYN GY) - Co. announces that the US FDA has granted accelerated approval for HYRNUO, for the first-line treatment of adult patients with locally advanced or metastatic non-squamous non-small cell lung cancer. (Bayer)

OTHER GERMAN COMPANIES

Porsche AG (P911 GY) - Co. announces the sale of its stakes in Bugatti Rimac and Rimac Group for c. EUR 1bln. Co. says EUR 250mln of the proceeds will further fund its pension obligations and as a result, raises its FY26 Automotive Net Cash Flow Margin to +5.5-7.5% (prev. guided 3-5%). (Porsche AG)

BROKER MOVES

Eiffage (FGR FP) - A consortium led by Eiffage has been awarded a contract for earthworks and construction of the buildings at the new Neomat CAM plant; no terms disclosed. (Eiffage)

LVMH (MC FP) - Bloomberg reports that the Co.'s Louis Vuitton label has been hit in July and August over a trademark fight with Molly Tea. The report cites data from JL Warren Capital, observing "double-digit sales declines in August albeit the decline narrowed from approximately 30% in July to an estimated 20-25%.” (Bloomberg)

STMicroelectronics (STMPA FP) - Co. CFO, at the Global TMT conference, said that around 80% of the AI data centre revenue target for 2027 will come from chips used in fibre-optic data links, while the remaining 20% will come from chips used for cooling systems and power conversion inside servers. (Newswires)

OTHER FRENCH COMPANIES

BROKER MOVES

Spie (SPIE FP) upgraded to Buy from Hold at Jefferies

Technip Energies (TE FP) upgraded to Outperform from Sector Perform at RBC

Automakers - US Senator Slotkin (D, Michigan) posts on X that "We hear rumors that Trump is planning to allow Chinese cars to be sold in the U.S., as part of a larger deal". (X)

EU Budget - German Chancellor Merz has called for cuts to the EU's proposed long-term budget, stating that "at a time of budget cuts in all member states, that is simply unaffordable." Merz added that cuts should apply across all policy areas and rejected the idea of relying on joint EU borrowing. (Reuters)

BROKER MOVES

Leonardo (LDO IM) upgraded to Outperform from Neutral at BNP Paribas

Wolters Kluwer (WKL NA) initiated with Buy at TD Cowen

Lonza (LONN SW) - Co. announces that it plans to further strengthen its significant US presence by constructing a large-scale commercial spray-drying facility in Bend, Oregon. Completion expected in 2029 and will create more than 80 new jobs. (Lonza)

Roche (ROP SW) - Co. announces that the US FDA has granted Priority Review to a supplemental Biologics License Application for Enspryng for the treatment of MOGAD, based on positive results from the Phase III METEOROID study. (Roche)

UBS (UBSG SW) - Co. says its China fund distribution unit in Shenzhen will cease fund sales business from the end of September and will integrate its wealth management businesses and resources in China. Elsewhere, the Co. CEO reiterates that the current Swiss capital proposal is excessive. (Reuters/CNBC)

OTHER SWISS COMPANIES

BROKER MOVES

Adecco Group (ADEN SW) upgraded to Hold from Underperform at Jefferies

Novartis (NOVN SW) upgraded to Hold from Reduce at HSBC

SOBI (SOBI SS) - Co.'s North America unit announces that the US FDA has granted Fast Track designation to pacritinib for the treatment of VEXAS syndrome. (SOBI)

BROKER MOVES

Fortum (FORTUM FH) upgraded to Neutral from Underweight at JPMorgan

Fortum (FORTUM FH) upgraded to Neutral from Sell at Goldman Sachs

Fortum (FORTUM FH) upgraded to Hold from Sell at Nordea

Fortum (FORTUM FH) upgraded to Hold from Sell at Danske Bank

CLOSES: SPX -0.45% at 7,639, NDX -0.29% at 29,422, DJI -0.77% at 52,381, RUT -1.28% at 2,922

SECTORS: Energy +1.09%, Technology -0.16%, Communication Services -0.24%, Health -0.36%, Financials -0.42%, Materials -0.85%, Consumer Staples -0.94%, Real Estate -1.12%, Utilities -1.17%, Consumer Discretionary -1.39%, Industrials -1.51%.

NVIDIA (NVDA) - Supply chain reports indicate that NVIDIA is significantly increasing prices to secure probe card and test socket production capacity from major test interface vendors, leading to a shortage of demand from R&D and engineering verification sectors, including wafer foundries, DigiTimes reports. Elsewhere, Bloomberg reports that the US DoJ is investigating whether Nvidia structured its USD 20bln licensing agreement with Groq to avoid antitrust review. (DigiTimes/Bloomberg)

Salesforce (CRM) - Co. has reportedly been in talks to buy Listen Labs for around USD 2bln, Business Insider reports. The report added that talks have not been finalised and could be unsuccessful. (Business Insider)