Newsquawk Daily European Equity Opening News - 17th September 2026

APAC stocks traded mixed as the region partially weathered the hawkish reaction triggered by the FOMC meeting, where the Fed hiked the Fed Funds Rate by 25bps to 3.75-4.00%, as expected, in a unanimous decision and the dot plots pencilled in another rate hike this year. ASX 200 was kept afloat as outperformance in financials, healthcare and real estate offset the losses in the commodity-related sectors, but with upside capped amid a lack of bullish drivers. Nikkei 225 began with firm gains following a pullback in energy prices, although it has gradually faded the majority of the opening advances as participants also brace for a widely anticipated BoJ rate hike when the central bank concludes its 2-day policy meeting tomorrow. KOSPI gradually climbed amid tech resilience and with South Korea's Finance Minister vowing to deploy market stabilising measures if required. Hang Seng and Shanghai Comp were pressured with underperformance in Hong Kong after the HKMA raised rates for the first time since 2023 in lock-step with the Fed, while the downside in the mainland is cushioned following the PBoC's increased liquidity efforts.

CLOSES: DAX: +0.53% at 25,538, FTSE 100: +0.28% at 10,688, CAC 40: +0.62% at 8,141, Euro Stoxx 50: +0.57% at 6,272, AEX: +0.02% at 1,096, IBEX 35: +0.41% at 19,636, FTSE MIB: +0.80% at 51,969, SMI: +0.43% at 13,869, PSI: +1.00% at 9,541.

Anglo American (AAL LN) - EU antitrust regulators have informed MMG of its preliminary view that its proposed acquisition of Anglo American's nickel business may restrict competition in the market for low-carbon ferronickel. The Commission expresses concern that MMG could divert low-carbon ferronickel supply away from European markets, leading to higher costs in European stainless steel production. (EU Press Corner)

AstraZeneca (AZN LN) - Co. announces an investment of around CNY 200mln to boost its production and supply capabilities in Wuxi. (Newswires)

BP (BP/ LN) - Co.'s Whiting Refinery says they remain committed to working toward a far and mutually acceptable agreement. Will meet with USW Local 7-1 elected representatives on Thursday. (BP)

Glencore (GLEN LN) - Radiant World's USD 2bln lawsuit comments that Glencore helped Radiant World prepare a proposed settlement with Jefferies (JEF) after the bank raised questions about transactions. (Bloomberg)

HSBC (HSBA LN) - Co. is reportedly ending its USD 38k per kid education benefit for new joiners in Hong Kong and for employees transferring to the city, Bloomberg reports. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

Man Group (EMG LN) upgraded to Buy from Neutral at UBS

German Defence - KNDS is reportedly considering pushing back its IPO, as advisors point to the recent stock market performance of listed defence companies, Bloomberg reports. (Bloomberg)

Rheinmetall (RHM GY), Mercedes-Benz (MBG GY) - The Co.'s UK units have announced a strategic partnership, formalising the Team Wolf partnership. Rheinmetall’s Telford facility (RBSL) will become the Vehicle Integration Centre for Team Wolf, where systems integration, testing and validation of the capability will take place. Team Wolf targets up to 50% UK content. (Rheinmetall)

RWE (RWE GY) - Co. enters into a further agreement to acquire a 3% stake in M31, which holds around 75% of the shares in German transmission system operator Amprion. With this additional acquisition, RWE’s total pro rata share in Amprion will increase to around 58%, and RWE will also become the majority shareholder of M31. (RWE)

OTHER GERMAN COMPANIES

BROKER MOVES

OTHER FRENCH COMPANIES

Bollore (BOL FP) - H1 2026 (EUR): Revenue 1.64bln (prev. 1.55bln Y/Y), Net Income 133mln (prev. 242mln Y/Y), Adj. EBITDA 138mln (prev. 138mln Y/Y). (Bollore)

Exosens (EXENS FP) - Co. raises its FY26 guidance; now sees revenue EUR 558-570mln (prev. guided EUR 520-540mln) and Adj. EBITDA EUR 186-192mln (prev. guided EUR 168-178mln), driven by faster-than-expected capacity ramp-up and strong commercial momentum. (Exosens)

BROKER MOVES

Dassault Systemes (DSY FP) downgraded to Underperform from Neutral at BNP Paribas

Sodexo (SW FP) upgraded to Overweight from Neutral at JPMorgan

Allegro (ALEP PW) - Q2 2026 (PLN): Revenue 3.34bln (prev. 2.94bln Y/Y), Adj. EBITDA 1.03bln (prev. 0.91bln Y/Y). Raises its FY26 Adj. EBITDA guidance to 13-17% (prev. guided 9-13% Y/Y). (Allegro)

European Autos - The EU has reportedly asked China to voluntarily restrict exports of hybrid cars as part of a deal to prevent a trade war, threatening of higher tariffs if they fail to do so, the FT reports. (FT)

EU-US Trade - US President Trump threatened to put heavy tariffs on Europe if they think putting Canada as an observer country is a hostile act. (Newswires)

Raiffeisen Bank (RBI AV) - Grizzly Research is short Raiffeisen Bank, stating that they have uncovered USD 1.191bln in Russian trade. (Newswires)

BROKER MOVES

Novartis (NOVN SW) - Co. discontinued development of VHB937 in ALS following results from the phase 2 Astrals study, which did not meet its primary or secondary endpoints. (Bloomberg)

Roche (ROP SW) - Co. announces that the phase 3 CELESTIMO study evaluating Lunsumio in combination with lenalidomide in people with relapsed or refractory follicular lymphoma, who have received at least one prior line of treatment, met its primary endpoint. (Roche)

OTHER SWISS COMPANIES

BROKER MOVES

Ypsomed (YPSN SW) downgraded to Hold from Buy at Stifel Nicolaus

Volvo Car (VOLCARB SS) - Co. says they will reveal the strategic steps to long-term build a company capable of an EBIT margin beyond 8% with strong cash flows at an event between 8-11BST. Adds that they will unveil its largest-ever product offensive, with 13 new and regionally tailored electrified cars. Also announces that they expect additional savings from synergies with Geely for hardware sourcing in Europe and China. By 2030, Volvo Cars aims to achieve around 30% full commonality in parts (currently 10%). Estimates this to contribute approx. 5% of material cost savings by 2030, beyond generating additional indirect savings. (Volvo Car)

Zealand Pharma (ZEAL DC) - Co. says phase 3 development of Petrelintide with Roche (ROP SW) will prioritise speed to the market, and help establish amylin as a first-choice obesity treatment class. (Newswires)

BROKER MOVES

CLOSES: SPX -0.40% at 7,555, NDX +0.03% at 28,945, DJI -1.21% at 51,463, RUT -0.32% at 2,861.

SECTORS: Technology +0.10%, Health +0.06%, Utilities +0.01%, Industrials -0.12%, Consumer Staples -0.53%, Communication Services -0.62%, Real Estate -0.66%, Consumer Discretionary -0.68%, Materials -0.73%, Financials -1.60%, Energy -2.97%.

Lennar Corporation (LEN) - Lennar shares fell almost 2% in extended US trading after quarterly earnings and revenue missed expectations, orders and deliveries declined, and management lowered its FY delivery outlook amid deteriorating housing conditions and persistently high mortgage rates. Q3 adj. EPS 1.23 (exp. 1.29), Q3 revenue USD 8.05bln (exp. 8.37bln). Q3 new orders -9% Y/Y to 20,879 homes, deliveries -3% Y/Y to 20,840 homes, with backlog of 16,857 homes valued at USD 6.3bln. CEO said the operating environment deteriorated during the quarter as elevated mortgage rates and affordability pressures weighed on demand. Sees Q4 new orders between 19,500-20,500 homes, deliveries between 22,000-23,000 homes, average sales price between USD 370,000-380,000 (exp. 383,610), home-sales gross margin between 15.5-16.0%, and SG&A as a percentage of home sales between 8.7-9.0%. Lowers its FY26 deliveries view to between 80,000-81,000 homes (prev. saw 82,000-83,000).

Nike (NKE) - Nike appointed Alexandre Arnault to its board. Arnault has served as deputy CEO of Moet Hennessy, LVMH’s (LVMUY) wines and spirits division, since February 2025. Nike said his experience leading global brands would support governance, board succession and long-term value creation.

Salesforce (CRM) - Salesforce CFO Robin Washington said the company remains confident in reaching USD 63bln of revenue by FY30. He highlighted innovation, go-to-market execution and capital returns, including a USD 60bln cumulative share repurchase programme, an accelerated buyback expected to complete in October, and USD 3bln of dividends paid.

Snap Inc. (SNAP) - Snap revealed new details for its USD 2,195 Specs AR glasses and partnered with Verizon (VZ) for in-store trials and wireless plans. A USD 2,395 version adds cellular connectivity. Snap also launched Specs Intelligence, an AI assistant available on iPhone and macOS, while Specs offers AR navigation, translation, video, gaming and workplace uses; it is working with Salesforce (CRM), AWS (AMZN), Nvidia (NVDA), Trifork and HoloLite to bring Specs into workplace environments.

This is the standard daily opening compilation rather than a single event, and its centre of gravity is the aftermath of a hawkish Fed hike with dots signalling further tightening, a sequence in which the second-day reaction in Asia and the European open has historically been more muted than the initial US response as the news is absorbed. The transmission pattern here is familiar: HKMA moving in lock-step via the peg, the PBoC leaning against pressure with liquidity, and the BoJ decision the following day standing as the next discrete event risk, since Japanese policy normalisation episodes have tended to move the yen and the long end of JGBs well beyond the announcement itself. The distinction worth drawing at the index level is between commodity-sensitive bourses, capped by softer energy and metals, and financials-heavy indices, which have tended to hold up better in hiking cycles. On the single-stock side, the homebuilder miss and guidance cut reprise an established pattern in which elevated mortgage rates compress orders before margins, while the EU objection to the Anglo nickel disposal and the EU-China hybrid tariff threat both sit within a longer-running European trade and competition posture that typically resolves through negotiation rather than immediate escalation. Follow-ons of note are the BoJ conclusion, any Fed speaker pushback or endorsement of the hawkish lean, and whether the Lennar read-through hits the broader US housing peer set at the reopen.