Newsquawk Daily European Equity Opening News - 10th July 2026

ASIA

Asia-Pac stocks traded entirely in the green, as they followed the tech-led gains seen stateside. Military strikes continued on Thursday, but energy prices and equity markets seemed to have brushed it aside and instead took a stronger liking to President Trump’s comments, in which he said Iran had reached out to the US and wanted to make a deal, easing concerns over a further escalation that could threaten energy infrastructure. To note, the Taiwan markets were closed due to the typhoon, and worries of the typhoon hitting China and Japan. ASX 200 initially opened with modest losses but has since reversed and printed modest gains. Metals & Mining topped the sector pile, cutting 4 consecutive days of losses, while Health Care was the sector laggard. Nikkei 225 gained, with SUMCO leading the way as it benefited from the semiconductor strength stateside. On the earnings front, Seven & I and Fast Retailing both posted strong earnings and raised their FY guidance; however, shares traded lower after highlighting the effects of a weaker yen. KOSPI surged, helped by gains in Samsung Electronics while SK Hynix shares traded choppy ahead of its US ADR listing. The choppiness in SK Hynix comes as investors position themselves for the ADR, with analysts stating that the US ADR may be preferred over its domestic listing, due to US ADRs commonly trading at a premium (typically at a 5-15% premium). Shanghai Comp. and Hang Seng. were firmer, with another set of IPOs in Hong Kong, resulting in 15 listings this week. Today, markets were focused on Nexchip Semiconductor. The IPO price was set at HKD 32.30/shr, and shares rose at the open and briefly topped HKD 36/shr but have since come off.

China 5yr Plan - China omitted a numeric target for urban job creation from its 2026-2030 5yr plan for the first time in at least three decades, Bloomberg notes. New urban jobs will instead be kept at a "considerable scale," with annual targets set flexibly. It explicitly named AI as a new technology affecting employment, alongside industrial transformation, demographic shifts and external trade pressures.

SK Hynix (000660 KS / SKHY) - SK Hynix raised USD 26.5bln in its US ADR offering (vs suggestions earlier in the week it would be looking to raise USD 28bln), the largest ever US first-time share sale by a foreign company, selling 177.9mln ADRs at USD 149 each (a 3% premium to Thursday's Seoul close). The offering was more than seven times oversubscribed, and topped Alibaba's (BABA) US debut to become the third largest listing in history. ADRs are set to begin trading on Nasdaq under the symbol SKHY on 13th July.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 +1.25% at 6,282, Dax 40 +0.83% at 25,104, FTSE 100 -0.16% at 10,472, CAC 40 +0.90% at 8,327, FTSE MIB +1.09% at 52,382, IBEX 35 +1.14% at 19,323, PSI +0.43% at 9,124, SMI +0.39% at 14,229, AEX +0.67% at 1,083

FTSE 100

HSBC (HSBA LN/ 5 HK) - Co. is reportedly looking for buyers for risky loans made by Hang Seng Bank, the FT reports. (FT)

Vodafone (VOD LN) - UAE's E& Group is set to sell its entire stake in Vodafone to the French telecoms tycoon, Niel, for USD 5.95bln. This equates to a 16.21% stake, worth c. 112.5p/shr (vs. Thursday's close of 97.97p/shr), Reuters reports. (Reuters)

UK AI - UK Chancellor Reeves is to announce a new City "skills compact" that will commit financial firms to retraining thousands of workers for the AI revolution, The Guardian reports. (The Guardian)

UK Retail - BRC says the number of people visiting British shops fell 3.4% in June, due to the heatwave keeping shoppers indoors. (BRC)

OTHER UK COMPANIES

BROKER MOVES

Wizz Air (WIZZ LN) downgraded to Underperform from Sector Perform at RBC

Watches of Switzerland (WOSG LN) downgraded to Hold from Buy at Jefferies

DAX

Infineon's (IFX GY) - CFO says it is increasing prices in some areas and that in certain areas, it can quickly happen that we go into allocation mode, where available inventory is rationed among customers, Handelsblatt reports. (Handelsblatt)

Volkswagen (VOW3 GY) - Following the Board meeting, the co. said that alongside a reduction of the VW model lineup by up to 50 percent, the number of available equipment options would be cut by up to 75 percent. Production capacities are being adjusted and targets 9mln vehicles per year. The automotive core business is at the centre of all activities: the equity and investment portfolio is being focused on strategic contribution and return. (Volkswagen)

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

Air Liquide (AI FP) - Co. is to invest more than USD 200mln to boost production at its Oxea site in Texas. (Air Liquide)

Sanofi (SAN FP) - Co. to reduce usage of ServiceNow (NOW) IT management software with in-house AI agent developed in partnership with Claude and Elementum, reports The Information. (The Information)

Vinci (DG FP) - Co. has bene awarded an 8yr contract by Germany to install and operate 180 heavy-vehicle charge points across 25 stations. (Vinci)

OTHER FRENCH COMPANIES

GTT (GTT FP) - Co. has received an order from Samsung Heavy Industries (010140 KS) for the tank design of the first US FLNG unit. (GTT)

BROKER MOVES

Leonardo (LDO IM) upgraded to Buy from Hold at Jefferies

PAN EUROPE

BROKER MOVES

SMI

UBS (UBSG SW) - Co. reportedly told clients who were over-allocated to private credit that they should sell down their positions, resulting in large sums of money being pulled from a flagship Blue Owl (OWL) fund, the FT reports. (FT)

OTHER SWISS COMPANIES

DKSH (DKSH SW) - Co. to acquire Gale & Cosm, an Italy-based distributor of specialty chemicals serving the personal care industry; no terms. (DKSH)

BROKER MOVES

SCANDINAVIA

Sobi (SOBI SS) - Co. announced that Canada's Drug Agency has issued a positive reimbursement recommendation with conditions for PrEMPAVELI for the treatment of adult and adolescent patients aged 12 years and older with C3 glomerulopathy or primary immune-complex membranoproliferative glomerulonephritis to reduce proteinuria. (Sobi)

Tryg (TRYG DC) - Q2 2026 (DKK): Insurance Service Result 1.19bln (prev. 2.30bln Y/Y), PBT 1.07bln (prev. 2.03bln Y/Y), Ordinary Dividend 2.15 (prev. 2.05 Y/Y). (Tryg)

BROKER MOVES

US

CLOSES: SPX +0.81% at 7,544, NDX +1.62% at 29,727, DJI +0.27% at 52,492, RUT +1.22% at 2,993

SECTORS: Technology +1.65%, Consumer Discretionary +1.46%, Financials +1.02%, Communication Services +0.52%, Industrials +0.37%, Materials +0.33%, Real Estate +0.19%, Health -0.09%, Utilities -0.55%, Energy -1.58%, Consumer Staples -1.75%.

OpenAI and Google (GOOGL) - The co's confirm that they have been supplying AI services to blacklisted Chinese tech giants Alibaba (9988 HK/BABA), Baidu (9888 HK/BIDU) and Tencent (0700 HK), the FT reports. (FT)

US Tariffs - The US will not immediately impose tariffs on commercial aircraft, jet engines and parts following a Section 232 national security investigation, with President Trump instead directing the USTR and Commerce Department to negotiate with trading partners on import adjustments, Bloomberg reports. Future duties remain possible if agreements are not reached within 180 days or prove ineffective.