Newsquawk Daily European Equity Opening News - 11th June 2026

ASIA

APAC stocks declined in a continuation of the recent tech reversal, and as the US conducted strikes on Iran for a second consecutive day, which prompted Iran to retaliate by targeting US bases in the region and ships near the Strait of Hormuz. Iran also declared the waterway closed to all vessels. However, stocks then gradually pared losses given that the fresh strikes were widely telegraphed beforehand and with relief also seen after CENTCOM announced that US forces completed the strikes. ASX 200 was pressured with the downside led by underperformance in tech and the top-weighted financials sector, although losses were stemmed by resilience in energy and defensives. Nikkei 225 slumped at the open owing to the fresh hostilities in the Middle East, with headwinds seen amid higher oil prices and upside in yields, although the index then staged a recovery and returned to flat territory before a renewed bout of selling persisted. Hang Seng and Shanghai Comp followed suit to the weakness across global markets, with several tech stocks clustered among the list of worst performers.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.62% at 6,012, Dax 40 -0.88% at 24,218, FTSE 100 +0.27% at 10,255, CAC 40 -0.51% at 8,162, FTSE MIB -0.46% at 50,029, IBEX 35 -0.18% at 18,143, PSI -0.06% at 8,897, SMI +0.80% at 13,463, AEX +0.48% at 1,052

SECTORS: Telecoms 1.77%, Energy 1.66%, Consumer Stpl 1.64%, Healthcare 0.58%, Utilities 0.09%, Consumer Disc -0.30%, Financials -0.30%, Materials -0.61%, IT -0.69%, Industrials -1.32%

FTSE 100

Centrica (CNA LN) - Co., with Electricite de France, is reportedly expected to agree on a draft deal with the UK government to extend the life of the Sizewell B nuclear power station by two decades, Bloomberg reports. The deal is expected to be announced within weeks. (Bloomberg)

UK Investment - UK Chancellor Reeves plans to address the issue of so-called double or treble taxation faced by British residents who are members of US LLCs, Bloomberg reports. The plan is to change the UK law to reduce the effective tax rate paid by those individuals. (Bloomberg)

OTHER UK COMPANIES

BROKER MOVES

DCC (DCC LN) downgraded to Hold from Buy at Stifel Nicolaus

Vodafone (VOD LN) downgraded to Equal Weight from Overweight at Barclays

DAX

OTHER GERMAN COMPANIES

Hugo Boss (BOSS GY), Frasers (FRAS LN) - Frasers launches a takeover bid for Hugo Boss, offering EUR 38/shr in cash, totalling EUR 1.98bln. (Frasers) BOSS GY closed at EUR 36.50/shr on Wednesday

BROKER MOVES

Porsche (P911 GY) upgraded to Buy from Neutral at Goldman Sachs, citing a more visible path to multi-year EPS recovery, justifying a higher multiple.

CAC

Airbus (AIR FP) - Co. has signed a EUR 345mln contract with industrial prime contractor Thales Alenia Space, securing the development and production of two advanced C-band radar instruments for the upcoming Sentinel-1 NG constellation. (Airbus)

Thales (HO FP) - Co.'s German unit has received an order for 60 GO12 short-range battlefield radars for the German Armed Forces. (Thales)

OTHER FRENCH COMPANIES

BROKER MOVES

PAN EUROPE

ASML (ASML NA) - Co. is to cut fewer jobs than initially planned, with redundancies now expected to take effect from May 2027, following negotiations with Dutch trade unions. (Reuters)

EU Investment - The EU is preparing to protect Europe's companies from future carbon costs if they invest in the EU, the FT reports. (FT)

EU Software Names, SAP (SAP GY) - Oracle shares fell over 10% in extended trading as plans to raise additional financing for its AI buildout overshadowed better-than-expected quarterly results and a higher profit forecast. See more details in the US section

EU Pharma - Belgium, the Netherlands, Luxembourg, Austria and Ireland said, in a statement, that EU countries should align drug pricing policies and warns against uncoordinated individual national responses. This comes as the US and pharmaceutical companies ramp up pressure on EU countries over the prices for medicines. (Politico)

Geopols - The US carried out fresh strikes against Iran, with US CENTCOM saying that American forces began launching additional self-defence strikes, and then later announcing that it completed the strikes, targeting Iranian military surveillance capabilities, communication systems and air defence sites across Iran. In response, Iran's military command centre announced the Strait of Hormuz would be closed to all vessels, effective immediately. Iran's IRGC also said it launched two waves of retaliatory strikes, hitting and destroying 18 key military targets in US bases in Kuwait and Bahrain.

BROKER MOVES

EDP (EDP PL) upgraded to Neutral from Sell at Goldman Sachs

SMI

Novartis (NOVN SW) - Co. announced that the FORTITUDE study met primary and key secondary endpoints of reduction in KHDC1L and creatine kinase levels, with safety profile consistent with previous results. (Novartis)

Roche (ROP SW) - US FDA grants Priority Review for its Tecentriq for a certain type of stage III colon cancer. Acceptance is based on the phase III Alliance ATOMIC study showing Tecentriq plus chemotherapy reduced recurrence or death risk by 50% versus chemotherapy alone. (Roche)

OTHER SWISS COMPANIES

DKSH (DKSH SW) - Co. entered a strategic distribution partnership with BridgeBio to support regulatory evaluation and potential patient access to a Transthyretin Stabilizer for ATTR-CM in Australia, Singapore, South Korea, and Taiwan. (DKSH)

BROKER MOVES

SCANDINAVIA

Handelsbanken (SHBA SS) - Co. appoints Anton Romare Keller as CEO, succeeding retiring CEO Sorenson. (Handelsbanken)

Skanska (SKAB SS) - Co. divests a rental multifamily project in Gothenburg for about SEK 500mln. (Skanska)

Wihlborgs Fastigheter (WIHL SS) - Co. signed a lease agreement for a new development project at Sunnana 12:26. As a result, the Co. announces that Anticimex will consolidate its Malmo operations in 1,200 sqm of new, modern premises. (Wihlborgs Fastigheter)

BROKER MOVES

Neste (NESTE FH) upgraded to Neutral from Underperform at Santander

Norsk Hydro (NHY NO) downgraded to Hold from Buy at Pareto Securities

Volvo (VOLVB SS) upgraded to Buy from Hold at Pareto Securities

US

CLOSES: SPX -1.62% at 7,267, NDX -1.98% at 28,508, DJI -1.87% at 49,924, RUT -1.10% at 2,835

SECTORS: Industrials -3.41%, Materials -2.45%, Technology -2.34%, Consumer Discretionary -2.23%, Communication Services -1.65%, Health -1.15%, Financials -0.50%, Utilities -0.01%, Real Estate +0.02%, Energy +1.46%, Consumer Staples +1.69%.

Caterpillar (CAT) - Caterpillar raised its quarterly dividend +8% to USD 1.63/shr.

Microsoft (MSFT) - Microsoft’s Xbox business plans significant layoffs next month, after its fiscal year closes on 30th June, with the exact scale unknown. Xbox also intends to sharply cut marketing and other budgets. Executives Asha Sharma and Matt Booty told employees the company is resetting its business, citing a hardware component crisis, declining profitability and rising costs. According to the message, Xbox’s accountability margin is about 3%, revenue excluding Activision Blizzard King has fallen over five years despite more than USD 20bln of investment, console component costs have risen sharply, and platform, content and infrastructure strategies are under review.

Oracle (ORCL) - Oracle shares fell over 10% in extended trading as plans to raise additional financing for its AI buildout overshadowed better-than-expected quarterly results and a higher profit forecast. Q4 adj. EPS 2.11 (exp. 1.96), Q4 revenue USD 19.2bln (exp. 19.09bln). Total cloud revenue rose 47% Y/Y to USD 9.9bln, with cloud infrastructure revenue +93% to USD 5.8bln and cloud applications revenue +10% to USD 4.1bln; RPO grew 363% Y/Y and increased USD 85bln sequentially to USD 638bln, with most Q3 and Q4 increases driven by large-scale AI contracts. Oracle said USD 75bln of prepaid and customer-supplied hardware in large AI contracts reduces the capital it must raise for AI datacentres, while it expects to raise approximately USD 40bln in FY27 through debt and equity financing, including its previously announced USD 20bln ATM equity issuance. Sees Q1 adj. EPS between 1.72-1.76 (exp. 1.69), Q1 revenue growth between 27-29% Y/Y (exp. 19.01bln), and sees Q1 total cloud revenue growth between 58-64% Y/Y; raised FY27 guidance, sees adj. EPS at 8.05 (exp. 8.05), maintained FY27 total revenue view of USD 90bln.

SpaceX (SPCX) - SpaceX’s planned USD 75bln IPO, valuing it near USD 2tln despite just USD 19bln of revenue as well as negative free cash flow, is driven by enthusiasm for Elon Musk and AI rather than fundamentals, James Chanos said. The veteran short seller compared its valuation unfavourably with Tesla (TSLA), and questioned theoretical future businesses.