Newsquawk Daily European Equity Opening News - 1st June 2026

ASIA

APAC stocks began the new month predominantly in the green with the Nikkei 225 and KOSPI extending on fresh record highs amid tech-related strength and following a lack of any major geopolitical developments over the weekend, with a US-Iran peace agreement remaining elusive, while participants also got to digest mixed Chinese PMI data. ASX 200 traded rangebound with demand constrained as the strength in tech and miners is offset by underperformance in defensives, telecoms and real estate. Nikkei 225 rose to a fresh record high and briefly surpassed the 67,000 level for the first time amid tech strength, which saw SoftBank overtake Toyota as the largest Japanese company by market cap. KOSPI outperformed with index heavyweight Samsung Electronics rallying around 10% amid the tech momentum, while an industry report noted that the Co. surpassed Micron to become the world’s leading supplier of automotive memory chips last year. Hang Seng and Shanghai Comp were varied, with the mainland indecisive following mixed Chinese PMI data in which official Manufacturing PMI missed forecasts, but Non-Manufacturing PMI showed a surprise return to expansion territory, while RatingDog Manufacturing PMI topped forecasts. In addition, trade frictions linger as China vowed to resolutely retaliate if the EU proceeds with new restrictive trade measures, while the State Council announced that new rules tightening the oversight of outbound investments in selected technologies will take effect on July 1st.

Chinese Tech - China's State Council says new rules regarding China tightening oversight of outbound investments in selected technologies take effect July 1st. (Newswires)

Chinese Data - Chinese NBS General PMI (May) 50.5 (Prev. 50.1); NBS Manufacturing PMI (May) 50 (Prev. 50.3); NBS Non-Manufacturing PMI (May) 50.1 (Prev. 49.4)

SoftBank (SFTBY) - SoftBank pledged to invest up to EUR 75bln in AI computing clusters in France, the FT reports. The initial commitment is EUR 45bln for 3.1GW of capacity in Hauts-de-France by 2031, with another 2GW planned. The Dunkirk site will involve Schneider Electric (SBGSY); customers and computing-equipment providers remain undetermined, the report said.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.25% at 6,040, Dax 40 +0.08% at 25,113, FTSE 100 -0.16% at 10,409, CAC 40 -0.07% at 8,183, FTSE MIB +0.42% at 50,037, IBEX 35 +0.49% at 18,368, PSI -0.12% at 9,077, SMI +0.28% at 13,543, AEX -0.22% at 1,035.

SECTORS: Financials 0.72%, Industrials 0.37%, Healthcare -0.01%, IT -0.01%, Telecoms -0.04%, Consumer Disc -0.05%, Energy -0.10%, Materials -0.28%, Utilities -0.48%, Consumer Stpl -1.36%

FTSE 100

OTHER UK COMPANIES

easyJet (EZJ LN) - Castlelake statement says it has not made an approach for easyJet, but is in the early stages of mulling a bid. (Newswires)

BROKER MOVES

Segro (SGRO LN) upgraded to Buy from Neutral at Goldman Sachs

DAX

Bayer (BAYN GY) - Bayer said the Phase II Aracog trial met its primary endpoint, with Nubeqa showing significantly less decline in objective cognitive performance over 24 weeks than enzalutamide in advanced prostate cancer.

Mercedes-Benz (MBG GY) - A US House bill targeting Chinese-linked automakers could result in a US ban on new Mercedes-Benz vehicles, CNBC reports. BAIC, a Chinese state-owned automaker, is the MBG's largest individual shareholder. Sources said that exemptions outlined in the legislation would not apply to MBG despite its significant US manufacturing presence. (Mercedes Benz)

OTHER GERMAN COMPANIES

BioNTech (22UA GY / BNTX) - BioNTech and Bristol Myers Squibb (BMY) announced interim Phase 2 data from the global Phase 2/3 ROSETTA Lung-02 clinical trial evaluating the investigational PD-L1xVEGF-A bispecific immunomodulator pumitamig plus chemotherapy in patients with previously untreated advanced non-small cell lung cancer. (BioNTech)

BROKER MOVES

CAC

OTHER FRENCH COMPANIES

BROKER MOVES

BioMerieux (BIM FP) downgraded to Neutral from Buy at UBS

Schneider Electric (SU FP) resumed with Buy at Berenberg

PAN EUROPE

European EVs - 18 of 27 EU member states fail to provide sufficient tax incentives to make electric vehicles financially competitive with fossil-fuel cars in corporate fleets, according to a study by clean transport lobby group T&E. Company cars account for roughly 60% of new registrations across the bloc. France and Belgium have enacted effective incentives, while Germany, Italy, Spain and Poland lag behind, according to Bloomberg.

Universal Music Group (UMG NA) - Co. declines unsolicited Pershing Square (PSH LN) proposal, citing undervaluation of the company. (Universal Music)

UCB (UCB BB) - Co. and Biogen announced that The Lancet published full results from the Phase 3 PHOENYCS GO clinical trial evaluating dapirolizumab pegol, an investigational Fc-free CD40L inhibitor, in patients with moderate-to-severe active systemic lupus erythematosus. (UCB)

BROKER MOVES

SMI

Novartis (NOVN SW) - Novartis announced results showing consistent radiographic progression-free survival improvement across key subgroups with Pluvicto plus standard of care compared to SoC alone in PSMA-positive metastatic hormone-sensitive prostate cancer. Pluvicto demonstrated a similar rPFS improvement across key subgroups, consistent with the previously reported primary endpoint showing a 28% reduction in the risk of radiographic progression or death. In other news, Co. data at EULAR 2026 demonstrates momentum for broad immunology portfolio for complex, high unmet need diseases. (Novartis)

Roche (ROP SW) - Co. announced that new data from its obesity portfolio will be presented at the 2026 Scientific Sessions of the American Diabetes Association. (Roche)

OTHER SWISS COMPANIES

BROKER MOVES

ABB (ABBN SW) resumed with Hold at Berenberg

SCANDINAVIA

Skanska (SKAB SS) - Co. awarded a USD 498mln contract for a project in the US. (Skanska)

BROKER MOVES

Castellum (CAST SS) downgraded to Neutral from Buy by Goldman Sachs

Holmen (HOLMB SS) initiated with Buy by Nordea

US

CLOSES: SPX +0.24% at 7,582, NDX +0.36% at 30,333, DJI +0.72% at 51,033, RUT -0.53% at 2,922.

SECTORS: Technology +1.95%, Financials +0.58%, Materials -0.37%, Industrials -0.42%, Utilities -0.44%, Real Estate -0.85%, Health -0.86%, Consumer Discretionary -1.04%, Energy -1.07%, Communication Services -1.70%, Consumer Staples -1.99%.

Eli Lilly (LLY) - Phase 3 Libretto-432 trial of Retevmo as adjuvant therapy met its primary endpoint in early-stage RET fusion-positive non-small cell lung cancer. Retevmo reduced the risk of disease recurrence or death by 83% versus placebo in the primary analysis population.

Nvidia (NVDA), Microsoft (MSFT) - Nvidia and Microsoft unveiled RTX Spark, a 1-petaflop superchip for Windows PCs built for personal AI agents. RTX Spark offers up to 128GB unified memory, local 120B-parameter LLM support, 12K video editing and AAA gaming at 1440p above 100fps. ASUS (ASUUY), Dell (DELL), HP (HPQ), Lenovo (LNVGY), Microsoft Surface and MSI devices are due this Autumn, Nvidia said. Elsewhere, Nvidia CEO said Vera Rubin is now in full production.

Pfizer (PFE) - Pfizer said Phase 3 Talapro-3 results showed Talzenna plus Xtandi reduced the risk of radiographic progression or death by 52% versus placebo plus Xtandi in men with HRR gene-mutated metastatic castration-sensitive prostate cancer. Pfizer also said Cohort 3 of the Phase 3 Breakwater trial showed Bratovi with cetuximab and Folfiri nearly doubled median progression-free survival versus Folfiri with or without bevacizumab in previously untreated BRAF V600E-mutant metastatic colorectal cancer.

Yum! Brands (YUM) - Yum! Brands is in exclusive talks to sell Pizza Hut to LongRange Capital, Bloomberg reports citing sources. LongRange entered exclusivity after beating bidders including Sycamore Partners. A deal could come together in several weeks, though no agreement is guaranteed. The article also notes that Pizza Hut’s share of Yum revenue fell to about 12% in 2025.

US AI Chips - The US Commerce Department moved to close a loophole allowing advanced AI chips, including Nvidia (NVDA) Blackwell processors, to reach overseas subsidiaries of Chinese companies, Reuters reports. The Bureau of Industry and Security, part of the Commerce Department, said it would enforce licence requirements for China-headquartered entities outside China. The guidance does not require data centres to stop using or servicing affected chips.