Newsquawk Daily European Equity Opening News - 29th June 2026

ASIA

APAC stocks began the week mixed, heading closer to month- and quarter-end, while participants reflected on the geopolitical developments over the weekend, in which the US and Iran conducted tit-for-tat strikes. Although, the sides have since agreed to halt attacks and will meet for talks this week. ASX 200 traded rangebound with the index kept afloat by strength in tech, telecoms, healthcare and the consumer sectors, while utilities, industrials and real estate lagged. Furthermore, price action was contained in the absence of any pertinent data and with the ACCC announcing that the excise tax cut on fuel is to be lowered from July 1st to August 2nd. Nikkei 225 continued its pullback from recent record highs and slipped beneath the 69,000 level amid tech-related weakness, although the index is off today's worst levels as participants also digested strong Retail Sales data. Moreover, reports that the government is to call for “appropriate” monetary policy in its basic policy guidelines, in an apparent effort to dissuade the BoJ from further hiking rates, also boosted sentiment. Hang Seng and Shanghai Comp are positive, albeit to varying degrees, with outperformance in Hong Kong amid strength in biotech and a rebound in hyperscalers. Baidu was boosted as its AI chip unit Kunlunxin targets a USD 50bln Hong Kong listing. However, the mainland was contained after somewhat mixed industrial profits data, and despite the PBoC conducting overnight reverse repo operations as flagged.

EUROPEAN CLOSES

CLOSES: Euro Stoxx 50 -0.66% at 6,226, Dax 40 -1.25% at 24,682, FTSE 100 -0.21% at 10,508, CAC 40 -0.55% at 8,385, FTSE MIB -1.00% at 51,265, IBEX 35 -0.45% at 19,425, PSI -0.23% at 9,136, SMI -0.42% at 14,173, AEX -0.65% at 1,061

SECTORS: Consumer Stpl 0.53%, Healthcare 0.41%, Telecoms 0.28%, Utilities 0.08%, Consumer Disc -0.18%, Materials -0.52%, Financials -0.77%, Energy -1.33%, IT -1.47%, Industrials -1.70%

FTSE 100

AstraZeneca (AZN LN) - Co. announced that Efzimfotase alfa demonstrated favourable safety profile and tolerability in treatment-naive patients and those switching from Strensiq across largest Phase III clinical programme in HPP including MULBERRY, CHESTNUT and HICKORY trials. (AstraZeneca)

UK Defence - The UK government will commit over GBP 500mln to transform its elite Commando Force, equipping it with new high-speed boats, lethal strike drones and larger amphibious transport ships as part of the DIP. (Bloomberg)

UK Economy - CBI says British companies' growth expectations for the coming quarter dropped with the growth gauge falling to -28 in June from -24 in May, which is the lowest since December 2025. (CBI)

UK Housing Names - UK Housing Minister Reed is looking into a government-run system permitted to borrow at lower rates than private developers, The Guardian reports. Theoretically, the state-run builder could construct commercially available properties, setting it up to compete with the likes of Taylor Wimpey (TW/ LN), Barratt Redrow (BTRW LN) and others. (Guardian)

OTHER UK COMPANIES

Bridgepoint (BPT LN), Kayne Anderson (KBSC) - Bridgepoint is reportedly close to a deal to buy the real estate unit of US firm Kayne Anderson for c. USD 1bln, with the deal announcement likely coming on Monday, the FT reports. (FT)

Ocado (OCDO LN) - A group of the Co.'s top 10 investors are reportedly planning to urge the board to halt its plan to remove CEO Steiner, after the Co. earlier announced it was working on plans to find a successor, the FT reports. (FT)

BROKER MOVES

Ashmore (ASHM LN) upgraded to Buy from Hold at Peel Hunt

DAX

Porsche AG (PAH3 GY) - Co. is reportedly planning to move production of its Cayenne model to Leipzig from Bratislava in an attempt to utilise spare capacity, the FAZ reports. However, the move would require employee representatives to accept a significant wage cut, the report added. (FAZ)

Volkswagen (VOW3 GY) - Volkswagen plans to end its automated driving partnership with Bosch, Bild reports. The tie-up with Volkswagen’s Cariad unit began in 2022 to develop driver assistance and autonomous driving software. Bild said the project had not met expectations after around EUR 1.5bln was invested, while Volkswagen plans to choose a replacement partner by September.

OTHER GERMAN COMPANIES

BROKER MOVES

CAC

TotalEnergies (TTE FP) - Co. says operations at its oil refinery and petrochemical plant in NW France were affected by a power outage that took place on Friday, with a loss of external electricity supply disrupting operations. (Bloomberg)

OTHER FRENCH COMPANIES

Exosens (EXENS FP) - Co. has been awarded a major long-term contract with BROLIS to supply approximately 17,000 image intensifier tubes for the Czech Armed Forces; no terms disclosed. (Exosens)

Ipsen (IPN FP) - Co. acquires Kartos Therapeutics for USD 450mln upfront, with up to USD 1.3bln in milestones. (Ipsen)

BROKER MOVES

PAN EUROPE

AI risks - The Bank for International Settlements stated that the global economy displayed surprising resilience despite successive shocks, from tariffs to the Middle East conflict, partly driven by optimism around progress in AI. However, dangers have grown with pressure points around risks of persistent inflation, the sustainability of AI-related investments, growing financial vulnerabilities and weakening fiscal positions. (BIS)

Energy - The head of Bilbao's import hub told the FT that the EU should delay its 2027 ban on Russian LNG or risk overdependence on US energy. However, many Baltic states are reportedly urging the EU to bring forward its delayed plans to ban imports of Russian oil, stating that it is helping finance Russia's war in Ukraine. (FT)

EU-US Trade - European Commission Spokesperson said the EU and its member states have the sovereign right to regulate economic activities on their territory, in response to US President Trump's Digital Tax threats. The spokesperson added that any taxes are non-discriminatory by design and apply equally to all large companies, regardless of their origin and the EU will respond swiftly and decisively to defend rights and regulatory autonomy if unjustified unilateral measures are pursued. (EU) Trump threatened a 100% tariff on all goods from any country that imposes a digital services tax on US companies

Geopols - US CENTCOM announced that it conducted strikes against multiple Iranian targets on Saturday, on the orders of US President Trump, "in direct response to continued Iranian aggression against commercial shipping." In retaliation, Iran's IRGC responded by hitting 8 US military installations at the Ali Al Salem air base in Kuwait and the US Navy's Fifth Fleet in Bahrain, according to IRNA. However, in the early hours of Monday, a US official stated that technical talks with Iran are slated to continue on all areas of the MoU, adds both sides will stand down for now and vessels can move freely.

Prosus (PRX NA) - FY 2026 (USD): Revenue 9.71bln (prev. 6.2bln Y/Y, guided "more than" 7.3bln), Adj. EBITDA 1.05bln (exp. 0.947bln), Core Headline EPS growth 24% (guided increase of between 19-28%), raises FY dividend by 40% to EUR 0.28, says it returned USD 46bln through buybacks in recent years and plans FY27 buybacks of USD 5bln. (Prosus)

Shipping - NYK Line (9101 JT) CEO told the FT that the available routes for navigation through the Strait of Hormuz are extremely limited and that shipping will operate at less than half of prewar levels. (FT)

Technip Energies (TE FP), Neste (NESTE FH) - Cos announces the commercial launch of Nerea, a new type of industrial offering designed to accelerate the deployment of chemical recycling projects for plastic waste. (Technip Energies)

BROKER MOVES

SMI

Roche (ROP SW) - Co. announces the launch of AXELIOS 1. It will enable researchers to make significant discoveries that enhance the understanding of diseases, with the potential to replace existing technologies in pivotal research areas. (Roche)

OTHER SWISS COMPANIES

Sandoz (SDZ SW) - The US FDA has accepted for review two NDAs for generic versions of tirzepatide, the key ingredient in both Zepbound and Moungaro. (Sandoz) Of note for Eli Lilly (LLY)

BROKER MOVES

SCANDINAVIA

EQT (EQT SS) - Co. is reportedly considering a stake in UK materials science firm CuspAI, Sky News reports. (Sky News)

Fortum (FORTUM FH) - Co. announce that they have reached an agreement on the terms of a recommended, conditional voluntary cash tender offer to acquire all issued and outstanding shares in Elmera at NOK 47/shr. (Fortum)

Sobi (SOBI SS) - Co. says it received a Complete Response Letter from the US FDA for a licence for NASP for the treatment of adult patients with uncontrolled gout. (Sobi)

YIT OYJ (YIT FH) - Co. has agreed on several road construction contracts in Lithuania in January-June 2026, valued at EUR 30mln. (YIT)

BROKER MOVES

Addtech (ADDTB SS) upgraded to Buy from Hold at DNB Markets

Nokia (NOKIA FH) downgraded to Hold from Buy at Handelsbanken

US

CLOSES: SPX -0.05% at 7,353, NDX -1.09% at 29,118, DJI -0.09% at 51,881, RUT +0.07% at 3,010

SECTORS: Industrials -1.54%, Technology -1.05%, Communication Services -0.56%, Energy -0.41%, Materials -0.28%, Financials +0.37%, Utilities +0.84%, Consumer Staples +0.96%, Real Estate +1.42%, Consumer Discretionary +1.55%, Health +3.1%.

Apple (AAPL) - Co. is reportedly pushing the Trump administration to allow it to buy memory chips from blacklisted CXMT, the FT reports.

Google (GOOGL), Meta (META) - Google reportedly told Meta it could not provide all of the Gemini capacity the Co. wanted to purchase, the FT reports. Sources added that Meta has encouraged staff to be more efficient with AI tokens in a push to streamline AI costs. (FT)

Nasdaq 100 (NDX) - Nasdaq said SpaceX (SPCX) will join the Nasdaq 100 Index before market open on 7th July.

US Credit Rating - S&P affirmed the US' credit rating at AA+, stating the economy's resilience supported solid fiscal revenue collection.