Leading European stock markets are moving lower ahead of Wednesday’s close.
The broad European Stoxx 600 index was down 0.33 percent at 635.99 at 15:51. During the day, the index has traded within a range of -0.43 percent at the low and 0.76 percent at the high.
By sector, retail is performing best, up 1.43 percent, while basic resources are recording the second-best performance, up 0.77 percent.
Media is performing worst, down 1.51 percent, while insurance is recording the second-weakest performance, down 1.23 percent.
UK-based Tullow Oil is plunging more than 42 percent after the company lost a 196.5 million dollar tax dispute against Ghana after an arbitration tribunal rejected the oil company’s claim. The dispute concerned tax on insurance compensation during 2016–2019, and the company will now consider its next steps following continued talks with the Ghanaian government.
Danish pharmaceutical company Lundbeck has expressed interest in acquiring Xeris Biopharma and is working with advisers on a possible acquisition, according to Bloomberg News. Xeris, which is valued at around 1.8 billion dollars, says that the company is not for sale, and there is no guarantee that the interest will lead to a deal. The stock rises 0.2 percent.
German automaker BMW is targeting an EBIT margin of 8–10 percent in its automotive operations again by the beginning of the next decade, with 3–5 percent as an interim target for 2028. Free cash flow is then to amount to at least 7 billion euros. The measures include a more regionalized model range, increased use of AI and a leaner organization. The number of divisions and associated executive roles is to be reduced by 20 percent by mid-2027. The stock rises 2.3 percent.
Oma Säästöpankki cuts its earnings forecast for 2026 and now expects comparable pretax earnings to decrease significantly compared with 2025. The reasons include lower net interest income, weaker growth in fee income and a more negative impact from credit losses than expected. The stock is unchanged.
Kongsberg Maritime has received a contract for an AUV hangar and an advanced launch and recovery system for a research vessel that Vard is building for Inkfish. The stock is down 1.1 percent.
Football club Juventus reports an increased loss and lower revenue for the 2025/2026 financial year, while the board proposes a capital increase of up to 250 million euros. Operating profit deteriorated to -39.4 million euros from -29.9 million, partly as a result of weaker sporting performances than expected and certain one-off costs. The stock falls 9 percent.
Holding company Porsche Automobil Holding SE says that Germany’s highest court has rejected appeals from around 40 plaintiffs, primarily US hedge funds, which had sought approximately 5.4 billion euros in damages plus interest. The Wall Street Journal reports this. The stock rises 1.2 percent.
YIT and the municipality of Tuusula have signed an agreement to build a school, preschool and youth center in Lahela under a lifecycle model. The contract is worth 70 million euros for the construction company and includes construction as well as a 20-year service period. The stock rises 2.6 percent.
Deutsche Bank downgrades German major bank Commerzbank to Hold from Buy. The price target is reiterated at 42 euros. The stock falls 3.8 percent.
IndexLastToday, %This year, %TimeStoxx 600635,90-0,34%7,38%15:52:00FTSE 10010 610,58-0,25%6,84%15:51:58DAX25 250,92-0,58%3,11%15:52:02CAC 407 966,55-0,86%-2,24%15:51:58Stoxx 600 sector performance:Automobiles & parts425,090,12%-19,02%15:52:00Banks422,70-0,75%18,97%15:52:00Basic resources809,260,76%21,48%15:52:00Chemicals1 276,210,47%15,24%15:52:00Construction & materials779,25-1,09%-8,11%15:52:00Oil & gas545,64-0,76%34,85%15:52:00Financial services929,47-0,07%3,34%15:52:00Food616,740,29%-0,95%15:52:00Industrial goods1163,63-0,67%8,92%15:52:00Insurance522,47-1,25%2,37%15:52:00Media371,33-1,52%-6,91%15:52:00Healthcare1 098,04-0,37%-3,86%15:52:00Technology1 036,970,06%23,95%15:52:00Telecommunications271,68-0,56%6,17%15:52:00Utilities528,230,52%7,85%15:52:00Consumer goods933,690,49%-13,02%15:52:00Retail468,751,43%-3,60%15:52:00Travel & leisure274,11-0,03%-2,28%15:52:00Real estate116,41-0,82%-7,85%15:52:00Source: Factset
