Live Markets: Lower, but not tumbling

Soitec SA

28/05/2026 09:36

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STOXX 600 down 0.6% as US and Iran trade air strikes 
Defence stocks gain 
French semi supplier Soitec up 16% after results 
US futures slightly lower 
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LOWER BUT NOT TUMBLING 
We got the promised fall at the open, but it hasn't actually been too dramatic with the STOXX 600 down 0.6% and sitting roughly where it finished last week. 
The big driver is still very much news from the Gulf and so traders will have to be ready for sharp moves if we get more optimistic news, or headlines that reiterate the fragility of the ceasefire, though everyone is used to that. 
In terms of single stocks, SAABSAABb.ST, up 5.7%, is leading a rally in defence names .SXPARO which are 1.6% higher. 
Canada, which wants to reduce reliance on U.S. defence firms, on Wednesday announced plans to buy a fleet of early warning planes from Saab rather than a competing option from Boeing. 
The initial details were announced while European shares were still trading Wednesday, but more followed after the close. 
And top of the STOXX 600 is French semiconductor materials supplier Soitec SOIT.PA, which shot up 16% after reporting annual sales above market expectations.
Britain's FTSE is underperforming, down 0.8%, rare on a day when it should be supported by higher oil and gas stocks. 
However, there are a few companies ex div, and big beast AstraZeneca is down 2.8%.
That's it for now. We'll also get U.S. PCE data later in the session, and that will give some indication about how much higher energy prices are driving broader inflation. 
(Alun John) 
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     EARLIER LIVE MARKETS POSTS 
    

     
  
BEFORE THE BELL: OIL UP, SHARES DOWN CLICK HERE

    MORNING BID: THE US-IRAN CEASEFIRE IS UNRAVELLING 
    CLICK HERE