This was C온라인카지노사이트's live blog covering European markets and business news.

Top news today

• Roche warns its $500 billion U.S. investment is at risk from Trump's pharma pricing order | view post
• Bank of England's Catherine Mann tells C온라인카지노사이트 she is concerned about inflation expectations | view post
• Renk CEO says June NATO summit key to defense outlook as orders soar | view post
• Burberry shares pop after company reveals turnaround plan | view post
• Train-maker Alstom tumbles 17% as outlook disappoints | view post

Ubisoft sees Tencent deal closing by end of year

French video game developer said it expects a deal to spin out its three most popular video game franchises into a new Tencent-backed subsidiary, will close by the end of 2025.

"The fairness opinion issued by the independent expert Finexsi concluded that the transaction is fair from a financial standpoint for Ubisoft shareholders," Ubisoft said in its full-year earnings release Wednesday

Ubisoft is best-known as the creator of the popular "Assassin's Creed" franchise.

In March, the company  part-owned by Chinese technology giant . Tencent will invest 1.16 billion euros ($1.25 billion) into the new unit, giving it a 25% stake with Ubisoft retaining majority ownership.

Ubisoft's net bookings for the fiscal year ending March 31, 2025 came in at 1.85 billion euros, down 20.5% year-over-year and below its target. The firm cited "lower than expected partnerships" for the dismal sales performance. Ubisoft also reported an operating loss of 15.1 million euros.

— Ryan Browne

Euro higher against dollar and sterling

The euro was 0.2% higher against the U.S. dollar at 4:10 p.m. in London, and up 0.3% against the British pound.

The greenback has seen swings over recent weeks as markets digest news trade and tariff updates, including the , which initial drove a sharp gain.

"There are likely lingering concerns that positive trade-related news may soon be outshadowed by hard evidence of the damage already done to the US economy, and there may not be enough incentive to chase dollar rebounds until clarity on the impact of tariffs has emerged," ING strategists said Wednesday.

— Jenni Reid

Swiss pharma giant Roche says Trump drug pricing order threatens its $50 billion U.S. investment

Swiss healthcare giant has warned that U.S. President Donald Trump's could prevent it upping its investments stateside.

Trump on Monday revived a controversial policy that aims to  by tying the prices of some medicine in the U.S. to the significantly lower ones abroad.

"Should the proposed Executive Order go into effect, Roche's ability to fund the significant investments previously announced in the US will be in question," the company told C온라인카지노사이트 in a statement.

Roche it would invest $50 billion in the U.S. over the next five years, including in new research and development sites and manufacturing facilities, creating an estimated 12,000 jobs.

"Overall, we are concerned that the Executive Order will undermine the US's position as the world's leading pharmaceutical and healthcare ecosystem, as well as dampen economic growth and lead to job losses in the US," Roche said in the statement.

"The Order's proposed "Foreign First Principle" would lead to cuts on hundreds of billions of future US pharmaceutical R&D and manufacturing investments while not addressing significant market distortions whereby half of every US dollar spent on medicines goes to insurers, hospitals and pharma benefit managers."

The statement comes with on imported medicines hanging over the industry.

— Karen Gilchrist, Jenni Reid

U.S. stocks open higher

Over on Wall Street, have nudged higher at the open, with the  and  both up around 0.2% and the tech-focused  up 0.5%.

The moves reflect increased risk appetite after the U.S. and China temporarily .

The S&P 500 has now regained losses from April's tariff-sparked market turmoil, which at one point saw the index down more than 20% from its all-time high in February, and ongoing U.S. trade talks are seen as crucial to maintaining sentiment.

— Jenni Reid

Inside Trump's Saudi speech as Middle East tour continues

European markets are downbeat in mid-afternoon trade with earnings in focus, while on the world stage, eyes remain on U.S. President Donald Trump's Middle East tour.

Tuesday saw the U.S. leader deliver an address at the Ritz Carlton Riyadh in Saudi Arabia, where he heaped praise on the kingdom and outlined U.S. relations with the region to a packed room. C온라인카지노사이트's Natasha Turak .

The trip has already yielded a in Saudi Arabia and an .

Trump meanwhile generated criticism for his a $400 million luxury jet from Qatar — an offer still under discussion and not due to be made this week. He landed in the Qatari capital Doha on Wednesday.

— Jenni Reid

Novo Nordisk strikes $2.2 billion obesity drug deal

said it has struck an exclusive collaboration and licensing deal with U.S. biotech to "discover, develop and commercialize" oral small molecule medicines for obesity, type 2 diabetes and other cardiometabolic diseases.

The Wegovy maker said it will initially commence four development programs as it seeks to diversify and cement its position in the ballooning obesity drug maker.

"We are building on our scientific leadership in this space and developing a broad pipeline across various targets and modalities, including peptides and small molecules," said Marcus Schindler, executive vice president and chief scientific officer of Novo Nordisk.

— Karen Gilchrist

European stocks trade slightly lower

Hello from the markets team in sunny London. It's been a mixed morning for European equities, with the regional mainly trading lower and hovering just below the flatline in the early afternoon — threatening a four-session run in the green.

Luxury stock topped the index, up nearly 15%, after publishing an ambitious cost-cutting and turnaround plan, though analysts warn it will take time to bear fruit. At the other end of the spectrum, French train-maker tumbled 17% despite its return to positive free cash flow.

We've also been monitoring a jump in orders at German defense manufacturer , whose he's awaiting a flurry of spending commitments from governments at June's NATO Summit. Shares were last down 0.8%.

Bank of England rate-setter Catherine Mann explained to C온라인카지노사이트's "Squawk Box Europe" why she is worried about an increase in U.K. household inflation expectations, leading her to vote for an interest rate hold at the May meeting.

— Jenni Reid

Train-maker Alstom tumbles 17%

Shares of French train manufacturer plunged 17%, putting it at the bottom of the index by midday in London, as investors parsed its .

Sales rose 6.6% year-on-year to 18.5 billion euros ($20.8 billion) on an organic basis, with the growth rate forecast to cool to between 3% and 5% in the coming fiscal year.

The adjusted earnings before interest and tax (EBIT) margin increased to 6.4% from 5.7% while free cash flow (FCF), a longstanding issue for the firm, came in at 502 million euros, slightly ahead of both guidance and market expectations.

"While we see order levels down [year-on-year], we expect commentary on the pipeline to remain robust," Citi analysts said in a note.

"We recently downgraded our rating to neutral, and see the larger catalyst event to be when the current planning horizon completes in [full year] 27, with the potential for higher margins and further improved FCF conversion beyond that point."

— Jenni Reid

Analysts say Burberry turnaround will take time

C온라인카지노사이트's Karen Gilchrist that any business turnaround at — which is targeting cost savings of £60 million ($79.9 million) — will take time to bear fruit.

Jefferies analysts said the "brand's turn-around case is in slow-burn mode," with limited innovation potential as it refocuses on classic pieces like its trench coat.

Yanmei Tang, analyst at Third Bridge, noted that such an item "naturally limits the frequency of repeat purchases."

Renk CEO says June NATO summit will be key for defense sector spending outlook

Alexander Sagel, head of German defense manufacturer , told C온라인카지노사이트's Annette Weisbach that the NATO summit due to run from the June 24 to June 25 will be key for the industry to get a firm view of government spending commitments.

As well as the broad announcement of higher defense targets from governments, Sagel said he expected Germany to increase its spending as a proportion of GDP to 3% or 3.5%, from current levels near 2%.

"I think also what we will get from the NATO summit are clear, key requirements to each of the European NATO users. So what I expect to get, or what we as Germany, is a clear number of how many brigades, how many tanks, etc, etc, what kind of platforms need to be invested in the next 10 years," he said.

In parallel, the company will be monitoring the formation of the , Sagel continued, meaning "major decisions to be expected, and a more clear view on potential projects and upsides for Renk" in the third and fourth quarter.

Renk on Wednesday a 15% year-on-year revenue increase to 273 million euros ($306.7 million) for the first quarter, just shy of market expectations. Shares were up 0.27% at 9:45 a.m. in London.

— Jenni Reid

Wednesday news digest: Trump inks flurry of deals with KSA

• U.S. President Donald Trump hails his return to Saudi Arabia where he has secured hundreds of billions of dollars of investment from the kingdom. He will be heading to Qatar later today.
• The U.S. Agriculture Secretary, Brooke Rollins, says Trump's global trade negotiations will be a boon to the whole world.
• German shipping giant confirms its full-year outlook despite trade concerns on the horizon.
• And defense firm doubles its quarterly orderbook, seeing intakes of 550 million euros ($618.2 million.)

Listen below or find "Squawk Box Europe Express" wherever you get your podcasts.

European currencies rally

The euro gained 0.5% against the U.S. dollar by 9:49 a.m. in London to trade at around $1.124.

The British pound also rose against the greenback, notching a 0.3% gain, while the Swiss franc jumped around 0.4%.

It came after the U.S. posted on Tuesday, after which the dollar .

— Chloe Taylor

Bank of England's Catherine Mann on interest rates

Catherine L Mann, an external member of the Bank of England's Monetary Policy Committee, told C온라인카지노사이트's "" on Wednesday she had advocated for a 50-basis-point cut in February as she anticipated a "non-linear change in the labor market that would be deleterious for growth and consumption."

"And that that would lead to … reduction of pricing power of firms, and so that cascade from a very weak labor market into lower inflation was what I saw in the cards," Mann said.  

The central bank cut rates in February.

Mann was then one of two members of the MPC who voted to hold rates steady at its most recent meeting last week. The central bank instead again, bringing it down to 4.25%.

"So where are we now, or where was I in the last decision? The first observation is that the labor market has been more resilient," Mann told C온라인카지노사이트. "Yes, we've had some prints that are indicative of the slowing labor market, but it is not a non-linear adjustment. Number two, and actually much more important, our household expectations have increased both at the one-year mark and the five-year mark. I worry about that. Plus goods, price inflation has increased. PMIs for input and output prices has increased."

"And so that cascade from labor market weakness to pricing weakness did not happen," she added. "The market's given me 75 basis points. I only asked for 50."

— Chloe Taylor

C온라인카지노사이트's Ganesh Rao is at the London Value Investor Conference

Good morning from the Queen Elizabeth II Centre in central London.

Stocks are on the breakfast menu this morning for the fund managers attending the London Value Investor Conference.

I'll be bringing live updates this morning as some of the biggest investors pitch their stock ideas on stage. Simon Adler, portfolio manager of Schroders' Global Recovery, Global Income and Global Sustainable Value strategies, is performing the opening act. Alex Roepers, chief investment officer of Atlantic Investment Management, will be pitching four stock ideas later in the day, I'm told.

And Charles Heenan, investment director at Kennox Asset Management, has traveled down from Edinburgh to present his ideas to the conference.

— Ganesh Rao

European stocks move lower

It's 8:41 a.m. in London, and regional stocks are slightly lower following mixed trade immediately after the opening bell.

The Stoxx Europe 600 index is down by 0.1%, inching lower from a 0.1% rise. Sectors and major bourses are currently in mixed territory, with France's leading losses on a drop of around 0.4%.

— Chloe Taylor

Burberry shares pop 9%

London-listed shares of Burberry were 9.1% higher at 8:27 a.m. in London, after the company announced new steps in a restructuring plan and said its earnings fell less than expected in the three months to March.

The company said its organizational changes could lead to job cuts, with the strategy potentially affecting up to 1,700 jobs globally.

Watch: Latvian foreign minister on NATO defense spending

Embattled Burberry announces new turnaround steps even as sales fall less than expected

In corporate news, British luxury giant just announced a slew of organizational changes, as part of continued turnaround efforts at the embattled luxury house.

C온라인카지노사이트's Karen Gilchrist , which were announced as the company's quarterly earnings report showed sales fell less than expected in the three months to March.

Stoxx 600 could end four-day run of gains

If the Stoxx 600 dips into negative territory on Wednesday, it will put the index on track to snap its four-day winning streak.

Global stocks rallied earlier this week after the U.S. and China announced on most of the tariffs they had slapped on each other's goods in recent weeks. The Stoxx 600 gained 1.2% on Monday, after details on the deal were made public.

— Chloe Taylor

TUI misses sales expectations over timing of Easter holidays

Holiday operator missed top line expectations owing to a shift in Easter holidays to the third financial quarter.

The company said revenues were "modestly" higher by 1.5% to 3.7 billion euros ($4.14 billion) for its third financial quarter ending March 31, missing analyst expectations of 3.86 billion euros. It also reported an adjusted loss of 207 million euros, better than the expected 226.1 million loss.

However, TUI maintained its full-year revenue guidance, adding that total sales were expected to rise between 5% and 10%.

"We expect a small positive reaction as the strong profitability and continued [average sale price] growth for summer bookings offsets the deceleration in booking volumes – even with the Easter impact," said Citi's equity analyst Leo Carrington in a note to clients. "With the company reiterating its [2025 financial year] guidance, we don't expect material changes to consensus estimates at this stage."

— Ganesh Rao

The UK wants to crack down on foreign workers. Businesses worry Brits can’t — or won’t — fill the labor gap

C온라인카지노사이트's Holly Ellyatt reported this morning that British businesses are concerned about a labor shortage arising from U.K. government plans to tighten immigration policy.

The British government on Monday , tightening the rules on who can come to work, study and live in the country. The proposals raise English-language requirements for migrants, as well as the skills and level of education they need to obtain work visas. 

German inflation hit 2.2% in April

Germany's annual harmonized inflation rate stood at 2.2% in April, from the country's Federal Statistical Office showed on Wednesday.

The data release confirmed released at the end of last month.

— Chloe Taylor

Opening calls

Good morning from London.

European stock markets are expected to open lower, paring some of the gains seen earlier this week after the U.S. and China agreed to a trade truce.

Futures point to the , Germany's and the French all opening 0.2% lower, while the FTSE 100 is slated to shed 0.3%.

Investors are looking ahead to earnings updates from , , , , , Telefonica and .

— Chloe Taylor