European equities opened little changed on Wednesday as investors adopted a cautious stance, with long-dated bond yields near multi-year peaks and geopolitical risks lifting oil prices.
The DAX held at 26,126 points, while the Euro Stoxx 50 edged up 0.1% to 6,471, reflecting a broader reluctance to commit capital to risk assets near recent highs. Chipmakers underperformed after a selloff in global bond markets pushed long-term yields to their highest levels in years. Concerns over the collapse of a U.S.-Iran ceasefire also weighed on sentiment, contributing to a rise in Brent crude to $91.35 per barrel and WTI to $85.27.
Bond markets showed tentative signs of stabilization, according to Commerzbank strategists. U.S. Treasury futures rose above prior session highs, though German Bund futures lagged but showed modest support in early trade. Ten-year Bund yields reached 3.25%, the highest since 2011, while 30-year yields also hit multi-year highs.
Market pricing for a Federal Reserve rate hike in September has softened following weaker U.S. inflation, employment and retail sales data. Commerzbank estimates a 25-basis-point increase is now seen as 35% likely at the September FOMC meeting, down from prior expectations.
Among individual movers, Geberit surged 8.4% after reporting second-quarter 2026 revenue of 838 million Swiss francs, 4% above consensus, with adjusted EBITDA 3% ahead of expectations. The company also raised its full-year outlook, providing additional upside to analyst estimates.
Straumann fell 7% despite topping second-quarter earnings expectations, as the company announced the surprise departure of CEO Guillaume Daniellot effective December 1. The executive’s exit overshadowed otherwise solid results, according to Bernstein analysts.
DocMorris reported first-half figures showing a narrowing adjusted EBITDA loss, which more than halved on a like-for-like basis. The online pharmacy raised the lower end of its full-year adjusted EBITDA guidance range, though its shares were little changed following a strong run in 2026.
Heidelberger Druckmaschinen reported a decline in first-quarter revenue and profit, sending its shares down 3.4%.
The Euro Stoxx 50 rose 0.1% to 6,471.12, while the Stoxx 50 added 0.1% to 5,478.57. The DAX slipped 0.0% to 26,125.52. The SMI gained 0.3% to 14,368.01, and the CAC 40 rose 0.3% to 8,536.00. Gold advanced 0.5% to $4,356.83, while silver dipped 0.3% to $63.13. Bitcoin fell 0.3% to $64,359.12.
