WSJ : Novo Nordisk to Sell Weight-Loss Drugs Through Hims & Hers

Novo Nordisk to Sell Weight-Loss Drugs Through Hims & Hers
Agreement brings an end to the legal dispute between the two companies

  • Novo Nordisk and Hims & Hers Health partnered to sell weight-loss drugs, ending a patent-infringement lawsuit.
  • Hims & Hers will offer Novo Nordisk’s Wegovy and Ozempic at self-pay prices and stop advertising compounded GLP-1 drugs.
  • Novo Nordisk dismissed its lawsuit against Hims & Hers but reserved the right to refile in the future.

Wegovy maker Novo Nordisk said it is teaming up with Hims & Hers Health to sell its weight-loss drugs through the telehealth company’s platform, bringing an end to a legal dispute between the two companies.

Hims & Hers shares jumped 47% Monday, while Novo Nordisk shares were up 1.7%.

As part of the agreement, Hims & Hers will offer access to Novo Nordisk’s Wegovy obesity drug in injection and pill forms, the Danish drugmaker said Monday. Hims & Hers will also offer access to Wegovy’s sister medicine, Ozempic, for diabetes.

The drugs will go on sale later this month at Novo Nordisk’s self-pay prices. The prices range from $149 to $499 a month, depending on the drug and dosage.

Hims & Hers will no longer advertise compounded versions of GLP-1 drugs—the class of medicines to which Wegovy and Ozempic belong—on its platform, Novo Nordisk said. Compounded drugs are alternative versions of prescription drugs made by specialized pharmacies.

Novo Nordisk said that it is dismissing its patent-infringement lawsuit against Hims & Hers in light of the agreement, but that it reserved the right to refile in the future.

Last month, Novo Nordisk filed a lawsuit in a federal court in Delaware accusing Hims & Hers of violating the patents covering its Ozempic and Wegovy drugs by trying to sell custom-made, lower-cost versions of those medicines.

The deal is the second between the companies, after a first agreement fell through.

Last April, the companies announced a partnership to make Wegovy available through Hims & Hers, but the deal fell apart in June after Novo Nordisk accused Hims & Hers of illegally selling cheaper compounded versions.

The animosity spiked again soon after Novo Nordisk began selling a pill version of Wegovy in January. Hims & Hers in February countered with a compounded pill version of the drug’s main ingredient, semaglutide, prompting Novo Nordisk’s lawsuit. Hims & Hers stopped selling the pill after federal officials announced steps to restrict it.

The soaring demand for weight-loss drugs—and shortages of the original brands—has spurred compounding pharmacies and telehealth companies to get a piece of the action by selling lower-cost copycat versions of drugs from both Novo Nordisk and Eli Lilly. The brand-name manufacturers have since resolved their shortages.

The competition has come at the expense of sales of the branded drugs, and Novo Nordisk and Lilly have taken legal actions to try to limit it.

Hims & Hers said Monday it will now focus on selling Food and Drug Administration-approved medications for weight loss and will only offer compounded semaglutide on a limited scale.

>>> What to look at today - 9th of March 2026

Equities tumbled as crude oil surged above $100 a barrel for the first time since 2022, with the US-Israeli war against Iran showing no sign of easing and both sides appearing set to prolong the conflict. The dollar rose and Treasuries fell across the curve. Asia’s benchmark share index dropped as much as 5.6% — the most since April — with South Korea and Japan leading the declines. Equity-index futures for the US and Europe slid more than 2%, indicating the selloff is set to expand to other regions. The turmoil came as Brent crude oil jumped as much as 29% to $119.50 a barrel, adding to last week’s 28% surge, as the conflict entered a second week. West Texas Intermediate jumped 31%. Major oil producers also began curbing output and traffic through the Strait of Hormuz effectively halted. Both sides appeared to be digging in for a potentially lengthy conflict. Iran named the son of the late Ayatollah Ali Khamenei as its new supreme leader, while President Donald Trump said higher oil prices were a very small price to pay” for “safety and peace.” Treasuries sold off on concerns over quickening inflation with benchmark US 10-year yields turning higher for the year. Australia’s policy-sensitive three-year yield surged to the highest since 2011, while German bund futures slumped to almost a 15-year low. Selling swept across regions and asset classes as the geopolitical flareup added fresh stress to markets that are already under pressure from AI disruptions and worries about the potential for cracks in credit markets. The escalating crisis has left investors caught between the risk of renewed inflation stemming from elevated oil prices and signs of cooling in the US labor market. Arab states across the Persian Gulf and Israel continued to face incoming missiles and drones from Iran, which said it had the capacity to sustain the war for months. Israel struck fuel depots in Tehran and threatened the Islamic Republic’s power grid, sparking a warning from the Red Crescent about toxic acid rain. Trump is also weighing the option of deploying special forces on the ground to seize Iran’s near-bomb-grade uranium, as officials grow increasingly concerned the stockpile may have been moved, according to three diplomatic officials briefed on the matter. That is evident in the bond market. Just as investors closed their books on a month when mounting concerns over corporate risks fueled demand for the perceived safety of Treasuries, the US-Israeli attack on Iran raised a whole new set of worries — and triggered a different response. Instead of acting as a refuge, US government bonds took their cue from surging crude prices and yields shot up, with inflation fears taking center stage at a time when prices are already running higher than central banks would like. In other corners of the market, gold fell, pressured by a stronger US dollar and concerns over higher interest rates. Gold has come under pressure as spiking crude prices stoke inflation fears in the US, raising the likelihood that the Federal Reserve will leave interest rates unchanged for longer. Puck News Washington correspondent Abby Livingston and Bloomberg Opinion’s senior executive editor Tim O’Brien join David Gura and Christina Ruffini on “Bloomberg This Weekend” to discuss the implications for US foreign policy and the political dynamics surrounding Trump’s approach to Iran. Another key area of focus was the strength of the dollar. The Bloomberg Dollar Spot Index rose 0.5% on Monday. US stocks are facing a growing risk of a sharp selloff this year as the escalating war in Iran hurts global markets, according to veteran strategist Ed Yardeni, updating his outlook for what he describes as “fast-moving times.”  Yardeni raised the probability of a market meltdown to 35% for the rest of the year, up from 20% previously. At the same time, he slashed the odds of a meltup — a rally driven more by investor enthusiasm than underlying fundamentals — to just 5% from 20%. 

Nikkei -5.20% Hang Seng -1.71% CSI -0.99%% Shanghai -0.67%% Shenzen -0.70%

Eur$ 1.1529 CNH 6.9259 CNY 6.9211 JPY 158.70 GBP 1.3307 CHF 0.7806 RUB 78.7827 TRY 44.0847 WTI$ 115.56 +27.30% Gold 5,087 -1.59% BTC 67,444 +0.35% ETH 1,984 +1.32%

S&P -1.65% Nasdaq -1.75% EuroStoxx -2.52% FTSE -0.96%% Dax -2.68%% SMI -1.76%

Macro :
- Yardeni Raises Odds of US Market Meltdown to 35% on Iran War
- UAE President Tells ‘Enemies’ Country Is ‘No Easy Prey’
- Goldman Says Hedge Funds Add Short Bets on US Stocks Amid Rout
- Stagflation Risks Will Curb US Assets’ Haven Appeal: Macro View
- Traders Warn $100 Oil Is Imminent If Iran War Keeps Raging
- Hedge Funds Slash Tech Bets on Soaring Iran Fear: Equity Insight
- Iran President Says Forces Told Not to Attack Nearby States
- UK Proposes to Compensate China’s Jingye Steel, Sky Reports
- Jefferies Makes Bold Call as Nightmare of 2022 Haunts Clean Tech

Keep an eye on :
- AIR FP : Boeing Said to Be Close to 500-Jet Order With Trump-Xi Summit
- AZN LN : AstraZeneca, Daiichi Sankyo’s Enhertu Gets Priority Review in US
- NDA GY : Aurubis Employee Dies in Workplace Accident at Hamburg
- BMY US : FDA Approves Bristol Myers Squibb’s Sotyktu to Treat Arthritis
- BT/A LN : Virgin Media O2 owner eyes broadband deals to take on BT’s Openreach
- C US : AI Chipmaker Cerebras Said to Tap Morgan Stanley for IPO Return
- COLOB DC : Coloplast Billionaire Family Buys Shares for $1.6 Million
- COPN SW : Cosmo 2026 Revenue Forecast Misses Estimates (1)
- 1 HK : CK Hutchison Unit PPC Files Arbitration Against Panama for $2b
- EMSG NO : EMGS Signs Non-Binding Term Sheet With Buyer for EM Business
- ENI IM : ENI Mulls Plenitude Spinoff From Balance Sheet, Corriere Reports
- FLTR LN : Activist investor doubles stake in Flutter Entertainment
- GNFT FP : Genfit SA Granted FDA Orphan Drug Status for Nitazoxanide
- GOOGL US :
- HLAG GY : Saudi Ports Adds Hapag-Lloyd Shipping Service to Jeddah Port
- HPHA GY : Heidelberg Pharma Secures $45m From Royalty Agreement Amendment
- INPST NA : InPost Says Making ‘Good Progress’ in Preparations for Offer
- IPN FP : Ipsen Withdraws Cancer Drug Tazverik Due to Safety Concerns
- LW US : Activist Starboard Takes Big Stake in French-Fry Maker Lamb Weston -- Update
- LONN SW : Lone Star Is Said to Be in Advanced Talks to Buy Lonza Unit
- LONN SW : Lonza to Sell CHI Unit at Enterprise Value of CHF2.3 Billion
- 7201 JP : Nissan, Uber in Talks on Autonomous Driving Service: NHK
- NVDA US : Nvidia’s Vera Rubin May Use Samsung, Hynix’s HBM4, Daily Says
- SAA LN : M&C Saatchi CEO Al-Qassab To Leave in Coming Weeks, Sky Reports
- MAERSKB DC : Maersk, MSC Could Take 40% Stake in Mauritius Port Operator
- NESN SW : France Says No Link Between Nestle Formula and Death of One Baby
- NOVOB DC : Novo and Hims End Feud, Will Sell Obesity Drugs Together
- ORCL US : Oracle and OpenAI Scrap Plans to Expand Data Center: TMT Wrap
- PAF LN : Pan African to Buy Emmerson Resources at Equity Value £163m
- ROG SW : Roche Phase 3 Persevera Study Did Not Meet Primary Objective
- TEF SM : Telefónica Mulling More Takeovers of UK Broadband Providers: FT
- VONN SW : Vontobel warns that Switzerland must avoid ‘over-regulation’

>>> Europe : Brokers Upgrades & Downgrades - 9th of March 2026

>>> Up
* Aedifica Raised to Buy at Van Lanschot Kempen; PT 78 euros
* Air France-KLM Raised to Equal-Weight at Barclays
* IAG Raised to Overweight at Barclays; PT 440 pence
* Dow Raised to Outperform at RBC; PT $40
* Finnair Raised to Equal-Weight at Barclays; PT 2.80 euros
* GE Vernova Raised to Buy at Rothschild & Co Redburn; PT $1,100
* Hensoldt Raised to Buy at Jefferies
* Hermes Raised to Buy at HSBC; PT 2,350 euros
* Kering Raised to Buy at HSBC; PT 310 euros
* Leonardo Raised to Overweight at Barclays; PT 68 euros
* Lufthansa Raised to Equal-Weight at Barclays; PT 8 euros
* LyondellBasell Raised to Outperform at RBC; PT $82
* Moncler Raised to Buy at HSBC; PT 72 euros
* Nexi Raised to Equal-Weight at Morgan Stanley; PT 3 euros
* Otovo Raised to Buy at Arctic Securities; PT 22 kroner
* Sectra Raised to Buy at SEB Equities; PT 250 kronor
* Swatch Raised to Hold at HSBC; PT 170 Swiss francs

>>> Down
* Aalberts Cut to Sell at Van Lanschot Kempen; PT 29 euros
* Anglo American Cut to Underweight at JPMorgan; PT 2,800 pence
* Aperam Cut to Neutral at JPMorgan; PT 40.70 euros
* ArcelorMittal Cut to Underweight at JPMorgan; PT 40 euros
* Ferrovial Cut to Hold at Jefferies; PT 60 euros
* Huscompagniet Cut to Hold at Nordea
* Jefferies Cut to Equal-Weight at Morgan Stanley; PT $49
* Lundin Mining Cut to Underweight at JPMorgan; PT C$28.20
* Marriott Vacations Cut to Market Perform at Citizens
* NSI NV Cut to Neutral at Van Lanschot Kempen; PT 19 euros
* Wix.com Cut to Neutral at Baird; PT $90
* Zealand Pharma Cut to Neutral at BNP Paribas; PT 275 kroner

>>> Initiation
* AFRY Rated New Neutral at SB1 Markets; PT 139 kronor
* Rejlers Rated New Buy at SB1 Markets; PT 210 kronor
* Sweco Rated New Buy at SB1 Markets; PT 170 kronor
* Vanquis Rated New Buy at Berenberg; PT 165 pence

>>> Call
* Nexi Risk/Reward Now More Balanced; Morgan Stanley Ugrades

>>> Stoxx 600 Pre-Market Indications

  • Equinor (DNQ TH) +4.6%
  • Var Energi (J4V TH) +4.3%
  • Taylor Wimpey (TWW TH) +3.1%
  • Aker BP (ARC TH) +2.8%
  • Eni (ENI TH) +2.4%
  • Shell (R6C0 TH) +2.1%
  • TotalEnergies (TOTB TH) +2.1%
  • Rubis (BYNN TH) +1.9%
  • Thales (CSF TH) +1.6%
  • BP (BPE5 TH) +1.4%
  • Aurubis (NDA TH) -5.3%
  • ASM Intl (AVS TH) -5.6%
  • Knorr-Bremse (KBX TH) -5.7%
  • Delivery Hero (DHER TH) -5.8%
  • Bawag (0B2 TH) -6.1%
  • ASML (ASME TH) -6.1%
  • Voestalpine (VAS TH) -6.4%
    • JPMorgan Turns Negative on EMEA Mining & Steel on Iran Conflict
  • Hochtief (HOT TH) -6.5%
  • BE Semiconductor (BSI TH) -6.9%
  • Siemens Energy (ENR TH) -7%

>>> TradeGate Pre-Market Indications

DAX:
  • Beiersdorf (BEI TH) -1%
  • Henkel (HEN3 TH) -1%
    • BMW, Generali, Porsche, Rheinmetall, RWE, VW: Earnings-Day Vol
  • Continental (CON TH) -3.7%
  • Zalando (ZAL TH) -4%
    • BMW, Generali, Porsche, Rheinmetall, RWE, VW: Earnings-Day Vol
  • Deutsche Bank (DBK TH) -4.1%
    • SRT Sales Cost Likely to Rise as War Fuels Economic Uncertainty
  • Commerzbank (CBK TH) -4.3%
  • Siemens Energy (ENR TH) -6.3%
MDAX:
  • Hensoldt (HAG TH) +1.2%
    • Hensoldt Raised to Buy at Jefferies
  • Redcare Pharmacy NV (RDC TH) +1%
  • Nordex (NDX1 TH) -4.3%
  • Bilfinger (GBF TH) -4.8%
  • Puma (PUM TH) -4.9%
  • Hochtief (HOT TH) -5.5%
  • Aixtron (AIXA TH) -6%
SDAX:
  • Springer Nature AG & Co KGaA (SPG TH) +1.2%
  • Jenoptik (JEN TH) -5.2%
  • Cewe Stiftung (CWC TH) -5.2%
  • Salzgitter (SZG TH) -5.4%
  • Deutz (DEZ TH) -5.6%
  • Elmos Semiconductor (ELG TH) -10%

FT : G7 to discuss joint release of emergency oil reserves

G7 to discuss joint release of emergency oil reserves
Middle East war has triggered surge in crude prices that threatens global economy

G7 finance ministers will discuss a possible joint release of petroleum from reserves co-ordinated by the International Energy Agency, in an emergency meeting on Monday aimed at tackling the surge in oil prices following the conflict in the Gulf.

The ministers and Fatih Birol, IEA executive director, will hold a call at 8.30am New York time to discuss the impact of the Iran war, according to people familiar with the situation, including a senior G7 official.

Three G7 countries, including the US, have so far expressed support for the idea, according to the people familiar with the talks.

The 32 members of the IEA hold strategic reserves as part of a collective emergency system designed for oil price crises. One person said some US officials believe a joint release in the range of 300mn-400mn barrels — 25 to 30 per cent of the 1.2bn barrels in the reserve — would be appropriate.

The meeting comes as US President Donald Trump faces pressure to halt the steep rise in the crude oil price since the start of the war. The average US petrol price rose to $3.45 a gallon by Sunday, from $2.98 a gallon a week ago, and is destined to go higher unless the US president can reverse the trend. 

The increase in oil prices over the past week has triggered global fallout, threatening an inflationary surge that could do lasting damage to economic growth across the world.

China, India, South Korea, Japan, Germany, Italy and Spain are among the biggest importers of crude, leaving them heavily exposed to price shocks.

Brent crude, the international benchmark, leapt 24 per cent in Asia trading on Monday to $116.71 a barrel. West Texas Intermediate, the US marker, rose 28 per cent to $116.45. 

The emergency petroleum stockpiles were set up as part of the creation of the IEA in 1974 following the Arab oil embargo, which sent crude prices soaring and triggered major fuel shortages across the western world. 

The reserves are designed to allow big oil-consuming countries to respond to significant energy shocks.

There have been five collective releases by IEA member states since the organisation’s creation. The last two were in 2022 to counter the oil price surge after Russia’s invasion of Ukraine.

On Tuesday the IEA held an emergency meeting to consider options to tackle an emerging oil supply crisis. A document prepared for the meeting said the IEA stood “ready to act to support the stability of oil markets”. 

The confidential document noted that IEA countries held more than 1.24bn barrels of public stocks in addition to another 600mn or so barrels of industry stocks that could bring additional supply to the market if required.

These stocks could cover nearly one month of total oil demand in IEA countries and over 140 days of net imports, the document said. The US and Japan account for about 700mn barrels of the 1.24bn barrel total.

The oil price surge risks undermining Trump’s vow to reduce inflation and lower energy costs. He already faces criticism from some Republicans for spending too much time on foreign affairs rather than tackling domestic cost-of-living concerns.

On Truth Social on Sunday evening Trump shrugged off any worries about the oil price surge. “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” he wrote, adding: “ONLY FOOLS WOULD THINK DIFFERENTLY!”

Stock markets across much of Asia tumbled on Monday in response to the oil price surge. US equity markets were also poised for steep losses on Monday, according to futures indices, which risks compounding financial market stress. 

The decision to consider tapping strategic petroleum reserves marks a U-turn for the Trump administration, which said last week releases from the stockpile would not be needed to stabilise markets. But energy analysts said the record increase in oil prices over the past week left policymakers little choice but to release strategic stocks to try to soothe markets. 

In an interview with the FT on Friday, Qatar’s energy minister Saad al-Kaabi warned the war could “bring down the economies of the world” and predicted Gulf energy exporters would stop production within days.

In a note on Sunday, Rapidan Energy Group warned IEA members would “come under intense pressure to release strategic stocks”.

China, which is not a full IEA member, also has vast oil reserves, which it has built up over the past 12 months. Analysts estimate that Beijing has between 1.1bn and 1.4bn barrels of oil that would potentially cover up to about 140 days of domestic oil import demand.

FT : Global trading system under ‘unsustainable’ pressure warns UK

Global trading system under ‘unsustainable’ pressure warns UK
Significant reforms required to halt breakdown of rules-based order, says British government

The global trading system is under “unsustainable” pressure, the British government has warned, ahead of a crunch meeting of trade ministers later this month.

The UK told the Geneva-based World Trade Organization that significant reforms were required to halt the breakdown of the rules-based trading order.

“It is clear the status quo is unsustainable,” the UK said in a policy paper seen by the FT, setting out the government’s position ahead of the WTO’s ministerial council meeting in Cameroon at the end of this month. “The multilateral trading system is too important to fail, but it will fail if we do not act,” it added.

The bleak assessment of the international trade landscape included thinly veiled criticism of both the US and China for their go-it-alone policies that have seen a sharp rise in trade tensions since Donald Trump returned to the White House last year. 

The gathering of over 160 world trade ministers will take place just days before Trump’s scheduled visit to Beijing to meet the Chinese President Xi Jinping.

Over the past year as US tariffs have hit their highest levels since the second world war, while China’s annual trade surplus exceeded $1tn, fuelling western criticism of its unfair trade practices.

Recalling how the 19th century’s global trading model encouraged rivalry between major powers which ultimately led to armed conflict, the UK added: “We risk moving backwards as we again are faced with a choice between the rules-based order or a power-based order.”

UK trade secretary Peter Kyle told the FT that the WTO risked becoming “out of touch with reality” if it did not grasp the nettle of reform.

“Britain is prepared to have the difficult conversations and call out behaviours that undermine the global rules-based trading system. We stand ready to drive forward a reformed and refreshed WTO with partners in Cameroon,” he added.

The UK is part of a bloc of so-called ‘middle power’ countries, including the EU, Canada, Singapore and Australasia, that are seeking to agree an ambitious reform programme to update the WTO trading system.

The reforms include proposed changes to WTO decision-making that would stop individual countries from blocking agreements that improve trade, stricter measures to tackle unfair subsidies and modernisation of carve-outs for developing countries.

Despite Sir Keir Starmer’s efforts to improve trade ties with China, including a visit to Beijing in January, the UK policy paper attacks the use of “state-owned enterprises and the use of subsidies leading to overcapacity”, in a clear swipe at China’s distortionary economic policies.

It also implicitly attacks the US for continuing to block the appointment of judges to the WTO’s main enforcement mechanism, which has been moribund since 2019, a situation the UK paper said “fundamentally undermined” the value of the WTO.

The push for reform comes as Trump’s global tariff war has severely undermined the so-called ‘most favoured nation’ policy, a foundational principle of the WTO that requires members to treat each other equally.

The EU, which has long been a staunch defender of the MFN principle, caused consternation last month with its own policy paper which appeared to call into question the bloc’s commitment to the idea.

The prospect of making progress at the Cameroon meeting suffered an early setback last week after the US and several other countries refused to agree a draft statement setting out a roadmap for reform.

Diplomats had hoped to get agreement for the draft text ahead of the meeting in Cameroon, but three diplomats with knowledge of the discussion said the US had supported a rival text.

The alternative version, submitted by Paraguay and seen by the FT, sets out a more vague plan of action. Washington’s move came despite US representatives telling a closed-door meeting of diplomats last week that it did not want to “waste time on empty statements”.

WTO diplomats will meet in Geneva on Tuesday to finalise documents to be submitted to trade ministers in Cameroon, but several said they were not optimistic that a consensus could be reached over the rival drafts. “The US has made its position pretty clear,” one added.

A senior US trade official said: “The United States is interested only in concrete and realistic outcomes. Many WTO members are promoting drafts that are disconnected the reality of the challenges facing the WTO.”

FT : Virgin Media O2 owner eyes broadband deals to take on BT’s Openreach

Virgin Media O2 owner eyes broadband deals to take on BT’s Openreach
Boss of joint owner Telefónica vows to ‘help’ its UK subsidiary better compete with BT’s Openreach network

Telefónica will consider further takeovers of UK broadband providers in a bid to strengthen Virgin Media O2 and challenge the dominance of BT’s Openreach, its chief has said.

“Absolutely, if the deal is right, it is the more efficient and effective way” of expanding its fibre networks, Marc Murtra told the FT at the Mobile World Congress in Barcelona last week.

Telefónica is doubling down on the UK as one of its four key markets alongside Spain, Germany and Brazil as part of the executive chair’s effort to refocus the group away from Latin America.

Last month, the Spanish group — which owns a 50 per cent stake in Virgin Media O2 — made the first move in the long-expected consolidation of the UK’s “altnet” sector, with the agreement of a £2bn deal for broadband rival Netomnia.

The deal will be done through Nexfibre — a fibre broadband joint venture also owned by fellow VMO2 shareholder Liberty Global and InfraVia Capital — which hosts thousands of VMO2 broadband customers on its network.

The upgraded Nexfibre will cover 8mn UK homes and give VMO2 access to about 20mn premises. By comparison, BT’s Openreach covers more than 30mn homes, 22mn of which have full fibre.

Murtra said: “We must help VMO2 to build all the assets and the capacities to offer a best-in-class service in range and in quality. And if BT has the best-in-class service, that is where we need to be.”

Many “altnets” — dozens of small fibre networks that have lured customers from BT and VMO2 with cheaper broadband offerings — are now struggling under heavy debt burdens and lower than expected uptake. 

Analysts have long expected that Telefónica, Liberty Global and InfraVia will aim to acquire rivals and use Nexfibre’s network to offer superfast broadband to more VMO2 customers.

However, the highly competitive UK market has taken a toll on Telefónica, which booked a €585mn non-cash impairment charge on VMO2 in its 2025 results.

UK-born Murtra, who has led Spain’s largest telecoms group for just over a year, has sought to streamline operations and in November announced 5,000 job cuts in Spain.

But investors have been lukewarm on his approach. Telefónica shares fell 13 per cent in a day after it said the dividend would be halved and announced no major acquisitions at a capital markets day in November. The stock has fallen 20 per cent over the past six months.

“This is a marathon, not a sprint, and we are 500 metres into the marathon and we’re exactly where we said we would be,” Murtra said, pointing to Telefónica’s recent fourth-quarter results that matched company guidance. 

However, the Telefónica boss declined to comment on market speculation that he was in talks for a takeover of rival German telecoms operator 1&1.

Murtra, who has regularly warned that Europe risks being sidelined if the EU does not loosen regulations to support economic growth, gave a stark warning about the influence of AI: “We’ve seen the work of maybe a dozen people, or dozens of people, working for six or seven months being done in a few minutes.”

>>> Hormuz - day 8

I’ve put together a detailed investment note on Hormuz — thought it might be useful given where things stand on Day 8.

The piece goes beyond the oil price move into what I think markets are genuinely mispricing: the fertilizer producer split, European jet fuel at $1,500/tonne and what that means for IAG and Lufthansa once hedges expire, the Iraq upstream shutdown loop that takes Brent through $100 without Iran needing to fire another drone, and China’s inability to get its own ships through despite the Beijing-Tehran relationship.

Full FX matrix, macro scenarios, and a named-company sector scorecard across 15 positions.

Laurent

Axios : U.S. dismayed by Israel's Iran fuel strikes, sources say

U.S. dismayed by Israel's Iran fuel strikes, sources say

Israel's strikes on 30 Iranian fuel depots Saturday went far beyond what the U.S. expected when Israel notified it in advance, sparking the first significant disagreement between the allies since the war began eight days ago, according to a U.S. official, Israeli official and a source with knowledge.

Why it matters: The U.S. is concerned Israeli strikes on infrastructure that serves ordinary Iranians could backfire strategically, rallying Iranian society to support the regime and driving up oil prices.

Driving the news: The Israeli air force's Saturday strikes created large fires in Tehran, igniting flames visible for miles and blanketing the capital in heavy smoke.

  • The IDF claimed in a statement that the fuel depots "are used by the Iranian regime to supply fuel to different consumers including its military organs."
  • An Israeli military official said the strikes were intended in part to tell Iran to stop targeting Israeli civilian infrastructure.

Behind the scenes: Israeli and U.S. officials said the IDF notified the U.S. military ahead of the strikes.

  • But a U.S. official said that the U.S. military was surprised by how wide-ranging they were.
  • "We don't think it was a good idea," a senior U.S. official said.
  • An Israeli official said the U.S. message to Israel was "WTF".
  • The White House and the IDF didn't comment.

The big picture: While the facilities that were struck are not oil production facilities, U.S. officials are concerned the footage of burning depots could spook oil markets and push energy prices even higher.

The other side: The spokesman for Iran's Khatam al-Anbiya headquarters, which oversees the military operations, warned Saturday that if attacks on Iran's oil infrastructure continue, Tehran may respond with similar strikes across the region.

  • He added that Iran so far hasn't targeted regional fuel and energy infrastructure and threatened that if Iran does, oil prices could hit $200 a barrel.
  • Iranian parliament speaker Mohammad Bagher Ghalibaf, one of the most senior officials in the regime, warned that if attacks on infrastructure continue, Iran will retaliate "without delay."
What's next: A U.S. official says the disagreement and what the U.S. expects in the war is expected to be addressed at senior political levels between the two allies.