[MARKET ANALYSIS] Bourses edge higher but semiconductors underperform after Samsung earnings
Newsquawk Staff ·
- European bourses (STOXX 600 +0.2%) opened on a modestly firmer footing after losses on Monday. European Tech is in focus after Samsung Electronics shares fell 9.5% as earnings, which topped most analysts' expectations, failed to convince investors of its valuation.
- Sectors opened with a positive bias, with tech the underperformer as chip names slump following Samsung (STMicroelectronics -5% and ASML -4.6%). Optimised Personal Care is the leader (Unilever +2.5%, makes up 30% of the sector) Autos also does well, Renault +2% was said to have been approached by BYD on two separate occasions in recent years to propose acquiring a stake.
- Other movers include: Shell (+2.8%), which reported preliminary Q2 upstream production of 1.75- 1.85 mln boepd; sees Q2 gas trading significantly higher Q/Q. Alongside this, energy is firmer today as reports said the IRGC fired at least two missiles at ships in the Strait of Hormuz. Elsewhere, ITV (-5.7%) continues to slide after the initial strength seen on Monday after the unit sale; today, the Co. has been downgraded to Neutral from Overweight at JPMorgan.
- Stateside, index futures are lower after Samsung earnings. NQ (-1%) underperforms as you would expect, while ES and RTY are just below the unchanged mark.
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