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[MARKET ANALYSIS] Downbeat sentiment across European bourses, SAP +6% after a EUR 10bln share buyback

European equity markets are experiencing broad losses driven by poor sentiment, with the German Ifo survey indicating worsening conditions, highlighting concerns over regional growth amidst rising energy prices.

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[MARKET ANALYSIS] Downbeat sentiment across European bourses, SAP +6% after a EUR 10bln share buyback

Italy sells EUR 2.5bln vs exp. EUR 2.25-2.5bln 2.20% 2028 BTP Short Term: b/c 1.63x (prev. 1.78x) & average yield 2.80% (prev. 2.89%)

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  • European bourses started the European session with broad based losses, continuing the downbeat mood seen across APAC trade. From an index perspective, the IBEX 35 (-1.3%) lags peers, whilst the AEX (-0.1%) fares a bit better vs peers.
  • Docket today has been a packed one, with UK Retail Sales printing above expectations, whilst the German Ifo survey indicated continued worsening of conditions and expectations for the region. This ultimately exacerbates the downbeat sentiment surrounding European growth, given the recent surge in energy prices.
  • European sectors hold a strong negative bias. Energy leads, buoyed by strength in underlying oil prices. Also for the sector, Siemens Energy (+2.4%) gains post-earnings after it reported a mixed set of results, but raised its FY outlook; elsewhere, Eni (+1%) beat on its Adj. EBIT metric, and announced a 90% increase to its share buyback, citing an upbeat commodities outlook. Tech and Telecoms complete the top three. The Tech sector has been boosted today by post-earnings strength in SAP (+6.4%). The Co. reported better-than-expected operating profit and revenue, with cloud metrics also topping expectations. It also said it will buy back EUR 10bln of shares. To the bottom of the pile resides Autos, Basic Resources and Retail. The autos sector is underperforming this morning with seemingly broad-based losses; Volvo (+1%) reported Q1 metrics today, where its metrics were mixed, but ultimately indicating resilience amidst challenges.
  • US equity futures are mixed, with the NQ (+0.5%) outperforming, whilst ES (U/C) and RTY (-0.3%) lag. The tech-heavy index has been buoyed by significant pre-market strength in Intel (+23%, strong earnings and guidance), TSMC (+3%, Taiwan eases fund limits) and AMD (+7.4%). Ahead, US Michigan final sentiment is expected to see consumer sentiment at 47.6 (prev. 53.3, current conditions at 50.1 (prev. 55.8), expectations at 46.1 (prev. 51.7), while one-year inflation expectations are seen up to 4.8% (prev. 3.8%), and five-year expectations at 3.4% (prev. 3.2%). Canada retail sales are seen rising 0.2% M/M (prev. 0.9%).
Context

However, SAP's 6.4% gain due to better-than-expected earnings and a substantial share buyback could provide some support for the tech sector. This mixed backdrop suggests a cautious outlook for risk assets as earnings reports and economic data continue to shape investor sentiment.

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