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[MARKET ANALYSIS] Europe celebrates Labour Day, FTSE 100 dragged by NatWest and AstraZeneca

With Europe observing Labour Day, trading volumes are likely lower, impacting market dynamics.

Newsquawk StaffPublished On the live feed at — 4 more headlines followed before this page went public
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[MARKET ANALYSIS] Europe celebrates Labour Day, FTSE 100 dragged by NatWest and AstraZeneca

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  • Eurozone cash and derivatives are closed today in observance of Labour Day.
  • FTSE 100 (-0.6%) is lower this morning, dragged lower by the likes of NatWest (-4.2%), AstraZeneca (-2%) and pressure across the mining names. Delving into the UK bank in a bit more detail, the Co. reported strong headline metrics and lifted its income guidance for the year, whilst reaffirming other components. Despite the upbeat Q1, shares find themselves in the red; some will point towards the 1.4% decline in interest income. As for AstraZeneca, shares have dropped after the US FDA voted against the co’s breast cancer drug.
  • US equity futures traverse on either side of the unchanged mark, with the NQ (-0.1%) under very mild pressure. In pre-market trade, Apple (+2.8%) gains after it reported an earnings and revenue beat, driven by strong iPhone and services sales, better-than-expected China revenue, upbeat revenue guidance, and signs the company is managing through higher memory costs and supply constraints. Sandisk (-6.1%) moves lower, despite beating earnings, revenue and guidance, with reports suggesting that expectations were already extremely elevated after a huge rise in its shares.
Context

The FTSE 100 is under pressure primarily from NatWest and AstraZeneca, indicating that even positive earnings can be overshadowed by specific company news or broader market sentiment. Watch for potential spillover effects on UK equities and related sectors as this may reflect underlying investor caution amid mixed signals in corporate performance.

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