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[MARKET ANALYSIS] European bourses are mixed, Neste lifts the Utilities sector; US equity futures fall following Nvidia's GTC event

European markets are showing mixed results, with the Utilities sector gaining traction following Barclays' upgrade of Neste, which bolstered sector-wide optimism.

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[MARKET ANALYSIS] European bourses are mixed, Neste lifts the Utilities sector; US equity futures fall following Nvidia's GTC event

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  • European bourses (STOXX 600 +0.3%) are mixed, albeit with very modest gains or losses, as markets continue to price in the effects of oil prices. The IBEX 35 (+0.5%) is the outperformer, closely followed by the FTSE 100 (+0.3%). On the other hand, the DAX 40 (-0.1%) is the laggard.
  • Sectors give no additional bias. Utilities (+1.2%) outperform, with an upgrade for Neste (+3.1%) to outperform at Barclays, lifting the entire sector. The Technology (-0.9%) sector lies at the bottom of the pile, not benefiting from the Nvidia GTC event.
  • Other key movers include Close Brothers (-5.5%), Fraport (+4.5%) and Roche (+0.8%). For Close Brothers, the Co. reported adj. operating profit that failed to grow and announced it will cut nearly a quarter of its workforce in an attempt to increase cost savings. For Germany's Fraport, its 2025 earnings report was mixed but guided for a slight rise in 2026 earnings as the new Frankfurt terminal should support traffic growth. Finally, for Roche, despite being downgraded to Neutral at BNP Paribas, shares are gaining as its new ticker, ROP SW, debuts on the SIX.
  • US equity futures (ES -0.2%, NQ -0.3%, RTY -0.6%) have started the session on the back foot. Nvidia CEO Huang said at the Co. annual GTC event that its flagship AI processors for Blackwell and Vera Rubin systems would help generate USD 1tln in sales through 2027 with Vera Rubin set to ship later this year. Nvidia shares closed +1.6% and currently +0.1% pre-market.
Context

Meanwhile, US equity futures are declining slightly after Nvidia's GTC event, where ambitious sales projections may not have eased broader tech sector concerns, particularly affecting futures valuations. This divergence could indicate cautious sentiment ahead, especially if tech struggles to maintain momentum amidst rising oil prices and sector-specific pressures.

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