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[MARKET ANALYSIS] European bourses are trading on the backfoot; FTSE 100 outperforms on the back of firmer commodity prices and LSEG gains

European equities are seeing some pressure following a weak prior session in the US, indicating a cautious tone as earnings results from key firms show mixed outcomes.

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[MARKET ANALYSIS] European bourses are trading on the backfoot; FTSE 100 outperforms on the back of firmer commodity prices and LSEG gains

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  • European equities are trading on the backfoot despite the firmer APAC handover but following a weak US session yesterday. European equity headlines today were driven by mixed earnings from key European companies.
  • This morning saw earnings from Siemens Energy (+6.1%), Heineken (+3.9%), Commerzbank (-5.1%), TotalEnergies (+1.2%), Dassault Energies (-19.5%), ABN AMRO (-1.5%) and several others. Outside of earnings, LSEG (+2.5%) shares have ticked up though off session highs, following a report from the FT that Elliott Management has built a significant stake in the Co, thus dragging up the FTSE 100 (+0.2%). The FTSE 100 also slightly outperforms against other bourses due to firmer metal prices elevating sentiment around it's heavily weighted mining companies.
  • European sectors are mostly negative. Leading sectors are Energy (+2.3%), Optimised Personal Care and Grocery stores (+2.0%) and Basic Resources (+1.5%). Price action for commodities with crude prices and metal prices rebounding, has elevated sentiment for the Basic Resources and Energy Sector. Ahold Delhaize (+8.4%) has underpinned the Optimised Personal Care sector. On the downside, Tech (-1.7%), Financial Services (-1.4%) and Media (-1.0%) are the worst performing sectors. Tech has been weighed down by Dassault Systemes (-19.5%) with the Co. shares tanking after Q4 earnings showed adjusted revenues from software dropped 5% in the final three months of last year. Otherwise newsflow has been light for the latter two sectors.
  • Movers this morning include ArcelorMittal (+2.3%) with the Co’s shares firmer after a broker upgrade at Jefferies. On the contrary Wendel (-2.3%) is lower following a broker downgrade at Oddo Securities. Commerzbank (-5.1%) is also lower, dragging the banking sector (-0.8%), despite largely positive Q4 earnings.
  • US equity futures are mostly firmer in the premarket: ES (+0.2%), YM (+0.2%) and RTY (+0.3%), whilst the NQ is flat. Main focus for the US market is the NFP data (full Newsquawk preview available). Other highlights ahead include Fed speakers, Schmid, Bowman and Hammack. Other relevant news includes, White House Press Secretary saying that US President Trump will focus on energy and deregulation this week.
Context

Notably, the FTSE 100 is outperforming due to stronger commodity prices and the positive sentiment around LSEG following a significant stake increase by Elliott Management. This divergence highlights how sector-driven dynamics, particularly in energy and basic resources, can influence overall market performance amidst a backdrop of instability in tech and financial services.

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