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[MARKET ANALYSIS] European bourses broadly higher, Autos surge after new-vehicle registrations rose +7% M/M

Newsquawk Staff ·

  • European bourses (STOXX 600 +0.3%) start Wednesday trade broadly in the green, with the IBEX 35 (+0.8%) outperforming while the FTSE 100 (-0.1%) the only index printing losses. Geopolitical newsflow has been light, with no response coming from Iran after Tehran stated that the US had violated a ceasefire by striking targets near the contested Strait of Hormuz. More recently, Iranian Deputy Security Secretary said indirect contacts between the US and Iran continue, and Iran is not discussing the fate of its enriched uranium stockpiles with the US.
  • Sectors have a positive tilt. Autos is the the clear outperformer, after new-vehicle registrations rose to 1.15mln, +7% M/M. Car sales climbed for the third consecutive month, with EV deliveries rising 38%. Consumer Products & Services and Retail also printed decent gains. At the bottom of the pile lies Energy and Utilities, with UK names lower after Ofgem raised the energy price cap to 13%.
  • Plenty of key single-stock moves this morning: Akzo Nobel (+16%), confirms the rejection of a conditional cash offer of EUR 73/shr from Nippon Paint and Sherwin-Williams; Volvo Car (+7.4%), reaches agreement with the US to avoid a ban on connected vehicles tied to China; Capgemini (-3%), targets 2025-28 revenue CAGR between 5.5-7.5%.
  • US equity futures are bid across the board. Goldman Sachs this morning raised its S&P 500 year-end target to 8,000 (prev. 7,600), citing AI-driven earnings growth.

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