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[MARKET ANALYSIS] European bourses broadly higher despite disappointing PMIs; US equity futures are flat after NVDA sales guidance disappointed

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EU Labour Cost Index YoY Flash (Q1) Y/Y 3.3% (Prev. 3.3%)

France sells EUR 14bln vs exp. EUR 12-14bln 2.40% 2029, 2.75% 2030, 3.25% 2032 and 3.50% 2033 OAT

[MARKET ANALYSIS] European bourses broadly higher despite disappointing PMIs; US equity futures are flat after NVDA sales guidance disappointed

[MARKET ANALYSIS] Crude wanes off highs amid further reports of diplomatic effects

Palantir (PLTR) is fighting the Pentagon’s Defense Intelligence Agency for the right to bid on modernising its data analytics system, Axios reports

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  • European bourses (STOXX 600 +0.2%) are entirely but modestly in the green, ex. FTSE 100 (-0.1%). Signs of an end to the Iran war seem to be emerging, with President Trump saying the US is in the final stages of negotiations with Iran, while Al Arabiya reported that Tehran is studying the American text. The source report added that Pakistan is working to bring closer the viewpoints between the US and Iran. Elsewhere, EZ flash PMIs disappointed, with commentary continuing to highlight stagflation worries despite ECB Lagarde’s persistence in moving away from the language.
  • Sectors point to a positive bias. Autos (+1.2%) and Retail (+0.6%) top the sector pile while Energy (-0.2%) and Banks (-0.2%) underperform.
  • Plenty of earnings for FTSE 100 companies: easyJet (+1.2%), slightly beat H1 revenue estimates but missed on pre-tax result; BT Group (-2.7%), FY25/26 adj. revenue contracted annually while reiterating guidance; Autotrader (-4.7%), FY revenue grew annually and stated that the Co.’s prevailing share price does not reflect fundamentals or long-term prospects and updated its capital allocation policy.
  • Other stories include: Naturgy (+3.3%), upgraded to overweight at Morgan Stanley; Ubisoft (-13.6%), missed Q1 adj. net result estimates; Generali (+2.1%), adj. net result grew annually and reiterated confidence over its 2025-27 targets.
  • US equity futures trade around the unchanged mark after hawkish FOMC minutes failed to spur a reaction, while NVIDIA (-0.1% pre-market) claws back after-hours losses. NVIDIA shares edged lower in extended trading, despite beating expectations and giving upbeat guidance. Some suggested the tech giant's sales guidance was disappointing, guiding Q2 sales around USD 91bln, beating estimates of USD 87bln but missing Bloomberg’s compiled upper end of USD 96bln.

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