[MARKET ANALYSIS] European bourses broadly higher while NQ/ES weighed on by disappointing AVGO and CRWD earnings

European bourses (STOXX 600 +0.2%) highlight a broadly positive picture, despite the initial weakness on the open. Newsflow has been light thus far; however, some positivity seems to come after Israel and Lebanon agreed to implement a US-brokered ceasefire, contingent on Hezbollah halting all attacks and withdrawing from southern Lebanon.
Sectors are mixed. Retail (+1.6%) continues to gain following the earnings by Inditex on Wednesday. Consumer Products & Services (+1.5%) and Travel & Leisure (+1.2%) round out the top 3. The laggards include Telecoms (-1.6%), Media (-1.2%) and Basic Resources (-1.1%).
Key movers include: Pirelli (-2.4%), Grizzly Research shorts the name citing national security risks; UMG (-5.4%), after Pershing Square sold its stake despite previously offering a takeover bid; Remy Cointreau (+11.5%), annual profit slightly beat estimates and expects improvement in organic sales growth.
Europe's tech sector has come under pressure following earnings from Broadcom stateside. Despite Q2 EPS and revenue slightly beating estimates, it was the disappointing guidance which weighed on shares. The Co. guided Q3 AI semiconductor revenue at USD 16bln, missing the median estimate of USD 17.2bln. CEO Tan also stated that USD 56bln in AI chips will be sold this fiscal year, missing estimates of USD 57.6bln.
On the private equity front, Partners Group said they are prepared to restrict investor withdrawals across more of its funds, after the Co. capped redemptions at 5% from its Global SICAV vehicle after it neared 10%. It was also reported that the Co. will limit withdrawals from a USD 16bln US fund after repurchase requests reached 6%.
US equity futures trade mixed, with losses in Broadcom (-12% pre-market) and CrowdStrike (-10% pre-market) weighing on the NQ (-0.8%) and ES (-0.4%), while RTY (+0.3%) and YM (+0.3%) print modest gains.