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[MARKET ANALYSIS] European bourses broadly lower into ECB and BoE; META -7.9% pre-market on spending woes

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[MARKET ANALYSIS] European bourses broadly lower into ECB and BoE; META -7.9% pre-market on spending woes

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  • European bourses (STOXX 600 -0.2%) started the session broadly in the red, but have attempted to move higher as the morning progressed. From an index standpoint, the FTSE 100 (+0.5%) and the AEX (+0.5%) lead, whilst the FTSE MIB (-0.5%) lags. Initial downbeat sentiment stemmed from an Axios report which suggested that the US CENTCOM is to brief President Trump about military options in Iran on Thursday. Ahead, focus will be on the ECB and BoE policy announcements, where both are expected to stand pat on rates, but focus will be on any hawkish guidance. (Previews in the Research Suite)
  • European sectors initially held a negative bias, but are now mixed. Basic Resources took the top spot, buoyed by strength in gold prices and after Glencore (+2%) reported a 19% jump in copper output. Utilities takes the second spot, led higher by United Utilities (+10%) after strong results and announcing an equity raise to fund a multi-billion dollar investment plan. Media is found at the foot of the pile, joined closely by Autos; the latter has been driven lower by Stellantis (-7.4%), where shares have slumped on a tariff-adjusted miss.

Other key movers

  • Delivery Hero +5.8%: Strong Q1, FY guide confirmed
  • Capgemini +4.0%: Strong Q1 Rev., bookings and guide
  • Puma +2.2%: Metrics beat expectations, confirms FY guide
  • Unilever +1%: Underlying Sales topped exp., guidance u/c.

US

  • US equity futures are flat/incrementally firmer, but contracts are holding an upward bias, following European peers higher. There were several key US earnings reports published after-hours, in brief; Qualcomm (+11), Google (+5.9%), Amazon (+2%) are all higher after earnings, whilst Microsoft (-1.8%) and Meta (-7.8%), extend lower.
  • In a bit more detail, Microsoft moves lower after stronger-than-expected Azure growth guidance and confidence in demand were offset by concerns over record AI-driven capital spending. Similarly, Meta is losing amidst concerns over higher AI infrastructure spending. Elsewhere, Qualcomm soars after an earnings beat and news that shipments to a large hyperscaler data centre customer will start earlier than previously indicated. (Please see the European Equity Opening News for more details).

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