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[MARKET ANALYSIS] European bourses broadly positive while UK Pharma weighs on FTSE 100

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[MARKET ANALYSIS] Fixed benchmarks are tentatively firmer as geopolitical tensions ease

[MARKET ANALYSIS] Buck weaker but towards recent highs, Antipodeans benefit from strong Chinese trade data, GBP digests strong BRC retail sales

[MARKET ANALYSIS] European bourses broadly positive while UK Pharma weighs on FTSE 100

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Citrini's Jukan posts that he does not understand why Citi (C) thinks AMD (AMD) would utilise Intel's (INTC) EMIB-T, writing that he hasn't heard anything about this it all.

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  • European bourses (STOXX 600 +0.4%) start Tuesday's trade on a positive footing with geopolitical updates quiet. FTSE MIB (+1.6%) is the clear outperformer helped by gains in Banks, while FTSE 100 (-0.3%) is the only index in the red as miners and healthcare giants fall.
  • Sectors are green. Banks (+1.3%) tops the pile, with Retail (+1.1%) and Insurance (+1.1%) rounding out the top 3. To the downside are Basic Resources (-0.5%), Health Care (-0.6%) and Energy (-0.2%).
  • Europe's largest pharma names have been in focus this morning. GSK (-3.1%) announced the USD 10.6bln acquisition of Nuvalent, a cancer treatment firm, marking a strategic shift under new CEO Miels as the Co. returns to the oncology space. For AstraZeneca (-1.7%), it released positive phase 2 data of its first oral weight loss drug, showing 10.5% weight loss after 26 weeks and 11.8% weight loss after 36 weeks. This puts Astra's drug in direct competition with Novo's Wegovy pill and Lilly's Foundayo, and is now aiming to combine elecoglipron with other medicines in an attempt to stand out in the weight-loss market.
  • UK Retail (Kingfisher +1.5%, Howden Joinery +1.9%) gain after BRC's LFL sales rose 3.4% in May, beating estimates. Each category improved from a year earlier, with non-food sales recovering to growth from contraction in May 2025. BRC notes caution by retailers heading into the summer, citing higher energy bills from July, the possibility of rate hikes and the risk of conflict-driven goods inflation.
  • Stellantis (+1.2%) to withdraw over 1.3mln Jeep SUVs and trucks over fire concerns. To add further negative news, Citi has removed the Co. from its positive catalyst watch, citing slower-than-expected progress in US sales and market share.
  • US equity futures (ES +0.4%) continue to rise following last week's tech-led selloff. Citi updated its Equity Markets Positioning Model, stating US equity positioning has become cleaner but still extended following last week's selloff. Based on simple market indicators, the 14-period RSI for ES has returned below overbought territory and nears the lower band of the 20-SMA 2-SD band.

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