[MARKET ANALYSIS] European bourses continue to march higher as energy fades; SPCX set to overtake AMZN in market cap
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[MARKET ANALYSIS] Fixed benchmarks benefit from lower energy prices whilst JGBs move lower post-BoJ
[MARKET ANALYSIS] RBA, BoJ as expected; USD hit as energy continues to slide
[MARKET ANALYSIS] European bourses continue to march higher as energy fades; SPCX set to overtake AMZN in market cap
Germany's RWI expects the German economy to stagnate in Q2 2026, sees inflation at 3.1% in 2026 and 2.9% in 2027, sees growth at 0.8% in 2026 and 2027
UK Chancellor Reeves says will see a further "big" uplift in defence spending within the DIP; hope to get to the next budget without the need to raise taxes
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- European bourses (STOXX 600 +0.5%) extending on Monday's gains but yet to reach the best levels reached in the prior session. To recap the main driver, the US and Iran have agreed to a preliminary deal to end the conflict and reopen the Strait of Hormuz. However, new updates regarding the deal have been light as markets now wait for the official MoU signing on Friday.
- Sectors are broadly higher. Industrial Goods & Services (+1.5%) and Banks (+1.2%) are the clear outperformers, with Media (+0.8%) completing the top 3 sectors. On the downside, Autos (-0.9%) and Retail (-0.6%) are the underperformers.
- Key movers include: STMicroelectronics (-2.7%), announces a USD 1.5bln convertible bond offering; UniCredit (+3.3%), Germany's government formally rejected its takeover offer for Commerzbank (+0.8%) on the last day of the formal acceptance period; Puma (+2.9%), upgraded to buy at HSBC; GEA Group (+4.5%), upgraded to buy at Deutsche Bank.
- US equity futures are muted after Monday's third consecutive daily gain. SpaceX (+9.1% pre-market) continues to rocket higher, putting it on course to overtake Amazon (AMZN) in market value.
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