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[MARKET ANALYSIS] European bourses mixed, ABF LN confirms Primark demerger; US equity futures muted as AAPL announces CEO transition

European markets are showing mixed signals, with the DAX 40 outperforming while the CAC 40 and SMI struggle to gain traction.

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[MARKET ANALYSIS] European bourses mixed, ABF LN confirms Primark demerger; US equity futures muted as AAPL announces CEO transition

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  • European bourses (STOXX 600 U/C) are modestly rebounding from Monday’s losses, however the CAC 40 and SMI are failing to bounce. The DAX 40 is the outperformer, with most of the index in the green but cautiously awaiting SAP earnings on Thursday.
  • Sectors are broadly gaining. Technology and Utilities top the pile while Food, Beverage & Tobacco lags as AB Foods weighs on the sector. Despite reaffirming its FY outlook, failure to show revenue growth and the announcement of the demerger of Primark from the food business have hit the Co.’s shares.
  • Other key movers include British Land (+2.0%), delivering an update in which FY26 underlying EPS is ahead of guidance and raising its FY27 guidance; Beiersdorf (-3.3%), missing Q1 revenue estimates; Allianz (+1.5%), upgraded to buy from neutral at Goldman Sachs.
  • US equity futures trade muted ahead of the Senate Fed chair confirmation hearing for Kevin Warsh and US retail sales. On the single stock news, Apple (-0.8% pre-market) announced that Tim Cook is to step down as CEO, to be replaced by John Ternus. For the broader S&P 500, JPMorgan revised its year-end PT to 7,600, stating that there is a meaningful risk that the market enters a short-term consolidation phase before resuming its upward trajectory.
Context

The challenges for AB Foods due to its Primark demerger and lack of revenue growth are impacting the Food, Beverage & Tobacco sector, while US equity futures remain muted ahead of significant announcements such as the retail sales data and Apple’s CEO transition. This backdrop suggests cautious sentiment, particularly regarding sector-specific dynamics and upcoming economic indicators.

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