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[MARKET ANALYSIS] European bourses mixed; Porsche AG raises guidance following Bugatti stake sale

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Czech PM Babis says the EU should halt the ETS1 carbon allowances system and delay ETS2 due to the higher energy prices

A US AI safety bill could be introduced next week, Semafor reports citing sources

[MARKET ANALYSIS] European bourses mixed; Porsche AG raises guidance following Bugatti stake sale

BofA Total Card Spending (w/e 5th Sept) +7.8% Y/Y (prev. +3.7% W/W); says that the surge in spending growth was likely due to base effects from the shift in Labour Day timing and a rebound in gas prices

China is extending the anti-dumping probe into pecans from both Mexico and the US

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  • European bourses are mixed, with Italy's and Spain's main indices (IBEX 35/FTSE MIB +0.5%) outperforming while the AEX (-0.2%) is the slight laggard. Light in terms of newsflow this Thursday morning, with focus being on US data (PPI on Thursday, CPI on Friday) and the ECB.
  • Sectors point to a mixed picture. Autos top the sector pile, followed by Utilities and Energy. To the downside is Tech, with Basic Resources and Optimised Personal Care rounding out the sector laggards.
  • Key movers include: AB Foods (-10.3%), guides comparable sales to drop 3% in Q4 while Primark LFL sales guided at -2.6%; Porsche AG (+0.6%), raises Auto Net Cash Flow Margin guidance following the EUR 1bln sale of its Bugatti stake; Novartis (+1.3%), upgraded to hold at HSBC, citing a clearer runway for medium-term growth and potential for margin expansion beyond 2027.
  • US equity futures point to a slightly positive picture, ES +0.1%, with just the NQ printing modest losses of -0.1%. Elsewhere, the WSJ reported that South Korea is nearing a USD 100bln announcement of a major energy investment in the US to support the AI buildout.

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