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[MARKET ANALYSIS] European bourses mixed, RHM GY slumps over scrapped frigate plans; US equity futures steady ahead of Micron earnings

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Germany confirms the cancellation of its F126 frigate project

Iran's Energy Minister will, at the BRICS summit, be discusscing the development of bilateral and multilateral cooperation around Iranian energy

[MARKET ANALYSIS] European bourses mixed, RHM GY slumps over scrapped frigate plans; US equity futures steady ahead of Micron earnings

German Ifo Expectations (Jun) 84.1 vs. Exp. 85 (Prev. 83.8)

German Ifo Current Conditions (Jun) 87.0 vs. Exp. 86 (Prev. 86.1)

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  • European bourses (STOXX 600 -0.1%) start Wednesday's trade broadly lower, with the AEX (+0.3%) outperforming as tech names steady from Tuesday's selloff. Germany's DAX 40 (-0.9%) is the clear underperformer, as Rheinmetall weighs on the index (see more below).
  • Sectors print a mixed picture. Real Estate (+2.2%) is the clear outperformer, with Food, Beverages & Tobacco (+1.1%) and Consumer Products (+1.2%) rounding out the top 3. Media (-1.3%), Construction (-0.7%) and Energy (-0.6%) are the sector laggards.
  • Germany's defence industry has been in focus this morning. The FT reported that Germany will scrap plans to build Rheinmetall's F126 frigates and instead purchase 8 Meko A-200 frigates from TKMS. Rheinmetall (-13.9%) has taken a hit following this news, while TKMS (+9.3%) benefits. KNDS's announcement of plans to list its shares in Paris and Frankfurt is also weighing on the broader defence space.
  • Other key movers include: Segro (+14.9%), after rejecting Prologis' GBP 12.6bln acquisition offer; Berkeley (+3.6%), FY revenue beat estimates while pretax profit came in line with expectations; Volkswagen (-0.9%), as Audi is considering lowering its medium-term sales target to 2mln (prev. 2.2mln); Poste Italiane (+.23%), upgraded to overweight at Barclays.
  • US equity futures are mixed but holding steady following Tuesday's selloff. FedEx (-6.6%) slips pre-market after weaker-than-expected profit guidance overshadowed strong Q4 results. Looking ahead, Micron (+4.3% pre-market) earnings after-hours, with EPS expected at USD 20.57, with revenue expected at USD 35.56bln. With Micron consistently beating revenue estimates, focus will be on its guidance.

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