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[MARKET ANALYSIS] European bourses mixed, technology continues to sell-off following AVGO's disappointing guidance

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Telenor (TEL NO) is reportedly exploring the sale of its digital bank in Pakistan, Bloomberg reports

BoE DMP (May):

[MARKET ANALYSIS] European bourses mixed, technology continues to sell-off following AVGO's disappointing guidance

BofA weekly flow data shows USD 39bln into bonds (a record inflow), USD 122bln into cash, USD 23.1bln into stocks, USD 2bln out of crypto (biggest since November 2025), USD 3.1bln out of gold (biggest in 10 weeks)

Romania’s Defence Ministry said a Romanian Army maritime drone found at Constanța civilian port self-detonated, causing no casualties, and was not linked to recent Black Sea exercises

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  • European bourses (STOXX 600 -0.2%) start the last trading session of the week mixed, with the breadth of performance narrow. Global tech continues to sell off, after Broadcom's AI chip revenue fell short of expectations, weighing on indices that are heavily weighted with tech names (AEX -0.6%, EuroStoxx 50 -0.5%).
  • Sectors point to a neutral bias. Optimised Personal Care (+1.0%) and Consumer Products & Services (+0.8%)  outperform, while Technology (-2.0%) and Basic Resources (-1.9%) are the clear laggards.
  • A few broker moves to end the week: Inditex (+1.0%) upgraded to overweight at Morgan Stanley, Wacker Chemie (-4.6%) downgraded to sell at Citi, Air France-KLM (-2.0%) downgraded to underweight at Barclays, Akzo Nobel (+2.2%) resumed with buy at Citi.
  • Hong Kong-exposed banks (Standard Chartered -1.1%, HSBC -0.9%) continue to sell off following the SCMP article on Wednesday, highlighting that some banks have suspended HK bank accounts for mainland Chinese customers. However, Citi thinks the sell-off appears overdone.
  • For Acciona (+1.5%), its president said they are undertaking a full strategic review of the renewables unit, Acciona Energia. Citi analysts continue to rate Acciona Energia as neutral, awaiting strategic clarity. The analysts highlight multiple strategic options for Acciona: 1) Minority buyout, 2) ANA/ANE merger, 3) Sale/bring in an equity partner at ANE, 4) Equity raise at ANE, and 5). Do nothing.
  • US equity futures trade on the softer side, with the tech-heavy NQ (-1.1%) the clear underperformer (as explained above). Lululemon (-12.3% pre-market) slumped after-hours after cutting its FY guidance, sees EPS between 10.95-11.15 (exp. 12.27; prev. saw 12.10-12.30), and revenue between USD 11.0-11.15bln (exp. 11.5bln; prev. saw 11.35-11.5bln).

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