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[MARKET ANALYSIS] European bourses mostly lower; Nestle +7% post-earnings

European markets are showing a mixed response, primarily driven by Nestlé's strong post-earnings performance, which lifted its stock by nearly 7% and supported the Swiss index.

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[MARKET ANALYSIS] European bourses mostly lower; Nestle +7% post-earnings

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  • European bourses opened mostly lower, and price action has been fairly tentative since the cash open. In terms of individual indices, the AEX (-1%) underperforms, whilst the SMI (+1%) outperforms. The former lags, with ASML (-3%) weighing on the index; the Swiss index has been buoyed by post-earnings strength in both Nestle (+6.9%) and Roche (+2.2%). In a bit more detail, Nestle reported strong Q1 organic sales and maintained its outlook.
  • Domestically, focus has been on European PMIs, which ultimately paint a deteriorating growth picture within the region. The accompanying commentary was very interesting, with the French report suggesting that it has yet to see a passthrough to prices; Germany suggested that costs rose at the fastest speed in three years, and the EZ report suggested that “if the Covid-19 pandemic is excluded, this is the biggest surge in cost pressures that we have recorded since 2000”. Unlikely to shift the dial for the ECB in the near-term, but will no doubt keep policymakers on their toes heading into the summer.
  • European sectors hold a negative bias this morning. Telecoms takes pole position, led higher by Nokia (+10%) and Orange (+3.5%); the former reports 4% sales growth in Q1, benefiting from the recent AI boom. Food, Beverage & Tobacco takes second spot, helped by Nestle, whilst Energy completes the top three.
  • Individual movers: STMicroelectronics (+9%, Q1 results topped expectations and Q2 guidance was strong), WH Smith (-14%, suspended guidance), EssilorLuxottica (-3.5%, strong rev. growth, though fell short of expectations).
  • US equity futures are broadly in the red, continuing the downbeat risk tone seen across Europe; the RTY (-0.7%) underperforms vs peers (NQ/EQ -0.5%). In pre-market trade, Tesla (-2.6%, revenue miss & spending rise), Texas Instruments (+10%, upbeat guidance), IBM (-7.4%, u/c guidance offsets beat). Ahead, US jobless claims, PMI and a slew of earnings.
Context

However, weak PMI data suggests deteriorating growth prospects in the Eurozone, particularly with rising cost pressures, which may influence future monetary policy decisions by the ECB, keeping markets on edge in the near term.

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