[MARKET ANALYSIS] European bourses on a softer footing; US equity futures pare back post-Fed losses

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France sells EUR 13.999bln vs exp. EUR 12-14bln 2.40% 2029, 3.25% 2032, 2.00% 2032 and 3.00% 2034 OAT

[MARKET ANALYSIS] European bourses on a softer footing; US equity futures pare back post-Fed losses

[MARKET ANALYSIS] Crude futures hold onto losses as US-Iran MoU is signed; Israel refuses to back away from Lebanon

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  • European bourses (STOXX 600 -0.1%) start Thursday's session on a mixed footing despite the US and Iranian presidents digitally signing the MoU. Germany's DAX 40 (+0.1%) is the clear outperformer, while the FTSE 100 (-0.8%) is the laggard as multiple companies trade ex-dividends.
  • Sectors highlight a negative bias. Technology (+0.3%), Industrial Goods & Services (+0.6%) and Telecoms (+0.1%) are the only sectors in the green. To the bottom lies Optimised Personal Care (-1.8%), Basic Resources (-1.9%), and Autos (-1.3%).
  • Gains in the tech sector come as BE Semiconductor (+0.9%) updated its long-term revenue and margin targets. The Co. raised its revenue target to EUR 1.7-2.2bln (prev. targeted EUR 1.5-1.9bln) and operating margin between 45-55% (prev. targeted 40-55%), citing improved order momentum and stronger demand for its data centre and photonics applications. The lift in its targets has supported its European peers (ASML +0.7%, Infineon +3.2%)
  • Other key movers include: Edenred (+14.9%), confirms that investment funds have approached for a potential takeover; Schindler (+0.8%), raises share buyback programme to CHF 700mln; Tesco (-2.5%), UK LFL sales miss estimates; Intertek (+0.7%), confirms the board's plan to accept EQT's GBP60/shr offer.
  • US equity futures pare back Wednesday's Fed-driven selloff. In brief, the Fed held rates unchanged at 3.50-3.75%, however, the SEP highlighted a hawkish bias as 9 members forecast rate hikes in 2026.

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