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[MARKET ANALYSIS] European bourses printing mild gains, TSMC earnings lift the tech sector; US equity futures muted just shy of ATHs

European markets are seeing mild gains, buoyed by stronger-than-expected UK GDP data and positive earnings from TSMC, which is lifting tech shares, especially ASML.

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[MARKET ANALYSIS] European bourses printing mild gains, TSMC earnings lift the tech sector; US equity futures muted just shy of ATHs

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  • European bourses (STOXX 600 +0.1%) are broadly gaining, albeit only modestly. The CAC 40 is the outperformer, rebounding from Wednesday’s luxury-driven selloff. The FTSE 100 is also slightly higher this morning, after UK GDP came in far stronger than expected in February (0.5% vs exp. 0.1%).
  • Sectors point to a positive bias. Top of the pile lies Technology, supported by TSMC earnings (see more below). Telecoms is the underperformer, with a downgrade for Telia weighing on the broader sector.
  • TSMC reported Q1 net income that beat estimates with revenue and operating profit that grew 35% and 61% respectively on an annual basis. In terms of guidance, its Q2 revenue metric beat analyst expectations while FY26 revenue was raised to above 30% (from “close” to 30%). The Co. stated that demand is very robust and continues to increase and are stepping up capex to meet the strong AI demand. This broadly positive report is lifting ASML, which ended with losses of over 4% on Wednesday.
  • Other key movers include Tesco, Gerresheimer and easyJet. For Tesco, the grocery retailer upped its FCF goal, announced a new GBP 750mln share buyback and set out a wider range of guidance due to the uncertainty in the Middle East. For Gerresheimer, shares have soared after creditors agreed to extend the due date for submitting the audited 2025 statement. Finally, easyJet is under pressure after expecting to report a headline loss before tax of between GBP 540-560mln for the first half of FY26, while stating GBP 25mln of additional fuel costs in March due to the Middle East conflict.
  • US equity futures are trading muted, with the NQ outperforming as TSMC lifts the index. ES futures is currently trading just shy of the ATH at 7,093.75 and could break ATHs in today’s cash session. However, with the RSI breaking overbought territory and the sweep through the prior range being relatively smooth, a consolidation phase is needed to help support further upside.
Context

However, US equity futures are muted, approaching all-time highs but indicating a need for consolidation to sustain further upside. The overall sentiment leans positive, suggesting a supportive environment for risk assets today.

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