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[MARKET ANALYSIS] European bourses rebound from Tuesday's selloff, DAX 40 outperforming following heavy earnings docket; US equity futures gain

European markets are recovering from earlier losses, with the DAX 40 particularly strong due to solid earnings reports from major companies.

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[MARKET ANALYSIS] European bourses rebound from Tuesday's selloff, DAX 40 outperforming following heavy earnings docket; US equity futures gain

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  • European bourses (STOXX 600 +0.7%) have begun to reverse the losses seen at the start of the week, despite the mixed Asia-Pac and stateside trade. The DAX 40 is the outperformer, helped by a flurry of positive earnings (see more below), while the CAC 40 lags its peers despite the gains in STMicroelectronics and ArcelorMittal.
  • Sectors point to a more mixed picture. Basic Resources tops the pile, as copper extends above USD 14k/t while aluminium, nickel and iron ore are also bid. The underperformer is Media, closely followed by Travel & Leisure. TUI reported Q2 earnings, in which it sees strong demand in the Holiday Experiences Business Area in H2.
  • A busy day of earnings for the DAX 40. Siemens reported Q2 revenue that missed estimates but beat on orders. The Co. is also to buyback up to EUR 6bln shares over a period of 5 years. Analyst commentary post-earnings stated that expectations were elevated following strong results from peers, such as ABB, while some highlighted the lack of a group guidance upgrade or the disappointing share buyback. Merck also reported earnings in which it beat top and bottom-line metrics while raising its FY adj. EPS and adj. EBITDA guidance. To round it off, Allianz beat operating profit expectations while Deutsche Telekom topped analyst revenue estimates.
  • US equity futures broadly higher pre-market, with the tech-heavy NQ leading gains. Looking ahead, focus will be on the Trump-Xi summit, which will span over two days, starting Thursday.
Context

This resurgence suggests investor confidence is being bolstered, especially with key reports driving sector performance, while US equity futures reflect a similar positive sentiment ahead of significant geopolitical discussions.

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