[MARKET ANALYSIS] European bourses rebound, with Tech outperforming as ASM lifts the sector; US equity futures modestly lower

European bourses (STOXX 600 +0.4%) have broadly rebounded following this week's selloff, with the AEX (+0.5%) and DAX 40 (+0.8%) outperforming this morning. However, similar to the start of the Iran conflict, Banks continue to soften, causing the IBEX 35 (-0.2%) to lag behind its peers. Similar to Monday's PMI slate, the EZ composite figure came in line with expectations and failed to spark any reaction.
Sectors display a mostly positive picture. Technology (+1.2%) sits clearly at the top after ASM International (+4.5%) beat Q4 revenue and Q1 revenue outlook estimates. Regarding China, the Co. also anticipates a rise in sales, showing notable improvement from the earlier forecast of a double-digit decline. Energy (-0.7%) is the worst performing sector, followed by Consumer Products and Services (-0.1%), which is being weighed on by Adidas (-7.5%). The Co. reported Q4 revenue that missed expectations, while an operating profit of "around" EUR 2.3bln in 2026 fell short of analyst estimates.
Other key movers include Dassault Aviation (+4.5%), Maersk (-2.1%) and BMPS (-4.0%). For Dassault Aviation, the Co. beat FY revenue estimates by a large margin and saw its order intake beat expectations. For Danish shipping giant Maersk, multiple factors are in play to result in the Co's losses today - 1) the suspension of Indian subcontinent bookings, resulting in no new revenue in the region, 2) the insurance announced by Trump, which may come with a hefty price and his escort concept is unlikely to be reliable, and 3) an aggressive selloff in Asian shippers. Finally, for BMPS, Bloomberg reported that the Board is expected to exclude current CEO Lovaglio from the Board renewal list.
US equity futures (ES/NQ/RTY -0.2%) are posting modest losses at the start of the European session, with Broadcom earnings expected after the bell. Additionally, we have numerous mega-cap tech names at a Morgan Stanley tech conference.