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[MARKET ANALYSIS] European bourses trade lower though the FTSE 100 slightly outperforms

European markets are generally softer today, with the FTSE 100 narrowly outperforming thanks to strong retail sales and elevated crude prices boosting energy stocks like BP and Shell.

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UK S&P Global Composite PMI Flash (Jan) 53.9 vs. Exp. 51.5 (Prev. 51.4)

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[MARKET ANALYSIS] European bourses trade lower though the FTSE 100 slightly outperforms

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EU HCOB Composite PMI Flash (Jan) 51.5 vs. Exp. 51.8 (Prev. 51.5)

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  • European bourses are trading largely on the backfoot, though the FTSE 100 (+0.2%) is the slight outperformer, though off best levels since the open. Elevated crude prices have underpinned sentiment for heavy weighted energy Co. 's like BP (+1.6%) and Shell (+0.8%) in the index. Additionally firmer retail sales data this morning has added to broader sentiment in the UK market.
  • European sectors are trading mostly in the red. Leading sectors are Telecommunications (+1.1%), Energy (+1.2%) and Healthcare (+0.4%). Telecommunication has been given a boost by Ericsson (+8.3%) after the Co. reported strong Q4 earnings, whilst stronger crude prices has underpinned the Energy sector. On the flip side, Construction (-0.9%), Travel (-1.0%) and Financial Services (-0.5%) lag - no fresh newsflow driving the move. 
  • Movers this morning include Maersk (-2.9%) with the Co.’s shares sliding following a broker downgrade. Also on the downside is BASF (-0.9%) after the Co. reported below expected revenue for FY25. On the upside, Haleon (+0.7%) has gained following a broker upgrade, adding to the optimism in the Healthcare sector.
  • US equity futures are mixed to lower in the premarket. The RTY and ES are flat whilst the NQ (-0.2%) and YM (-0.1%) are marginally lower. Looking ahead, highlights include US S&P Flash PMI and UoM consumer expectation.
Context

The mixed performance in sectors, particularly the drop in construction and financial services, indicates some cautious sentiment, while upcoming US economic data such as the S&P Flash PMI could influence market direction further. Expectations are crucial, as any surprises could drive significant shifts in sentiment across European equities and their correlation to US futures.

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