[MARKET ANALYSIS] European bourses under pressure, EVOK LN confirms takeover bid; US equity futures pull back from ATHs
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[MARKET ANALYSIS] Energy futures rise as US-Iran tensions escalated over the weekend
Iranian lawmaker says he doesn’t expect any deal with the US and believes even if there is a ceasefire, it won’t last
[MARKET ANALYSIS] European bourses under pressure, EVOK LN confirms takeover bid; US equity futures pull back from ATHs
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ENEOS (5020 JT) says checking the impact of earthquake on Sendai Refinery (155k BPD)
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- European bourses (STOXX 600 -1.1%) start the first trading week under pressure, as geopolitics continue to drive price action. Over the weekend, Iran (yet again) closed the Strait of Hormuz after accusing the US of not meeting its obligations, while an Iranian-flagged ship was struck by the US Navy. The DAX 40 is under the most pressure, while higher energy prices provide a floor for the FTSE 100.
- Sectors highlight the negative bias. Cyclicals such as Travel & Leisure, Autos and Banks sit at the bottom of the pile, while defensives such as Utilities outperform, with Energy also showing a strong performance amid the rise in crude prices.
- Key movers include Evoke (+7.2%), after confirming discussions with Bally’s Intralot regarding a USD 304mln takeover; Ferrexpo (-7.3%), as the Co. highlighted the need for a USD 100mln capital equity raise; Technip Energies (+1.7%), upgraded from underweight to overweight at Barclays.
- US equity futures are trading softer but to a lesser magnitude than European peers, with ES futures pulling back from its 7185.75 ATH but thus far finding support at the prior highs of 7,085.
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