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[MARKET ANALYSIS] European equities are trading in the green, with the FTSE MIB (+1.3%) outperforming on the back of gains in UniCredit (+6.2%)

European equities are showing positive momentum, notably with the FTSE MIB up by 1.3%, largely driven by a 6.2% gain in UniCredit due to strong quarterly profits despite a revenue miss.

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[MARKET ANALYSIS] European equities are trading in the green, with the FTSE MIB (+1.3%) outperforming on the back of gains in UniCredit (+6.2%)

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  • European equities are trading mostly in the green, tracking a tailwind from APAC, which finished firmer. Outperforming is the FTSE MIB (+1.3%) on the back of gains in UniCredit (+6.2%) after strong Q4 profit offset a revenue miss, and the affirmation of guidance for FY26 and FY28.
  • European sectors are trading mixed. Leading are Travel & Leisure (+0.9%), Basic Resources (+0.7%) and Health Care (+0.6%). The Basic Resource sector has been underpinned by firmer gold and silver prices. Strength in heavyweight Novo Nordisk (+8.3%), after Hims & Hers (-14.5%) abandoned its USD 49 weight loss pill, has elevated sentiment for the Health Care sector. At the bottom of sectors are Retail (-0.6%), Optimised Personal Care Drug and Grocery stores (-0.6%) and Food, Beverage and Tobacco (-0.4%). Limited specific newsflow to explain the weaker performance in those sectors, but a broker downgrade for Unilever (-0.6%) has marginally dragged down the Optimised Personal Care sector.
  • Movers this morning include NatWest (-4.3%) with shares sliding after the Co. announced plans to buy Evelyn Partners for USD 2.7bln, whilst a broker downgrade has seen Skanska (2.8%) shares dip. To the upside, InPost (-13.5%) stock has rallied after Advent, FedEx (FDX), A&R and PPF announced an agreement on a recommended all-cash offer for all issued and outstanding InPost shares at an offer price of EUR 15.60 per share.
  • US equity futures are mixed to positive, maintaining some momentum following Friday's rally, with the YM (+0.1%) and RTY (+0.1%) slightly firmer, whilst the ES is flat and NQ (-0.1%) slightly lower in an elevated yield environment. Looking ahead, speakers include Fed’s Waller, Miran and Bostic. Earnings from Apollo, Becton Dickinson, Loews, On Semiconductor and Cleveland-Cliffs are also due.
Context

This suggests an underlying strength in the market, supported by gains in sectors like Travel & Leisure and Basic Resources, driven by firmer gold prices, while mixed performance in other sectors indicates selective market sentiment. The US equity futures also show mixed signals, which may keep traders cautious amid shifting yields and upcoming earnings reports.

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