[MARKET ANALYSIS] European equities broadly lower as Airbus misses on 2026 aircraft deliveries; US equity futures modestly paring back Wednesday's gains

European bourses (STOXX 600 -0.3%) are mostly in the red, ex. SMI (+0.2%), as markets pull back from Wednesday's gains. The FTSE MIB (-0.9%), DAX (-0.7%) and CAC 40 (-0.6%) are the clear underperformers after a flurry of corporate news (see more details below).
Sectors are mixed, with a slight tilt to the downside. Food, Beverage and Tobacco (+0.8%) is outperforming following earnings by Nestle (+3.1%), which announced that it is in advanced negotiations to sell its remaining Froneri stake. At the bottom sits Basic Resources (-2.6%), Autos and Parts (-1.9%) and Utilities (-1.5%). Basic Resources continues to have a choppy week, this time catalysed by Rio Tinto (-3.3%) as FY profit failed to grow and a drag on its iron ore unit in China. For the latter, Italian utilities (A2A -3.3%, Enel -2.9%, Italgas -1.0%) have been hit after Italy approved a 2bp hike in its IRAP corporate tax. Renault (-4.9%) has been weighing on the Autos sector after posting a net loss worse than expected.
Key movers include Fincantieri (-9.1%) and Airbus (-7.0%). For Italian Fincantieri, the Co. announced a placement of new shares which would amount up to 10% of its capital. Shares were sold at EUR 15.32/shr, which was 7% lower than Wednesday's closing price. Airbus has been hitting major indices this morning after a mixed earnings report and 2026 aircraft deliveries missing estimates.
US equity futures (NQ -0.3%, ES -0.4%, RTY -0.4%) are coming under modest pressure, following their European counterparts.