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[MARKET ANALYSIS] European equities continue to soften, BESI surges on takeover rumours; US equity futures muted ahead of PCE, GDP

Newsquawk Staff ·

  • European bourses (STOXX 600 -0.7%) continue to trade on the softer side as energy prices remain at elevated levels. Once again, the IBEX 35 (-1.0%) is the worst performer as Banks continue to weigh on the index. The FTSE 100 (-0.5%) is also under modest pressure, after the UK showed no growth in January, with the 0% figure also coming in softer-than-expected.
  • Sectors are entirely in the red, ex. Energy (+0.3%), as Brent holds above USD 100/bbl. Basic Resources (-1.9%) sits at the bottom of the pile as the stronger dollar weighs on metals prices. Consumer Products and Services (-1.7%) and Banks (-1.2%) are also underperforming as higher inflation expectations and poor growth prospects weigh on the sectors.
  • Key movers include BE Semiconductor (+10.5%), Glencore (-1.5%) and Barratt Redrow (-1.4%). For the Dutch BESI, the Co. has reportedly been fielding takeover interests and has refused to respond to the rumour. For Glencore, the Co.'s CEO signalled the hopes of renewed merger talks with Rio Tinto due to higher coal prices after talks broke down in February due to differences in valuation. Finally, for UK homebuilders, the ONS highlighted that there was another large fall in the construction industry in the last 3 months, with continued contraction in housebuilding.
  • US equity futures (ES U/C, NQ/RTY -0.1%) are muted ahead of a flurry of US data later in the day. BofA's weekly flow showed inflows returning into US equities, with the bank also offering a trading view to fade the S&P 500 below 6600 as it should provoke a policy response.

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