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[MARKET ANALYSIS] European equities print decent gains, following the rebound in the KOSPI

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[MARKET ANALYSIS] European equities print decent gains, following the rebound in the KOSPI

FAO Food Price Index (Jun) 130.3 (Prev. 130.8)

Italian Retail Sales YoY (May) Y/Y 2.2% (Prev. 1.6%)

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  • European bourses (STOXX 600 +0.3%) start the last session of the week on the front foot, with all indices in the green. This follows on from the rebound in the KOSPI (+5.8%) overnight, with Samsung (+8.2%) and SK Hynix (+10.9%) clawing back the majority of the prior day's losses. EZ Services and Composite PMIs came in broadly revised higher, outside of France, with comments highlighting the cooling in cost pressures; no move seen in EZ indices.
  • Sectors tilt positively. Utilities (+1.5%) top the pile, closely followed by Basic Resources (+0.9%) and Construction (+0.9%). Consumer Products & Services (-1.3%), Optimised Personal Care (-1.2%) and Travel & Leisure (-0.9%) are the biggest sector laggards.
  • Focusing on the German defence sector, Rheinmetall (-1.5%) detailed the effect of losing the contract with the government. They said it will result in a shortfall of the expected quarterly Rheinmetall Nomination of EUR 20bln and that the 2026 revenue impact could reach a level of up to EUR 300mln. Analysts at JPMorgan said in a note, following the update, that 2030 guidance would probably need a reset, stating that the German government is taking longer than anticipated to place orders and that the Co.'s plans to diversify into multiple areas rapidly mean it faces higher risks. As a result, JPM cut its earnings estimates for Rheinmetall through 2030 and lowered its PT to EUR 1,350 (prev. EUR 1,500).
  • Key movers include: Renk (+0.9%), agreed to acquire David Brown Defence; Airbus (+0.7%), reportedly delivered around 350 planes in H1'26 and June handovers rose M/M; Maersk (+3.1%), upgraded to neutral at Goldman Sachs, the desk now forecasts a slightly later and shallower acceleration in new capacity growth in 2027.
  • US equity futures trade rangebound with a lack of volume, as US participants are away to start Independence Day celebrations.

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