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[MARKET ANALYSIS] European equities suffer as Energy continues to surge; US equity futures follow suit, Micron slips after increasing capex plans

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[MARKET ANALYSIS] European equities suffer as Energy continues to surge; US equity futures follow suit, Micron slips after increasing capex plans

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  • European bourses are entirely in the red, as continued attacks on energy infrastructure sour the global risk tone. The DAX 40 has been hit the hardest, further weighed down by Vonovia, despite its return to profitability. The company is planning to sell around EUR 5bln in assets to cut debt further.
  • Sectors also show no bright spots to start European trade. Basic Resources is the key underperformer, weighed on as spot silver slips below its 100-SMA, and as gold falls below USD 4,750/oz. Travel and Leisure also sits near the bottom of the pile. As expected, Energy leads. In Italy, the government approved a temporary cut to fuel taxes to offset the higher energy costs. This is helping the likes of Eni.
  • Other key movers include Equinor, Lanxess and HSBC. For Equinor, in addition to higher energy prices, the company is establishing two new business areas to position it for safe, efficient operations and increased value creation. For German-listed Lanxess, 2025 sales fell on an annual basis, and it plans to cut an additional 550 jobs as part of extra cost-cutting measures. For HSBC, the bank is reportedly weighing job cuts that could affect about 20k roles (around 10% of its workforce), over 3-5 years, as the use of AI grows.
  • US equity futures continue to fall, with the ES slipping further below the 200-SMA. After-hours, Micron released Q2 earnings that beat estimates but it flagged higher capex plans, resulting in shares falling extended trading, and falling further in pre-market trade.

Context

European equities are under significant pressure as escalating energy prices, driven by ongoing attacks on energy infrastructure, weigh heavily on market sentiment. This negative risk tone is reflected in the broader US equity futures market, which is also declining. Companies like Micron that report high capex plans are further contributing to the bearish outlook, suggesting investors are cautious about future growth prospects amid rising operational costs.

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