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[MARKET ANALYSIS] European equities trades mostly in the green; FTSE 100 subdued by weaker crude price

European equities show a mostly positive tone today, buoyed by notable gains in basic resources and industrial sectors, driven by strengthening metal prices and broker upgrades.

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[MARKET ANALYSIS] European equities trades mostly in the green; FTSE 100 subdued by weaker crude price

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  • European equities are trading mostly firmer, extending momentum from yesterday's session which saw indices opening lower on Monday but recovering as metal prices rebounded. No new macro catalysts have emerged since yesterday. That being said, tech sentiment in underpinned following a jump in Palantir (+10.6%) after the Co. reported stellar Q4 earnings. However, as of writing, equities have slipped off best levels, though still mostly in the green. The FTSE 100 (-0.3%) appears to be hit the hardest, on the back of weaker crude prices, hitting index heavyweights like BP (-0.9%) and Shell (-1.0%), thus dragging down the index.
  • European sectors opened mostly in the green but adopted a mixed bias in in recent trade, leading sectors are Basic resources (+2.0%), Industrial Goods & Services (+1.4%) and Banks (+1.2%). Basic Resources has been underpinned by stronger metal prices, whilst Industrial Goods & Services has been underpinned by gains in heavyweight Cos such as Schneider Electric (+2.3%) and Siemens (+2.0%) following a broker upgrade. On the downside, Media (-2.4%), Travel & Leisure (-0.4%) and Consumer Products & Services (-0.3%) lag. Media has been weighed down by losses in Publicis (-6.3%) after CEO Sadoun cautioned that trading conditions across the sector had become more challenging amid geopolitical tensions and broader economic uncertainty, despite earnings beating expectations.
  • Movers this morning include gains in Swatch (+1.4%) following a broker upgrade. To the downside, Akzo Nobel (-5.5%) is lower after revenue failed to beat expectations.
  • US equity futures are positive to flat in the pre-market with upside in ES (+0.2%), and NQ (+0.5%), whilst the YM and RTY are flat. Nasdaq futures have been underpinned by Palantir (+10.6%) after the Co. reported strong Q4 earnings with government and business contracts powering growth.
  • Looking ahead, earnings include AMD, Supermicro, Amgen, Amcor, PayPal, PepsiCo, Pfizer and Merck. Fed’s Bowman and Barkin are also scheduled to speak later.
Context

However, the FTSE 100 is lagging due to weaker crude prices impacting energy heavyweights like BP and Shell. The mixed performance suggests sector rotation may be occurring, with tech stocks like Palantir providing some momentum, even as geopolitical anxiety weighs on specific sectors like media.

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