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[MARKET ANALYSIS] Global equities gain on hopes of a second round of talks, MC FP hit following poor Q1 report; US banks ahead

Global equities are firming, buoyed by optimism surrounding a potential resumption of US-Iran talks, which is enhancing the risk appetite.

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[MARKET ANALYSIS] Global equities gain on hopes of a second round of talks, MC FP hit following poor Q1 report; US banks ahead

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  • European bourses (STOXX 600 +0.8%) are rebounding from Monday’s losses as reports of a second round of US-Iran talks taking place as soon as Thursday brighten the risk tone. Outperformance is seen in the DAX, with gains of over 1%, while the FTSE 100 lags behind its peers. Imperial Brands trades more softly after it delivered a trading update in which it kept its FY guidance unchanged as pricing in its tobacco business offset continued volume declines. This is also weighing on British American Tobacco.
  • Sectors are mainly in the green, with Utilities and Food, Beverage & Tobacco the only sectors with modest losses. Autos tops the sector pile, closely followed by Technology and Basic Resources.
  • LVMH kicked off the European earnings season with a poor set of Q1 metrics, in which it missed revenue estimates in all sectors outside of Wines & Spirits. The slight beat in Wines & Spirits is helping support beverage names such as Pernod Ricard. Diving deeper into LVMH, analysts at Citi see the poor start casting a cautious tone over the luxury-goods industry. The drag in its fashion & leather-goods division could act as a headwind to growth. Within the call, LVMH noted that despite the region accounting for around 6% of group sales, the Middle East conflict has had a -1% impact on organic growth in Q1, with a -3% hit in March alone.
  • Other key movers include Intertek, Eurofins Scientific and Sika. For Intertek, the Co. delivered a trading update in which it noted a strong start to 2026 and confirmed its FY guidance. For Sika, its Q1 sales beat analyst estimates, affirmed its 2026 outlook and confirmed its 2028 strategic medium-term targets. Finally, for Eurofins Scientific, the Co. has agreed to sell its E&E business to UL Solutions for around EUR 575mln.
  • US equity futures continue to bid higher, with ES futures extending further beyond the 6,900 handle. Looking ahead, many of the US banks are set to report, including JPMorgan, Citi and Wells Fargo. As a reminder, Goldman Sachs reported its Q1 earnings, which were broadly positive, but shares slipped after FICC sales & trading revenue missed expectations.
Context

However, earnings reports from major companies like LVMH highlight headwinds in specific sectors, particularly luxury goods, suggesting that while the broader market may be rallying, there are underlying vulnerabilities that could impact future performance.

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