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[MARKET ANALYSIS] Largely upbeat sentiment in European equities, however the DAX lags on the back of losses in SAP

The European equities display a generally positive sentiment today, but the DAX is lagging primarily due to significant losses in SAP following a cloud revenue miss, which could signal concern over tech sector performance in Germany.

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[MARKET ANALYSIS] Largely upbeat sentiment in European equities, however the DAX lags on the back of losses in SAP

Italian Industrial Sales YoY (Nov) Y/Y 0% (Prev. 1.7%)

Italian Industrial Sales MoM (Nov) M/M -0.10% (Prev. -0.50%, Rev. From -0.5%)

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  • In a busy earnings morning in Europe, European equities are trading mostly firmer, with the DAX (-1.8%) the only underperforming bourse in an otherwise largely positive morning for Europe. The German index underperforms on the back of losses in heavyweight SAP (-13.8%), after the Co.’s cloud revenue missed expectations.
  • European sectors are trading mixed to positive. Outshining all sectors is the Basic Resources (+2.7%) sector, underpinned by stronger metal prices with gold crossing USD 5,500/oz, silver trading at USD 115/oz and copper trading around USD 14,000/tonne. Also near the top are Energy (+1.6%) and Industrial goods & services (+1.4%). The energy sector has been lifted by firmer crude prices as geopolitical tensions remain heightened between the US and Iran after US President Trump is considering a new large-scale strike on Iran.  Near the bottom, Telecommunications (-0.8%), Retail (-0.7%) and Givaudan (-0.6%) lag. Losses in Nokia (-6.5%) have pinned back the Telecommunication sector after EPS failed to meet expectations, Retail is weighed down by H&M (-2.9%) after the Co. warned of a softer start to the new quarter and Chemicals by Givaudan (-5.2%) after the Co.’s revenue missed expectations.
  • Movers this morning include 3i (+11.4%) after the Co. reported improved January sales at its main holding, lifting sentiment of the financial services (+1.2%) sector. Antofagasta (+5.9%) has also seen its shares gain on the back of stronger metal prices and higher gold guidance in its Q4 update, adding to further upside in the Basic Resource sector. On the downside, Deutsche Bank (-1.8%) has seen its shares slide after Net income failed to meet expectations.
  • US equity futures are firmer across the board. Not much of a fresh catalyst to explain the upbeat sentiment in the premarket. Post earnings, META is +7.6% pre-market, MSFT -6.3%, and TSLA +2.9%. As a reminder, the FOMC kept rates unchanged at 3.50-3.75%, with a 10-2 vote split, although the announcement and presser had little overall impact at the time. Looking ahead, markets expect earnings from Apple, SanDisk, Visa, Western Digital, Mastercard, Caterpillar, Nasdaq, Blackstone and Lockheed Martin. On the US data docket, the US Chicago Fed Labour Market Indicators and Jobless Claims are set to be released.
Context

The mixed sector performance, especially the strength in Basic Resources fueled by rising metal prices, contrasts with weakness seen in Telecommunications and Retail, highlighting selective investor sentiment amidst regional earnings reports.

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