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[MARKET ANALYSIS] Macro catalysts quiet with sector performance defined by individual stories; easyJet +10%, ITV +1%

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[MARKET ANALYSIS] Macro catalysts quiet with sector performance defined by individual stories; easyJet +10%, ITV +1%

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  • European bourses (STOXX 600 +0.2%) began the session on a modestly firmer footing, with an absence of EZ-specific macro catalysts supporting the lack of bias. In overnight trade, APAC stocks pared initial gains as Asian tech stocks and the tech-heavy KOSPI weakened on caution over the AI rally’s durability, and ahead of Samsung’s prelim numbers due on Tuesday, alongside this week’s USD 29bln ADR listing for SK Hynix.
  • Sectors are mixed but with a positive bias. Leading the table is Media, helped by ITV (+1%), Travel and Leisure is helped by easyJet (+10%), while European tech underperforms after modest losses in APAC (ASML -1.5%, STMicroelectronics -1.5%)
  • In terms of the major equity stories: easyJet agreed in principle to Castlelake’s fifth takeover bid, at GBP 6.90/shr in cash, valuing the airline at GBP 5.2bln (GBP 5.5bln fully diluted); Thales (+1%) plans to acquire Exail Technologies (3.5%) for EUR 134/shr; Comcast’s Sky agreed to acquire ITV’s media and entertainment arm for GBP 1.6bln, subject to shareholder and regulatory approval, in a deal that would create the UK’s largest commercial broadcaster.
  • Notable broker moves include: Antofagasta (+2%) upgraded at JPMorgan; GSK (+1.5%) upgraded to Hold from Reduce at HSBC; SocGen (+0.8%) upgraded at Kepler Cheuvreux; Continental (-2%) downgraded at Kepler Cheuvreux; Close Brothers (-5%) downgraded at RBC.
  • Stateside, futures play catch-up after US stocks were closed on Friday for US Independence Day. NQ +1% outperforms after broad tech gains on Friday, ES +0.4%, and RTY +0.2% also green. Looking ahead, highlights include the final US S&P Services/Composite PMI read and ISM Services PMI. Speakers include Fed's Waller, BoE's Mann, ECB's Schnabel, Lagarde and Lane.

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