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[MARKET ANALYSIS] Weaker sentiment across most indices; Basic Resources the biggest underperformer due to lower metal prices

Weaker sentiment in European equities is largely driven by declining metal prices, particularly affecting the Basic Resources sector, which suffered due to China's crackdown on high-frequency trading.

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  • European equities are trading mostly softer, contrary to APAC which traded mostly in the green. Not much on a macro newsflow to explain broader weakened sentiment seen in European.
  • European sectors are trading mostly in the red. At the bottom of the pile are Basic Resources (1.5%), Automobiles & Parts (-1.4%) and Consumer Product & Services (-1.3%). Sentiment around the Basic Resource sector has been pinned down by lower metal prices with copper especially pressured by China’s crack down on high-frequency trading, while Consumers products & Services faces continuous pressure from Richemont (-3.2%) following a broker downgrade at Bank of America. On the upside, Utilities (+0.3%), Health Care (+0.3%) and Energy (+0.2%) are the slight outperformers against the wider weaker sentiment. Healthcare has been underpinned by gains in Novo Nordisk (+3.0%) after the Bank of America raised the Co. 's price target, elsewise newsflow has been light to explain the broader increase in the other sectors.
  • Movers this morning include Close Brother (+5.5%) with the Co.’s shares gaining following a broker upgrade by the RBC. On the downside Banca Monte Paschi (-2.9%) has seen its shares slide after reports from the FT that CEO Luigi Lovaglio could lose his job.
  • US equity futures are mostly firmer in the premarket. Newsflow has been light thus far to explain the uptick in US equities. Looking ahead, Fed’s Collins, Bowman and Jefferson are scheduled to speak later.
Context

This underperformance may signal broader concerns about demand and pricing in commodities, potentially influencing risks in related sectors and impacting currency and fixed-income markets due to shifting inflation expectations.

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