EUROPEAN EQUITIES UPDATE: European bourses mixed, P911 GY slips after cutting guidance

STOXX 600: +0.2%

• European bourses opened modestly firmer/flat, but some modest pressure crept into the complex as the morning progressed – with indices generally off best levels, to show a mixed picture in Europe.


• Tariff updates have been relatively light recently, aside from reports that US President Trump is expected to soften the impact of his automotive tariffs.


• On the data front, Spanish inflation metrics marginally beat; EU Money M3 Annual Growth was a little short – both had little impact on bourses. Ahead, focus will be on ECB’s Villeroy.

Sectors: Positive

• European sectors hold a slight positive bias, albeit with the breadth of the market fairly narrow.


• Basic Resources takes the top spot, followed closely by Media and Banks. The latter is buoyed by post-earning strength in HSBC (discussed in FTSE 100 section).


• Energy is found at the foot of the pile, dragged down by post-earning losses in BP; the continued pressure in the crude complex is also not helping.


• Autos find themselves towards the middle of the bunch. For the sector more generally, US President Trump is expected to soften the impact of his automotive tariffs, by preventing duties on foreign-made cars from stacking on top of other tariffs he imposed and easing some levies on foreign parts used to manufacture cars in the US, via WSJ. For stock specifics, Porsche AG (-5%) dips after it cut FY25 guidance; Volvo Car (-8.3%) reported a significant miss on its EBIT and Revenue figure and launched a SEK 18bln cost and cash action plan. Recent commentary from the Porsche AG CFO suggested that there are talks with the Trump administration over tariffs.

Majors: DAX 40 +0.6%, FTSE 100 U/C, CAC 40 -0.1%

• The FTSE 100 is essentially flat and ultimately underperforming vs peers, with a couple of post-earning heavyweights doing much of the dragging today. Starting with AstraZeneca (-3.8%) is on the backfoot after missing on top-line, but core EPS beat; some traders may point to China sales growth still being a little soft. Elsewhere, BP (-4%) dips after its results; Adj. Net Income missed, whilst EPS beat – the Co. continues to expect reported upstream production to be lower and underlying production to be slightly lower compared with 2024. Primark-owner Associated British Foods (-7%) bottoms the index after its interim update; the co. maintained its outlook but lowered its sugar outlook. On a more positive note, HSBC (+2.1%) gains after beating expectations and announced a USD 3bln share buyback.


• The DAX 40 outperforms in Europe today, thanks to some key post-earning gainers, which include; Rheinmetall (+6.5%, Co. significantly increases sales and operating profit in Q1 '25), Deutsche Bank (+4.2%, beat on headline metrics and said is on track to deliver 2025 goals), MTU Aero (+2.5%, headline beats). To the bottom of the index, Deutsche Boerse (-5.2%, softer-than-expected results), Porsche AG (-5.2%, cut guidance).

US Equity Futures: ES +0.2%, NQ +0.2%, RTY +0.1%

• Futures are incrementally firmer, following a tentative trading session in the prior day.


• In terms of key pre-market movers; NXP Semiconductor (-7%, Q2 guidance light and CEO to retire), Nucor (-0.5%, Q1 beat and positive Q2 guidance).


• The US day ahead includes; US Consumer Confidence, Advance Goods Trade and JOLTS Job Openings.

29 Apr 2025 - 10:00- ForexEU Research- Source: Newsquawk