EUROPEAN EQUITIES UPDATE: NVIDIA looms; Europe attempts to recover from Tuesday's pressure, but is yet to make much headway

STOXX 600: -0.1%

• European bourses have opened lower, though off worst levels from yesterday and are trading towards a positive risk direction with FTSE (+0.1%) and AEX (+0.1%) marginally gaining whilst DAX is flat. Once again sentiment in Europe has followed on from APAC and Wall Street where a tentative stance remains as markets await FOMC minutes and earnings from mega tech giant Nvidia.


• Macro newsflow this morning was light but there was the UK CPI data which saw Core CPI in line with expectations and service CPI softer than expected, giving the FTSE 100 some light momentum.

Sectors: Mixed

• European sectors have opened mixed/negative. At the top of sectors is Media (+1.5%), Energy (+1.0%) and Food and Beverage (+0.5%). There has been no clear catalyst to explain the uptick in those sectors but Media has been given an edge following gains in UMG (+4.6%). At the bottom of sectors is Utilities (-0.9%), Banks (-0.6%), and Insurance (-0.4%), once again newsflow has been light to explain the downtick in those sectors.

Movers:

• Rotork (+3.5%) - Co.'s board has approved a new GBP 50mln share buyback programme. Adds that FY expectations are unchanged.


• Genmab (+1.2%) - Co.'s Epkinly in combination with rituximad and lenalidomide has been approved by the US FDA for the treatment of relapsed or refractory follicular lymphoma. In other news, the co. has priced USD 1.5bln of private offering of senior secured notes due 2032 and USD 1.0bln of senior unsecured notes due 2033. To add, the co. announced the completion of the syndication of a new senior secured term loan facility.


• Lloyds (-1.4%) - Co. has announced the GBP 120mln deal to acquire Curve, with the transaction not expected to have a material impact on the co.


• Kering (-2.7%) - Co. CEO says they must downside its retail store network and reduce its reliance on Gucci to return to growth, according to Reuters citing a memo.

US Equity Futures:

• US equity futures are rebounding prior day losses with upsides in ES (+0.1%), NQ (+0.1%) and RTY whilst the YM is flat. All eyes will be on NVIDIA results and FOMC Minutes later today. - NVIDIA’s earnings are due after the market close, as investors grow wary of soaring AI spending. Investors expect clarity on where billions allocated to AI are flowing, with analysts suggesting that the results could steer wider market sentiment. Analyst forecast Q3 earnings of USD 1.24 per share, and revenue of USD 54.41bln revenue, mostly from Data Centre operations. Orders for Blackwell and Rubin chips are expected to exceed USD 500bln, Susquehanna says. Despite optimism, Michael Burry recently announced he has 1mln puts, while SoftBank (SFTBY) has exited its stake.


• Looking ahead in the US, Speakers today include: Fed’s Williams (voter; no text or Q&A is expected), Fed’s Miran (voter; text and Q&A is expected) will speak on bank regulation, Fed’s Logan (2026 voter), Fed’s Barkin (2027 voter; text and Q&A is expected, but he is seen reiterating remarks from November 18th). On data, the US Day sees the release of weekly MBA mortgage applications and international trade stats for August.

19 Nov 2025 - 10:15- ForexEU Research- Source: Newsquawk