EUROPEAN EQUITY OPEN: Indices start higher after heavy earnings; traders eying ECBspeak and US inflation data

OPEN: European indices have started Thursday trade on the front foot, although desks cite some caution ahead of key ECB speakers and the crucial US inflation report (13:30GMT/08:30EST) with the latter expected to shape rate hike expectations for the March FOMC. Focussing on the micro, the European morning has once again been dominated by a heavy earnings release schedule; some highlights include Credit Suisse posting a hefty quarterly loss, though Credit Agricole is making progress towards its profit goals earlier than anticipated. Industrial Siemens profits beat expectations and orders were strong. In materials, ArcelorMittal saw higher than expected profits, but was less upbeat on FY global steel consumption. Energy giant TotalEnergies moved back into profit. Drugmaker AstraZeneca sees dividend hikes and profits in 2022, but COVID effect to fade. Consumer bellwether Unilever rules out large M&A, and warned of higher inflation. ECBspeak, Riksbank rate decision, and US data are the key events today. 

INDICES: At 08:05GMT, Euro Stoxx 50 +0.6%, FTSE 100 +0.1%, DAX 40 +0.6%, CAC 40 +0.3%, FTSE MIB +0.5%, IBEX 35 +0.4%, SMI +0.0%. 

NOTABLE MOVERS:

• Siemens (SIE GY) +7.3%: Solid earnings.


• SocGen (GLE FP) +2.9%: Earnings.


• AstraZeneca (AZN LN) +2.1%: Earnings.


• Unibail-Rodamco-Westfield (URW NA) +1.2%: Earnings.


• Credit Suisse (CSGN SW) -2.2%: Earnings.


• ArcelorMittal (MT NA) -2.8%: Earnings, commentary.


• Unilever (ULVR LN) -3.2%: Earnings, commentary.


• Delivery Hero (DHER GY) -7.8%: Earnings.

NOTE: Our full Newsquawk Daily European Equity Opening News (10/Feb) can be accessed here; additional European Equity News (10/Feb) can be accessed here.

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DAY AHEAD FEBRUARY 10TH:

• 08:30GMT/03:30EST: Riksbank Rate Decision (preview)


• 09:00GMT/04:00EST: ECB’s Elderson


• 09:30GMT/04:30EST: South Africa Mining Production, Gold Production (DEC)


• 11:00GMT/06:00EST: PepsiCo Inc (PEP) earnings (preview)


• 11:00GMT/06:00EST: South Africa Manufacturing Production (DEC)


• 11:25GMT/06:25EST: Linde PLC (LIN) earnings (preview)


• 11:30GMT/06:30EST: Turkey FX Reserves (04/FEB)


• 11:55GMT/06:55EST: Coca-Cola Co (KO) earnings (preview)


• 12:00GMT/07:00EST: Philip Morris International Inc (PM) earnings (preview)


• 12:00GMT/07:00EST: ECB's De Guindos


• 13:15GMT/08:15EST: ECB Chief Economist Lane


• 13:30GMT/08:30EST: US CPI (JAN) (preview)


• 13:30GMT/08:30EST: US Initial Jobless Claims (05/FEB), Continuing Claims (29/JAN)


• 14:30GMT/09:30EST: Brazil Business Confidence (FEB)


• 15:30GMT/10:30EST: US EIA NatGas Stocks (04/FEB)


• 16:00GMT/11:00EST: Treasury 20yr Bond, 30yr TIPS Announcement


• 16:30GMT/11:30EST: US 4-Week, 8-Week Bills Auction


• 18:00GMT/13:00EST: US 30-Year Bond Auction


• 19:00GMT/14:00EST: Banxico Rate Decision (preview)


• 19:00GMT/14:00EST: US Monthly Budget Statement (JAN)


• 17:00GMT/12:00EST: BoE Governor Bailey


• 22:30GMT/17:30EST: RBA Governor Lowe


• Newsquawk Daily Economic Releases (10/Feb)


• Newsquawk Daily US Earnings Estimates (10/Feb) 

10 Feb 2022 - 08:11- Fixed IncomeData- Source: Newsquawk