EUROPEAN EQUITY UPDATE: European bourses remain firmer, despite weaker data from the UK and Germany

STOXX 600: +0.6%

European equities opened on a firmer footing, though marginally off session highs, following a subdued close yesterday. Key data releases this morning included UK labour figures showing the ILO unemployment rate rising to 5.0% (above expectations) and Germany’s ZEW sentiment index undershooting forecasts. Despite this, the FTSE 100 (+0.9%) and DAX (+0.1%) have seen limited reaction, with broader indices holding steady.
Central bank commentary offered little to shift sentiment: Riksbank minutes were broadly in line with prior guidance, while remarks from ECB’s Vujčić and BoE’s Greene provided no fresh policy signals.
Looking ahead, attention turns to remarks from ECB’s Koscher and Escriva, Norges Bank’s Bache, and BoE’s Dhingra later in the session.

Sectors: Positive

Sectoral performance is broadly firmer across Europe, with notable strength in Consumer Products & Services, Health Care, and Construction. Gains in Consumer Products & Services are led by LVMH (+1.7%), after reports the company plans to open several flagship stores across China in December, alongside indications of a regional recovery prompting further expansion considerations. Health Care is buoyed by Roche (+1.5%), following an upgrade from Deutsche Bank, which has lifted sentiment across the sector.
At the lagging end, Optimised Personal Care, Drug & Groceries (-0.5%) and Utilities (-0.2%) trade softer, though limited newsflow leaves the pullback largely flow-driven rather than headline-led.

Movers:

Fraport (+7%) - 9M (EUR): Q4 (EUR): Revenue 1.35bln (prev. 1.31bln Y/Y), EBITDA 593.1mln (prev. 483.7mln Y/Y). Affirms guidance.
Vodafone (+4.3%) - H1 (EUR): Revenue 19.6bln (prev. 18.3bln Y/Y), Operating profit 2.16bln (prev. 2.38bln Y/Y), sees FY Adj. EBITDA AL at the high end of 11.3-11.6bln range; to introduce a new progressive dividend policy with an expected increase of 2.5% for this financial year. To add, co. has started its 500mln share buyback programme. - Gains in Vodafone have also increased sentiment for the Telecommunication (+0.9%) sector.
Leonardo (-1.6%) - Co. says Alessandra Genco steps down as CFO.
Informa (INF LN) - Trading update: Sees double-digit earnings growth in 2025 and reaffirms FY guidance. To add, the GBP 350mln share buyback programme is continuing.
Lundbeck (-6.0%) downgraded to Underperform from Hold at Jefferies.

US Equity Futures:

US equity futures trade lower in early premarket action, with NQ -0.3%, ES -0.2%, and RTY -0.2%, while YM remains broadly flat. The tone is cautious amid a light macro backdrop, with participants awaiting the Prelim Estimate ADP release for further directional cues.
NVIDIA (NVDA) shares slip pre-market (-1.4%) following CoreWeave (-9%) earnings in which they provided weak guidance, whilst Japan's Softbank said it sold its NVIDIA (NVDA) stake for USD 5.83bln in October.
The session’s calendar is relatively quiet given the Veterans Day observance, though data highlights include the NFIB Business Optimism Index (Oct), ADP’s weekly employment figures, and the RedBook report.