EUROPEAN EQUITY UPDATE: Stocks falter in early European trade. NFP on Friday in jeopardy

STOXX 600 -0.3%, Eurostoxx 50 -0.3%, DAX -0.2%, CAC 40 -0.5%, FTSE 100 -0.3%, SMI -0.1%, FTSE MIB -0.4%, IBEX 35 -0.3%

• European bourses are lower across the board with prices faltering in early trade. The broader market narrative is one dictated by concerns over the looming US government shutdown, which will give Fed policymakers less visibility on the US labour market in the event that Friday's BLS report is delayed. Closer to home, regional CPIs from across the Eurozone have continued to filter through with metrics from France printing softer-than-expected on a harmonised basis, whilst state German CPIs have leaned hotter than anticipated when looking at expectations for the national print due at 13:00BST, which is forecast to show just a modest uptick from its prior on a Y/Y basis. Note, today is month and quarter end and therefore could be subject to more choppy price action than usual.

Sectors: Mostly lower

• After a mixed start to the session, equity sectors have tilted lower with just Financial Services and Media names in the green. To the downside, Energy names sit at the foot of the table following ongoing softness in underlying crude prices. Other laggards include Chemicals and Auto names.


• UK Gambling names have also been weighed on after UK Chancellor Reeves hinted that she could increase taxes on the sector.


• UK mining names such as Anglo American and Fresnillio have been underpinned by the ongoing increase in gold, which has once again printed another ATH.

Individual movers

• Valneva (+7.9%) shares have been boosted after reporting 95% seroresponse four years after single shot of chikungunya vaccine IXCHIQ.


• Puma (+4.8%) are benefitting from a broker upgrade at BNP Paribas, which is also having some positive read across to Adidas (+0.9%).


• HSBC (+0.2%) shares are steady after Chairman Tucker stepped down.


• Asos (-8.1%) shares have slumped after warning on revenues alongside its FY update.


• Pandora (-2.6%) shares on the backfoot after news that Alexander Lacik is to retire in 2026, Berta de Pablos-Barbier to become new CEO.

US Equity Futures: ES -0.2%, NQ -0.2%, RTY -0.2%

• US equity futures drifted lower in tandem with their European counterparts in early trade with no clear driver behind the move. That being said, the looming prospect of a government shutdown and a White House announcement of further tariff details overnight has hampered sentiment. On the former, the BLS has said it plans not to release economic data during the Government shutdown and will suspend all operations. As such, it is looking like Friday's NFP release is in jeopardy. For markets, this means that other labour indicators will take heightened importance as traders look to see how much the Fed's dual mandate is coming into conflict. Today sees US JOLTS data for August (exp. 7.185mln vs. prev. 7.181mln) ahead of tomorrow's September ADP print and Thursday's weekly claims metrics.


• Individual pre-market US stories are thin on the ground. However, for further details, please check out our Daily US Equity Opening News.

30 Sep 2025 - 09:55- EquitiesGeopolitical- Source: Newsquawk