EUROPEAN EQUITY UPDATE: Tentative gains for the regions ahead of March NFP

Analysis details (09:05)

European equities (Stoxx 600 +0.2%) have opened marginally firmer following a cautious APAC lead whereby stocks in the region were tentative in the wake of the uninspiring lead from the US and a slew of weak data releases from China and Japan. As it stands, Stoxx 600 is set to close the week out with marginal gains of around 0.5% in what has been a choppy week for indices. The session comes amidst the backdrop of a resumption of virtual discussions between Ukraine and Russia today, ahead of which the UK has raised concerns that some Western partners could pressure Ukraine into making substantial compromises with Russia. On the ground in Ukraine, the conflict shows little signs of letting up, whilst Russia has accused two Ukrainian military helicopters of attacking a fuel storage depot in Belgorod, Russia. US futures are modestly firmer with the ES up 0.3% ahead of the March payrolls report from the US which is expected to show an addition of 480k jobs. Sectors in Europe are mixed with Banks near the top of the leaderboard. Santander (+2.7%) is a notable gainer within the group after confirming FY 22 revenue growth targets and a broker upgrade at Credit Suisse. To the downside, energy names lag amid ongoing declines in the crude complex. In terms of individual movers, Telecom Italia (-1.2%) faded gains seen at the open which were prompted by reports stating the Co. and CDP are expected to commence formal negotiations regarding a potential merger of Co's network assets and Open Fiber. Finally, Sodexo (-5.5%) sits near the foot of the Stoxx 600 after announcing that FY 22 revenue growth is expected to be around the bottom end of the 15-18% guided range. 

01 Apr 2022 - 09:02- EnergyImportant- Source: Newsquawk