Down (slightly) we go again...
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DOWN (SLIGHTLY) WE GO AGAIN...
European futures were pointing to a weaker start on Thursday after a late reversal into the red on Wall Street that suggested traders were keen to sell into rallies before markets properly settle, following this month's volatility spike.
EuroSTOXX50 and FTSE futures fell 0.6% and 0.3%, respectively around 30 minutes before the cash market open, although the intensity of declines was way below Monday's wild swings.
Nasdaq futures NQc1, meanwhile, rose 0.4%, pointing to an new attempt of stabilisation. In Asia, tech shares fell overnight, while broader indices bounced between gains and losses.
So, as markets tried to find their footing, the earnings season continued at a good pace, especially in Germany.
Among the early releases, Allianz ALVG.DE posted a better-than-expected 7.5% rise in Q2 net profit and said it was on track to meet its full-year target. Reinsurer Munich Re MUVGn.DE said it may exceed its FY guidance.
Siemens SIEGn.DE also posted better-than-expected profit growth, buoyed by customers who are upgrading their electricity infrastructure and by demand for production software.
Deutsche Telekom DTEGn.DE earnings also rose and the group raised its guidance for free cash flow.
In banks, KBC KBC.BR upped its 2024 guidance for net interest income.
Over in the UK, Persimmon PSN.L estimated an annual homebuild target at the top-end of its forecast range, as easing mortgage rates boost recovery hopes in the homebuilding sector.
(Danilo Masoni)
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