Europe before the bell - hold on tight
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EUROPE BEFORE THE BELL - HOLD ON TIGHT
Europe is set for a down day on Tuesday, at least at the open, taking the baton from Asia where stocks have dropped on pessimism about China's economic stimulus and as investors digest reports U.S. President-elect Donald Trump's top team will include several China-hawks.
Trump is expected to tap U.S. Senator Marco Rubio to be his secretary of state, Reuters reported Monday, citing sources, arguably the most hawkish option on Trump's shortlist for the job.
STOXX 50 futures are down around 1%. Most major bourses are set for falls, with France's CAC40, where futures are off 1.2%, towards the forefront. FTSE futures are off only 0.4% helped by results from some corporate heavyweights.
Those include earnings from AstraZeneca, AZN.L which lifted its sales and profit forecasts. Traders expect a 3-5% gain for its shares at the open, according to their premarket expectations.
Eyes will also be on Shell SHEL.L which on Tuesday won its appeal against a landmark climate ruling in the Netherlands, and REITS after Jefferies downgraded price targets across the sector.
Away from London, German chipmaker Infineon IFXGn.DE said on Tuesday it expected "subdued" performance in 2025, citing weak demand in its end markets, and Bayer BAYGn.DE lowered its full-year operating earnings guidance and took billions in write-downs on agricultural markets in Latin America.
(Alun John)
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