Steady as she goes

Reuters

Steady as she goes

2024 6월 19 일, 오전 6:42 GMT

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STEADY AS SHE GOES

European shares are set to rise at the open on Wednesday - is last week's turmoil all over and done with? - though sticky services inflation could prove a small wrinkle for British names.

STOXX 50 futures STXEc1 are currently up 0.12%, and the broad STOXX 600 benchmark .STOXX is up 0.77% this week, retracing some of last week's 2.4% fall that was driven by worries about the outcome of the upcoming French election.

A new record high on Wall Street is generally driving the positive mood, and pushed most Asian markets higher. Things could quieten down in the European afternoon, with U.S. markets closed for the Juneteenth holiday. MKTS/GLOB

FTSE100 futures are underperforming, FFIc1 sitting just in negative territory after British CPI data. While headline British inflation returned to its 2% target in May for the first time in nearly three years, services price inflation - which the Bank of England thinks gives a better picture of medium-term inflation risks - was 5.7%.

The BoE meets on Thursday, and no change in policy is expected, but the CPI data will help guide markets as they debate whether the British central bank will cut rates in August or September.

In company news, the head of Spain's antitrust watchdog said on Tuesday the country's government could set additional conditions on BBVA's BBVA.MC 12-billion-euro ($12.85 billion) takeover bid for smaller rival Sabadell SABE.MC, such as forcing the combined entity to divest in areas such as the insurance business.

Meanwhile, for London listed names, high-end homebuilder Berkeley BKGH.L lifted its earnings outlook by 5% for fiscal year 2025, and Anglo American's AAL.L Chile head said on Tuesday copper output at its flagship Los Bronces mine in Chile is expected to fall nearly a third from average historical levels next year.

Vodafone VOD.L could also be in focus after the mobile network operator said it had raised around $1.83 billion from the sale of a stake in India's Indus Towers INUS.NS that it said would be used to repay some of its lenders.

There will also be interest in Hargreaves Lansdown HRGV.L after it said it is set to agree a 5.41 billion pounds ($6.87 billion) takeover by a CVC-led consortium if the group of investors table a formal offer at that price. The news came out Tuesday while trading was still ongoing, but could shape markets on Wednesday.

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