Europe to steady after French-led drop, eyes on German autos
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EUROPE TO STEADY AFTER FRENCH LED DROP, EYES ON GERMAN AUTOS
European shares were set to steady on Wednesday after another French-led drop the day before, with earnings season gradually taking centre stage and investors gearing up for Thursday's U.S. inflation report.
EuroSTOXX50, and FTSE futures both edged up around 0.1%. U.S. contracts were also steady following record-high closes on Tuesday driven by gains in AI chipmaker Nvidia NVDA.O and following cautious remarks by Fed Chair Jerome Powell.
Moody's warned on Tuesday the outcome of France's parliamentary election was negative for the country's credit rating, as a grand coalition would make the task of bringing its debt under control more difficult. CAC futures were down 0.1% FCEc1.
In corporate news, German carmakers will be in focus.
Volkswagen VOWG_p.DE lowered its forecast for operating returns as it warned the Audi brand was considering closing its Brussels site because of low demand for electric cars.
VW shares were down 1.5% in early Frankfurt trade.
Sportscar maker Porsche P911_p.DE - controlled by VW - said global H1 vehicle deliveries fell 7%, primarily driven by a 33% year-on-year drop in China.
Still in Germany, container firm Hapag-Lloyd HLAG.DE raised its earnings outlook buoyed by heightened demand and increased short-term freight rates.
Elsewhere, good news for Telecom Italia TLIT.MI. S&P Global raised its rating by two notches after Italy's biggest telecoms group finalised the sale of its fixed-line network.
Over in the UK, Barratt Developments BDEV.L forecast an up to 7% fall in its home-building targets for fiscal year 2025, as high mortgage rates and broader economic concerns hold back recovery in the country's housing sector.
Direct Line DLGD.L said it planned pay around 60% of its operating earnings as a regular dividend, as the insurer laid out its long-term goals.
Finally, chip stocks could find support from strong Q2 revenue growth at TSMC 2330.TW, the world's largest contract chipmaker, on the back of booming demand for AI applications.
(Danilo Masoni)
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