European futures mixed, more earnings eyed
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EUROPEAN FUTURES MIXED, MORE EARNINGS EYED
European shares were set to open broadly unchanged on Thursday after rising to fresh record highs the day before as renewed optimism over rate cuts in the U.S. following inline-inflation data sparked a global rally in risk assets.
EuroSTOXX50 futures inched 0.1% higher, while DAX contracts fell 0.1% and those on commodity heavy FTSE 100 added 0.2%. S&P 500 futures pointed to a steady start later on Wall Street.
Reports that China is considering a plan for local governments nationwide to buy millions of unsold homes propped up Chinese property and financial shares. That in turn could support sentiment over Europe's China-exposed sectors.
The data calendar was light and in corporate news there were some more earnings releases for equity traders to chew on.
German engineer Siemens SIEGn.DE posted a drop in Q2 earnings at its industrial business after a slowdown at its flagship factory automation division. The stock fell 4% on Tradegate.
Deutsche Telekom DTEGn.DE just exceeded forecasts with Q1 adjusted core earnings of $11.4 billion. European growth was a stand-out. Traders said free cash flow was a miss.
Good news from Ubisoft UBIP.PA. The French video games maker swung to a FY operating profit, as record bookings helped it reverse a year earlier loss of 500 million euros.
A rise in US network equipment maker Cisco CSCO.O following a better-than-expected Q4 revenue forecast could support European peers Ericsson ERICb.ST and Nokia NOKIA.HE.
Over in the UK, easyJet EZJ.L was one to watch. The budget carrier announced CEO Johan Lundgren will step down in early 2025 as it reported a bigger than expected H1 loss. Lundgren will be succeeded by CFO Kenton Jarvis.
At BT BT.L, new boss Allison Kirkby set out a path to more than double free cash flow over the next five years and potentially dispose of its global business as it focuses on Britain, where it is investing in its fibre and 5G networks.
In Italy, the Treasury sold a 2.8% stake in energy group EniENI.MI on Wednesday, pocketing around 1.4 billion euros in its drive to bolster the country's creaking public finances.
(Danilo Masoni)
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