European futures point to another down day
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EUROPEAN FUTURES POINT TO ANOTHER DOWN DAY
European stock futures pointed to a weaker start of trading on Thursday as uncertainty over the timing and scale of possible rate cuts in the United States keeps markets under pressure, erasing part of the May rally in global equities.
EuroSTOXX50 and FTSE contracts fell 0.3 and 0.5%, respectively, setting indexes in the region on course for their third consecutive daily loss. The STOXX 600 .STOXX is down more than 2% from a record high set earlier in May on the back of robust global earnings.
S&P 500 futures ESc1 fell 0.6%.
In corporate news, some late releases from Wall Street could provide a negative read-across for European peers. A guidance cut at biotech firm Agilent A.N that sent its stock tumbling 13% could weigh on Merck KGaA MRCG.DE and Qiagen QIA.DE.
A big drop in Salesforce CRM.N, which missed Wall Street expectations due to weak client spending on its cloud and enterprise business products, could hurt SAP SAPG.DE.
Deal-making kept flowing, with Canada's Brookfield BN.TO close to agreeing the purchase of French renewable power producer Neoen NEOEN.PA for around 6.1 billion euros ($6.58 billion).
UK banknote maker De La Rue DLAR.L is in talks with several parties interested in its authentication or currency businesses.
Elsewhere, Banco BPM BAMI.MI ruled out a merger with rival Monte dei Paschi BMPS.MI, and predicted a wider consolidation of the Italian banking sector would not happen before 2026.
Staying with banks, UBS UBSG.S announced a management reshuffle at its wealth-management operations.
Airline SAS SAS.ST posted a bigger Q2 pretax loss and said it intended to complete its restructuring this summer.
Finally, Just Eat TKWY.AS should get a lift after extending a U.S. collaboration pact with Amazon AMZN.O.
(Danilo Masoni)
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