Europe before the bell: futures steady, M&A on the radar
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EUROPE BEFORE THE BELL: FUTURES STEADY, M&A ON THE RADAR
European shares look set to steady on Tuesday following a negative finish to the third quarter on Monday, when warnings from Stellantis STLAM.MI, VW VOWG_p.DE and Aston Martin AML.L raised fresh concern over the profit outlook of the region's automotive industry.
The STOXX 600 .STOXX, however, remains close to record levels, as a bounce in China-exposed stocks, driven by Beijing's push to kick-start its economy, added to gains in utilities and other defensives, which more than offset a rotation out of tech and growth stocks.
The region's two most valuable companies, drugmaker Novo Nordisk NOVOb.CO and chip-making equipment producer ASML ASML.AS, are down over 20% from record peaks in June and July, indicating a broadening of market leadership to other areas.
In corporate news, the Wall Street Journal reported Abu Dhabi National Oil Company is likely to announce a $13 billion-plus acquisition deal for Germany's Covestro 1COV.DE. Its shares were seen rising over 3% at the open.
In the UK, luxury brand Mulberry MUL.L rejected sportswear retailer Frasers' FRAS.L $111 million takeover proposal, saying the bid did not have the support of majority shareholder.
Eyes were also on Haleon HLN.L after Pfizer PFE.N sold shares worth roughly $3.3 billion at 380 pence apiece, an over 3% discount to Monday's closing price.
EuroSTOXX50 and FTSE futures were last up 0.3 and 0.4%, respectively, barely affected by rising tension in the Middle East, with Israel saying its troops had launched raids inside Lebanon on Tuesday.
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