Live Markets: Europe eyes quiet day as strong quarter closes down

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27/03/2024 07:38

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    EUROPE EYES QUIET DAY AS STRONG QUARTER CLOSES DOWN  
    Shares in Europe were expected to open a touch lower on Wednesday ahead of a long festive
weekend, as a quarter of strong gains for global stocks draws to a close, just after recent
central bank messaging comforted expectations for interest rate cuts later this year.
    The region-wide STOXX 600  .STOXX  has gained almost 7% since the start of the year,
notching its second straight positive quarter. The index is currently at record high levels,
supported by an improving backdrop macro and resilient profits.
    EuroSTOXX50  STXEcv1  and FTSE  FFIc1  futures both inched 0.1% lower, while S&P contracts
 ESc1  added 0.3% following a weaker Wall Street close. Stock markets in European cities
including Frankfurt, Paris and London are shut on Friday and Monday for the Easter holidays.
    Macro watchers will be focused on possible official intervention in the Japanese yen and
also on Sweden's Riksbank policy meeting later in the day, at which the central bank is expected
to keep rates on hold.
    In European corporate news, earnings are still taking centre-stage, while in the UK there
were more signs of deal-making picking up with International Paper  IP.N  proposing a $7 billion
all-share buyout of DS Smith  SMDS.L .
    Big beat from fashion retailer H&M  HMb.ST , which reported a larger-than-expected operating
profit for the December-February period. Traders called its shares up 5-10%.
    German landlord Aroundtown  AT1.DE  posted a $2.6 billion loss in 2023 amid Germany's worst
real-estate crisis in decades.
    In Italy, Rome sold a 12.5% stake in bailed-out lender Monte dei Paschi  BMPS.MI , advancing
plans to re-privatise the world's oldest bank after a failed attempt in 2021. 
        
    (Danilo Masoni)
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