Live Markets: Luxury down again, autos steady as Q4 kicks off

Covestro AG

01/10/2024 09:21

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      STOXX 600 up 0.1%
    

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      Luxury among top fallers
    

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      ADNOC buys Covestro for $18 bln
    

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      Wall St futures unchanged
    

  
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    LUXURY DOWN AGAIN, AUTOS STEADY AS Q4 KICKS OFF
    European shares kicked off the fourth quarter on a flat
note, with the STOXX 600  .STOXX  little moved in early deals on
Tuesday, as investors await for data and earnings to set market
direction following a YTD surge of 9% for the region-wide index.
    The China-related optimism appears to have been short-lived
for luxury, given the broad expectations of another poor
reporting season for the sector. The STOXX Luxury 10  .STXLUXP 
fell 1%.
    Goldman Sachs cut Kering  PRTP.PA  to sell this morning,
making it the top faller among euro zone blue chips  .STOXX50E ,
down 3%, while UBS said measures Beijing has announced to
stimulate its economy will not be enough to drive a rebound in
luxury demand. 
    Covestro  1COV.DE  popped up 3% to the top of the STOXX
after Abu Dhabi's state oil giant ADNOC agreed to buy the German
chemicals producer for 14.7 billion euros ($16.4 billion).
    Calm returned to battered autos after a profit warning from
Stellantis the day before helped erase around $10 billion in
market value from the STOXX sectoral index  .SXAP , cementing
its position as worst performer so far this year.
    "I believe we haven't yet seen the worst," said Angelo Meda,
head of equities at Banor SIM. "There is a reality check on
estimates. I also have the feeling that this is also a way to
ask for incentives or a postponement on CO2 targets".
    Here is your opening snapshot:
        (Danilo Masoni)
    **** 
    
    EARLIER ON LIVE MARKETS:
    EUROPE BEFORE THE BELL: FUTURES STEADY, M&A ON THE RADAR
CLICK HERE
    MILDER INFLATION SEEN SETTING UP RATE CUTS CLICK HERE

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