Live Markets: European futures point to another down day

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30/05/2024 07:39

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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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