Live Markets: Europe heads south, eyes on Portugal

LEG Immobilien SE

11/03/2024 07:50

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    EUROPE HEADS SOUTH, EYES ON PORTUGAL
    European shares were set for a weaker start on Monday as Japanese equities retreated
following a series of all-time highs last week and ahead of Tuesday's U.S. CPI data, which may
provide more indications on the possible timing of rate cuts by the Fed.
    Investors were also watching political developments in Portugal after the centre-right
Democratic Alliance won Sunday's general election, though it was unclear if they could govern
without the support from far-right Chega.
    EuroSTOXX50  STXEc1  and FTSE  FFIc1  futures fell 0.7% and 0.5%, respectively. S&P  ESc1 
contracts dipped 0.1% after a reversal from record highs on Friday on losses across high-flying
chip stocks. ASML Frankfurt-listed shares eased 0.4%.
    Bitcoin  BTC= , meanwhile, hit a new record high above the $70,000 mark. 
    In European corporate news, there were more signs of a pick up in dealmaking activity.
    The Financial Times reported on Saturday that Kering  PRTP.PA  and EssilorLuxottica
 ESLX.PA  are among the suitors for Italian eyewear manufacturer Marcolin. 
    Italian regional utility A2A  A2.MI  signed a $1.3 billion deal agreement to buy some
electricity distribution networks from Enel  ENEI.MI .
    U.S. investor Elliott Advisors said it did not intend to make an offer for British
electricals retailer Currys  CURY.L .
    Shares in German property company LEG Immobilien  LEGn.DE  rose over 2% in early Frankfurt
trade after better-than-expected results.
    
    (Danilo Masoni)
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