Live Markets: Europe set for mixed start
03/04/2024 07:47
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EUROPE SET FOR MIXED START
European shares were set for a mixed start on Wednesday, as
traders assessed chances of fewer Fed rate cuts this year
following strong data in the U.S. this week, just as an ascent
in oil prices lifted Brent crude to its highest since October.
EuroSTOXX50 futures rose 0.18% and FTSE contracts fell
0.3%following a weaker close on Wall Street the day before when
a drop in deliveries at Tesla TSLA.O hit its shares, weighing
on main U.S. benchmarks. S&P 500 futures were also down
slightly.
Investors were also pondering the impact of a 7.2 magnitude
earthquake that hit Taiwan, which accounts for about 90% of
production for chipmaker TSMC 2330.TW . The company evacuated
some fabrication plants and said its safety systems were
operating normally. Its shares were down 1.3% in Asia.
Defence stocks were likely to remain in focus after NATO
proposed on Tuesday a 100-billion euro package of military aid
to Ukraine that would give the alliance a more direct role in
providing support to Kyiv. German defence firm Rheinmetall
RHMG.DE edged up slightly in early Frankfurt trade.
Elsewhere, Siemens SIEGn.DE said it does not intend to
make an offer for British engineering company Renishaw RSW.L ,
quashing recent media speculation. Genmab GMAB.CO agreed to
buy privately owned ProfoundBio for $1.8 billion, a deal that
will strengthen the Danish group's oncology portfolio.
Reinsurance company Swiss Re SRENH.S said Andreas Berger
would become CEO from July, replacing Christian Mumenthaler, who
will be stepping down after eight years at the helm.
Lonza LONN.S was another one to watch after the
Swiss-listed chemicals maker asked for its shares to be halted
pending the release of a statement.
(Danilo Masoni)
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