Live Markets: European futures point to soft start of busy week
29/01/2024 07:41
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EUROPEAN FUTURES POINT TO SOFT START OF BUSY WEEK
Stock futures pointed to a slightly softer start for European markets on Monday, in a week
packed with potentially market moving events, from results of Microsoft, Alphabet and Amazon to
the Federal Reserve's policy meeting.
Contracts on the region-wide Euro STOXX 50 STXEc1 were down and FTSE FFIc1 futures fell
around 0.1% following record closes in Frankfurt and Paris on Friday. S&P 500 ESc1 futures
were also just a touch below parity.
In Asia, stocks rose as new steps by Beijing to stabilise the market outweighed the drag on
sentiment from the liquidation of property giant China Evergrande.
In European corporate news, Holcim HOLN.S was in focus. The Swiss building materials
company will spin off 100% of its North American operations in a New York flotation that could
value the business at $30 billion. It also named a new CEO.
Bayer BAYGn.DE was also in focus. The German company was ordered to pay $2.25 billion to a
Pennsylvania man who said he developed cancer from exposure to the company's Roundup weedkiller.
German chemicals maker Wacker Chemie WCHG.DE reported a 60% drop in its core earnings for
2023, weighed down by lower prices along with persistently high energy costs and reduced
plant-utilization rates.
Meanwhile, health technology group Philips PHG.AS had agreed on the terms of a settlement
with the U.S. Food and Drug Administration over a large-scale recall of ventilators.
Ryanair RYA.I trimmed its profit forecast for the year to the end of March after some
online travel agents stopped selling its flights in December, forcing it to cut fares to fill
seats.
Over in the UK, struggling fashion retailer Superdry SDRY.L said it was working with
advisers to explore the feasibility of various cost-saving options.
Eyes will also be on BP. The FT reported that hedge fund Bluebell has called on the company
to ditch its clean energy pledges.
(Danilo Masoni)
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FOR MONDAY'S OTHER LIVE MARKET POSTS:
ASIA STOCKS SOAR DESPITE BIG WEEK FOR RISK CLICK HERE
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