Live Markets: Europe's futures inch up after French battering

Topdanmark A/S

17/06/2024 07:37

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    EUROPE'S FUTURES INCH UP AFTER FRENCH BATTERING
    European shares were set for a slightly positive start on
Monday, attemping to steady following last week's French
political tremors that reverberated across bonds, currencies and
equity markets globally.
    Following on the worst week of the year for the region-wide
STOXX 600  .STOXX  on Friday and an over 6% slide from the CAC
40  .FCHI  in Paris, futures  STXEcv1   FFIc1  pointed to gains
of around 0.4%. S&P 500  ESc1  contracts steadied around parity.
    Yet caution seemed to dominate heading into the new week,
with traders looking to lock in profits from a still-strong
rally so far this year. Citi on Monday cut European equities to
neutral from overweight, citing bigger political risks. 
    The STOXX is up 6.7% year-to-date.
    In corporate news, Adidas  ADSGn.DE  was one to watch after
the FT reported it launched an investigation into allegations of
large-scale bribery in China following a whistleblower complaint
that accused senior staff of embezzling "millions of euros".
    Dutch lender ING  INGA.AS  said it is targeting total income
growth of between 4% and 5% per year in 2024 to 2027.    
    In M&A, Finnish insurer Sampo  SAMPO.HE  agreed to buy
Danish rival Topdanmark  TOP.CO  for 33 around 4.73 billion in
an all-share deal. The offer represents a 27% premium to
Topdanmark's closing price on Friday. 
    Over in the UK, Kingfisher  KGF.L  named Bhavesh Mistry as
its new finance chief as Bernard Bot will retire from the post.
Mistry has been the CFO of British Land  BLND.L . 
    
    (Danilo Masoni)
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    FOR MONDAY'S OTHER LIVE MARKET POSTS:
    CHINA FAILS TO CHEER, AS FRANCE SCORES OWN CLICK HERE