Live Markets: European futures inch up as Q1 season gets into gear

Tradegate AG

18/04/2024 07:42

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    EUROPEAN FUTURES INCH UP AS Q1 SEASON GETS INTO GEAR
    European shares were set for a higher start on Thursday,
tracking a rise in U.S. futures, with earnings centre stage
ahead of results from Netflix  NFLX.O  later on that will kick
off the reporting season for Big Tech in the U.S..
    EuroSTOXX50  STXEcv1  and FTSE  FFIc1  futures rose 0.3% and
0.5%, respectively. S&P 500 contracts also gained after
Wednesday's negative close as rate uncertainty gripped traders. 
    
    Chipmakers will stay in the spotlight a day after
AI-heavyweight ASML  ASML.AS  suffered its biggest one-day drop
since June 2022, down almost 7%, following disappointing
quarterly orders. Sales to key market China, however, held up
despite U.S.-led restrictions.
     Taiwanese chipmaker TSMC  2330.TW  posted a 9% rise in Q1
net profit that beat expectations as it rides a wave of demand
for chips used in artificial intelligence applications. That
should bring relief to the sector. ASML rose over 1% on
Tradegate.
    Plenty of results to look at also elsewhere.    
    Nordea  NDAFI.HE  reported profits above expectations,
calling it a strong start to the year thanks to solid credit
quality. Shares in the Nordic region's biggest bank rose more
than 3% on German platform Tradegate. 
    Danone  DANO.PA  posted stronger-than-expected sales, with
all businesses delivering volume growth as the world's largest
yoghurt maker managed to raise prices to cope with higher input
costs though at a slower pace than previously.
    On a more downbeat note, Finnish telecom gear maker Nokia
 NOKIA.HE  reported a smaller rise than expected in Q1
comparable operating profit as sales tumbled when operators
reduced spending on 5G technology.
    Automotive supplier Forvia  FRVIA.PA  reported 3.1% organic
growth in Q1 sales, outpacing global car production driven by
strength in North America.
    And there was some M&A too to liven up the day. Music and
theatrical rights firm Concord Chorus agreed to buy British
music investor Hipgnosis Songs Fund  SONG.L  for $1.40 billion.
    
    (Danilo Masoni)
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