LIVE MARKETS-Europe before the bell: risk-on after risk-off in the U.S.

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EUROPE BEFORE THE BELL: RISK-ON IN EUROPE, AFTER RISK-OFF

European shares are set for further chunky gains at the open, helped by the U.S. and Ukraine agreeing to terms in a critical minerals deal, some decent results and general positive mood towards the region's markets, a sharp contrast with the U.S.

Overnight Wall Street slid, and, based on Deutsche Bank's stats, the S&P 500 has seen the biggest 4-day decline since early September, while the Magnificent 7 is back in technical correction territory. Safe-haven bonds have also rallied sharply, with the 10-year Treasury yield briefly dipping below 4.3%.

Not many weeks ago, such a result overnight would see Europe set for declines at the open, but not in the current environment.

STOXX 50 futures are up 0.7%, and DAX futures are up 0.9%.

Part of the reason for the optimism is news U.S. and Ukraine have agreed on the terms of a draft minerals deal central to Kyiv's push to win Washington's support as President Donald Trump seeks to rapidly end the war with Russia.

Some see prospects for peace as a further catalyst for European gains, though others suggest it's expectations of a bad peace that necessitates more rearmament and tough economic decisions, that is driving markets.

Company news is also looking positive. The standout is beer giant Anheuser-Busch InBev ABI.BR, which reported fourth-quarter operating profit that was well ahead of analyst forecasts. Traders are calling its shares up 5-7%. Shares of its Hong Kong-listed APAC unit 1876.HK rose as much as 13.5%.

(Alun John)

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