LIVE MARKETS-Europe before the bell: LVMH earnings steal focus from tariffs

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EUROPE BEFORE THE BELL: LVMH EARNINGS WREST FOCUS FROM TARIFFS

Remember when markets used to care about corporate earnings more than U.S. trade policy?

We're not sure how long it will last, but those days are back today, with the main focus at the open being what happens with LVMH LVMH.PA shares after its first-quarter revenue undershot expectations.

Big brokerages are cutting their target price for the stock, and traders are flagging a 6% fall at the open.

Perhaps not surprisingly, futures for indexes that include LVMH are underperforming those that do not.

DAX FDXc1 and FTSE futures FFIc1 are each up around 0.5%, CAC 40 futures FCEc1 are down 0.5% and Euro stoxx 50 futures STXEc1 are just a touch above flat.

The earnings coincide with a quieter 24 hours in markets, where an uneasy calm has settled with investors becoming more hopeful that deals will continue to be done, reducing the impact of tariffs.

Clearly, the news flow over the past few days has given scope for optimism, but Federal Register filings on Monday showed the Trump administration is proceeding with probes into imports of pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors

There are some other corporate updates to digest too.

French oil major TotalEnergies TTEF.PA expects hydrocarbon production to come at the higher end of its guidance range for the first quarter, it said in a trading update.

Recruitment firm Robert Walters RWA.L reported a 16% fall in first-quarter net fee income, as challenging macro-economic conditions disrupt the global hiring market.

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