LIVE MARKETS-Europe before bell: Catching breath
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EUROPE BEFORE BELL, CATCHING BREATH
It's looking like a less fevered day for European stocks, with futures pointing to small declines, after drops in Asia. U.S. futures are also softer, although with world stocks at record highs, it might be good to pause and think whether this is entirely warranted.
Euro Stoxx 50 futures are down around 0.2%, after the euro zone's blue-chip index rose 1% the day before, still struggling to break out from the trading range that has prevailed over the last few months .STOXX50E.
British markets are set to outperform marginally, with FTSE 100 futures up around 0.1%, after UK GDP data beat expectations for June, and, as a result, the second quarter. FFIc1
That's also supporting the pound marginally, GBP=D3 but gains for British stocks could be capped by a view that this sort of economic growth is good enough that the Bank of England can stick to worrying about inflation, and not waver from its cautious rate-cut path.
It's a different picture in the U.S. which is driving the latest bit of this rally, as markets become more confident about a Fed rate cut in September, with 25 bps now fully priced.
There are still a few earnings coming in, including, reinsurance company Swiss Re SRENH.S whose net profit for the first half of 2025 rose a better-than-expected 24%.
Also in insurance, British insurer Aviva AV.L raised its interim dividend, after reporting a 22% jump in half-year operating profit.
There was downbeat news at Carlsberg CARLb.CO, which missed half-year profit and volume forecasts and warned it does not expect any improvement in the consumer environment for the rest of 2025, and German shipping giant Hapag-Lloyd HLAG.DE, which posted a 3.1% decline in its first-half net income and lowered the top of its full-year earnings forecast range.
(Alun John)
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