Luxury down again, autos steady as Q4 kicks off
STOXX 600 up 0.1%
Luxury among top fallers
ADNOC buys Covestro for $18 bln
Wall St futures unchanged
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LUXURY DOWN AGAIN, AUTOS STEADY AS Q4 KICKS OFF
European shares kicked off the fourth quarter on a flat note, with the STOXX 600 .STOXX little moved in early deals on Tuesday, as investors await for data and earnings to set market direction following a YTD surge of 9% for the region-wide index.
The China-related optimism appears to have been short-lived for luxury, given the broad expectations of another poor reporting season for the sector. The STOXX Luxury 10 .STXLUXP fell 1%.
Goldman Sachs cut Kering PRTP.PA to sell this morning, making it the top faller among euro zone blue chips .STOXX50E, down 3%, while UBS said measures Beijing has announced to stimulate its economy will not be enough to drive a rebound in luxury demand.
Covestro 1COV.DE popped up 3% to the top of the STOXX after Abu Dhabi's state oil giant ADNOC agreed to buy the German chemicals producer for 14.7 billion euros ($16.4 billion).
Calm returned to battered autos after a profit warning from Stellantis the day before helped erase around $10 billion in market value from the STOXX sectoral index .SXAP, cementing its position as worst performer so far this year.
"I believe we haven't yet seen the worst," said Angelo Meda, head of equities at Banor SIM. "There is a reality check on estimates. I also have the feeling that this is also a way to ask for incentives or a postponement on CO2 targets".
Here is your opening snapshot:
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EARLIER ON LIVE MARKETS:
EUROPE BEFORE THE BELL: FUTURES STEADY, M&A ON THE RADAR CLICK HERE
MILDER INFLATION SEEN SETTING UP RATE CUTS CLICK HERE
EU open https://tmsnrt.rs/3ztcFXe
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