- European markets are performing moderately well ahead of the U.S. session open. Nearly all major indices are posting visible gains, hovering around 1%. Poland’s WIG20 and Italy’s FTSE MIB are leading the way, with futures up 1.8% and 1.3%, respectively. FTSE 100, DAX, and CAC 40 are trimming futures gains to around 1%. Switzerland and the Netherlands are relatively lagging, where the main indices are up 0.8–0.9%.
- The pan-European STOXX 600 index is up about 0.6%.
- The market is receiving mixed signals from Donald Trump regarding the nature of further engagement in the Middle East.
- The president says he is ready to end the operation without first reopening the Strait of Hormuz, while additional units are simultaneously being deployed to the region.
- Investors focused on the European economic outlook received a large batch of macroeconomic releases from the Old Continent:
- German retail sales fell by 0.6% in February, disappointing expectations for a 0.2% increase. Germany’s unemployment rate was unchanged at 6.3%.
- Final inflation data from France showed a moderate rise to 1.7% y/y. French consumer spending fell noticeably by 1.4%.
- UK economic growth came in in line with expectations at 1% y/y.
- Eurozone inflation was marginally below expectations and rose to 2.5%.
- UBS is up more than 3% after the Financial Times published a report suggesting that Swiss lawmakers plan to ease some financial regulations.
- Unilever, the food conglomerate, announced it is in advanced talks to acquire McCormick. The company’s shares are up about 1%.
- Givaudan received a negative recommendation from an investment bank; analysts point to weak conditions in the luxury goods market amid tensions in the Middle East.
- Goldman Sachs analysts cut their eurozone GDP growth forecast to 0.7% (from 1.4%), citing energy prices as the main factor.
- Pandora, the Danish jewelry maker, is opening a distribution center in Canada to bypass U.S. tariffs.
- In FX markets, the pound is strengthening the most, gaining about 0.2% against major currencies. The Swiss franc is weakening, down about 0.2% versus major currencies.
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