Europe's futures inch up after French battering
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EUROPE'S FUTURES INCH UP AFTER FRENCH BATTERING
European shares were set for a slightly positive start on Monday, attemping to steady following last week's French political tremors that reverberated across bonds, currencies and equity markets globally.
Following on the worst week of the year for the region-wide STOXX 600 .STOXX on Friday and an over 6% slide from the CAC 40 .FCHI in Paris, futures STXEcv1, FFIc1 pointed to gains of around 0.4%. S&P 500 ESc1 contracts steadied around parity.
Yet caution seemed to dominate heading into the new week, with traders looking to lock in profits from a still-strong rally so far this year. Citi on Monday cut European equities to neutral from overweight, citing bigger political risks.
The STOXX is up 6.7% year-to-date.
In corporate news, Adidas ADSGn.DE was one to watch after the FT reported it launched an investigation into allegations of large-scale bribery in China following a whistleblower complaint that accused senior staff of embezzling "millions of euros".
Dutch lender ING INGA.AS said it is targeting total income growth of between 4% and 5% per year in 2024 to 2027.
In M&A, Finnish insurer Sampo SAMPO.HE agreed to buy Danish rival Topdanmark TOP.CO for 33 around 4.73 billion in an all-share deal. The offer represents a 27% premium to Topdanmark's closing price on Friday.
Over in the UK, Kingfisher KGF.L named Bhavesh Mistry as its new finance chief as Bernard Bot will retire from the post. Mistry has been the CFO of British Land BLND.L.
(Danilo Masoni)
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