Overall market situation:
Sentiment in the European stock market is weakening once again. The German DAX is currently losing 0.95% in the cash market, while the French CAC40 is down 1.03%. The momentum of the corrective moves is stronger than yesterday, although the technical uptrends are still showing signs of strength. In the second part of the day, investors' attention will turn to US data (PMI and unemployment benefits).
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Distribution of today's European company returns. Source: xStation
The German DE40 is losing 0.10% today on an intraday basis. The contract is holding above the 50-day EMA (blue line) and is completely erasing the declines that started in late March. From a technical perspective (exponential EMA), the DE40 is resuming its uptrend. Today's slight declines do not violate the technical indications of the long-term trend. Source: xStation
News:
A decline dominates trading in Europe today.
The luxury sector is particularly weak as LVMH (MC.FR) warned investors of weak demand in the fashion sector, especially in China.
Today’s performance in luxury goods stocks. Source: xStation
BASF (BAS.DE) shares are down 1.3% today despite the WSJ reporting that the US government will soften its stance on pesticide use in crops.
In the UK, attention is turning to EasyJet (EZJ.UK) and BT (BTA.UK), which have released their quarterly results. Selected financials below:
EasyJet H1 2025 earnings (stock down 3.5%)
- Revenue £3.53bn (est. £3.64bn)
- Load factor 87.9% (est. 87.9%)
- Pre-tax loss £394m (est. loss £388.9m)
- Current bookings supporting FY25 consensus
- Positive outlook for FY25
BT Q4/FY 2025 earnings (stock up 0.6%)
- Q4 adjusted EBITDA £1.97bn (est. £2bn)
- Q4 adjusted revenue £5.05bn (est. £5.07bn)
- FY adjusted revenue £20.37bn (est. £20.4bn)
- FY pre-tax profit £1.3bn (est. £1.8bn)
- FY26 normalized cash flow is expected to be around £1.5bn (est. £1.59bn)
- FY26 normalized EBITDA is expected to be between £8.2bn and £8.3bn (est. £8.26bn)
