Market wrap: Cautious optimism in Europe, inflation higher but below expectations

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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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