Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Helen Reid. Reach her on Messenger to share your thoughts on the market: [email protected]
EUROPEAN STOCKS SLIDE DESPITE OIL BOOST, UMICORE SINKS (0733 GMT)
Oil stocks are up 1.7 percent this morning after a crude rally, set for their biggest one-day gain since February 5 this year. But that boost isn't enough for Europe's stock markets which are falling 0.1 to 0.2 percent as fear of less stimulus from China and weak results from Umicore and Melexis drag sentiment down.
Overall, the market is being driven down by falling metals prices amid worries China may ease its stimulus measures after its economy showed signs of recovery.
A top party decision-making meeting in China on Friday affirmed authorities' support for the economy, but also said they would push forward structural de-leveraging and prevent speculation in the property market, suggesting attention may be turning back to debt risks that any further major stimulus measures may create.
Umicore is sinking 15 percent after warning 2020 profits and earnings will be lower. The warning is dragging the chemicals sector down 1 percent.
In car parts stocks, Faurecia is up 2 percent after sticking to its full-year profit target, while auto chipmaker Melexis is down 6.5 percent after its weak Q2 guidance.
Dutch supermarket chain Ahold Delhaize is another big faller, down 4.7 percent after saying strikes at its U.S. "Stop & Shop" business would hurt 2019 margins.
Wirecard is down 3.9 percent after Germany's market regulator lifted a ban on short selling.
A rare gainer was driven by M&A hopes: Thomas Cook shares are jumping 12 percent after Sky News reported of possible bidders for the tour operator including Chinese conglomerate Fosun International.
(Helen Reid)
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WHAT'S ON THE RADAR: UMICORE WARNING, AHOLD MARGIN SQUEEZE, THOMAS COOK BIDDERS (0649 GMT)
European shares are set to rise slightly as equity investors returned from an Easter break to find oil prices at five-month highs. The rally in crude should help the oil major-heavy FTSE 100 outperform, with futures up 0.4 percent, while futures for France, Germany and Spain were up 0.1 to 0.3 percent.
Earnings are streaming in, with battery maker Umicore among the biggest movers pre-market after it warned revenue and earnings growth in 2020 would be lower than previously expected. Its shares are seen down 5 to 10 percent.
Car parts and automotive semiconductor companies are also among those reporting, with varied results. Plastic Omnium warned of a decline in worldwide auto production while reporting an increase in Q1 revenues, and auto chipmaker Melexis said slowing global car sales and trade tensions had weighed on performance.
Plastic Omnium is seen down 2-3 percent, along with Melexis. Faurecia meanwhile is expected to rise 2 percent after it confirmed its full-year target and reported a rise in Q1 sales.
Shares in French supermarket Casino are seen rising slightly after it announced it was expanding its partnership with Amazon after a successful earlier deal with its Monoprix chain in Paris.
Dutch supermarket chain Ahold Delhaize is expected to fall 2 percent after saying an 11-day strike at its "Stop & Shop" chain in the U.S. would hurt margins. Bernstein cut the stock to 'neutral' from 'outperform'.
In M&A news, Thomas Cook shares could jump 10 to 15 percent, traders say, after a Sky News report on Saturday said the tour operator has been approached by potential bidders.
And Anglo American shares could rise after the Telegraph reported the miner has called in investment banks to help it defend against a possible takeover bid from Volcan Investments.
(Helen Reid)
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FUTURES INCH UP AS RESULTS STREAM IN: FAURECIA, MELEXIS, CASINO IN FOCUS (0612 GMT)
Futures for European indices are edging higher this morning with the FTSE 100 in the lead - likely boosted by oil majors Shell and BP - while earnings start to roll in.
We've got results from a couple of French car parts suppliers - Plastic Omnium and Faurecia - which show different pictures with Plastic Omnium warning of a decline in worldwide auto production while Faurecia confirmed its full-year target.
Belgium's Melexis, which makes chips for cars, also said slowing global car sales and trade tensions had weighed on performance.
French retailer Casino is also in the spotlight: it announced the expansion of a partnership with Amazon, and also sold a portfolio of hypermarkets and supermarkets to U.S. asset manager Apollo Global in a deal worth up to 470 million euros ($528.6 million).
Here are your headlines:
France's Casino expands partnership with Amazon
French fashion group SMCP forms partnership with China's JD.com
TechnipFMC wins major contract for ConocoPhillips TOR II development
Car parts group Faurecia confirms FY target as Q1 sales climb
BRIEF-Melexis Q1 EBIT Down At EUR 15.7 Mln
Danone's Bledina France arm wins B-Corp certification
Plastic Omnium's Q1 revenues rise, expects decline in worldwide auto production
French retailer Casino sells assets to Apollo Global
Activist Knight Vinke calls for Uniper split to end Fortum deadlock
Barclays to cut investment bankers' bonuses- FT
BRIEF-Umicore Sees FY 2019 Recurring EBIT Between 475 And 525 Million Euros
(Helen Reid)
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EUROPEAN STOCKS TO DRIFT HIGHER AS OIL JUMPS (0534 GMT)
Oil is in the spotlight today, with Brent crude hitting its highest since November 2018 yesterday after Washington announced all Iran sanction waivers would end by May.
Helped in part by this jump in crude, European stocks are set to make some progress as investors return from Easter break to face a busy week of earnings reports.
Stocks in Asia rose marginally as many markets reopened after the long Easter break, while oil jumped to its highest this year as the United States tightened sanctions on Iran.
Financial spreadbetters expect London's oil major-heavy FTSE 100 to open 22 points higher at 7,482, Frankfurt's DAX to open 11 points higher at 12,233, and Paris' CAC 40 to open 4 points higher at 5,584.
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