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UK FTSE 100 Index

European indices pushed higher overnight, aided by the anticipated 0.25% rate cut by the ECB; due to sluggish economic growth in the region, another three such cuts are expected through 2025. However, a pick-up of inflation across the region is a slight concern, and like Trump, the ECB would welcome lower oil prices. European companies are also entering earnings season, with oil giant Shell gaining more than 3% overnight following a “not too bad result”. In contrast, Swedish fashion giant H&M recorded a slight beat on operating profit, but its sales missed forecasts for the final three months of the year sending shares down ~4%.

  • We have no interest in fading the current strength across European markets, but the risk/reward for buyers has diminished.
MM are neutral to cautiously bullish towards European stocks
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UK FTSE 100 Index
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