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EQUITIES: Autos Struggle, European Indices Lower

EQUITIES
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The early downtick in European equities extends as the auto sector comes under particular pressure.

  • Tailwinds from the Chinese equity rally/latest stimulus measures quickly faded on fresh negative signals from the auto sector via Stellantis & Aston Martin guidance.
  • This comes after Volkswagen slashed its own guidance on Friday.
  • Furthermore, headwinds for the sector were cited in a recent BBG report pointing to Germany cutting its GDP forecast for ’24, with BBG sources flagging “stagnation at best”.
  • The Euro Stoxx 50 index is 0.6% lower on the day.
  • Meanwhile, VG1 futures test 5,060.00 at typing. Zooming out, the bull cycle in the contract remains in play, with the first meaningful support level not seen until the 50-day EMA (4,912.97).
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The early downtick in European equities extends as the auto sector comes under particular pressure.

  • Tailwinds from the Chinese equity rally/latest stimulus measures quickly faded on fresh negative signals from the auto sector via Stellantis & Aston Martin guidance.
  • This comes after Volkswagen slashed its own guidance on Friday.
  • Furthermore, headwinds for the sector were cited in a recent BBG report pointing to Germany cutting its GDP forecast for ’24, with BBG sources flagging “stagnation at best”.
  • The Euro Stoxx 50 index is 0.6% lower on the day.
  • Meanwhile, VG1 futures test 5,060.00 at typing. Zooming out, the bull cycle in the contract remains in play, with the first meaningful support level not seen until the 50-day EMA (4,912.97).