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OPENING SNAPSHOT: WHEN TAXES SPOIL THE VIBE (0806 GMT)
European bourses edged slightly lower and were on course for their first weekly decline in
eight weeks as the mood in global markets turned sour after U.S. President Biden said he plans
to raise taxes on the wealthiest to fund the huge COVID-19 spending.
The pan-European STOXX 600 index is down 0.1%, with the financial service sector
leading the losses, down 0.4%.
But not everything is negative. Strong Q1 results supporting shares at Dometic Group
, SEB and Daimler AG.
PMI data showed that German factories continued to churn out goods at a near-record pace in
April, while in France, business activity expanded more strongly than forecast in April
On the IPO front, Spain's fund distribution firm Allfunds jumped over 13% in its
debut on Euronext Amsterdam. It had priced its IPO at 11.50 euros per share, giving it a
valuation of about 7.2 billion euros.
Among Britain's mid caps, shares of transport operator First Group jumped as much as
19% after it agreed to sell two businesses to private equity firm EQT.
Worth mentioning that strong sales in Q1 made little to help jacket maker Moncler
stocks, which are falling around 6%.
(Joice Alves)
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WILL PMIS AND EARNINGS LIFT SENTIMENT? (0536 GMT)
European futures are losing roughly 0.3% at the moment and it seems Biden's tax plans have
eroded sentiment across global markets.
The fact that bitcoin is trading below the $50,000 bar is also contributing to the risk-off
mood but that being said, there are plenty of earnings and indicators in the pipeline to shape
the trading session going further.
PMIs, both in the euro zone and in the UK will no doubt have a big role to play.
It's also a big IPO day for the European market with Spanish fund distribution firm Allfunds
making its stock market debut on Euronext Amsterdam.
(Julien Ponthus)
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