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Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters. You can share your thoughts Joice Alves (joice.alves@thomsonreuters.com) and
Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Stefano Rebaudo
(stefano.rebaudo@thomsonreuters.com) in Milan.
ON THE RADAR: JULIUS BAER, PHILIPS, M&S, HOMEBUILDERS (0651 GMT)
With EU leaders still negotiating terms of the recovery fund after three days of haggling
over a plan to revive economies, futures are pointing to a broadly flat open for European
bourses.
On the corporate front, active client trading during the pandemic helped Julius Baer
post a 43% rise in half-year net profit to 491 million Swiss francs ($523.01 million)
on Monday, a record result for the Swiss wealth manager.
Dutch health technology company Philips expects to return to growth in the second
half of the year, if hospitals and consumers were able to gradually overcome the first shock of
the pandemic.
Vaccine plans: Britain signs deals to secure 90 million doses of two possible COVID-19
vaccines from the Pfizer and BioNTech alliance and French group Valneva
. Meantime, UK company GSK plans to invest 130 million pounds ($163 million) in
German biotech firm CureVac for a 10% stake to work together on a novel type of vaccine.
And more reports on job cuts: British retailer Marks and Spencer Group Plc plans to
announce hundreds of job cuts in the coming week, Sky News reported on Sunday, citing sources.
Ted baker to cut 25% of its UK work force.
Eyes on homebuilders after British property website Rightmove said a mini housing market
boom was gathering pace after a tax cut by finance minister Rishi Sunak.
Shares of auction website Allegro seen up 20% by one trader, on owners' Warsaw listing plans
in September.
Airbus Signs contract with UK Ministry Of Defence for Skynet 6A Satellite.
(Joice Alves)
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MORNING CALL: EU STIMULUS CLIFF-HANGER (0530 GMT)
Who would have thought? EU summits often drag on for days but this is close to
unprecedented!
Among all the scenarios for which investors had prepared themselves for, one where EU
leaders would still be negotiating the stimulus package as markets opened on Monday morning was
clearly an unlikely one!
Anyhow, there it is: progress is being made after three days of haggling but Dutch Prime
Minister Mark Rutte has warned the discussions could still fall apart.
Forex traders seem more optimistic than stock investors at this stage: the euro is trading
at a handsome $1.4390, close to a four-month high while stock futures are broadly flat.
This cliff-hanger is going to be a long one with the meeting was adjourned until 1400 GMT.
(Julien Ponthus)
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