European stocks head for mixed open as earnings dominate attention

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European markets are expected to open in mixed territory Tuesday as sentiment soured on Wall Street and in Asia-Pacific markets overnight.

raised its full-year 2024 guidance Monday citing strong third-quarter performance along with"strong container market demand and the continuation of the Red Sea situation."Maersk hiked its full-year EBITDA forecast to $11 billion to $11.5 billion, up from a previous forecast of $9 billion to $11 billion, and said it now sees free cash flow of at least $3 billion, up from at least $2 billion previously.

The Red Sea crisis has this year seen shipping companies divert trade around the southern coast of Africa, avoiding the Red Sea and Gulf of Aden followingCiti analyst Sathish Sivakumar said in a Monday note that Maersk's full-year consensus upgrade was"mostly driven" by the improved third-quarter results, and that he also expected an increase in fourth-quarter consensus along with more detail in the full company results due on Oct. 31.

Macroeconomic uncertainties, mounting geopolitical tensions and a desire to hedge against inflation have given gold — the classic"safe haven" asset — a blistering rally.And Michael Widmer, head of metals research at Bank of America, says it has further to go. "As neither party holds a clear advantage in any of the key swing states that could decide the outcome, the race remains too close to call, and we expect volatility to pick up in the coming weeks amid elevated uncertainty," UBS Global Wealth Management chief investment officer Solita Marcelli wrote Monday.

 

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