French consumer confidence plummeted to its lowest level in 13 years in October as households reckoned with multiple shocks from a bond market selloff to protests that descended into rioting.
The renewed enthusiasm for the AI trade that followed Anthropic’s filing for an initial public offering lost some momentum on Tuesday, with US equity futures stalling as traders turned their attention back to a busy earnings slate, the upcoming Federal Reserve policy decision and simmering Middle East tensions.
The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.
Chapters:
00:00:00 – "The Opening Trade" Begins
00:01:21 – The Agenda: Anthropic Files for IPO
00:03:22 – The Agenda: AI Funding Shifts From Debt to Equity
00:05:38 – HSBC Earnings Miss, Porsche Under Pressure
00:08:29 – What to Watch
00:11:04 – Breaking Down Anthropic’s IPO Filing, AI Debt vs. Equity Financing
00:15:13 – Lombard Odier’s Nannette Hechler-Fayd’herbe on Anthropic & Markets, US Equities Favored Over Europe, Europe’s Political & China Risks
00:22:17 – Need to Know
00:25:48 – Goldman Sach’s Simon Dangoor on Fixed Income, Financing the AI Boom, French Bonds & Fiscal Risk, UK Budget Expectations
00:33:46 – Novartis CEO Vasant Narasimhan on Earning & Outlook, AI’s Impact on Medicine, Novartis on Multiple Sclerosis Treatment
00:40:47 – Breaking News: French Consumer Confidence Slumps
00:41:21 – MLIV: Anthropic & AI Markets, Central Banks, Oil & AI
00:48:06 – European Markets Open Lower
00:50:55 – JPMorgan’s Madison Faller on the AI Investment Cycle, AI & Productivity Growth, ECB & European Rate Outlook
01:00:01 – European Market Movers
01:05:22 – Anthropic IPO & Public Benefit Structure, Risks of Being the First Pure-Play AI IPO
01:08:56 – Porsche Earnings & Strategy
01:12:12 – European Market Check
01:13:55 – Need to Know
01:14:55 – Breaking News: Oil Prices Spike
01:15:41 – HSBC Earnings & Share Selloff
01:19:04 – Morgan Stanley’s Bruna Skarica on UK Budget Preview, Bull Case for the UK Economy, UK-EU Trade Relationship
01:26:32 – Israeli Election & Three Possible Election Outcomes, Israel, Iran & the Election
01:30:30 – Markets, Oil & AI Risk, Anthropic IPO Valuation, France’s Confidence & Fiscal Problem, ECB & Inflation Outlook
——–
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