[MARKET ANALYSIS] European bourses have a slight negative tilt, with the FTSE 100 underperforming given disappointing HSBC earnings

European bourses are broadly lower, with the FTSE 100 (-0.8%) the laggard following disappointing HSBC earnings (see more below). In terms of a broader driver, newsflow has been light. Overnight, tech stocks continued to rebound from the recent AI-led sell-off, with Anthropic filing for an IPO. Sectors lack a clear bias. Basic Resources top the sector pile, with Tech and Construction closely behind. Autos is the sector underperformer, as Mercedes cut its FY26 guidance, which is weighing on its peers. Optimised Personal Care and Banks round out the sector laggards. Key movers include: HSBC -6.9%, PBT and revenue miss estimates; Novartis +1.1%, adj. operating income and EPS beat while lifting its FY26 operating income guidance; BE Semi +8.8%, as Applied Materials plans to raise its stake to 20% (currently 9%); Ferrovial +8.7%, reportedly looking to find a JV partner to finance its data centre campus. US equity futures are slightly firmer, with the RTY the only index that is flat. Nvidia and Meta are flat pre-market, as the former plans a USD 3bln investment in Meta’s equity offering. Elsewhere, Cadence Design Systems (+2.4%) is higher pre-market after a Q3 beat and guidance upgrade.