[MARKET ANALYSIS] European bourses hit by higher NatGas prices and political protests

European bourses are broadly lower to start the week, as Dutch TTF rises to its highest level since 2022. Reasons for this weakness are two-fold: 1) continued Russia-Ukraine strikes, and 2) protests across the EZ (Italy, Portugal, Spain, Belgium, France). As a result, clear underperformance is seen in the CAC 40 (-1.3%), IBEX 35 (-1.3%) and FTSE MIB (-1.4%). Sectors point to a clear negative bias. Tech and Energy are the only sectors in the green, while Banks is the sector laggard, followed by Travel & Leisure and Autos. Key stories include: DHL -2.2%, despite Q3 revenue beat and raises its FY26 guidance; Barclays -2.6%, the BoE’s PRA is examining potential misrepresented illiquid private credit loan exposures; EQT -1.3%, acquires Cleanaway Waste Management for AUD 3.095/shr; GSK -0.2%, its risvutatug rezetecan showed positive anti-tumour activity and manageable safety in patients with relapsed extensive-stage small cell lung cancer. US equity futures are firmer across the board, contrary to their European peers. The rebound comes following another selloff in chip and memory names on Friday.