[MARKET ANALYSIS] European bourses mixed but in narrow ranges as equities stabilise with fixed income holding steady

European bourses are broadly lower, following on from the risk-off tone overnight as Asian chipmakers were weighed by the weakness stateside. Switzerland's SMI outperforms, supported by Geberit earnings (see more below). Sectors point to a mixed picture. Construction outperforms, with Energy and Retail rounding out the top 3 sectors. To the downside is Media, followed by Banks and Food, Beverages & Tobacco. Key movers include: Carlsberg (-3.7%), H1 EBIT missed estimates but narrows its FY26 guidance higher; Geberit (+7.2%), H1 and Q2 revenue metrics beat consenus; FLSmidth (+8.1%), Q2 revenue beat and narrows its FY26 guidance higher; Banco BPM (+1.1%), as BMPS CEO is reportedly working on share-swap offers with the bank. US equity futures initially started on the softer footing but reversed after updates from SK Hynix (+6.5% pre-market). The Co. announced plans to buyback KRW 40tln of stock and return over 50% of FCF to shareholders from its previous target of within 50%. Additionally, S&P upgraded SK Hynix's credit rating to 'A-' from 'BBB+', citing AI-driven operating strength. S&P added that operating performance is likely to continue to surge over the next two years on extremely favorable memory sales and robust profitability and operating cash flow. Traders look ahead to the FOMC minutes for potential impetus.