[MARKET ANALYSIS] European bourses are firmer across the board; ASML reported upbeat results and points to further demand

European bourses are firmer across the board, with outperformance in the AEX (+0.9%), following positive ASML (+2.5%) earnings. The Co. reported Q3 top- and bottom-line beats, while also lifting its Q4 and FY guidance. In the prepared remarks, the CEO highlighted that the planned supply for 2027 and 2028 will not fully meet the demand and are looking at ways to increase capacity for 2028 beyond the 30% increase previously communicated. Sectors highlight the positive bias. Real Estate tops the sector pile, with Tech and Consumer Products & Services following closely behind. The sector laggards include Autos, Insurance and Banks. Other key movers include: Orsted -3.2%, the US administration is re-evaluating a key permit for the Co.’s Revolution Wind project; PNE -18%, cut its FY EBITDA guidance; Lonza +2.2%, sees 10-13% organic CER sales growth on average over time; SEB -5%, Sweden’s FI imposes a temporary add-on to Co.’s capital requirements. US equity futures are broadly firmer, with the NQ flat. More bank earnings to report, with BofA on deck. Outside of earnings, US CPI is expected to tick higher to 3.6% (prev. 3.4%). Pointing to UST positioning, traders are short with BofA FMS pointing to this being a crowded trade. A dovish surprise could see a large unwind of this positioning and can also support the equity space.