[MARKET ANALYSIS] European bourses gain while focus turns to US PCE, GDP and Micron earnings after-hours

European bourses (STOXX 600 +0.5%) are broadly firmer across the board, with the CAC 40 the only index printing modest losses. Helping the constructive risk tone is the relatively muted price action in the energy complex, as Brent Dec'26 holds onto its c. 3% losses. Sectors highlight the positive bias. Retail tops the sector pile, with Utilities and Optimised Personal Care rounding out the sector gainers. To the downside is Media, Energy and Construction. Key movers include: Greggs (+5.7%), guides a modestly improved outcome for 2026; Gerresheimer (+2.9%), Q2 metrics rises Q/Q and points to a stronger H2'26; TomTom (+1.9%), expands its Microsoft (MSFT) collaboration; Commerzbank (-2.2%), downgraded to hold from Buy at Deutsche Bank. US equity futures follow their European counterparts, with focus being on PCE and final Q2 GDP, while Micron is to report earnings after-hours. Analysts are expecting Q4 revenue to grow 354% from a year prior. Focus will be on guidance, with Morgan Stanley analysts shifting the debate from 'how good it can get?' to 'how long can it stay this good?'.