[MARKET ANALYSIS] European bourses supported by lower energy prices; CAC 40 little moved following Le Pen's ambitious deficit target

European bourses (STOXX 600 +0.9%) are firmer across the board, helped by the recent downside across the energy complex. France's CAC 40 was little-moved following comments from Presidential frontrunner Le Pen. The key comment from Le Pen was that she would bring France's deficit to below 3% of GDP by 2032. This is highly ambitious, with the downside reaction in French OATs potentially grading this target as unachievable. Sectors highlight the positive bias, with all sectors in the green. Health Care is the sector outperformer, following a Genmab update (see more below), while Media and Banks follow closely behind. Key movers include: Genmab +7.7%, its Epcoritamab + R-CHOP combination demonstrates statistically significant improvement in PFS; Wienerberger -2.4%, cut its FY26 operating EBITDA guidance given continued weak demand and further inflation-driven cost increases; Sabadell +2.3%, BPCE acquires a 7% stake in the bank; Informa +3.8%, announces GBP 940mln capital raise to fund Clarion acquisition; Recordati +1.4%, as CVC lifts its takeover offer to EUR 53/shr from EUR 51.27/shr. US equity futures are higher, following their European counterpart. An interesting story from Bloomberg, related to the Toshiba-Seagate competition in the memory space, stating that the two Cos are fighting to acquire TDK's HDD magnetic heads business. Elsewhere, AMD CEO commented that demand is exceeding supply, memory remains supply constrained and AMD will substantially increase supply in 2027.