Αρνητικά πρόσημα επικράτησαν και σήμερα στα ευρωπαϊκά χρηματιστήρια

Η Τράπεζα της Αγγλίας αύξησε τα επιτόκια της κατά 0,25 της ποσοστιαίας μονάδας σήμερα, στο υψηλότερο επίπεδο από το 2008, στο 5,25% για να αντιμετωπίσει τον πληθωρισμό που όπως προβλέπει θα συνεχίσει να είναι επίμονος παρά την υποχώρησή του αυτούς τους τελευταίους μήνες.(περισσότερα εδώ).

Στην Ισπανία ο PMI υπηρεσιών για τον μήνα Ιούλιο, υποχώρησε στο 52,8 έναντι εκτιμήσεων 53,4, και 53,4 τον προηγούμενο μήνα.

Στην Ιταλία ο PMI υπηρεσιών για τον μήνα Ιούλιο, υποχώρησε στο 51,5 έναντι εκτιμήσεων 52,2, και 52,2 τον προηγούμενο μήνα.

Στην Γαλλία ο PMI υπηρεσιών για τον μήνα Ιούλιο, υποχώρησε στο 47,1 έναντι εκτιμήσεων 47,4, και 48,0 τον προηγούμενο μήνα.

Στην Γερμανία ο PMI υπηρεσιών για τον μήνα Ιούλιο, υποχώρησε στο 52,3 έναντι εκτιμήσεων 52,0, και 54,1 τον προηγούμενο μήνα.

Στην ευρωζώνη ο PMI υπηρεσιών για τον μήνα Ιούλιο, υποχώρησε στο 50,9 έναντι εκτιμήσεων 51,1, και 52 τον προηγούμενο μήνα.

Ο δείκτης Eurostoxx 600 έκλεισε στις 456,98 μονάδες με πτώση 0,84%.

Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 15.894,35 μονάδες με πτώση 0,78%, μετατρέποντας το σήμα από sell σε strong sell, με την στήριξη να βρίσκεται στις 15.143 μονάδες.

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Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 7.530,68 μονάδες με πτώση 0,41%, παραμένοντας με σήμα strong sell, με την αντίσταση να βρίσκεται στις 7.911 μονάδες και την στήριξη στις 6.972 μονάδες.

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Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.260,53 μονάδες με πτώση 0,72%, παραμένοντας με σήμα strong sell, με την αντίσταση να βρίσκεται στις 7.599 μονάδες και την στήριξη στις 6.931 μονάδες.

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Εταιρικά νέα

Infineon Technologies backed its guidance for the year after posting higher revenue for its fiscal third quarter, despite a challenging market environment. The German chip maker on Thursday reported revenue of 4.09 billion euros ($4.47 billion) in the three months ended June 30, up 13% on year. Its automotive business contributed EUR2.13 billion to the total. “On the one hand, in electromobility, renewable energy and related application areas, demand has stayed high. On the other hand, demand for consumer applications, such as PCs and smartphones remains low,” Chief Executive Jochen Hanebeck said. Net profit climbed to EUR831 million from EUR517 million. Infineon’s segment result, a key profitability metric, increased to EUR1.07 billion from EUR842 million, generating a 26.1% margin. Infineon had guided for third-quarter revenue of around EUR4 billion, and a segment result margin of about 26%. For its fiscal fourth quarter, Infineon is targeting revenue of around EUR4 billion, and a segment result margin of around 25%. For fiscal 2023, Infineon continues to expect revenue of EUR16.2 billion, and a segment result margin of around 27%.

Anheuser-Busch InBev has reported a massive fall in second-quarter net profit–missing market expectations–as a fall in U.S. volumes offset rises in other regions. The world’s largest brewer–which houses Stella Artois and Budweiser among its portfolio–said Thursday that overall volumes fell 1.4%, matching expectations. Within this, North America volumes fell 14.5%.

Sales in the region have been falling since April when Dylan Mulvaney, a transgender social-media star, made an Instagram post about a personalized can of Bud Light that the brewer had sent her as a gift. The post sparked a boycott that caused sales of Bud Light, and other brands, to fall.

Net profit for the quarter fell to $339 million compared with $1.60 billion for the comparable period a year earlier and a FactSet consensus of $613.35 million.

Revenue for the quarter rose to $15.12 billion from $14.79 billion, driven by pricing actions, premiumization–the strategy of emphasizing luxury versions of its products–and other revenue-management moves. Revenue consensus was $15.38 billion.  On an organic basis, revenue grew 7.2%, beating a company-provided market consensus of 6.4%. In the U.S., sales to retailers fell 14.0%, underperforming the industry, mainly due to lower Bud Light volumes. Late last month the company laid off hundreds of workers at its U.S. offices after months of slumping sales at Bud Light. It said the cuts would affect less than 2% of its roughly 18,000 U.S. workforce. The layoffs won’t impact front-line workers such as brewery and warehouse staff, the company added. Normalized earnings before interest, tax, depreciation and amortization–one of the company’s preferred metrics which strips out exceptional and other one-off items–fell to $4.91 billion from $5.10 billion and compares with a consensus of $4.845 billion. Looking ahead, AB InBev reiterated that it expects 2023 Ebitda to grow in line with its medium-term outlook of between 4% and 8% and revenue to grow ahead of Ebitda from a healthy combination of volume and price. Earlier this week Heineken cut its full-year outlook after reporting a fall in key earnings for the first half, largely due to lower volumes in the profitable Asia-Pacific region.

Telecom Italia’s second-quarter net loss narrowed and overall results improved, helped by its domestic and Brazilian operations, the company said late Wednesday. The Italian telecom company’s net loss narrowed in the quarter to 124 million euros ($135.6 million) from a loss of EUR279 million in the same period a year ago. Revenue grew 2.8% to EUR4.0 billion, with the company’s domestic business returning to growth for the first time in five years, it said. Earnings before interest, taxes, depreciation and amortization rose 5.6% to EUR1.63 billion, while Ebitda after leases–a key profitability measure–rose 5.5% to EUR1.37 billion. The company confirmed its 2023 guidance.

Deutsche Lufthansa reported a surge in revenue and profit for the second quarter on the back of persistently high demand that should remain strong for the rest of the year, especially in premium cabins, as passengers rush to make up for lost time during the Covid-19 pandemic.

The German carrier group on Thursday posted revenue of 9.39 billion euros ($10.27 billion) for the three months through June, up 17% on year. The company’s airlines, which include Swiss, Austrian Airlines, Brussels Airlines and Eurowings aside from the eponymous Lufthansa, carried 33.3 million passengers in the quarter compared with 29.2 million last year. More passengers were willing to pay for premium cabins in the quarter, and demand for corporate travel is also on the rise. The group expects business travel should reach 70% of prepandemic levels by the end of 2023.

The group’s quarterly net profit surged to EUR881 million from EUR259 million. Adjusted earnings before interest and taxes–Lufthansa’s preferred measure of profitability–almost tripled to EUR1.09 billion. Analysts had forecast revenue of EUR9.40 billion on a profit of EUR713 million and adjusted earnings of EUR1.04 billion, according to a company-provided consensus. Capacity stood at 83% compared with 2019 in a quarter marked by bottlenecks, particularly with handling service providers and air traffic control.

The industry has been grappling with a labor shortage since last summer amid a higher-than-expected surge in demand for seats that forced operators to rapidly rebuild their networks after the Covid-19 pandemic. Widespread staffing shortages ushered in months of travel chaos for passengers, though the shortage has been easing lately. Airlines have had to contend with supply-chain snags that make it harder to procure spare parts and quickly deploy aircraft where needed. Inflation has also left its mark as carriers had to absorb higher costs.

Lufthansa said its expenses have increased, particularly for air traffic control and airport charges and the cost for maintenance and spare parts, echoing recent comments from Franco-Dutch carrier group Air France-KLM that also cited higher salaries.

Lufthansa said bookings from August through December are on average more than 90% of the volume seen prepandemic, a sign that demand for tickets should remain high. However, supply-chain snags and bottlenecks in the European air traffic system will weigh on capacity for the year, which the group now expects will be around 85% compared with 2019, as opposed to a previous forecast of roughly 85% to 90%.

Lufthansa is forecasting an adjusted EBIT of more than EUR2.6 billion this year, which the carrier said would be one of the best results in its history.

Veolia Environnement: Revenues for the first half of 2023 amounted to EUR22,755 million, compared with EUR20,196 million for the first half of 2022, up 14.2% on a like-for-like basis, and up 5.2% excluding the impact of energy prices.

Merck KGaA on Thursday cut its outlook for the full year due to high inventory levels of customers in its Life Science business and delayed recovery in the semiconductor materials market, although it confirmed its mid-term objectives. The Germany-based health-care and technology company also posted declining earnings and sales for the second quarter, though these came in slightly above expectations. Merck said it now expects 2023 sales to be between 20.5 billion euros ($22.42 billion) and EUR21.9 billion, down from its previous guidance of EUR21.2 billion to EUR22.7 billion. Ebitda pre, an important earnings metric for the company, is expected to decline up to 9% and be in a range of EUR5.8 billion to EUR6.4 billion, having previously been seen between EUR6.1 billion and EUR6.7 billion. In the second quarter, profit after tax declined to EUR706 million from EUR870 million on sales which fell to EUR5.30 billion from EUR5.57 billion, the company said. Ebitda pre declined to EUR1.55 billion from EUR1.78 billion. Analysts polled by FactSet had expected slightly lower figures. The company cited foreign-exchange headwinds as contributing to the decline in sales in the quarter, and also as one further reason for the guidance cut.

Solvay reported a decrease in second-quarter earnings on weak economic sentiment and lower demand and sales. The Belgian chemical company said Thursday that it made 426 million euros ($466 million) in net profit for the period, compared with EUR470 million a year prior, on sales that fell 11% to EUR3.09 billion. The company, which in May said it saw softened demand across several end markets, said its second quarter was again marked by soft demand and lower volumes affecting batteries, construction and consumer-facing industries. Prices grew 4% but volumes declined 13% in the reporting period, and volumes declined most notably in aroma and novecare, it said. “The macroeconomic environment remains challenging and persistent demand weakness is expected to continue to weigh on volume recovery across most markets,” the company said. The company backed its 2023 organic earnings before interest, taxes, depreciation and amortization guidance.

Adecco Group’s net profit fell in the second quarter, and the company expects gross margin in the third quarter to be around second-quarter levels. The Swiss human-resources company on Thursday said net profit fell 19% on a reported basis to 62 million euros ($67.8 million). Operating profit was flat at EUR117 million, while earnings before interest, taxes and amortization excluding one-offs fell to EUR184 million, from EUR205 million in the prior year period. The drop in earnings came despite a 4% organic increase in revenue to EUR6 billion, with growth across all regions. Adjusted Ebita margin contracted to 3.1% from 3.5% previously. Looking ahead, the group expects gross margin in the third quarter to be around second-quarter levels, while selling, general and administrative expenses should be slightly lower on a sequential basis.

ING Groep beat expectations as it reported a jump in its net profit for the second quarter of 2023 after interest income boosted its revenue. The Dutch bank on Thursday posted a net profit of 2.155 billion euros ($2.36 billion) for the three months to June 30 compared with EUR1.18 billion a year earlier and exceeding the EUR1.64 billion expected in a company-compiled consensus. Total income for the quarter came in 23% ahead at EUR5.76 billion, beating consensus estimates of EUR5.50 billion. This included EUR4.06 billion in net interest income–the difference between what banks earn on loans and pay clients for deposits–against consensus of EUR4.13 billion. Its interest margin was 1.56% for the quarter, it added. “The current interest rate environment drove income growth in both retail and wholesale banking, with continued deposit inflows across our retail markets,” Chief Executive Steven van Rijswijk said. ING’s common equity Tier 1 ratio–a key measure of balance sheet strength–was 14.9% at the end of the period compared with 14.8% a quarter earlier, and 14.6% consensus, it said. The lender declared an interim dividend of EUR0.35 a share compared with EUR0.17 a year prior, and consensus’s expected EUR0.31 payout.

Societe Generale said Thursday that it swung to a second-quarter net profit from a year earlier when it registered a significant loss due to the disposal of its operations in Russia. But its revenue fell due to lower net interest margin in France and a less conducive global banking environment. The French bank reported net profit of 900 million euros ($984.5 million) in the three months that ended in June, compared with a loss of EUR1.51 billion a year earlier. Net banking income, or revenue, was EUR6.29 billion, down 8.9% on year driven by lower net interest margin in France. The bank had previously said it expected its French retail banking net interest margin to decline by around 15% to 20% compared with the prior year. Divisionally, SocGen had the largest revenue decline in French retail banking, which fell 13.6% on year, due to the decrease in the net interest margin despite a record performance from private banking. Revenue in global banking & investor solutions also dropped 7.3% in a slower market. The results compared with expectations of quarterly net profit of EUR725 million and of EUR6.44 billion in revenue, according to analysts polled by FactSet. In the second quarter, net cost of risk stood at EUR166 million, or 12 basis points, down from 15 basis points a year prior. The bank previously said that it expects the cost of risk in 2023 to be below 30 basis points.

AXA said it is on track to hit this year’s underlying earnings target after net profit for the first half declined slightly despite higher gross written premiums. The French insurer said Thursday that first-half net profit was 3.83 billion euros ($4.19 billion) compared with EUR3.85 billion in the same period last year. The company attributed the result to a write-down in the value of derivative contracts that offset higher underlying earnings. On an underlying basis, AXA’s earnings were EUR4.11 billion, up 19% when measured under new accounting standards introduced this year, driven by strong growth in its property-and-casualty segment. This leaves the company on track to meet its target of 2023 underlying earnings above EUR7.5 billion, it said. Gross written premiums and other revenue rose to EUR55.7 billion from EUR54.9 billion. AXA said the pricing environment remains favorable in property and casualty. In its health operations, the company expects claim frequency in the U.K. to remain elevated in the second half, but that price increases will gradually compensate for the impact. The insurer’s Solvency II ratio–a measure of financial strength–was 235% as of June 30, up from 215% as of Dec. 31.

AXA has agreed to buy Laya Healthcare from AIG subsidiary Corebridge Financial for 650 million euros ($711 million), in a deal that seeks to strengthen its European health-insurance operations. The French insurer said Thursday that Laya generates EUR800 million in premiums a year and serves around 700,000 policyholders. Laya focuses on the Irish health market and will complement AXA’s presence there in the property-and-casualty market, it said.

Zalando narrowed its guidance for the year after booking lower revenue for the second quarter in what it called a challenging environment as more consumers went back to in-store shopping. The German online fashion retailer on Thursday posted revenue of 2.56 billion euros ($2.80 billion), down 2.5% on year. Gross merchandise volume–a key indicator of sales performance–slipped 1.8% to EUR3.72 billion. The group posted a net profit of EUR56.6 million compared with EUR14 million last year. Adjusted earnings before interest and taxes–Zalando’s preferred measure of profitability–climbed to EUR144.8 million from EUR77.4 million, generating a 5.7% margin. “Amid the temporarily challenging retail environment, we continue to drive sustainable efficiencies in fulfillment and marketing,” said Chief Financial Officer Sandra Dembeck. “These efforts have paid off this year with adjusted EBIT almost doubling in the second quarter.” For 2023, Zalando said revenue could fall by up to 1% or grow by up to 4%, while gross merchandise volume should rise by 1% to 7%, though both metrics are more likely to be in the lower half of the ranges. Adjusted earnings are expected between EUR300 million and and EUR350 million, and not between EUR280 million and EUR350 million as previously guided.

Τα παραπάνω εκφράζουν προσωπικές απόψεις, και σε καμία περίπτωση δεν αποτελούν προτροπή για αγορά, πώληση ή διακράτηση οποιασδήποτε κινητής αξίας.