Επέστρεψε η αισιοδοξία στα ευρωπαϊκά χρηματιστήρια

χρηματιστήρια

χρηματιστήρια

Ανοδικές τάσεις επικράτησαν σήμερα στα περισσότερα ευρωπαϊκά χρηματιστήρια, με τον κλάδο της αυτοκινητοβιομηχανίας να σημειώνει τα μεγαλύτερα κέρδη και αυτόν των τροφίμων και ποτών τις μεγαλύτερες απώλειες.

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Διάθεση για ρίσκο εμφάνισαν σήμερα οι επενδυτές στα ευρωπαϊκά χρηματιστήρια, επηρεαζόμενοι τόσο από το θετικό κλίμα που επικρατεί στην Wall Street, όσο και από μερικά καλά εταιρικά και μακροοικονομικά νέα που ανακοινώθηκαν.

Η κάμψη της μεταποίησης της ΓΕΡΜΑΝΙΑΣ βαθαίνει απροσδόκητα εν μέσω πτώσης της ζήτησης στο εσωτερικό και στο εξωτερικό. Ο δείκτης PMI της S&P Global για τον βιομηχανικό τομέα της χώρας υποχώρησε στο 42,3 από 45,5 τον προηγούμενο μήνα – πολύ χαμηλότερα από οποιαδήποτε εκτίμηση οικονομολόγων σε έρευνα του Bloomberg. Η εικόνα ήταν πιο φωτεινή στη Γαλλία, όπου η συρρίκνωση μειώθηκε πολύ περισσότερο από ό, τι είχαν προβλέψει οι αναλυτές. Οι εταιρείες ανέφεραν βελτίωση της ζήτησης ενώ επέκτειναν το εργατικό δυναμικό.

Η Rolls-Royce Holdings ανακοίνωσε ότι σημείωσε κέρδη προ φόρων, ενισχυμένα από την εξοικονόμηση κόστους και τα έσοδα που ξεπέρασαν τις προσδοκίες. Η βρετανική εταιρεία αεροδιαστημικής και άμυνας παρουσίασε κέρδη προ φόρων ύψους 2,43 δισεκατομμυρίων λιρών (3,07 δισεκατομμυρίων δολαρίων) για το 2023 σε σύγκριση με ζημίες προ φόρων ύψους 1,50 δισεκατομμυρίων λιρών το προηγούμενο έτος. (περισσότερα εδώ)

Η οικονομική ύφεση της Γερμανίας βάθυνε τον Φεβρουάριο, καθώς η ελαφρά βελτίωση της δραστηριότητας στον τομέα των υπηρεσιών δεν ήταν σε θέση να αντισταθμίσει την εκπληκτικά απότομη επιδείνωση της μεταποίησης, σύμφωνα με προκαταρκτική έρευνα που δημοσιεύθηκε την Πέμπτη.

Ο δείκτης HCOB German Flash Composite Purchasing Managers’ Index (PMI), που καταρτίζεται από την S&P Global, υποχώρησε στο 46,1 τον Φεβρουάριο από 47,0 τον προηγούμενο μήνα. Αυτό έρχεται σε αντίθεση με τις προβλέψεις σε δημοσκόπηση του Reuters για αύξηση στο 47,5. (περισσότερα εδώ)

Δύο από τις κορυφαίες εταιρείες καταναλωτικών αγαθών στον κόσμο, η Danone και η Nestle, δήλωσαν την Πέμπτη ότι θα επιβραδύνουν τις αυξήσεις των τιμών το 2024 μετά από δύο χρόνια αυξήσεων που ώθησαν τους αγοραστές να αναζητήσουν φθηνότερες εναλλακτικές λύσεις για βασικά αγαθά όπως το γιαούρτι και ο καφές.

Ωστόσο, η Danone, η οποία κατέχει μάρκες όπως το νερό Evian και Badoit και το γιαούρτι Activia, προειδοποίησε ότι οι τιμές θα συνεχίσουν να αυξάνονται, επικαλούμενη την ανάγκη αντιστάθμισης του κόστους εργασίας και των τιμών αποστολής. (περισσότερα εδώ)

Στα κυριότερα μακροοικονομικά νέα:

Στην Γαλλία, τα προσωρινά στοιχεία PMI μεταποίησης για τον μήνα Φεβρουάριο, διαμορφώθηκαν στις 46,8 μονάδες έναντι εκτιμήσεων των οικονομολόγων για 43,5 μονάδες και 43,1 μονάδων τον προηγούμενο μήνα. Τα προσωρινά στοιχεία PMI υπηρεσιών για τον μήνα Φεβρουάριο, διαμορφώθηκαν στις 48,0 μονάδες έναντι εκτιμήσεων των οικονομολόγων για 45,7 μονάδες και 45,4 μονάδων τον προηγούμενο μήνα.

Στην Γερμανία, τα προσωρινά στοιχεία PMI μεταποίησης για τον μήνα Φεβρουάριο, διαμορφώθηκαν στις 42,3 μονάδες έναντι εκτιμήσεων των οικονομολόγων για 46,1 μονάδες και 45,5 μονάδων τον προηγούμενο μήνα. Τα προσωρινά στοιχεία PMI υπηρεσιών για τον μήνα Φεβρουάριο, διαμορφώθηκαν στις 48,2 μονάδες έναντι εκτιμήσεων των οικονομολόγων για 48,0 μονάδες και 47,7 μονάδων τον προηγούμενο μήνα.

Στην ευρωζώνη, τα προσωρινά στοιχεία PMI μεταποίησης για τον μήνα Φεβρουάριο, διαμορφώθηκαν στις 46,1 μονάδες έναντι εκτιμήσεων των οικονομολόγων για 47,0 μονάδες και 46,6 μονάδων τον προηγούμενο μήνα. Τα προσωρινά στοιχεία PMI υπηρεσιών για τον μήνα Φεβρουάριο, διαμορφώθηκαν στις 50,0 μονάδες έναντι εκτιμήσεων των οικονομολόγων για 48,8 μονάδες και 48,4 μονάδων τον προηγούμενο μήνα. Τέλος, τα προσωρινά στοιχεία για τον συνολικό PMI για τον μήνα Φεβρουάριο, διαμορφώθηκαν στις 48,9 μονάδες έναντι εκτιμήσεων των οικονομολόγων για 48,5 μονάδες και 47,9 μονάδων τον προηγούμενο μήνα.

Στην ευρωζώνη, ο Δείκτης Τιμών Καταναλωτή για τον μήνα Ιανουάριο υποχώρησε 0,4% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 0,2% τον προηγούμενο μήνα, ενώ σε ετήσια βάση πραγματοποίησε αύξηση 2,8% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 2,9% το προηγούμενο έτος. Τέλος, ο δομικός Δείκτης Τιμών Καταναλωτή για τον μήνα Ιανουάριο σε ετήσια βάση πραγματοποίησε αύξηση 3,3% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 3,4% το προηγούμενο έτος.

Στην Βρετανία, τα προσωρινά στοιχεία PMI μεταποίησης για τον μήνα Φεβρουάριο, διαμορφώθηκαν στις 47,1 μονάδες έναντι εκτιμήσεων των οικονομολόγων για 47,5 μονάδες και 47,0 μονάδων τον προηγούμενο μήνα. Τα προσωρινά στοιχεία PMI υπηρεσιών για τον μήνα Φεβρουάριο, διαμορφώθηκαν στις 54,3 μονάδες έναντι εκτιμήσεων των οικονομολόγων για 54,2 μονάδες και 54,3 μονάδων τον προηγούμενο μήνα. Τέλος, τα προσωρινά στοιχεία για τον συνολικό PMI για τον μήνα Φεβρουάριο, διαμορφώθηκαν στις 53,3 μονάδες έναντι εκτιμήσεων των οικονομολόγων για 52,9 μονάδες και 52,9 μονάδων τον προηγούμενο μήνα.

Ο δείκτης Stoxx 600 έκλεισε στις 495,48 μονάδες με άνοδο 0,90%, πραγματοποιώντας ενδοσυνεδριακά ιστορικό ρεκόρ στις 496,30 μονάδες.

χρηματιστήρια

Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 17.373,65 μονάδες με άνοδο 1,49%, πραγματοποιώντας ενδοσυνεδριακά ιστορικό ρεκόρ στις 17.431,05 μονάδες, με το σήμα να διατηρείται σε strong buy, και με την στήριξη να βρίσκεται στις 16.790 μονάδες.

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Μεγαλύτερη άνοδος

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Μεγαλύτερη πτώση

μετοχές

Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 7.685,66 μονάδες με άνοδο 0,30%, με το σήμα να παραμένει σε strong buy, με την αντίσταση να βρίσκεται στις 7.733 μονάδες και την στήριξη στις 7.448 μονάδες.

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Μεγαλύτερη άνοδος

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Μεγαλύτερη πτώση

μετοχές

Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.911,60 μονάδες με άνοδο 1,27%, πραγματοποιώντας ενδοσυνεδριακά ιστορικό ρεκόρ στις 7.923,96 μονάδες, με το σήμα να παραμένει σε strong buy, και με την στήριξη να βρίσκεται στις 7.587 μονάδες.

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Μεγαλύτερη άνοδος

μετοχές

Μεγαλύτερη πτώση

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Recommendations

Mercedes-Benz: In a research note, Jefferies analyst Philippe Houchois has maintained his recommendation on the stock with a Neutral rating. The target price is still set at EUR 72.

Aero Engines: Chloe Lemarie from Jefferies retains his positive opinion on the stock with a Buy rating. The target price continues to be set at EUR 280.

Rio Tinto: RBC’s research confirms his advice and maintains his neutral opinion on the stock. The target price has been revised downwards and is now set at GBX 5900 as compared to GBX 6100 previously.

Εταιρικά νέα

Engie reported higher 2023 net profit and but guided for lower 2024 earnings.

The French multinational power utility said Thursday that net profit was 2.21 billion euros ($2.38 billion) for the year, compared with EUR216 million the year before when its earnings were hit by impairment losses and provisions. Its net recurring income, which strips out one-offs and on which Engie bases its dividend policy, was EUR5.4 billion, a 2.8% increase. Revenue for 2023 fell 12% to EUR82.57 billion, Engie said.

For the current year, Engie targets 2024 earnings before interest and taxes, excluding nuclear, in the EUR7.5 billion to EUR8.5 billion range, and for 2024 net recurring income group share in the EUR4.2 billion to EUR4.8 billion range. The result compares with analysts’ expectations of EUR3.7 billion in 2023 net profit and EUR98.93 billion in revenue, according to Visible Alpha consensus.

The company said that the decline in its revenue reflected lower spot power prices in France compared with the prior year. Engie said that it added 3.9 gigawatts of new renewable energy capacity in 2023, bringing its total to 41.4 gigawatts. An additional 6.3 gigawatts of capacity are under construction as of 2023-end. It added that it will propose a EUR1.43 per share dividend for 2023, up from EUR1.40 a year prior.

Repsol said it plans to return up to 10 billion euros ($10.82 billion) to shareholders through dividends and share buybacks between 2024 and 2027, the latest energy company to boost payouts even as energy prices cool.

The Spanish energy company said Thursday that its total shareholder distributions over the 2024-27 period include EUR4.6 billion in dividends, with a target to increase payouts by 3% annually, and EUR5.4 billion in buybacks. For 2024, the company plans dividend payments of EUR0.90 a share, a 30% increase on the prior year. It also plans to buy back shares to reduce its share capital by 3.29% before the end of July. Repsol outlined details of its new strategic plan as it reported a sharply lower net profit for the fourth quarter, hurt lower energy prices and higher costs.

The company made a net profit of EUR383 million for the fourth quarter, down from EUR1.03 billion in the same period a year before, on revenue that fell to EUR15.51 billion from EUR16.76 billion. On an adjusted basis, profit dropped 41% to EUR1.195 billion, but exceeded analysts’ expectations of EUR1.00 billion, according to a company-provided consensus.

Nestle reported full-year earnings and sales that were just shy of expectations, and cautioned that sales growth will moderate this year.

The Swiss maker of KitKat chocolate bars and Nescafe coffee said Thursday that it expects organic sales to climb by around 4% this year, slowing from 7.2% growth in 2023 and below expectations of 4.7%, according to a consensus forecast provided by the company. “Unprecedented inflation over the last two years has increased pressure on many consumers and impacted demand for food and beverage products,” Chief Executive Mark Schneider said.

Packaged food producers have spent the last couple of years raising prices of their goods as they pass on higher input costs of items such as ingredients to the consumer, but with inflationary pressures now beginning to ease, the rate of those price increases has begun to subside. Nestle hiked prices by an average of 7.5% in 2023.

As consumer budgets have remained tight, some shoppers have pushed back against the large price increases, which has sent Nestle’s volumes lower. The company has tried to counter this by pruning its portfolio and reducing the number of products and product variants it produces, optimizing production and freeing up resources for higher-growth, higher-margin products. The positive effects of this started to be felt in both the second half and the final quarter of the year, it said.

Real internal growth–the company’s key measure of sales volume–slowed to 0.3% in 2023 as volumes were hurt by soft consumer demand, capacity constraints and a temporary supply disruption for vitamins, minerals and supplements in the second half. Analysts expect real internal growth to increase in 2024, with a company consensus forecasting 2.6% this year. “Looking to 2024, we are prioritizing volume- and mix-led growth with increased brand support,” Schneider said.

Axa launched new key financial targets for 2024-26 alongside a share buyback and raised its dividend on increased full-year net profit, boosted by higher underlying earnings and net realized capital gains.

The French insurer said Thursday that it now guides for an underlying earnings per share compounded annual growth rate between 6% and 8%, underlying return on equity between 14% and 16% and more than EUR21 billion in cumulative organic cash upstream in 2024 to 2026. Axa said it delivered on four of its financial targets for 2020-2023, out of which it exceeded in three.

Its underlying earnings growth forecast should be driven by strong operating performance across its lines of business and recovery in UK Health and margin improvement in P&C Retail. Its 2023 net profit rose to 7.19 billion euros ($7.78 billion) from EUR5.06 billion in 2022, a figure that was restated after a change in accounting standards adopted on Jan. 1.

Axa’s net profit missed analysts’ expectations of EUR7.46 billion, according to a consensus provided by Factset. Underlying earnings rose to EUR7.6 billion from EUR6.08 billion, buoyed by a strong operational performance in its property-and-casualty business and fully-owned American subsidiary AXA XL, the company said.

Gross revenues climbed 3% to EUR102.74 billion, driven by its property-and-casualty segment, although this was partly offset by tumbling reinsurance revenue as the company pursued its strategy of reducing its natural-catastrophe exposure. The Paris-based company launched a share-buyback program of up to EUR1.6 billion and declared a dividend of EUR1.98 per share, up 16% on year.

Mercedes-Benz Group raised its dividend but said it expects earnings this year to decline following lower sales and net profit in the fourth quarter of last year.

The German luxury-car maker said Thursday that net profit slipped 21.5% on year to 3.16 billion euros ($3.42 billion). Analysts expected net profit to finish the quarter at EUR2.80 billion, according to Visible Alpha. Group revenue ticked down 1.8% to EUR40.26 billion after fewer cars and vans were sold. Analysts had forecast sales of EUR39.15 billion, according to Visible Alpha.

Mercedes hiked its dividend to EUR5.30 a share from EUR5.20 for 2022. Late Wednesday, the carmaker committed to share buybacks of up to EUR3 billion, expanding on a EUR4 billion program launched last year.

Looking ahead, Mercedes forecasts 2024 group EBIT slightly below last year’s levels on stable revenue expectations. The firm expects an adjusted EBIT margin of 10%-12% in its cars division and 12%-14% for vans. Industrial free cash flow is expected to finish 2024 at slightly below last year’s level of EUR11.3 billion, the company said. “The economic situation and automotive markets continue to be characterized by an exceptional degree of uncertainty,” Mercedes said. “Unexpected developments may arise in particular from geopolitical events and trade policy.”

Airbus said it received an order from Vietnam’s Vietjet Air for the delivery of 20 widebody aircraft. The European plane maker said late Wednesday that it and Vietjet Air signed a memorandum of understanding for the purchase of the A330-900 widebody aircraft. Financial details weren’t disclosed.

Telefonica reported a swing to a net loss for the fourth quarter due to one-off charges at its Spanish business and U.K. joint venture, but forecast higher revenue and earnings this year.

The Spanish telecommunications group on Thursday posted a net loss of 2.15 billion euros ($2.33 billion) for the fourth quarter, which it attributed to a provision for layoffs in Spain and an impairment charge on its U.K. joint venture Virgin Media-O2. For the year-earlier period, the company made a profit of EUR525 million. Quarterly revenue was down 0.5% at EUR10.15 billion.

Underlying operating income before depreciation and amortization–or Oibda–rose 1.6% to EUR3.47 billion. Telefonica’s Spanish business posted a small increase in underlying Oibda, returning to growth for the first time since 2019. Analysts polled by the company had forecast revenue of EUR9.99 billion, underlying Oibda of EUR3.335 billion and a net loss of EUR742 million.

For 2024, Telefonica guided for growth of around 1% in revenue and growth in earnings before interest, taxes, depreciation and amortization of between 1% and 2%. The board declared a final dividend for 2023 of EUR0.15 a share and said it intends to pay dividends totaling EUR0.30 a share for 2024.

Danone reported a fall in full-year profit and sales while saying guidance for 2024 remains in line with its mid-term targets.

The French food company said Thursday that 2023 net profit was 881 million euros ($953.1 million) compared with EUR959 million in the previous year. Recurring net income, which excludes exceptional items, was EUR2.28 billion, up 3.5% compared with the same period a year earlier.

The recurring operating margin for the year was 12.6%, up 40 basis points compared with the previous year, with gains in volume, mix and price partially offset by input-cost inflation net of productivity, the company said. Full-year sales was EUR27.62 billion, down from EUR27.66 billion in 2022. On a like-for-like basis, sales rose 7.0%, with price up 7.4% and volume/mix down 0.4%. In the fourth quarter, consolidated sales were EUR6.66 billion, down from EUR7.01 billion a year ago.

Danone said its 2024 guidance was in line with its mid-term ambitions, with like-for-like sales growth expected between 3% and 5%, and recurring operating margin expected to post moderate improvement. The board of directors will propose a dividend of EUR2.10 a share for 2023, up 5.0% from the previous year.

Zurich Insurance posted a record business operating profit driven by growth across all its segments which led the company to raise its guidance.

The Swiss insurer said Thursday that it is well ahead of all targets for 2023-25 and now expects compound annual growth in earnings per share during the period to exceed 10%, compared with the target of 8%.

It’s business operating profit for 2023 rose 21% on year to $7.4 billion but missed analysts’ expectations of $7.71 billion, according to a company-compiled consensus. Zurich’s net income grew 10% to $4.4 billion with a return on equity of 23.1%, up from 17.8% last year. The insurer launched a share buyback program of up to CHF1.1 billion and declared a dividend of CHF26 a share, up 8% on year.

Heidelberg Materials reported an increase in net profit for 2023 and said that it would launch a share buyback starting in the second quarter.

The German cement maker said Thursday that it made 1.93 billion euros ($2.09 billion) in net profit for the year, compared with EUR1.60 billion in 2022, on revenue that stayed largely flat at EUR21.18 billion. The 2023 result from current operations before depreciation and amortization, or RCOBD, came in at EUR4.26 billion, a 14% on-year increase. The company’s result from current operations, or RCO, rose 22% on year to EUR3.02 billion.

The result compares with analysts’ expectations of EUR1.93 billion in 2023 net profit on EUR21.35 billion in revenue, according to a company-provided consensus. It added that it expected construction-sector demand in 2024 to stabilize at a low level and that inflation and high financing costs were likely to have a negative impact on residential construction.

For 2024, Heidelberg Materials said that it anticipates revenue growth and expects its current operations result between EUR3.0 billion and EUR3.3 billion.

Separately, Heidelberg Materials will launch a EUR1.2 billion share buyback, which is expected to be completed at the latest by the end of 2026. The buyback’s first of three planned tranches will start in the second quarter after the company’s annual general meeting, the company said late on Wednesday.

Hargreaves Lansdown said pretax profit fell in its fiscal-year first half, driven by one-off costs related to its restructuring despite a revenue increase, and warned that the challenging backdrop is expected to remain in fiscal 2024.

The London-listed retail-investment platform posted on Thursday a pretax profit for the six months ended Dec. 31 of 182.5 million pounds ($230.6 million) compared with GBP197.6 million for the first half of fiscal 2023.

The company said that it has booked an impairment charge of GBP14.4 million against two specific assets and GBP2.9 million in restructuring costs.

Revenue, however, came in at GBP368.2 million from GBP350 million the year prior. This was slightly ahead the GBP367.8 million estimated by analysts polled by Visible Alpha. Hargreaves Lansdown said net new business fell to GBP1 billion from GBP1.6 billion the year before.

Assets under administration as of Dec. 31 rose 6% to a record GBP142.2 billion from GBP127.1 billion a year ago, beating Visible Alpha consensus estimate of GBP134.3 billion. The board declared an interim dividend of 13.2 pence a share, up from 12.7 pence a share.

The company said it added 20,000 new clients in the period, taking total client numbers to 1.82 million. Looking ahead, the company said it continues to expect the current uncertain economic environment to remain and weigh on investor confidence.

Anglo American’s trimmed its dividend after full-year profit declined more than expected and it booked $2.1 billion in impairments as it grapples with weak commodity markets across its portfolio.

The multinational, diversified miner said Thursday that its net profit for 2023 dropped 94% to $283 million on year due to impairments from its diamond and nickel businesses and lower prices for platinum and diamonds. This significantly missed analysts’ expectations of $2.44 billion, according to FactSet.

Underlying earnings before interest, taxes, depreciation and amortization–the company’s preferred profit metric–fell to $9.96 billion from $14.495 billion, with the largest contributions coming from copper and iron ore at $3.23 billion and $4.01 billion, respectively.

Analysts had expected group earnings of $9.83 billion, according to FactSet. Revenue, meanwhile, dipped to $30.65 billion from $35.12 billion, lower than analysts’ forecasts of $30.83 billion.

On the back of lower earnings and falling prices, Anglo American trimmed its final dividend to 41 U.S. cents a share from 74 cents, bringing the full-year payout to 96 cents, down from $1.98.

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