Η αβεβαιότητα επισκίασε τα ευρωπαϊκά χρηματιστήρια

FILE PHOTO: A symphony of light consisting of bars, lines and circles in blue and yellow, the colours of the European Union, illuminates the south facade of the European Central Bank (ECB) headquarters in Frankfurt, Germany, December 30, 2021. REUTERS/Wolfgang Rattay/File Photo


Με μικτά πρόσημα ολοκλήρωσαν την σημερινή συνεδρίαση τα ευρωπαϊκά χρηματιστήρια, με τις μετοχές του κλάδου καταναλωτικών ειδών να σημειώνουν τα μεγαλύτερα κέρδη, και αυτές των κλάδων τεχνολογίας και εξόρυξης τις μεγαλύτερες απώλειες.


Με εναλλαγή προσήμων διαπραγματεύθηκαν σήμερα τα ευρωπαϊκά χρηματιστήρια, εν μέσω αβεβαιότητας για την κατάσταση στην Μέση Ανατολή. Την αβεβαιότητα ενίσχυσαν και τα μακροοικονομικά νέα που ανακοινώθηκαν το μεσημέρι στις ΗΠΑ, όπου οι λιανικές πωλήσεις ήταν καλύτερες των εκτιμήσεων των οικονομολόγων, πυροδοτώντας νέες ανησυχίες για μία σφικτότερη νομισματική πολιτική από την Ομοσπονδιακή Τράπεζα των ΗΠΑ.

Στο ήδη επιβαρυμένο κλίμα για τις μετοχές του τεχνολογικού κλάδου, ήρθε να προστεθεί και η πρόθεση της αμερικανικής κυβέρνησης να σταματήσει τις αποστολές προηγμένων chip τεχνητής νοημοσύνης στην Κίνα.

Στον Παγκόσμιο Δείκτη Συντάξεων 2023 του Ινστιτούτου Mercer CFA, το συνταξιοδοτικό σύστημα της Ιρλανδίας ανέβηκε στη 13η θέση από τη 14η πέρυσι μεταξύ 47 χωρών. Ο δείκτης, που αναπτύχθηκε από την Mercer και το Κέντρο Οικονομικών Μελετών Monash της Αυστραλίας, αξιολογεί τα συνταξιοδοτικά συστήματα με βάση την ακεραιότητα, την επάρκεια, και τη βιωσιμότητα.(περισσότερα εδώ)

Τα πρόσφατα στοιχεία για την αγορά εργασίας δείχνουν ότι η οικονομία υποχωρεί, γεγονός που είναι πιθανό να οδηγήσει σε βραδύτερη αύξηση των μισθών και μειωμένη πίεση στον πληθωρισμό, δήλωσε την Τρίτη η υπεύθυνη χάραξης πολιτικής της Τράπεζας της Αγγλίας (BOE) Swati Dhingra.(περισσότερα εδώ)

Στα κυριότερα μακροοικονομικά νέα:

Στην Βρετανία, ο δείκτης Average Earnings+Bonus για τον μήνα Αύγουστο αυξήθηκε 8,1% έναντι εκτιμήσεων για αύξηση 8,3% και αύξησης 8,5% τον προηγούμενο μήνα.

Στην Γερμανία, ο δείκτης ZEW τρεχουσών συνθηκών για τον μήνα Οκτώβριο σημείωσε πτώση στις 79,9 μονάδες έναντι εκτιμήσεων -80,8 μονάδων και -79,4 μονάδων τον προηγούμενο μήνα. Ο δείκτης ZEW οικονομικής κατάστασης για τον μήνα Οκτώβριο υποχώρησε στις -1,1 μονάδες έναντι εκτιμήσεων για υποχώρηση στις -9,3 μονάδες και πτώσης στις -11,4 μονάδες τον προηγούμενο μήνα.

Στην ευρωζώνη, ο δείκτης ZEW οικονομικής κατάστασης για τον μήνα Οκτώβριο ενισχύθηκε στις 2,3 μονάδες έναντι εκτιμήσεων για υποχώρηση στις -8,0 μονάδες και πτώσης στις -8,9 μονάδες τον προηγούμενο μήνα.

Η βρετανική κυβέρνηση προέβη σήμερα στην έκδοση τριακονταετούς ομολόγου με κουπόνι 4,926% έναντι 4,704% της αντίστοιχης προηγούμενης έκδοσης.

Η γερμανική κυβέρνηση προέβη σήμερα στην έκδοση διετούς ομολόγου με κουπόνι 3,12% έναντι 3,10% της αντίστοιχης προηγούμενης έκδοσης.

Ο δείκτης Stoxx 600 έκλεισε στις 449,66 μονάδες με πτώση 0,12%.


Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 15.249,05 μονάδες με οριακά κέρδη 0,07%, παραμένοντας με σήμα strong sell, με την αντίσταση να βρίσκεται στις 15.547 μονάδες και την στήριξη στις 15.083 μονάδες.


Μεγαλύτερη άνοδος


Μεγαλύτερη πτώση


Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 7.676,84 μονάδες με άνοδο 0,61%, παραμένοντας με σήμα strong buy, με την αντίσταση να βρίσκεται στις 7.705 μονάδες και την στήριξη στις 7.527 μονάδες.


Μεγαλύτερη άνοδος


Μεγαλύτερη πτώση


Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.029,70 μονάδες με κέρδη 0,11%, παραμένοντας με σήμα strong sell, με την αντίσταση να βρίσκεται στις 7.231 μονάδες και την στήριξη στις 6.987 μονάδες.


Μεγαλύτερη άνοδος


Μεγαλύτερη πτώση



HSBC: Benjamin Toms from RBC retains his positive opinion on the stock with a Buy rating. The target price is still set at GBX 825.

Rio Tinto: RBC confirms his opinion on the stock and remains Neutral. The target price remains set at GBX 4800.

ING: JP Morgan analyst Raul Sinha maintains his Buy rating on the stock. No major update to the target price set at EUR 16.10 compared to EUR 16.30.

Nokia: Analyst Sandeep Deshpande from JP Morgan research considers the stock attractive and recommends it with a Buy rating. The target price is unchanged and still at EUR 6.50.

Nordea Bank: Analyst Alexander Demetriou from Jefferies research gives the stock a Neutral rating. The target price has been raised from EUR 8.37 to EUR 11.50.

Airbus: Jefferies increases his rating from Neutral to Buy. The target price is being increased from EUR 130 to EUR 150.

Pernod Ricard: Jefferies analyst Edward Mundy maintains his Buy rating on the stock. The target price is unchanged at EUR 220.

BBVA: In a research note published by Benjamin Toms, RBC advises its customers to buy the stock. The target price remains set at EUR 9.75.

Εταιρικά νέα

Bellway’s pretax profit for fiscal 2023 rose on a statutory basis following the unwinding of one-off provisions, though adjusted profit, revenue and housing completions slipped and it forecast lower housing completions for the current fiscal year.

The house builder said Tuesday that pretax profit for the year ended July 31 was 483.0 million pounds ($590.1 million), compared with GBP304.2 million in fiscal 2022. Last year, it recorded GBP346.2 million in legacy building safety expenses. On an underlying basis, fiscal 2023 pretax profit declined 18% to GBP532.6 million. Revenue in the year slipped to GBP3.41 billion from GBP3.54 billion, as housing completions fell 2.3% to 10,945. The average selling price fell slightly to GBP310,306 from GBP314,399.

The company said its program of accelerating construction of social homes partially offset weaker private demand, which was hit by higher mortgage interest rates, cost-of-living pressures and the end of the Help-to-Buy program.

The board proposed a total dividend per share of 140.0 pence, flat on-year.

“The depth of our land bank and robust balance sheet provide ongoing strategic flexibility and scope for outlet growth in the year ahead. Notwithstanding the near-term market challenges, Bellway remains very well-placed to capitalize on future growth opportunities and to continue creating long-term value for all our stakeholders,” Chief Executive Jason Honeyman said.

The company added that it has an order book of GBP1.23 billion as of Oct. 1, from GBP2.09 billion a year prior. It said it expects a material reduction in volume output in the new year, targeting the completion of around 7,500 homes, as it said customer demand continues to be affected by mortgage affordability constraints.

St. James’s Place said it is changing its charging structures for most of its new investment bonds and pensions, which will reduce the group’s underlying cash for the next few years. The FTSE 100 wealth-management company on Tuesday said the revised structure will operate with an initial charge and continuing charges from the start but without early withdrawal fees or gestation period.

It said that charges across all its wrappers–assets grouped into single securities–will now be separated into component parts, instead of disclosed on an all-inclusive basis as was the case historically. The changes and costs of their implementation–which are estimated to amount to between 140 million to 160 million pounds ($171 million-$195.5 million) before tax–will result in less underlying cash in the short-term, it said. Around GBP10 million in implementation costs will be incurred in 2023, GBP95 million in 2024 and the rest in 2025, it added. Growth is expected to accelerate in the midterm, with the changes setting the cash result on a more positive trajectory into the next decade and beyond, it said.

“Our continued focus on value and outcomes for clients is consistent with the ongoing expectations of Consumer Duty,” the group said. The changes are set to come into effect during the second half of 2025, it added. The group also reported a rise in its assets under management over the three months ended Sept. 30 to GBP158.57 billion from GBP157.52 billion at the end of the previous quarter, and posted GBP91 million in net inflows. “We are beginning to see signs that inflation is moderating and that the current cycle of interest rate increases may be reaching a peak, bringing some optimism that this will ease the pressure on clients,” Chief Executive Andrew Croft said.

Ninety One said Tuesday that its assets under management at Sept. 30 slipped slightly compared with both the same date last year and the earlier quarter. The London-listed asset manager’s assets under management at Sept. 30 stood at 123.1 billion pounds ($150.39 billion) compared with GBP132.3 billion at the same time a year prior, and GBP124.8 billion at June 30. The company didn’t provide any further details.

Chemring Group said that cash receipts for some deliveries may fall into early fiscal 2024 due to delays in the shipping of certain raw materials. The U.K. defense company said Tuesday these deliveries, which have already been manufactured, represent around 25 million pounds ($30.5 million) of revenue and were waiting for approval from the U.S. Department of Defense. The company said most of the necessary approvals had been received and that the deliveries could now be made. “The delay in approval concerned the quality of raw material provided by a third-party supplier that was outside of the control of the group,” it said. The board said the outturn for the year ending Oct. 31 remained in line with board and analyst expectations. Chemring said analyst consensus for adjusted operating profit in fiscal 2023 was GBP66.2 million.

Rolls-Royce Holdings is set to cut 2,000-2,500 jobs worldwide as part of a transformation program and strategy review. The U.K.-based aircraft engine manufacturer, which outlined the review plan in January, said Tuesday that the new structure will create a more agile business better able to serve customers, deliver cost efficiencies, and help it improve its capabilities in areas such as procurement and supply-chain management. “This is another step on our multiyear transformation journey to build a high performing, competitive, resilient and growing Rolls-Royce,” Chief Executive Tufan Erginbilgic said.

The engineering technology and safety teams will be merged into a single team, responsible for product safety, engineering standards, process, methods and tools. The combined team will be led by Simon Burr, currently director of product development and technology for civil aerospace, who will join the executive team with immediate effect. Enabling functions, like finance, general counsel and people teams will also be brought together.

Chief Technology Officer Grazia Vittadini will leave the company in April.

Other proposals include creating a new enterprise-wide procurement and supplier management organization, supporting group spend consolidation, leveraging scale and developing consistent standards. As well as savings, a greater focus on these areas will lead to customer service improvements, reducing supply-chain delays. Rolls-Royce currently employs 42,000 people worldwide.

In an interview in with the Wall Street Journal in May, Erginbilgic said that his first goal was to pay down debt and generate cash to restore Rolls-Royce’s investment-grade rating–lost at the start of the pandemic. He said then he also wants to be able to reinstall payments to shareholders, that Rolls-Royce suspended in 2020. “In every division of the group we are underperforming versus the competition,” Erginbilgic told the Journal then. “That is to me a turnaround case.” Erginbilgic, a former oil-industry executive, took over as chief executive of Rolls-Royce Holdings in January.

On Aug. 3 Rolls-Royce reported a pretax profit for the six months ended June 30 of 1.42 billion pounds ($1.73 billion), compared with a loss of GBP1.75 billion a year earlier. Underlying operating profit–a key metric for the company that strips out exceptional and other one-off items–was GBP673 million, up from GBP125 million. Rolls-Royce’s latest guidance for 2023 is for an underlying operating profit of between GBP1.2 billion and GBP1.4 billion. It expects 400 to 500 total engine deliveries for the year.

Orsted said Tuesday it has agreed to sell 50% of the Gode Wind 3 offshore wind farm in Germany to funds managed by Glennmont Partners from Nuveen for 473 million euros ($499.6 million). The Danish renewable-energy company said the deal comprises the 50% ownership share of the wind farm and a commitment to fund 50% of the construction of Gode Wind 3. Gode Wind 3 is currently under construction alongside the Borkum Riffgrund 3 offshore wind farm, where Orsted and Glennmont are already 50/50 owners. In addition, Glennmont also co-owns Orsted’s Gode Wind 1 offshore wind farm. Gode Wind 3 is expected to enter commercial operation in 2024. Fund manager Glennmont is focused exclusively on investments in clean energy infrastructure. It is owned by Nuveen, a Teachers Insurance and Annuity Association company.

Melrose Industries said that its 2023 adjusted operating margin for its engines business is expected to be around 24% on the continued outperformance seen in the first half. The company said on Tuesday that this beats its previous margin target by around two percentage points. The FTSE 100-listed turnaround specialist said that the outperformance stemmed from the strong aftermarket demand at a high margin for the engines business. The company expects 80% of profit to come from this division and that 80% of that will come from aftermarket demand, it added. Melrose said this extra progress underpinned its 2025 targets and that the board was confident that targets for that year will be achieved. “With positive momentum evident, we are confident of delivering strong returns and achieving our 30% margin target in the years ahead,” the company said.

Frasers Group said it is buying German retailer SportScheck for an undisclosed sum from Signa Retail Department Store Holding to grow its presence in the country. The U.K. sports-fashion retailer said Tuesday that sporting good retailers SportScheck has 34 stores in city locations across Germany and revenue of around 350 million euros ($369.7 million) a year. The deal–expected to complete early in next year’s first quarter–is part of the company’s expansion ambitions in the Europe, Middle East and Africa region. “Acquiring the leading sporting goods retailer in Germany is a big step in our journey to becoming the number one sports retailer in EMEA,” Chief Executive Michael Murray said.

Ericsson removed key margin guidance after warning that current uncertainty in its mobile networks business will persist into 2024. The Swedish telecommunications-equipment company said on Tuesday that it expects macroeconomic uncertainty to persist into 2024, impacting its customers’ investment ability. As a result it removed previous messaging that it expects to reach the low end of its targeted 15%-18% earnings before interest, tax, and amortization margin range by 2024. Ericsson said the margin target remains, but the aim is to reach it as soon as possible, subject to market mix recovery. The company last week also pre-announced key third-quarter numbers but it said Tuesday that the net loss attributable to shareholders was 30.67 billion Swedish kronor ($2.81 billion) from a profit of SEK5.21 billion a year earlier, after the previously announced non-cash impairment of SEK32 billion in the quarter relating to the impairment of goodwill attributed to its Vonage business. For the fourth quarter, Ericsson expects similar market trends as in 3Q, while cost-savings will yield SEK12 billion in run rate savings by year end, up by SEK1 billion from previously. It expects a group 4Q EBITA margin before restructuring at around 10%. “Given current uncertainty we will not give guidance beyond 4Q 2023,” said Chief Executive Borje Ekholm. “We prudently plan for current market conditions to prevail into 2024.”

Η κορυφαία ασφαλιστική εταιρεία της Γερμανίας, η Allianz (ETR:ALVG), είναι αισιόδοξη για την επικείμενη “Πράξη για τα δεδομένα της ΕΕ”, η οποία αναμένεται να προσφέρει σημαντικά εμπορικά οφέλη από τη χρήση των δεδομένων των αυτοκινήτων. Ο νόμος αποσκοπεί στη διαχείριση δεδομένων από δικτυακές συσκευές, συμπεριλαμβανομένων των αυτοκινήτων, και πιστεύεται ότι θα ευνοήσει τους ασφαλιστές.(περισσότερα εδώ)

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