Κλίμα αβεβαιότητας στα ευρωπαϊκά χρηματιστήρια (31.8.2023)

  • Μικτά πρόσημα επικράτησαν σήμερα στα ευρωπαϊκά χρηματιστήρια, με τους επενδυτές να εμφανίζονται προβληματισμένοι, τόσο για την κατάσταση της ευρωπαϊκής οικονομίας, όσο και για την πολιτική που θα ακολουθήσει η ΕΚΤ σχετικά με τα επιτόκια, μετά και τα μακροοικονομικά νέα που ανακοινώθηκαν σήμερα.

Στην Γερμανία οι λιανικές πωλήσεις για τον μήνα Ιούλιο, σημείωσαν πτώση 0,8% έναντι εκτιμήσεων για αύξηση 0,3% και πτώσης 0,8% τον προηγούμενο μήνα. Τέλος, ο δείκτης ανεργίας για τον μήνα Αύγουστο, αυξήθηκε 5,7% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 5,6% τον προηγούμενο μήνα.

Στην Γαλλία τα προσωρινά στοιχεία για τον Δείκτη Τιμών Καταναλωτή για τον μήνα Αύγουστο, κατέγραψαν αύξηση 1% έναντι εκτιμήσεων για αύξηση 0,8% και αύξησης 0,1% τον προηγούμενο μήνα. Επίσης, το ΑΕΠ δευτέρου τριμήνου αυξήθηκε 0,5% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 0,1% το προηγούμενο τρίμηνο. Τέλος, ο Δείκτης Καταναλωτικής Δαπάνης για τον μήνα Ιούλιο, αυξήθηκε 0,3% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 0,9% τον προηγούμενο μήνα.

 

Στην ευρωζώνη, τα προσωρινά στοιχεία για τον Δείκτη Τιμών Καταναλωτή για τον μήνα Αύγουστο, κατέγραψαν αύξηση 0,6% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,4%) και υποχώρησης 0,1% τον προηγούμενο μήνα, ενώ σε ετήσια βάση κατέγραψαν αύξηση 5,3% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 5,1% και αύξησης 5,3% το προηγούμενο έτος.

Ο δείκτης Eurostoxx 600 έκλεισε στις 460,54 μονάδες με άνοδο 0,30%.

Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 15.944,45 μονάδες με άνοδο 0,33%, μετατρέποντας το σήμα από buy σε strong buyολοκληρώνοντας τον μήνα με απώλειες 1,69%, με την αντίσταση να βρίσκεται στις 16,144 μονάδες και την στήριξη στις 15.777 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 7.434,41 μονάδες με πτώση 0,53%, παραμένοντας με σήμα neutralολοκληρώνοντας τον μήνα με απώλειες 2,93%, με την αντίσταση να βρίσκεται στις 7.531 μονάδες και την στήριξη στις 7.262 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.316,70 μονάδες με πτώση 0,65%, παραμένοντας με σήμα strong buyολοκληρώνοντας τον μήνα πτώση 1%, με την αντίσταση να βρίσκεται στις 7.438 μονάδες και την στήριξη στις 7.167 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Recommendations

Givaudan: Analyst Celine Pannuti from JP Morgan research gives the stock a Neutral rating. The target price remains unchanged at CHF 3100.

Novartis: JP Morgan’s research confirms his advice and maintains his neutral opinion on the stock. The target price is unchanged and still at CHF 95.

Aroundtown: JP Morgan analyst Neil Green maintains his Neutral opinion on the stock. The target price remains unchanged at EUR 2.90.

Deutsche Post: In a research note, Bernstein analyst Alexander Irving has maintained his recommendation on the stock with a Neutral rating. The target price continues to be set at EUR 43.50.

Grand City Properties: In a research note published by Kai Klose, Berenberg advises its customers to buy the stock. The target price is still set at EUR 9.

Εταιρικά νέα

UBS said Thursday that it would retain Credit Suisse’s domestic bank, as widely anticipated, as it reported a record second-quarter profit in its first set of results since acquiring its former rival.

“Our analysis clearly shows that full integration is the best outcome for UBS, our stakeholders and the Swiss economy,” UBS said.

UBS reported a second-quarter net profit of $28.88 billion, one of the highest quarterly profits in banking history, since it takes into account nearly $29 billion in negative goodwill from the Credit Suisse acquisition, which completed in June. Operating profit was $29.2 billion, while revenues were $9.54 billion. According to a company-provided consensus, operating profit was seen at $33.73 billion, while net profit was expected around $33.45 billion.

By integrating Credit Suisse’s Swiss bank, UBS retains the crown jewel and consistent moneymaker of the ailing lender’s franchise, although the deal risks thousands of job losses. In Credit Suisse’s second-quarter earnings report, which was released at the same time as UBS’s, the domestic bank posted adjusted income before taxes of CHF224 million. UBS ticked up its estimates for cost savings as part of the deal to $10 billion, after having previously expected $8 billion, alongside a cost-to-income ratio of less than 70% and a return on common equity tier 1 capital of around 15% by the end of 2026. In the second quarter, the C/I ratio on an underlying basis was 88.9% and RoCET1 was 4.5%.

However, the bank is only expected to break even in the third quarter on an underlying profit-before-tax basis, a decline from $1.1 billion in the second quarter. Nevertheless, UBS said it is currently seeing an improvement in client sentiment and momentum in transactions among wealth management clients. “We expect positive net new asset flows in our wealth and asset management franchises, and higher asset valuations are also expected to have a positive impact on our recurring net fee income year on year,” the bank said.

UBS added that it had defined a non-core perimeter for its operations going forward, which includes elements of the Credit Suisse franchise not aligned with its strategy–including the majority of assets and liabilities of its investment bank, wealth management and asset management-divisions.

UBS and Credit Suisse will continue to operate separately until 2024, with the latter’s brand and operations in place until 2025, UBS said.

Pernod Ricard said sales and earnings grew in fiscal 2023, citing pricing measures and strong growth in spirits, and backed its targets for the medium-term. The French drinks group said Thursday that organic sales for the year ended June 30 grew 13% on a reported basis to 12.14 billion euros ($13.26 billion), while net profit for the year rose to EUR2.28 billion from EUR2.03 billion in fiscal 2022. Analysts had expected sales of EUR12.16 billion and net profit of EUR2.4 billion, according to a FactSet-compiled poll. For the fourth quarter, sales rose to EUR2.63 billion from EUR2.30 billion a year earlier. The company said sales in all regions increased thanks to pricing execution, with all spirits categories delivering strong growth. Looking ahead, the company backed its fiscal 2023-25 medium-term financial target, including reaching the upper end of between 4% and 7% of net sales growth and a 50 to 60-basis-point increase in operating margin. Pernod Ricard plans to buy back up to EUR800 million ($874 million) in shares in fiscal 2024 after the company reported an increase in sales and profit for fiscal 2023.

PensionBee said pretax loss for the first half narrowed, supported by growth across key metrics and lower costs, in line with its previous update.

The London-listed online pension company posted on Thursday a pretax loss of 9.2 million pounds ($11.7 million) compared with a loss of GBP16.9 million a year earlier. Revenue increased 32% to GBP10.9 million, while assets under administration increased to GBP3.70 billion from GBP2.68 billion. Adjusted loss before interest, taxes, depreciation and amortization–the company’s preferred metric, which strips out exceptional and other one-off items–narrowed to GBP7.9 million from a loss of GBP14.9 million. The company said it is on track to achieve monthly adjusted Ebitda profitability by the end of the year.

Gulf Marine Services upgraded its 2023 Ebitda guidance as it anticipates demand to remain high. The Abu Dhabi-based marine-services company said Thursday that it currently expects 2023 earnings before interest, taxes, depreciation and amortization to be in the range of $77 million and $85 million, $2.0 million higher on both the lower and the higher ends of the previous estimate. The upgrade reflects continued robust demand due to a combination of high market activity and limited vessel availability, which is likely to increase the utilization levels in the second half of 2023. The company reported a pretax profit for the first half of $10.0 million, down from $14.6 million the same period a year ago. Revenue, however, rose to $74.3 million from $66.4 million.

Sports-fashion retailer Frasers Group has increased its shareholding in Boohoo Group to 9.1% of its issued share capital. In a regulatory filing released Thursday, Boohoo, a London-listed online fashion retailer, said Frasers now owns 115.4 million of its shares. The shares are worth 38.3 million pounds ($48.7 million) based on Boohoo’s closing share price of 33.16 pence on Wednesday. Prior to the increase, Frasers owned 7.8% of Boohoo.

PPHE Hotel Group said Thursday that it swung to first-half pretax profit as revenue growth was led by strong room-rate growth and strong on-quarter momentum, and that it will consult with shareholders over the most effective capital return. The London-listed, Netherlands-based hospitality real-estate group said that given the strength of its performance and confident outlook, it was in a position to return to its historical capital return policy. It added this may take place via dividends, share buybacks, tender offers, or a combination of these. PPHE said that pretax profit was 2.0 million pounds ($2.5 million) compared with a pretax loss of GBP26.1 million the year before. Revenue rose to GBP180 million from GBP113.2 million. The company said average room rate rose 13% to GBP159.6, and was up 31% when compared to the first half of 2019. Revenue per available room–a key industry metric–rose to GBP110.3 from GBP67.8 the year before, and GBP93.4 in the same period in 2019. PPHE said occupancy-rate recovery continued and reached 69.1% in the period, compared with 48% the year before. The company said the momentum seen in the first half continued into the second half and that this gave it confidence in its full-year outlook and longer-term growth.

Oxford Cannabinoid Technologies Holdings said its pretax loss for fiscal 2023 widened on the back of higher research costs. The pharmaceutical company–which is focused on developing cannabinoid-based prescription medicines–said Thursday that pretax loss for the year ended April 30 was 7.0 million pounds ($8.9 million) compared with a loss of GBP5.5 million in fiscal 2022. Research costs rose to GBP4.3 million from GBP2.9 million, it said. The company said it is starting the clinical-studies phases of its lead compound, whilst continuing pre-clinical work on other compounds.

ImmuPharma is raising up to 1.85 million pounds ($2.4 million) via share subscriptions and a retail offer, and will use the money toward its research and development pipeline and for working capital. The pharmaceutical company said Thursday that is issuing 67.5 million new ordinary shares via the subscription at 2 pence each. The price is a 17% discount to the company’s closing price of 2.40 pence on Wednesday. The company is also offering existing investors the chance to buy the discounted shares via a retail offer raising up to a further GBP500,000.

Alfa Financial Software Holdings reported a higher pretax profit for the first half supported by higher software and subscription revenue, and declared a special dividend. The London-listed software developer on Thursday posted a first-half pretax profit of 16.6 million pounds ($21.1 million) compared with GBP13.8 million for the same period a year earlier. Revenue rose to GBP52.9 million from GBP43.9 million, driven by a 33% increase in software revenue, while subscription revenue was up 14%. “Looking into the second half, we will increase our investment in the software to ensure we stay in line with our full-year product roadmap plans. As a consequence, our full-year expectations remain unchanged,” the company said. The board declared a special dividend of 4.0 pence a share.

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