Με απώλειες ολοκλήρωσαν τα περισσότερα ευρωπαϊκά χρηματιστήρια

Σε αρνητικό έδαφος ολοκλήρωσαν σήμερα τα περισσότερα ευρωπαϊκά χρηματιστήρια, με τον κλάδο τροφίμων και ποτών να πραγματοποιεί τα μεγαλύτερα κέρδη και αυτόν της αυτοκινητοβιομηχανίας τις μεγαλύτερες απώλειες.

Ρευστοποιήσεις επικράτησαν σήμερα στα περισσότερα ευρωπαϊκά χρηματιστήρια, με τους επενδυτές να δίνουν μεγαλύτερη προσοχή στα εταιρικά νέα και λιγότερο στα μακροοικονομικά που ανακοινώθηκαν σήμερα.

Η γερμανική οικονομία αναπτύχθηκε ελαφρά το πρώτο τρίμηνο, με το ακαθάριστο εγχώριο προϊόν να αυξάνεται κατά 0,2% σε προσαρμοσμένους όρους σε σχέση με το προηγούμενο τρίμηνο, σύμφωνα με τα προκαταρκτικά στοιχεία της στατιστικής υπηρεσίας που δόθηκαν την Τρίτη.

Οι αναλυτές που συμμετείχαν σε δημοσκόπηση του Reuters είχαν προβλέψει αύξηση 0,1%.

Ο αριθμός των ανέργων στη Γερμανία αυξήθηκε περισσότερο από ό,τι αναμενόταν τον Απρίλιο, σύμφωνα με τα στοιχεία του Ομοσπονδιακού Γραφείου Εργασίας που δόθηκαν την Τρίτη.

Το γραφείο ανέφερε ότι ο αριθμός των ανέργων αυξήθηκε κατά 10.000 σε εποχικά προσαρμοσμένους όρους. Οι αναλυτές που συμμετείχαν σε δημοσκόπηση του Reuters ανέμεναν ότι ο αριθμός αυτός θα αυξανόταν κατά 9.000.

Το εποχικά προσαρμοσμένο ποσοστό ανεργίας παρέμεινε αμετάβλητο στο 5,9%.

“Αν και η γερμανική οικονομία αγωνίζεται εδώ και δύο χρόνια, η κατάσταση στην αγορά εργασίας παραμένει ισχυρή”, δήλωσε ο Daniel Terzenbach, από το Ομοσπονδιακό Γραφείο Εργασίας, κατά την παρουσίαση των στοιχείων.

Τον Απρίλιο υπήρχαν 701.000 κενές θέσεις εργασίας, 72.000 λιγότερες από ό,τι πριν από ένα χρόνο, σύμφωνα με το Ομοσπονδιακό Γραφείο Εργασίας.

Στα κυριότερα μακροοικονομικά νέα:

Στα κυριότερα μακροοικονομικά νέα:

Στην Γαλλία, τα προκαταρκτικά στοιχεία για το ΑΕΠ πρώτου τριμήνου παρουσίασαν αύξηση 0,2% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,1% και αύξησης 0,1% το προηγούμενο τρίμηνο, ενώ σε ετήσια βάση έδειξαν αύξηση 1,1% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,9% και αύξησης 0,8% το προηγούμενο έτος (αναθεωρημένο από το 0,7%). Ο Δείκτης Καταναλωτικής Δαπάνης για τον μήνα Μάρτιο αυξήθηκε 0,4% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,2% και αύξησης 0,1% τον προηγούμενο μήνα (αναθεωρημένος από αμετάβλητος). Τα προκαταρκτικά στοιχεία για τον Δείκτη Τιμών Καταναλωτή για τον μήνα Απρίλιο παρουσίασαν αύξηση 0,5% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) και αύξησης 0,2% τον προηγούμενο μήνα, ενώ τα προκαταρκτικά στοιχεία για τον Εναρμονισμένο Δείκτη Τιμών Καταναλωτή για τον μήνα Απρίλιο παρουσίασαν αύξηση 0,6% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,5% και αύξησης 0,2% τον προηγούμενο μήνα.

Στην Γερμανία, οι Λιανικές Πωλήσεις για τον μήνα Μάρτιο παρουσίασαν αύξηση 1,8% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 1,3% και υποχώρησης 1,9% τον προηγούμενο μήνα. Ο Δείκτης Ανεργίας για τον μήνα Απρίλιο διαμορφώθηκε στο 5,9% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) και 5,9% τον προηγούμενο μήνα. Τα προκαταρκτικά στοιχεία για το ΑΕΠ πρώτου τριμήνου παρουσίασαν αύξηση 0,2% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,1% και επιβράδυνσης 0,5% το προηγούμενο τρίμηνο (αναθεωρημένο από το -0,3%), ενώ σε ετήσια βάση έδειξαν επιβράδυνση 0,2% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) και επιβράδυνσης 0,2% το προηγούμενο έτος.

Στην Ισπανία, τα προκαταρκτικά στοιχεία για το ΑΕΠ πρώτου τριμήνου παρουσίασαν αύξηση 0,7% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,4% και αύξησης 0,7% το προηγούμενο τρίμηνο (αναθεωρημένο από το 0,8%).

Στην ευρωζώνη, τα προκαταρκτικά στοιχεία για το ΑΕΠ πρώτου τριμήνου παρουσίασαν αύξηση 0,3% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,1% και επιβράδυνσης 0,1% το προηγούμενο τρίμηνο (αναθεωρημένο από αμετάβλητο), ενώ σε ετήσια βάση έδειξαν αύξηση 0,4% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,2% και αύξησης 0,1% το προηγούμενο έτος. Τα προκαταρκτικά στοιχεία για τον Δείκτη Τιμών Καταναλωτή για τον μήνα Απρίλιο παρουσίασαν αύξηση 0,6% και αύξησης 0,8% τον προηγούμενο μήνα, ενώ τα προκαταρκτικά στοιχεία για τον Εναρμονισμένο Δείκτη Τιμών Καταναλωτή για τον μήνα Απρίλιο παρουσίασαν αύξηση 2,4% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) και αύξησης 2,4% τον προηγούμενο μήνα.

Ο δείκτης Stoxx 600 έκλεισε στις 505,08 μονάδες με πτώση 0,64%.

Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 17.935,75 μονάδες με πτώση 1,08%, ολοκληρώνοντας με μηνιαίες απώλειες 3,06%, με το σήμα να μετατρέπεται από strong buy σε neutral, και με την αντίσταση να βρίσκεται στις 18.329 μονάδες και την στήριξη στις 17.778 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 8.144,80 μονάδες με οριακές απώλειες 0,03%, πραγματοποιώντας ενδοσυνεδρικά ιστορικό υψηλό στις 8.200,78 μονάδες, ολοκληρώνοντας με μηνιαία κέρδη 2,33%, με το σήμα να διατηρείται σε strong buy, και με την στήριξη να βρίσκεται στις 8.014 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.979,99 μονάδες με πτώση 1,06%, ολοκληρώνοντας με μηνιαίες απώλειες 2,84%, με το σήμα να μετατρέπεται από strong buy σε strong sell, και με την αντίσταση να βρίσκεται στις 8.142 μονάδες και την στήριξη στις 7.905 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Recommendations

Covestro: Analyst Chris Counihan from Jefferies research considers the stock attractive and recommends it with a Buy rating. The target price remains unchanged at EUR 60.

Morphosys: Analyst Xian Deng from UBS research gives the stock a Neutral rating. The target price remains set at EUR 68.

Philips: UBS readjusts its opinion and goes from selling to neutral on the stock. The target price is being increased from EUR 16 to EUR 26.50.

Philips: The research of JP Morgan is increasing its opinion on the stock. The broker’s advice is neutral against selling initially. The target price has been raised to EUR 24.70 from EUR 19.50.

DWS: JP Morgan’s analyst Angeliki Bairaktari downgrades his rating from Buy to Neutral. The target price is slightly modified from 44 to 43 EUR.

Εταιρικά νέα

Air France-KLM reported a widened net loss Tuesday after first-quarter earnings were affected by disruption costs and weaker cargo unit revenue.

The Franco-Dutch carrier group said its net loss for the first quarter of the year widened to 522 million euros ($559.7 million), compared with the EUR344 million loss it reported a year ago. Revenue grew 5% on the year to EUR6.65 billion.

The company’s quarterly operating loss widened as well to EUR489 million compared to the EUR306 million loss in the prior-year period. The company was expected to post revenue of EUR6.6 billion on a net loss of EUR420 million and an operating loss of EUR430 million, according to a company-provided consensus that gathered estimates from eight analysts.

Air France-KLM’s group capacity increased 4.5% in the quarter, compared with the prior year, with its load factor at 86%. Growth was supported by passenger unit revenue per available seat kilometers, which increased 2.1% at constant currency, while the number of passengers in the period grew 6.2%.

Despite the increase, earnings at Air France were hit by supply chain issues and the implementation of an IT system for cargo. Meanwhile, at Dutch airline KLM, earnings were hampered by salary increases and high customer compensation.

Air France-KLM said that it expects second-quarter unit costs up 2% compared with the prior year, and sees net capital expenditures for 2024 at EUR3 Billion compared with between EUR3 billion and EUR3.2 billion previously.

Stellantis revenue fell in the first quarter on lower sales volumes and an unfavorable mix, missing analysts’ expectations, but the carmaker backed its full-year guidance.

The multinational owner of Jeep, Dodge and a dozen other brands said net revenue fell 12% on year to 41.7 billion euros ($44.71 billion). Analysts had expected revenue of EUR44.35 billion, according to a Visible Alpha consensus.

The company said lower sales volumes contributed to the result, with consolidated shipments falling 10% to 1.3 million vehicles. Preparations for a wave of new models in the second half, including inventory management, also affected sales, Stellantis said. Stellantis also cited an unfavorable sales mix and foreign exchange rates, but said net pricing was positive. The company backed its full-year guidance.

Adidas posted net profit that beat analysts’ expectations and confirmed its preliminary figures for its first quarter, citing brand momentum.

The German shoe and sportswear major said Tuesday that for the three months ended March, net profit swung to 170 million euros ($182.3 million) from a loss of EUR39 million for the same period the prior year. The figure beat analysts’ expectations of a EUR163.66 million profit, according to consensus estimates provided by Visible Alpha.

The gross margin improved by 6.4 percentage points to 51.2%, reflecting healthier inventory levels, reduced discounting, lower sourcing costs and a more favorable business mix, it said.

For 2024, the company confirmed its outlook, having raised it on April 16 after a successful start to the year. Adidas assumes that its remaining Yeezy inventory will be sold on average cost throughout the remainder of the year, resulting in sales of around EUR200 million, it said.

Norwegian telecommunications provider Telenor backed guidance after reporting solid service revenue growth in the Nordics and Asia while keeping a lid on costs.

The company on Tuesday posted adjusted earnings before interest, tax, depreciation and amortization–its preferred measure–of 8.51 billion Norwegian kroner ($774.4 million) compared with NOK8.08 billion a year earlier, as revenue rose 1.4% to NOK19.46 billion. A company-compiled consensus had expected adjusted Ebitda of NOK8.46 billion on revenue of NOK19.68 billion.

Net profit fell to NOK11.56 billion from NOK18.15 billion, but still beat a company-compiled consensus of NOK7.91 billion as earnings were boosted by a NOK7.3 billion reversal of previous impairments. “Sustained growth momentum and cost discipline in the Nordics, continued progress in Asia and disciplined cash-flow management leave us well on track with our full-year and midterm financial ambitions,” Chief Executive Sigve Brekke said.

For 2024, Telenor still expects mid-single-digit organic Ebitda growth, with low-single-digit organic service revenue growth in the Nordics and mid-single-digit Ebitda growth in the Nordics. The Nordics’ capital expenditure-to-sales ratio is still expected at around 17%.

Clariant reiterated its outlook for the year after profitability rose in the first three months of the year despite lower sales.

The Swiss chemicals group said Tuesday that it booked an 11% organic sales decline to 1.01 billion Swiss francs ($1.11 billion), dragged by stabilized volumes and lower pricing against a strong comparison for the same period last year. The company reported limited restocking activities from customers, while uncertainties about underlying demand remain, it said.

Earnings before interest, taxes, depreciation and amortization rose to CHF173 million from CHF167 million, on a margin that improved to 17.1% from 13.9%. Profitability was boosted by falling raw material prices and a strong margin at its aviation business, it said.

Clariant said it closed its acquisition of German Lucas Meyer Cosmetics on April 2, strengthening its position as a specialty chemical company and reach into new cosmetic ingredients.

CaixaBank raised its 2024 guidance after it reported a higher net profit and revenue for the first quarter, benefiting from a pick-up in lending activity.

The Spanish bank said it now expects a return on tangible equity–a key profitability metric for banks–of more than 16% this year, having previously guided for more than 15%.

CaixaBank said it expects growth in net interest income–the difference between what bank earns on loans and what the pay clients for deposits–for 2024 in the mid single digits, having previously forecast the metric to be in line with 2023.

For the first quarter, the bank reported a net profit of 1.005 billion euros ($1.08 billion) for the first quarter compared with EUR855 million in the same period last year. Gross income for the quarter grew 13% to EUR3.50 billion, while net interest income climbed 27% to EUR2.78 billion.

Analysts had forecast CaixaBank’s net profit at EUR1.00 billion, net interest income at EUR2.71 billion and gross income at EUR3.47 billion, according to consensus estimates compiled by the bank. CaixaBank said it saw commercial activity accelerate in the first quarter, with new loans to consumers, mortgages and loans to businesses growing.

Volkswagen Group posted lower sales revenue and profit margins in the first quarter on fewer vehicle sales and higher costs, but backed its full-year outlook.

The German carmaker said revenue finished the period at 75.46 billion euros ($80.90 billion) compared with EUR76.2 billion in the first quarter of last year, as vehicle sales slipped 2%. Analysts had expected revenue at EUR75.66 billion, according to the Visible Alpha consensus.

The group’s operating result slid 20% to EUR4.59 billion, making for an operating return on sales margin of 6.1%, Volkswagen said. The company posted a margin of 7.5% in the first quarter of last year. After-tax earnings fell about 22% to EUR3.71 billion.

Volkswagen blamed the results on lower sales volumes, higher fixed costs, and an unfavorable regional and model mix. “As expected, our first-quarter results show a slow start to the year,” chief Financial Officer Arno Antlitz said.

Volkswagen Group reported a net cash outflow EUR3.03 billion compared with a positive balance of EUR2.24 billion a year prior. The company backed its full-year outlook.

Vonovia confirmed its full-year outlook despite a drop in earnings.

The German real-estate company on Tuesday said adjusted earnings before taxes–the company’s new leading measure of earnings–came to 416.5 million euros ($446.6 million) in the first three months of the year, slipping 7.3% due to continuing high interest rates.

Adjusted earnings before interest, taxes, depreciation and amortization from continued operations fell by 3.3% to EUR607.0 million. Operating free cash flow–the company’s newly introduced key metric of internal financing and liquidity management– rose by 24% to EUR501.0 million.

For 2024, the company confirmed its forecast. Vonovia expects adjusted Ebitda to range between EUR2.55 billion and EUR2.65 billion and adjusted earnings before taxes to range between EUR1.7 billion to EUR1.8 billion. It raised its organic rental growth expectation to between 3.8% and 4.1%.

Capgemini posted a lower revenue for the first quarter due to the slowdown across all its regions that had been expected, and backed its full-year guidance.

The French consulting and technology group said Tuesday that revenue for the first quarter fell 3.3% on year at constant exchange rates, or 3.5% at current exchange rates, to 5.53 billion euros ($5.93 billion) from EUR5.73 billion for the same period a year earlier.

At constant exchange rates, revenue in the U.K. and Ireland and Asia-Pacific and Latin America regions both declined 3.2% and 1.7%, respectively. In the rest of Europe–which represents 32% of group revenue–revenue fell 0.5%.In France and North America regions–which represent 20% and 28% of group revenue–revenue fell 2.8% and 7.1%, respectively.

Bookings came to EUR5.655 billion, down 3.5% on year at constant exchange rates. Capgemini maintained its full-year guidance of constant-currency revenue growth of up to 3%, an operating margin between 13.3% and 13.6% and organic free cash flow of about EUR1.9 billion.

Banco Santander reported a higher net profit for the first quarter, when higher interest rates drove top-line growth and, together with cost control, offset an increase in provisions.

The Spanish bank said Tuesday that it made a quarterly net profit of 2.85 billion euros ($3.06 billion) compared with EUR2.57 billion for the same period last year.

Total income for the quarter rose 8.1% EUR15.045 billion, helped by continued growth in net interest income–the difference between what a bank earns on loans and what it pays clients for deposits. Net interest income jumped 15% to EUR11.98 billion.

Analysts had expected Santander to post a net profit of EUR2.93 billion on revenue of EUR14.97 billion, according to consensus estimates provided by Visible Alpha.

Santander said it is on track to meet its 2024 targets, which call for mid-single-digit revenue growth and a return on tangible equity–a key profitability metric for banks–of 16%. In the first quarter, the bank’s return on tangible equity was 14.9%, it said.

Mercedes-Benz Group said net profit and revenue for the first quarter fell on lower cars sales and supply-chain bottlenecks but confirmed its guidance for the full year.

The German luxury-car maker said net profit slipped to 3.025 billion euros ($3.24 billion) from EUR4.01 billion in the first quarter of last year. Analysts had expected net profit to finish the quarter at EUR2.73 billion, according to the Visible Alpha consensus.

Revenue fell to EUR35.87 billion from EUR37.52 billion in the first quarter of last year. Car sales fell 8% to 462,978, the company said.

Mercedes-Benz backed its 2024 guidance.

Thales confirmed its targets for the year after sales and order intake figures for the first quarter of the year rose ahead of expectations.

The French aerospace-and-defense company said sales came to 4.42 billion euros ($4.55 billion), a 9.8% on year increase in reported terms and up 7.9% organically.

Growth in the period was driven by the company’s defense and security unit, where sales grew 13% to EUR2.31 billion. Orders for the three months to the end of March came to EUR5.04 billion, a 47% rise in reported terms or a 46% jump organically.

Defense and security orders in the period more than doubled to EUR3.12 billion from EUR1.37 billion in the prior-year quarter, as the unit benefited from strong orders. The result compares with analysts’ expectations of EUR3.65 billion in new orders and EUR4.36 billion in sales, according to a company-provided consensus.

The company confirmed its 2024 targets, including sales growth of between 4% and 6%, equating to sales in the EUR19.7 billion to EUR20.1 billion range.

Deutsche Lufthansa said it expects unit revenue to slip in the second quarter but its performance to improve in the second half after posting a widened net loss in the first three months of the year, when it was hit by strikes.

The German carrier group said it expects an on-year decline in unit revenues in the second quarter in the low singe-digit percentage range, partly driven by customers’ reluctance to make short-term bookings for over the course of April and May.

The group, whose airlines include Swiss, Austrian Airlines, Brussels Airlines and Eurowings aside from Lufthansa, said unit costs in the second quarter are expected to increase in the low single-digit percentage range.

Still, the group’s second-half operating result is expected to be higher on year. It expects capacity to reach more than 95% of prepandemic levels in the third quarter.

The company posted a net loss of 734 million euros ($787 million) for the first quarter, compared with a quarterly net loss of EUR467 million in the prior year, on revenue that grew 5% to EUR7.39 billion.

HSBC posted a drop in first-quarter net profit due partly to lower net interest income, higher credit costs and one-off losses related to its plan to sell its Argentina business.

The London-based bank said net profit fell 1.4% to $10.18 billion for the three months ended March. Quarterly net profit beat the estimate of $9.73 billion in a poll of analysts by Visible Alpha.

Net interest income fell to $8.65 billion from $8.96 billion.

Quarterly net profit was nonetheless an improvement from net loss in the final quarter of 2023, when HSBC wrote down the value of its stake in major Chinese lender Bank of Communications by $3 billion, in part because of a slowdown in China’s economic growth.

The bottom line in the year-earlier period was buoyed by one-off gains related to the sale of its retail banking operations in France and the acquisition of Silicon Valley Bank’s U.K. unit.