Με κέρδη έκλεισαν τα περισσότερα ευρωπαϊκά χρηματιστήρια

Με θετικό πρόσημα έκλεισαν σήμερα τα περισσότερα ευρωπαϊκά χρηματιστήρια, με τις μετοχές των κλάδων αυτοκινητοβιομηχανίας και λιανικού εμπορίου να σημειώνουν τα μεγαλύτερα κέρδη.

Το θετικό κλίμα που επικράτησε σήμερα στα ευρωπαϊκά χρηματιστήρια, τροφοδότησαν τα καλύτερα των εκτιμήσεων εταιρικά αποτελέσματα, η πτώση των αποδόσεων των αμερικανικών κρατικών ομολόγων, καθώς και οι προσδοκίες πως η Ομοσπονδιακή Τράπεζα των ΗΠΑ δεν θα προχωρήσει σε μια νέα αύξηση των επιτοκίων της, με τους επενδυτές να εκτιμούν ότι από τον Μάιο του επόμενου έτους η Fed θα προβεί στην πρώτη μείωση των επιτοκίων της.

Η οικονομία της ευρωζώνης βρίσκεται αντιμέτωπη με μια πιθανή ύφεση, με συρρίκνωση του ΑΕΠ της κατά 0,1% το γ’ τρίμηνο σε διαδοχική βάση. Η μείωση αυτή σηματοδοτεί την πρώτη συρρίκνωση που δεν σχετίζεται με πανδημία από το 2013. Παρά την αδύναμη καταναλωτική δαπάνη, οι θετικές τάσεις του εισοδήματος των νοικοκυριών και οι μικρές αυξήσεις στο κόστος των τόκων των νοικοκυριών υποδηλώνουν μια πιθανή ανάκαμψη.

Ωστόσο, το οικονομικό τοπίο παραμένει δύσκολο, καθώς η μείωση της αύξησης των εταιρικών κερδών και των ποσοστών χρησιμοποίησης του παραγωγικού δυναμικού σηματοδοτεί περαιτέρω επιβράδυνση των επενδυτικών δαπανών. Εάν οι έρευνες PMI με συρρίκνωση συνεχίσουν να επιμένουν ή να επιδεινώνονται, η Ευρωζώνη θα μπορούσε να οδεύσει προς μια ύφεση.

Υπό το πρίσμα των ζοφερών προοπτικών ανάπτυξης, η Ευρωπαϊκή Κεντρική Τράπεζα (ΕΚΤ) είναι πιθανό να σταματήσει τις αυξήσεις των επιτοκίων και να περιμένει να πλησιάσουν οι τάσεις του πληθωρισμού τον στόχο του 2% πριν ξεκινήσει έναν κύκλο νομισματικής χαλάρωσης. Η αρχική μείωση των επιτοκίων της ΕΚΤ προβλέπεται μέχρι τον Ιούνιο του 2024, ενώ οι επόμενες μειώσεις ενδέχεται να μειώσουν το επιτόκιο καταθέσεων κατά συνολικά 150 μονάδες βάσης μέχρι τις αρχές του 2025.

Η γερμανική Commerzbank (ETR:CBKG) ανακοίνωσε την Τετάρτη ότι τα καθαρά κέρδη υπερτριπλασιάστηκαν το τρίτο τρίμηνο, καλύτερα από το αναμενόμενο και υποβοηθούμενα από τα υψηλότερα επιτόκια, καθώς παρουσίασε μια ενημέρωση στρατηγικής. Καθαρά κέρδη 684 εκατ. ευρώ (730,72 εκατ. δολάρια) το τρίμηνο σε σύγκριση με κέρδη 195 εκατ. ευρώ ένα χρόνο νωρίτερα. Οι αναλυτές ανέμεναν κατά μέσο όρο κέρδη ύψους 611 εκατ. ευρώ, σύμφωνα με την πρόβλεψη που δημοσίευσε η Commerzbank.(περισσότερα εδώ)

Στα κυριότερα μακροοικονομικά νέα:

Στην Γερμανία, ο Δείκτης Τιμών Καταναλωτή για τον μήνα Οκτώβριο παρέμεινε αμετάβλητος (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 0,3% τον προηγούμενο μήνα, ενώ σε ετήσια βάση πραγματοποίησε αύξηση 3,8% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 4,5% το προηγούμενο έτος.

Η γερμανική κυβέρνηση προέβη σε έκδοση δεκαετούς ομολόγου με κουπόνι 2,64% έναντι 2,9% της αντίστοιχης προηγούμενης έκδοσης.

Ο δείκτης Stoxx 600 έκλεισε στις 445,04 μονάδες με άνοδο 0,51%.

Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 15.226,80 μονάδες με άνοδο 0,49%, με το σήμα να διατηρείται σε neutral, και με την αντίσταση να βρίσκεται στις 15.547 μονάδες και την στήριξη στις 14.959 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 7.403,69 μονάδες με οριακές απώλειες 0,09%, παραμένοντας με σήμα sell, με την αντίσταση να βρίσκεται στις 7.528 μονάδες και την στήριξη στις 7.263 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.036,76 μονάδες με άνοδο 0,72%, μετατρέποντας το σήμα από neutral σε strong buy, με την αντίσταση να βρίσκεται στις 7.166 μονάδες και την στήριξη στις 6.923 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Recommendations

Adidas: Analyst James Grzinic from Jefferies research gives the stock a Neutral rating. The target price remains set at EUR 175.

Lanxess: Jefferies analyst Chris Counihan maintains his Neutral opinion on the stock. The target price remains unchanged at EUR 26.

Thyssenkrupp: Berenberg’s analyst James Carmichael increases his rating from Neutral to Buy. The target price is unchanged at EUR 21.

Moller-Maersk: JP Morgan upgrades his rating from Neutral to Buy. The target price has been raised from DKK 12400 to DKK 13800.

Enel: In a research note published by Javier Garrido, JP Morgan advises its customers to buy the stock. The target price continues to be set at EUR 7.80.

Airbus: In a research note, Jefferies analyst Chloe Lemarie has maintained his recommendation on the stock with a Buy rating. The target price is unchanged and still at EUR 150.

Enel: Ahmed Farman from Jefferies retains his positive opinion on the stock with a Buy rating. The target price is unchanged at EUR 7.

Enel: RBC is positive on the stock with a Buy rating. The target price is unchanged and still at EUR 7.

Airbus: Philip Buller from Berenberg retains his negative opinion on the stock with a Sell rating. The target price remains unchanged at EUR 101.

Εταιρικά νέα

Smiths News said its performance for fiscal 2023 was ahead of market expectations after it benefited from price rises and collectables sales. The U.K. wholesaler of newspapers and magazines said Wednesday that pretax profit for the year ended Aug. 26 was 31.8 million pounds ($39.1 million) from GBP27.9 million. Revenue slightly rose to GBP1.091 billion from GBP1.089 billion, benefiting from the FIFA World Cup and the coronation of King Charles. “Despite wider economic uncertainty and continued inflationary pressures, the business has delivered a good performance, exceeding market expectations while making progress on all key metrics, including the accelerated renewal of our publisher contracts,” the company said. The board has declared a dividend of 4.15 pence, same as a year ago. Looking ahead, the group said it expects to deliver fiscal 2024 performance in line with market expectations, without providing any figures. “Cost reduction initiatives are well underway and progress continues to be made with our growth strategy,” it added.

GEA Group reported increased third-quarter net profit after higher profitability offset a marginal decline in sales mainly due to currency headwinds. The German supplier of systems and components to the food-and-beverage industry said Wednesday that its third-quarter net profit climbed to 120.8 million euros ($129.3 million) from EUR107 million in the same prior-year period. GEA generated sales of EUR1.351 billion, slightly down from EUR1.353 billion. On an organic basis, revenue grew 6.9%, it said. Earnings before interest, taxes, depreciation and amortization before restructuring expenses rose by 4.2% to EUR207 million, the company said. As a result, the corresponding Ebitda margin improved by 0.6 percentage points to 15.3%. Order intake was down 9.1% during the quarter to EUR1.25 billion due to negative currency effects, and fell 1.7% on an organic basis, GEA said. For the full year, the company continues to expect sales to grow on an organic basis by more than 8%. It forecasts its Ebitda before restructuring expenses at constant exchange rates at the upper end of between EUR730 million and EUR790 million. Moreover, GEA aims to improve the Ebitda margin before restructuring expenses to at least 14%.

Vestas Wind Systems on Wednesday posted a larger-than-expected third-quarter net profit and narrowed full-year guidance after seeing strong growth in its service business and higher sales prices. The Danish wind-turbine maker said it saw a gradual improvement in project profitability, achieving a higher value for turbine deliveries, stable volumes, easing supply chain disruptions as well as increased activity in its service business. Vestas swung to a net profit of 29 million euros ($31 million) from a loss of EUR147 million a year earlier, as revenue rose 11% to EUR4.35 billion. A company-compiled consensus had expected a net profit of EUR7 million on revenue of EUR4.09 billion. Wind turbine orders more than doubled on the year, driven by offshore and higher activity in North America and Europe. Order intake rose to EUR4.9 billion from EUR2.0 billion, while the turbine order backlog rose to EUR21.6 billion from EUR18.1 billion and the service order backlog rose to EUR32.4 billion from EUR29.9 billion. “Despite continued market design and permitting challenges, we saw strong commercial activity,” Chief Executive Henrik Andersen said. The company now sees full-year revenue at EUR14.5 billion-EUR15.5 billion from EUR14.0 billion-EUR15.5 billion, and a pre-items earnings before interest and tax margin of 0% to 2% from minus 2% to 3%.

Munich Re said net profit rose in the third quarter and it confirmed the raised guidance for 2023. The German reinsurer said Wednesday that net profit came in at 1.17 billion euros ($1.25 billion) from EUR1.1 billion a year earlier. Revenue from insurance contracts fell 1.2% to EUR14.46 billion. Reinsurance revenue fell 5.9% to EUR9.46 billion, the company said. The company added that major-loss expenditures declined after the previous year was particularly affected by hurricane Ian. It added that the costliest natural catastrophe in the quarter, with loses amounting to around EUR200 million, was the wildfire on Maui in the U.S. state of Hawaii. Munich Re confirmed it now expects net profit of EUR4.5 billion for the year, up from EUR4 billion previously.

Anglo American said rough-diamond sales by its majority-owned De Beers Group fell in the ninth cycle of the year as it continued with reduced diamond availability while macro-economic challenges weighed on the sector. The FTSE 100 diversified mining company said Wednesday that De Beers sold $80 million of diamonds in the ninth sales cycle of the year, compared with $200 million in the eighth cycle of 2023, and $454 million in the ninth cycle of 2022. There are 10 sales cycles each year. “The retail recovery in China remains slow. And the voluntary import moratorium on rough diamonds into India will see extended Diwali holidays and factory closures in the world’s largest diamond cutting centre,” De Beers Chief Executive Al Cook said. “De Beers maintained support for its Sightholders with full purchase flexibility as the midstream re-establishes an equilibrium between wholesale supply and demand,” Cook added. Anglo American said sales are provisional figures and based on expected sales between Oct. 4 and Nov. 3.

Marks & Spencer Group said pretax profit for the first half of fiscal 2024 rose on the back of a resilient consumer demand but warned that outlook remains uncertain. The U.K. retailer on Wednesday said pretax profit for the half year ended Oct. 1 was 325.6 million pounds ($400.5 million) compared with GBP208.5 million for the same period a year earlier. Adjusted pretax profit–a metric that strips out exceptional and other one-off items–increased to GBP360.2 million from GBP205.5 million. “This is supported by capital investment programs focused on increasing volume in growth channels and on structural reduction of the cost base,” it said. Revenue came in at GBP6.13 billion from GBP5.54 billion a year ago, while Ocado Retail revenue rose 6.9%. M&S said it expects pretax profit for fiscal 2025 to be weighted toward the first-half period. The board restored its dividend payout with an interim dividend of 1 pence a share to reflect its strengthened balance sheet, it added.

ITV said revenue rose after it booked growth in digital advertising revenue and from its studios arm, offsetting an expected decline in traditional television advertising. The British broadcaster said Wednesday that total revenue for the first nine months of 2023 was 2.975 billion pounds ($3.66 billion) compared with GBP2.95 billion a year earlier. ITV Studios revenue rose 9% to GBP1.52 billion. Media and Entertainment revenue was down 7% at GBP1.46 billion, as expected, while digital advertising revenue rose 25% to GBP283 million. Streaming service ITVX saw a 27% increase in streaming hours and a 23% growth in digital revenue in the quarter, ITV said. Total advertising revenue for the full year 2023 is expected to be down 8% on 2022, given the challenging advertising market and a tough comparative, ITV said. However, the company said it expects total Studios revenue to deliver 3% growth, and for Studios to deliver total organic revenue growth of at least 5% a year on average to 2026. The company said it continues to review its cost base to deliver further savings, in addition to its current GBP50 million target to 2026.

Adidas on Wednesday posted a decline in net profit and sales for the third quarter while it continued to reduce high inventory levels. The German athletic apparel and footwear company confirmed its third-quarter preliminary figures and said that net profit fell 25% on year to 259 million euros ($277.1 million). As reported last month, revenue declined 6.4% to EUR6 billion, although currency-neutral revenue increased 1%, it said. Operating profit fell to EUR409 million from EUR564 million and the operating margin was 6.8%, down from 8.8% in 2022. Results for the third quarter were better than expected, but the current performance isn’t good enough, the company said. Inventory levels decreased more than expected and were down 23% on year, it said. During the first nine months, inventories fell by more than EUR1.1 billion. Adidas backed its recently updated guidance for 2023, which was raised thanks to Yeezy inventory reductions and a better-than-expected underlying business, it said. It continues to expect currency-neutral revenues to decline at a low single-digit rate and underlying operating profit–excluding any one-offs related to Yeezy and the underway strategic review–at around EUR100 million. Adidas also sees an operating loss of around EUR100 million this year.

DHL owner Deutsche Post narrowed its 2023 guidance toward the lower end of its previous outlook, after its expectations of an economic recovery didn’t materialize, and reported lower third-quarter revenue and earnings. The German logistics group, also known as DHL Group, said it now expects earnings before interest and taxes to be between 6.2 billion euros and 6.6 billion euros ($6.63 billion-$7.06 billion), against its previous target of EUR6.2 billion to EUR7.0 billion. The company also lowered its EBIT target for 2025 to be between EUR7.0 billion and EUR8.0 billion, down from more than EUR8 billion previously. “The recovery of the global economy has failed to materialize so far,” Chief Executive Tobias Meyer said. For the third quarter, the company reported a net profit of EUR807 million, down 34% on year, on revenue that dropped 19% to EUR19.40 billion, dragged by sharp falls in its express and global forwarding segments. EBIT for the quarter fell 32% to EUR1.37 billion, the company said. Analysts had expected an EBIT of EUR1.375 billion on revenue of EUR20.845 billion, according to consensus estimates provided by the company.

Royal Ahold Delhaize raised its full-year guidance, despite reporting a worse-than-expected fall in third-quarter net profit, and outlined a share buyback program. The Dutch grocer on Wednesday said that it expects free cash flow for 2023 to be in the range of 2.2 billion euros to 2.4 billion euros ($2.35 billion to $2.57 billion), compared with previous target range of between EUR2.0 billion and EUR2.2 billion. The company reported a net profit for the quarter of EUR394 million, compared with EUR589 million reported the same period a year ago and a company-provided consensus estimate of EUR590 million. Net sales came in at EUR21.93 billion from EUR22.41 billion the prior year. This compares with the company-compiled consensus of EUR21.95 billion. Ahold Delhaize outlined a EUR1 billion share buyback program, scheduled to start at the beginning of 2024.

Continental swung to a profit in the third quarter as it benefited from higher pricing, cost discipline and stabilized supply chains, but lowered its sales outlook for the full year. The German car-parts manufacturer said Wednesday that it booked a net profit of 298.6 million euros ($319.5 million), compared with a loss of EUR210.8 million in the same period of last year. Earnings before interest, taxes, depreciation and amortization decreased to EUR1 billion from EUR1.08 billion, while EBIT rose to EUR460.7 million from EUR12.2 million. Sales amounted to EUR10.24 billion, 1.5% lower on year. “We ended the third quarter in line with our expectations,” said Chief Executive Officer Nikolai Setzer. “Our earnings were good in Tires and stable in ContiTech, and we made progress in Automotive, significantly increasing its earnings compared with the first half of the year.” Continental said it now expects sales between EUR41 billion and EUR43 billion, compared with a previous forecast of EUR41.5 billion to EUR44.5 billion. Sales in the automotive sector are seen at around EUR20 billion to EUR21 billion from previously EUR20.5 billion-EUR21.5 billion, mainly due to the negative effects of exchange rates. For the tires business, Continental raised the adjusted EBIT margin outlook to around 12.5% to 13.5% from previously 12% to 13% on the back of strong results. According to preliminary figures, the global production of passenger cars and light commercial vehicles was around 22.3 million units in the quarter. Production is expected to increase by 5% to 7% on year in 2023, from previous expectations of a 3% to 5% increase.

Pandora on Wednesday raised its full-year growth guidance after seeing a strong rise in store visits during the third quarter following an unexpected pick-up in demand driven by tourists. The Danish jeweler said current trading is healthy and underlying like-for-like growth in the fourth quarter so far is at high-single digit levels. Pandora reported a third-quarter net profit of 543 million Danish kroner ($77.9 million), down from DKK734 million last year, as revenue rose 5.9% to DKK5.57 billion. Net profit was seen at DKK524 million on revenue of DKK5.43 billion, according to a company-compiled consensus. Third-quarter organic growth totaled 11% versus the company-compiled consensus of 6%. “Our investments in the brand are attracting more consumers into our stores,” said Chief Executive Alexander Lacik. “We have delivered strong broad-based growth…and continue to see very exciting opportunities ahead.” The gross margin reached an all-time high of 79%, up 230 basis points from last year, supported by channel mix, cost efficiencies and price increases, it said. It now targets 2023 organic revenue growth of between 5% and 6% from between 2% and 5% previously. It still sees an earnings before interest and tax margin of around 25%.

ABN Amro Bank trimmed its cost guidance for 2023 and posted better-than-expected net profit for the third quarter, helped by higher other income and an impairment release. The Dutch lender made a net profit of 759 million euros ($812.2 million) for the three months to Sept. 30, it said Wednesday. This compares with the EUR583 million expected by a company-complied consensus and with EUR743 million a year earlier. “Demand for credit remains good and both our mortgage and corporate loan books increased,” Chief Executive Robert Swaak said. The bank’s operating income for the period was EUR2.21 billion, against consensus of EUR2.18 billion. Net interest income contributed EUR1.53 billion, which missed expectations of EUR1.63 billion, and represents a 5% on-quarter drop due to deposit migration, limited asset margin pressure and lower trading activities results, it said. It booked an impairment release on financial instruments of EUR21 million, while consensus expected a EUR96 million charge. The release was mostly from its corporate banking division and was partly offset by higher management overlay for mortgages, it said. Operating expenses were EUR1.23 billion–lighter than the EUR1.29 billion penciled in by consensus, and 2% lower on-year–but higher than the previous quarter on regulatory levies, it said. The group said it now expects its costs for 2023 to be between EUR5.1 billion and EUR5.2 billion on cost control and delayed investments given the tight labor market. In August, it cut its cost guidance to around EUR5.2 billion from EUR5.3 billion and scrapped its 2024 cost target of EUR4.7 billion. “While we remain committed to cost discipline, we expect higher costs for data capabilities, further digitalization of processes and sustainable finance regulation in the coming year,” Swaak said. The bank—49.5% of which is owned by the Dutch State–reiterated that it will update the market on its financial targets and its capital framework at its fourth-quarter results. Its common equity Tier 1 capital ratio–a measure of a bank’s resilience–stood at 15.0% at the end of the third quarter, ahead of expectations of a 14.9% ratio.

E.ON raised its investment target for the full year but said it expects fourth-quarter earnings to suffer the impact of price reductions for electricity and gas customers. The German energy company said Wednesday that it plans to invest a total of 6.1 billion euros ($6.53 billion) from previously EUR5.8 billion. From 2023 to 2027, investments in energy networks and customer solutions are expected to amount to EUR33 billion. It said it has implemented price reductions for millions of electricity and gas customers in recent months, and that it expects the pass-through of lower wholesale prices to have a significant negative impact on earnings in its customer solutions business. The company backed its earnings guidance for the year, saying that it continues to reflect a potential deterioration in the energy market environment due to increased volatility as a result of supply and demand uncertainties as well as geopolitical tensions. In the third quarter, E.ON posted a net profit of EUR81 million, significantly down from EUR1.56 billion in the year earlier. On an adjusted basis, net profit came in at EUR634 million. Adjusted earnings before interest, taxes, depreciation and amortization increased to EUR2.12 billion from EUR2.05 billion, while adjusted EBIT came in at EUR1.38 billion, 2% higher on year. Sales were EUR16.88 billion, down from EUR28.75 billion.

Credit Agricole reported a rise in third-quarter earnings after revenues increased across all business lines. The French lender said on Wednesday that it made 1.75 billion euros ($1.87 billion) in third-quarter net profit, compared with EUR1.32 billion a year prior, on revenue that grew 19% on year to EUR6.34 billion. The result compares with expectations of EUR1.34 billion in net profit on EUR5.98 billion in revenue, according to analysts polled by FactSet. The bank said that its revenue growth was supported by its acquisition strategy amid a slowdown in retail banking activity seen in France. Between 2Q and 3Q this year loan production decreased by 12% at regional banks, Credit Agricole said. Credit Agricole said that its assets under management at its asset gathering unit grew 0.4% compared with the end of June, and saw EUR13 billion in net inflows in the third quarter. Its asset gathering division reported a 10% rise in revenue in the third quarter. The bank said that its third-quarter result was boosted by EUR227 million, mainly thanks to the reversal of the home-purchase savings provision.