Με μικτά πρόσημα έκλεισαν τα ευρωπαϊκά χρηματιστήρια, με τον κλάδο της αυτοκινητοβιομηχανίας να κλείνει με απώλειες, μετά την ανακοίνωση αποτελεσμάτων πρώτου τριμήνου της Volvo.
Ήπιες διακυμάνσεις επικράτησαν σήμερα στα ευρωπαϊκά χρηματιστήρια, με τους επενδυτές να στρέφουν την προσοχή τους στις ανακοινώσεις αποτελεσμάτων πρώτου τριμήνου ευρωπαϊκών και αμερικανικών εταιρειών.
Η Γερμανία θέλει να χαλαρώσει τους κανόνες για το χρέος
Τα κυριότερα μακροοικονομικά νέα:
Στην Γερμανία, ο δείκτης GfK καταναλωτικού κλίματος για τον μήνα Μάιο ανήλθε στις -20,6 μονάδες έναντι εκτιμήσεων των οικονομολόγων για -25,6 μονάδες από -24,3 μονάδες τον προηγούμενο μήνα (αναθεωρημένο από τις -24,5 μονάδες).
Στην Ισπανία, σύμφωνα με τα προκαταρκτικά στοιχεία ο Δείκτης Τιμών Καταναλωτή σε ετήσια βάση για τον μήνα Απρίλιο διαμορφώθηκε στο 2,2% έναντι εκτιμήσεων των οικονομολόγων για 2% από 2,3% το προηγούμενο έτος. Τέλος, σύμφωνα με τα προκαταρκτικά στοιχεία το ΑΕΠ πρώτου τριμήνου ενισχύθηκε 0,6% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,7% από αύξηση 0,8% το προηγούμενο τρίμηνο.
Η ιταλική κυβέρνηση προέβη στην έκδοση ομολόγου πενταετούς διάρκειας με κουπόνι 2,74% έναντι 3,05% της αντίστοιχης προηγούμενης έκδοσης, καθώς και στην έκδοση ομολόγου δεκαετούς διάρκειας με κουπόνι 3,62% έναντι 3,34% της αντίστοιχης προηγούμενης έκδοσης.
Ο δείκτης Stoxx 600 έκλεισε στις 525,34 μονάδες με άνοδο 0,41%.
Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 22.418 μονάδες με άνοδο 0,72%, με το σήμα να διατηρείται σε strong buy, και με την αντίσταση να βρίσκεται στις 22.825 μονάδες και την στήριξη στις 21.752 μονάδες με την επόμενη στις 20.433 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 8.462,14 μονάδες με άνοδο 0,53%, με το σήμα να παραμένει σε strong buy, και με την αντίσταση να βρίσκεται στις 8.687 μονάδες και την στήριξη στις 8.370 μονάδες με την επόμενη στις 8.008 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.555,87 μονάδες με πτώση 0,24%, με το σήμα να διατηρείται σε buy, και με την αντίσταση να βρίσκεται στις 7.594 μονάδες και την στήριξη στις 7.130 μονάδες με την επόμενη στις 6.760 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Recommendations
Rheinmetall: JP Morgan is positive on the stock with a Buy rating. The target price is unchanged and still at EUR 1400.
Schneider Electric: Barclays is positive on the stock with a Buy rating. The target price is set at 239 versus 245 EUR.
Traton: Analyst Hemal Bhundia from UBS research considers the stock attractive and recommends it with a Buy rating. The target price differs slightly and is now set at EUR 40 versus EUR 41.
National Grid: UBS’s research is revising its recommendation downwards to Neutral. The target price differs slightly and is now set at GBX 1150 versus GBX 1160.
Air Liquide: Initially at the time of purchase, the broker revises his recommendation downwards. Chetan Udeshi published a research note and has a neutral opinion. No major update to the target price set at EUR 195 compared to EUR 190.
Εταιρικά νέα
Danish brewer Carlsberg (CSE:CARLb) on Tuesday reported first-quarter sales slightly below expectations and kept its outlook for the full year unchanged.
Carlsberg said in a trading statement that sales between January and March rose 17% from last year to 20.12 billion Danish crowns ($3.07 billion), compared with 20.4 billion forecast by analysts in a poll gathered by the company.
HSBC launched a $3 billion share buyback after reporting a 25% fall in first-quarter profit on Tuesday, and warned of a possible hit to loan demand and credit quality in the face of U.S. President Donald Trump’s global trade war.
The London-based bank reported first quarter profit before tax of $9.5 billion compared with $12.7 billion a year earlier, mainly due to one-time charges related to business disposals in Canada and Argentina.
Analysts had expected pre-tax profit of $7.8 billion for Europe’s biggest lender by assets.
The earnings update from HSBC, which is also one of the world’s largest trade financing banks, underlined the challenges it faces after a strong run of profit in recent years, as risks of a sharp global economic slowdown from Trump’s broad tariffs start to hurt corporate customers.
“The macroeconomic environment is facing heightened uncertainty, in particular from protectionist trade policies, creating volatility in both economic forecasts and financial markets and adversely impacting consumer and business sentiment,” HSBC said in its earnings release.
The bank reported $900 million in expected credit losses for the quarter, including $150 million to reflect heightened economic uncertainty, and said it could book an additional $500 million in a scenario where higher tariffs lead to a slowdown in global growth.
Executives at big U.S. banks during recent earnings warned of economic turbulence after Trump unleashed sweeping tariffs on April 2. Consumers and businesses have become more cautious as Trump’s global trade war roils financial markets and raises fears of a sharp worldwide economic downturn.
Still, HSBC’s newly unveiled share buyback is a “positive surprise”, said Michael Makdad, analyst at Morningstar.
Analysts at Jefferies described the earnings as strong, noting higher activity in Asia and specifically Hong Kong wealth, which posted 29% growth in new customers quarter-on-quarter.
Shares of HSBC in Hong Kong were up more than 2% after the results in the afternoon trade, while benchmark Hang Seng tacked on 0.3%.
REVIEW OF MALTA, OVERHAUL CONTINUES
As part of its plan to trim its smaller businesses globally, the bank said it has launched a strategic review of its Malta operations, which is still “at an early stage.”
Corporate and institutional banking, its biggest revenue earner after it combined commercial and global banking units, delivered $7.2 billion in revenue in 2024, up 11% from a year earlier.
Its international wealth and premier banking operation posted a 12% increase in revenue during the same period, on “strong performances” in its wealth business, the bank said.
HSBC left unchanged its performance target of a mid-teens return on average tangible equity for each of the three years from 2025 to 2027, having hit 14.6% in 2024.
However, the bank said its stake in Bank of Communications (BOCOM) will drop to about 16% from 19.03%, and it will book a loss of up to $1.6 billion as a result of the Chinese bank’s fundraising by private placement of shares.
CEO Georges Elhedery, a career HSBC insider promoted from the CFO role, has shaken up the bank since assuming the top role by slashing the ranks of senior managers and reorganising operating divisions along East-West lines.
The sweeping overhaul will incur severance and other upfront costs of $1.8 billion over 2025 and 2026, in line with earlier estimates.
The bank is also planning to keep growth in its expenses to 3% in 2025 compared with 2024 costs, and said it was committed to reducing annual costs by $1.5 billion by the end 2026.
HSBC is looking to redeploy up to $1.5 billion of costs from non-core businesses into more strategic activities including wholesale transaction banking and an expansion of its Asian wealth business.
The lender said it will pay its first interim dividend of $0.1 a share, following a $0.87 dividend payout last year.
BP (NYSE:BP) on Tuesday reported underlying replacement cost profit, the company’s definition of net income, of $1.38 billion in the first quarter, below company-provided analyst expectations of $1.53 billion.
Deutsche Bank on Tuesday posted a 39% rise in first-quarter profit after its global investment banking division generated a big increase in revenue in bond and currency trading during volatile markets.
The profit increase comes despite a writedown for a leveraged-finance deal and the bank’s additional provisions for the possible impact of tariffs on clients.
Germany’s largest lender recorded net profit attributable to shareholders of 1.78 billion euros ($2.03 billion) in the quarter, compared to 1.28 billion euros a year earlier, and exceeding analysts’ expectations of 1.64 billion euros.
The figures kick off a crucial year for Deutsche as it winds up a three-year plan and attempts to meet a series of targets that some analysts deem overly ambitious.
The results “put us on track for delivery on all our 2025 targets,” CEO Christian Sewing said.
Sewing, who was awarded another term as the bank’s CEO in March, is in the process of tweaking the bank’s strategy and formulating targets for next year and beyond.
With the first-quarter results, Deutsche has now cumulatively earned more in profit than it has lost over the last 10 years, and has made up for the hefty losses it posted between the years 2015 and 2019.
Revenue in its fixed-income and currency trading, one of the bank’s largest businesses, rose 17%, better than expectations for a 10.3% gain.
Origination and advisory, after making big gains in recent quarters, saw an 8% drop in revenue. It posted a 90 million euros writedown for an unnamed position in its leveraged finance business.
Deutsche is one of several big European banks publishing its quarterly report card this week after a slew of strong earnings from their U.S. counterparts.
After U.S. President Donald Trump unleashed a global trade war earlier this month, investors are watching how banks plan to navigate an anticipated slowdown in economic growth that could hit loan demand and their customers’ financial health.
“We have taken additional provisions to cover higher macroeconomic uncertainties caused by the tariff discussions and, as a result, our overall provisions were higher year-on-year,” Sewing wrote in a memo to staff.
Deutsche operates from Sydney to New York, but the economy of its important home market in Germany has been stagnating.
The nation’s top central banker warned last week that the German economy, Europe’s largest, faces a possible slight recession in 2025, something that could eat into banks’ profits and result in loan defaults by corporate clients.
As Sewing strives to meet his ambitious profit and cost targets, some analysts remain sceptical about the bank’s ability to meet all its goals. In January, Deutsche abandoned a key cost target.
Still, Germany’s bold move to ease longstanding caps on government spending has been seen as a positive for the lender and economic growth in Europe’s largest economy.
German luxury sports car maker Porsche slashed a series of forecasts for 2025, hit by weakness in its main market, China, rising supply chain costs and U.S. tariffs that are disrupting the global car industry.
The U.S. tariffs are expected to raise car prices by thousands of dollars, reducing demand and hurting job growth, rattling an automobile industry already struggling with a slowing transition to electric vehicles.
In April, Porsche, which has no U.S. production, said it had shipped added inventory to the United States to get ahead of tariffs and kept prices constant for orders made in March.
Porsche late on Monday said U.S. import tariffs, in place since April at 25%, weighed on its business in April and May, and it warned that its adjusted outlook does not factor in the future effects of tariffs.
Porsche said it now expects revenues of between 37 billion and 38 billion euros in 2025, down from its previous forecast of 39 billion to 40 billion euros. Its profit margin is forecast to drop to 6.5-8.5%, down from a previous forecast of 10-12%.
According to the average of analyst estimates in LSEG, Porsche’s operating margin is seen at 9.7% on revenues of 38.8 billion euros.
“We believe … the firm is taking the opportunity to kitchen sink estimates,” JP Morgan analysts said, adding it still expected Porsche to be able to get back to double-digit margins in 2026.
The car maker, which at its stock market debut in 2022 had a higher valuation than its parent company, Volkswagen AG (OTC:VWAGY), has fallen from grace since, struggling in particular with low sales in China, its top market, where first-quarter sales dropped 42%.
Bill Russo, CEO of Shanghai-based advisory firm Automobility, said Chinese customers of electric cars had been drawn to their domestic brands because of their improved technological offering.
Porsche also said it would no longer pursue plans to expand high-performance battery production at its Cellforce subsidiary, and it cited a decline in demand in China for all-electric luxury cars.
Porsche is scheduled to release first-quarter results later on Tuesday.
German airline Lufthansa on Tuesday confirmed its operating result forecast for 2025, but warned that it was closely monitoring the possible impact of trade tensions with the United States.
European airlines are entering the first-quarter earnings season with increased investor anxiety over demand as global economic worries stemming from U.S. President Donald Trump’s tariff threats drag on U.S. air travel.
“Despite all the geopolitical uncertainties, we therefore remain on course for growth, are optimistic about the summer, and are sticking to our positive outlook for 2025,” CEO Carsten Spohr said in a statement.
Earlier this month, U.S. carrier Delta pulled its 2025 financial forecast, pointing to Trump’s tariff threats as a drag on demand. Virgin Atlantic also said it had seen a slowdown in travel to Britain from the U.S.
Air France-KLM, which reports first-quarter results on Wednesday, earlier this month said that it would consider cutting economy fares in an effort to support potentially lagging transatlantic travel.
The transatlantic route is key for global airlines, maintaining some of the highest revenue and demand and helping airlines like IAG-owned British Airways maintain solid results.
Lufthansa said demand in the U.S. sales region was continuing to rise. In March, the airlines group carried around 25% more passengers from the U.S. to Europe.
Still, the company said it has set up “a task force to closely monitor current developments and, if necessary, respond quickly and flexibly to any weakening in demand, for example by adjusting capacity.”
Lufthansa is counting on the lucrative route as it faces pressure to revive its core airline, bogged down by wage talks and high pay, and find new sources of revenue as it struggles to compete with Chinese carriers in Asia.
“Macroeconomic uncertainties, particularly the trade tensions between the U.S., the EU and other regions, are making it difficult to forecast the coming quarters accurately,” the German flag carrier said in a statement.
For the first three months of 2025, Lufthansa reported an adjusted loss before interest and taxes (EBIT) of 722 million euros ($822.14 million), roughly in line with a company-compiled forecast.
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