Πιέσεις στα ευρωπαϊκά χρηματιστήρια

Σε αρνητικό έδαφος ολοκλήρωσαν τα περισσότερα ευρωπαϊκά χρηματιστήρια, με το σύνολο των κλάδων να κλείνει με αρνητικό πρόσημα, και με τις μετοχές του κλάδου υγείας να σημειώνουν τις μεγαλύτερες απώλειες.

Πιέσεις ασκήθηκαν σήμερα στα περισσότερα ευρωπαϊκά χρηματιστήρια από την έναρξη της συνεδρίασης, με τους επενδυτές να επηρεάζονται αρνητικά από τα μακροοικονομικά και εταιρικά νέα που ανακοινώθηκαν σήμερα.

Στα κυριότερα μακροοικονομικά νέα:

Στην Γαλλία, η Καταναλωτική Δαπάνη για τον μήνα Σεπτέμβριο πραγματοποίησε αύξηση 0,1% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) και αύξησης 0,4% τον προηγούμενο μήνα (αναθεωρημένο από το +0,2%). Σύμφωνα με τα προκαταρκτικά στοιχεία το ΑΕΠ τρίτου τριμήνου πραγματοποίησε αύξηση 0,4% έναντι εκτιμήσεων των οικονομολόγων 0,3% και αύξησης 0,2% το προηγούμενο τρίμηνο.

Στην Ισπανία, σύμφωνα με τα προκαταρκτικά στοιχεία ο Δείκτης Τιμών Καταναλωτή σε ετήσια βάση ενισχύθηκε 1,8% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 1,7% και αύξησης 1,5% το προηγούμενο έτος. Σύμφωνα με τα προκαταρκτικά στοιχεία ο Εναρμονισμένος Δείκτης Τιμών Καταναλωτή σε ετήσια βάση ενισχύθηκε 1,8% σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι αύξησης 1,7% το προηγούμενο έτος. Τέλος, σύμφωνα με τα προκαταρκτικά στοιχεία το ΑΕΠ τρίτου τριμήνου πραγματοποίησε αύξηση 0,8% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,6% και αύξησης 0,8% το προηγούμενο τρίμηνο.

Στην Γερμανία, ο Δείκτης Ανεργίας για τον μήνα Οκτώβριο ανήλθε στο 6,1% (σύμφωνα με τις εκτιμήσεις των οικονομολόγων) έναντι 6% τον προηγούμενο μήνα. Σύμφωνα με τα προκαταρκτικά στοιχεία το ΑΕΠ τρίτου τριμήνου πραγματοποίησε αύξηση 0,2% έναντι εκτιμήσεων των οικονομολόγων για επιβράδυνση 0,1% και επιβράδυνσης 0,3% το προηγούμενο τρίμηνο (αναθεωρημένο από το -0,1%), ενώ σε ετήσια βάση πραγματοποίησε επιβράδυνση 0,2% έναντι εκτιμήσεων των οικονομολόγων για επιβράδυνση 0,3% και επιβράδυνσης 0,3% το προηγούμενο έτος (αναθεωρημένο από στάσιμο). Τέλος, σύμφωνα με τα προκαταρκτικά στοιχεία ο Δείκτης Τιμών Καταναλωτή για τον μήνα Οκτώβριο πραγματοποίησε αύξηση 0,4% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,2% και σταθερός τον προηγούμενο μήνα, ενώ σε ετήσια βάση ενισχύθηκε 2% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 1,8% και αύξησης 1,6% τον προηγούμενο μήνα.

Στην ευρωζώνη, σύμφωνα με τα προκαταρκτικά στοιχεία το ΑΕΠ τρίτου τριμήνου πραγματοποίησε αύξηση 0,4% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,2% και αύξησης 0,2% το προηγούμενο τρίμηνο, ενώ σε ετήσια βάση πραγματοποίησε αύξηση 0,9% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,8% και αύξησης 0,6% το προηγούμενο έτος (αναθεωρημένο από στάσιμο).

Η ιταλική κυβέρνηση προέβη στην έκδοση ομολόγου πενταετούς διάρκειας με κουπόνι 2,96% έναντι 2,67% της αντίστοιχης προηγούμενης έκδοσης, καθώς και στην έκδοση ομολόγου δεκαετούς ομολόγου με κουπόνι 3,57% έναντι 3,43% της αντίστοιχης προηγούμενης έκδοσης.

Ο δείκτης Stoxx 600 έκλεισε στις 511,62 μονάδες με πτώση 1,23%.

Στην Φρανκφούρτη ο δείκτης DAX άνοδο στις 19.262,65 μονάδες με πτώση 1,13%, με το σήμα να μετατρέπεται από strong buy και neutral, και με την στήριξη να βρίσκεται στις 18.951 μονάδες και την επόμενη στις 18.530 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 8.159,80 μονάδες με πτώση 0,73%, με το σήμα να μετατρέπεται από neutral σε strong sell , και με την αντίσταση να βρίσκεται στις 8.234 μονάδες και την επόμενη στις 8.440 μονάδες και την στήριξη στις 8.142 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.438,36 μονάδες με πτώση 1,10%, με το σήμα να μετατρέπεται από sell σε strong sell, και με την αντίσταση να βρίσκεται στις 7.705 μονάδες και την στήριξη στις 7.393 μονάδες.

Μεγαλύτερη άνοδος

Μεγαλύτερη πτώση

Recommendations

BASF: Analyst Chris Counihan from Jefferies research gives the stock a Neutral rating. The target price remains unchanged at EUR 43.

HSBC: UBS analyst Jason Napier maintains his Neutral opinion on the stock. The target price has been revised upwards and is now set at GBX 710, compared with GBX 658 previously.

Santander: Analyst Ignacio Cerezo from UBS research considers the stock attractive and recommends it with a Buy rating. Previously set at EUR 6.20, the target price has been slightly modified to EUR 6.30.

Richemont: Analyst Nick Anderson from Berenberg research gives the stock a Neutral rating.

LVMH: Berenberg’s analyst Nick Anderson upgrades his rating from Neutral to Buy.

Kering: Berenberg analyst Nick Anderson maintains his Neutral opinion on the stock.

Εταιρικά νέα

Norwegian telecom operator Telenor raised its full-year outlook after it reported third-quarter earnings slightly more than market expectations on Wednesday.

The company said in a statement its earnings before interest, tax, depreciation and amortisation (EBITDA) before other items fell to 9.21 billion crowns ($840.08 million) in the July to September quarter, from 9.25 billion a year earlier.

That was slightly above analysts’ expectations in a consensus poll provided by the company.

It now expects 3%-4% organic growth in Nordic service revenues, up from low-to-mid single digits earlier, around 6% Nordic EBITDA growth from mid-single-digit earlier, and free cash flow of NOK 9.5-10 billion ($8.68 billion) from the previous NOK 9-10 billion.

UBS Group posted third-quarter profit that was almost double expectations, reducing costs and boosting revenues and said it had completed the first wave of client migrations from Credit Suisse since acquiring its old rival last year.

Net profit attributable to shareholders at Switzerland’s largest bank was $1.4 billion compared with the $740 million estimated by analysts in a company-provided poll.

Operating expenses were $10.3 billion in the quarter, down from more than $11.6 billion in the same period a year earlier. Group total revenue came in at $12.3 billion, ahead of a consensus figure of $11.5 billion.

“Against a market backdrop that, while constructive, still exhibited periods of high volatility and dislocation, our business delivered impressive revenue growth as we maintained strong client momentum, particularly in the Americas and APAC,” UBS CEO Sergio Ermotti said in a statement.

“We continue to significantly mitigate execution risk as we progress on the integration of Credit Suisse while remaining disciplined in driving our cost and efficiency targets.”

UBS said it expected market conditions to be similar during the fourth quarter, aided by the prospect of a soft landing in the U.S. economy. But it noted that the macroeconomic outlook in the rest of the world remained clouded.

“In addition to seasonality…ongoing geopolitical conflicts and the upcoming U.S. elections are creating uncertainties that are likely to affect investor behavior,” it said.

In May, UBS formally completed the merger with its long-time rival Credit Suisse, which collapsed last year following a string of financial setbacks and scandals.

UBS is pushing ahead with the integration of Credit Suisse, and Ermotti said last month the bank was running ahead of schedule with its efforts to cut costs and absorb its old rival.

The bank recently began migrating clients from Credit Suisse onto its own platforms, a process that Ermotti last week said would likely take about 18 months.

UBS said it had successfully completed the first wave of client account migrations with transfers in Luxembourg and Hong Kong during October and that Singapore and Japan were expected by year-end. Switzerland would follow next year, it added.

Investors have welcomed the takeover, with UBS shares up well over 60% since it bought Credit Suisse in March 2023.

Uncertainty continues to dog UBS though because markets are waiting to see how tough new regulations for the bank sketched out by Swiss authorities earlier this year turn out to be.

The government wants UBS and other systemically relevant banks to hold more capital in order to prevent the risk of another Credit Suisse-style collapse in future.

UBS and the country’s banking lobby have pushed back against this, warning that saddling lenders with excessive burdens could make the sector less competitive and hurt business.

Swiss financial market regulator FINMA has also ordered UBS to improve its emergency and recovery plans following the demise of Credit Suisse, an event which shook confidence in Swiss banking among some wealthy clients, a recent study showed.

French IT consulting group Capgemini cut its 2024 revenue target for the second time this year on Wednesday, after continued weakness in some of its markets, especially manufacturing, hit its third-quarter sales.

The group, which offers services ranging from cloud and AI to enterprise management across a wide array of industries, had in July forecast a surprise fall in its annual revenue due to a downturn in the automotive and aerospace sectors.

It now expects its revenue to decline by between 2% and 2.4% at a constant currency basis, versus its previous forecast for a drop of 0.5% to 1.5%.

Capgemini’s revenue fell 1.6% at constant exchange rates to 5.38 billion euros ($5.82 billion) in the third quarter.

“In a market that remains soft overall, we expect to deliver a similar growth in Q4,” CEO Aiman Ezzat said in the earnings statement, though he added the company expected headwinds tech and telecom sectors to ease gradually.

“Client demand continues to be driven by operational efficiencies and cost reduction and we seize their growing appetite for AI and Gen AI services,” Ezzat said.

Amundi, Europe’s biggest fund manager, posted in-line quarterly inflows on Wednesday, driven by sustained demand for risk-averse products and its Asian operations.

Net inflows in the third quarter were 2.9 billion euros, bringing total assets under management (AUM) to 2.19 trillion euros at end of September, up 11.1% from a year earlier.

The relatively low amount of net inflows in the third quarter compared with previous quarters stemmed from the loss of a mandate of a large European insurance client, Amundi said.

Analysts had expected net inflows of 2.3 billion euros on average, a consensus compiled by Amundi showed.

Demand for safe investments such as medium and long-term assets through exchange-traded funds and exchange-traded commodities (ETFs and ETCs) brought 7.8 billion euros of net inflows, offsetting an outflow of 7.1 billion euros in active management, driven by equity and multi-asset products.

“On passive management, the market momentum … is particularly positive for Amundi in the third quarter and for the year as a whole,” Chief Executive Valerie Baudson said in a call with reporters.

Amundi’s Asian operations, notably its joint venture in India, and third-party distributors also contributed to net inflows.  

The last quarter was marked by the announcement of the planned acquisition of AXA’s asset management arm by BNP Paribas (OTC:BNPQY). Amundi was among the rival bidders, people with knowledge with the matter have told Reuters. 

News of the tie-up has fueled prospects for more deals in the sector. Most recently, Germany’s biggest insurer, Allianz (ETR:ALVG), has been weighing options for its Allianz Global Investors unit, sources close to the matter told Reuters last week. 

“I won’t be commenting on market rumors and the Allianz issue,” Baudson said when asked if such a deal would draw Amundi’s interest.

Amundi remains open to acquisitions, provided the would-be targets meet strict return-on-investment criteria, she added. 

Amundi, which is controlled by French bank Credit Agricole (OTC:CRARY), posted growth of 16.1% in third-quarter adjusted net income to 337 million euros, in line with the 333 million-euro estimate expected by analysts. Revenue over the period rose 10.5% to 862 million euros.

BASF warned that its full-year earnings would come in at the low end of its outlook after posting weaker-than-expected third-quarter profit, while it anticipates the lower prices and slower volume growth clouding the chemicals sector will hit its performance in the final quarter.

The German chemical giant on Wednesday said it expects full-year earnings before interest and taxes, depreciation and amortization before special items–its preferred key metric–at the low end of its previously guided range of 8.0 billion to 8.6 billion euros, equivalent to $8.66 billion-$9.30 billion.

In the third quarter, Ebitda before special items rose 5% to 1.62 billion euros but missed analysts’ estimates of 1.67 billion euros, according to a company-compiled consensus.

The earnings increase was driven by higher volumes and margins in its core businesses, partly offset by a decline in its agricultural solutions and surface-tech segments, which it considers noncore. A one-off booked provision in its agricultural segment for the glufosinate-ammonium plant closure due to a fire in July further dragged down its earnings.

BASF’s focus on its core operations and weighing potential listings or sales of its noncore assets is part of the strategy of Chief Executive Markus Kamieth, who has been at the helm of the company since April.

The company posted third-quarter sales of 15.74 billion euros, up slightly from 15.73 billion euros the previous year. Analysts had expected sales of 15.48 billion euros.

Sales of its surface-tech segment–the only unit that posted a decline in revenue–fell 19% to 3.13 billion euros, below analysts’ expectations of 3.32 billion euros. The company cited weak demand in the automotive market–one of BASF’s biggest end markets–as well as lower metal prices and foreign-currency headwinds.

The company’s sales rose in Europe and North America but declined in South America, Africa, Middle East and in the Asia Pacific region, particularly hit by slowed demand in China.

Its free cash flow amounted to 569 million euros compared with 1.465 billion euros in the prior-year period. BASF reiterated its 2024 free cash flow guidance, expected at between 0.1 billion euros and 0.6 billion euros.

The DAX-listed company said it reached its cost-savings target of 800 million euros by the end of September and that it is on track to achieve an annual cost reduction of more than 800 million euros, rising to more than 2.1 billion euros by the end of 2026.

Schneider Electric third-quarter revenue rose to record levels on continued strength in energy management, beating market views.

The French energy-management and automation group on Wednesday said that its revenue for the three months through September rose to 9.31 billion euros ($10.07 billion) from 8.79 billion euros in the same period the prior year. Analysts had forecast 9.26 billion euros, according to consensus estimates provided by the company.

The result was a 5.9% increase on a reported basis and an 8.0% increase on an organic basis, the company said.

“Sales in 3Q are at record levels and were led by our Systems business reflecting particularly the strength of megatrends including Digitization & AI and the Energy,” Chief Executive Peter Herweck said.

Schneider Electric saw double-digit organic sales growth in energy management, supported by continued dynamism in datacenter and infrastructure end-markets.

The results are consistent with peer reporting, as Switzerland’s ABB continues to benefit from strength in the electrification business and raised its full-year guidance on a strong third-quarter performance. Siemens is expected to publish fourth-quarter figures on Nov. 14.

Industrial automation fell 6%, hurt by market weakness in discrete automation, it said.

All four regions contributed to growth. In North America revenue grew 16.9% on a reported basis. Western Europe grew 6.8%, the company said.

For 2024, the company backed its full year outlook, which it had upgraded in July. It continues to target adjusted earnings before interest, taxes, and amortization growth of between 9% to 13%, which it would achieve through a combination of organic revenue growth and margin improvement, it said.