Τραπεζικές πιέσεις στα ευρωπαϊκά χρηματιστήρια

χρηματιστήρια

χρηματιστήρια

Ρευστοποιήσεις επικράτησαν σήμερα στα περισσότερα ευρωπαϊκά χρηματιστήρια, με τον κλάδο υγείας να σημειώνει τα μεγαλύτερα κέρδη και αυτόν της κοινής ωφελείας τις μεγαλύτερες απώλειες.

χρηματιστήρια χρηματιστήρια

Παρά τα μικτά πρόσημα που καταγράφοντας στο πρώτο μισό της συνεδρίασης στα ευρωπαϊκά χρηματιστήρια, οι ρευστοποιήσεις στο δεύτερο μισό της διαπραγμάτευσης υποχρέωσαν τους περισσότερους ευρωπαϊκούς δείκτες σε απώλειες, κι αυτό κυρίως λόγω των ανησυχιών των επενδυτών σχετικά με την έκθεση των τραπεζών στα εμπορικά ακίνητα, καθώς οι αξιωματούχοι των κεντρικών τραπεζών μείωσαν τις ελπίδες για πρόωρη μείωση των επιτοκίων.

Οι μετοχές της TotalEnergies (TTE) υποχώρησαν ελαφρώς κατά την προσυνεδριακή διαπραγμάτευση την Τετάρτη, αφού η εταιρεία ανακοίνωσε πτώση των κερδών της σε ετήσια βάση, εν μέσω των χαμηλότερων τιμών πετρελαίου και φυσικού αερίου, καθώς και των συρρικνωμένων περιθωρίων διύλισης. Ο γαλλικός ενεργειακός τιτάνας αύξησε επίσης τα μερίσματα και συνέχισε το πρόγραμμα επαναγοράς μετοχών.(περισσότερα εδώ)

Η Ευρωπαϊκή Ένωση ανακοίνωσε την Τετάρτη ότι κατέληξε σε προσωρινή συμφωνία σχετικά με νόμο που αποσκοπεί στη μετατόπιση της εκκαθάρισης παραγώγων σε ευρώ από τράπεζες που εδρεύουν στο μπλοκ από το Λονδίνο στην ΕΕ.

Το μεγαλύτερο μέρος της εκκαθάρισης των συμβάσεων ανταλλαγής επιτοκίων σε ευρώ, που χρησιμοποιούνται ευρέως από τις εταιρείες για την αντιστάθμιση απροσδόκητων κινήσεων στο κόστος δανεισμού, γίνεται από τον όμιλο του Χρηματιστηρίου του Λονδίνου (LON:LSEG).(περισσότερα εδώ)

Στα κυριότερα μακροοικονομικά νέα:

Στην Βρετανία, ο δείκτης τιμών κατοικιών Halifax για τον μήνα Ιανουάριο πραγματοποίησε αύξηση 1,3% έναντι εκτιμήσεων των οικονομολόγων 0,8% και αύξησης 1,1% τον προηγούμενο μήνα, ενώ σε ετήσια βάση πραγματοποίησε αύξηση 2,5% έναντι αύξησης 1,8% το προηγούμενο έτος (αναθεωρημένο από το 1,7%).

Στην Γερμανία, η βιομηχανική παραγωγή για τον μήνα Δεκέμβριο μειώθηκε 1,6% έναντι εκτιμήσεων των οικονομολόγων για μείωση 0,4% και μείωσης 0,2% τον προηγούμενο μήνα (αναθεωρημένο από το -0,7%).

Ο δείκτης Stoxx 600 έκλεισε στις 486,18 μονάδες με πτώση 0,12%.

χρηματιστήρια

Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 16.914,32 μονάδες με πτώση 0,70%, με το σήμα να παραμένει σε strong buy, και με την στήριξη να βρίσκεται στις 16.790 μονάδες.

χρηματιστήρια

Μεγαλύτερη άνοδος

μετοχές

Μεγαλύτερη πτώση

μετοχές

Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 7.630,49 μονάδες με πτώση 0,66%, παραμένοντας με σήμα strong buy, με την αντίσταση να βρίσκεται στις 7.733 μονάδες και την στήριξη στις 7.531 μονάδες.

χρηματιστήρια

Μεγαλύτερη άνοδος

μετοχές

Μεγαλύτερη πτώση

μετοχές

Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.611,26 μονάδες με πτώση 0,36%, με το σήμα να παραμένει σε strong buy, και με την στήριξη να βρίσκεται στις 7.587 μονάδες.

χρηματιστήρια

Μεγαλύτερη άνοδος

μετοχές

Μεγαλύτερη πτώση

μετοχές

Recommendations

Infineon Technologies: JP Morgan confirms his opinion on the stock and remains Neutral. The target price is unchanged at EUR 38.50.

Intesa Sanpaolo: JP Morgan is positive on the stock with a Buy rating. The target price has been revised upwards and is now set at EUR 3.80, compared with EUR 3.60 previously.

Novartis: In a research note published by Richard Vosser, JP Morgan gives a Neutral rating to the stock. The target price remains unchanged at CHF 90.

Vodafone: Analyst Akhil Dattani from JP Morgan research gives the stock a Neutral rating. The target price is reduced from GBX 88 to GBX 80.

Intesa Sanpaolo: In his latest research note, analyst Timo Dums confirms his positive recommendation. The broker DZ Bank is keeping its Buy rating.

Bechtle: DZ Bank analyst Thorsten Reigber maintains his Buy rating on the stock.

Εταιρικά νέα

Carlsberg is hopeful of earnings growth this year as cost inflation eases, after booking a large loss for 2023 following a write-off of its Russian business.

The Danish brewer, maker of the eponymous lager and a range of other beers and ciders, expects 1%-5% organic growth in operating profit in 2024, it said Wednesday.

For 2023, the company made adjusted operating profit of 11.11 billion Danish kronor ($1.60 billion) compared with DKK11.47 billion the previous year. Revenue rose 4.7% on a reported basis to DKK73.59 billion, ahead of analysts’ expectations according to a consensus of estimates compiled by the company, but the operating margin slipped to 15.1% from 16.3%.

The group reported a let loss of DKK40.79 billion for the year, reflecting the write-off of its Russian business, which was seized by the authorities in July. On an adjusted basis, net profit came in at DKK7.43 billion, 5% lower on year as a result of financing costs and currency effects, Carlsberg said.

Looking further ahead, Carlsberg said it will step up investment in marketing and sales, especially in the Chinese and Vietnamese markets and in its premium brands. It expects long-term revenue growth of 4%-6%, slightly higher than previously, and operating-profit growth exceeding that level.

For the year Carlsberg will propose a dividend of DKK27 a share, unchanged from the previous year. The group said it is also launching a new buyback of DKK1.0 billion, starting Wednesday.

J Sainsbury said it expects to save 1 billion pounds ($1.26 billion) in structural costs over the next three years as part of its strategy update and launched a share buyback program. The British grocer on Wednesday said that it aims to invest in its capabilities across technology and infrastructure to drive growth and efficiencies.

The company added that it aims to achieve more than GBP1.6 billion of retail free cash flow over three years and that it will commit to a progressive dividend policy from the start of next financial year.

It added that it expects food volume growth ahead of the market and to deliver profit leverage from sales growth, with retail operating profit growth from the start of the plan. Capital expenditure will increase to between GBP800 million and GBP850 million per year over the next three years, it added. J Sainsbury added that it has started a GBP200 million share buyback program.

“This put food back at the heart of Sainsbury’s, reset our competitive position and has created a strong financial platform from which we will grow, invest in further strengthening the business and deliver enhanced returns to shareholders,” it said.

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE):

The Board of Directors met on February 6, 2024, and decided to propose at the Shareholders’ Meeting on May 24, 2024, the distribution of a dividend for fiscal year 2023 of 3.01 EUR/share, a 7.1% increase compared to the ordinary dividend for fiscal year 2022 of 2.81 EUR/share.

Consequently, taking into account the three interim dividends of 0.74 EUR/share previously decided by the Board of Directors, the final dividend for fiscal year 2023 will be 0.79 EUR/share. Subject to approval at the Shareholders’ Meeting, the final dividend will be detached and paid in cash, according to the following timetable: Shareholders ADS holders Ex-dividend date June 19, 2024 June 18, 2024 Payment in cash July 1, 2024 July 11, 2024

Barratt Developments saw a slump in pretax profit as sales dropped in a difficult macroeconomic environment, but tightened upwards its full-year guidance as demand recovers. For the half year ended Dec. 31, the house-builder made a pretax profit of 95.2 million pounds ($119.9 million), compared with GBP501.5 million for the same period last year, on the back of a 28.5% fall in completions and a lower margin. Revenue fell to GBP1.85 billion from GBP2.78 billion.

The board declared an interim dividend of 4.4 pence a share, down from 10.2 pence.

The company said its forward sales agreed as of Jan. 28 fell to 8,760 from 10,854 homes from the comparable period a year before, with a value of GBP2.27 billion from GBP2.665 billion. However, from Jan. 1 to Jan. 28, average net private reservations per active outlet per week stood at 0.60–improving from 0.49 in the equivalent period in January 2023.

Given the uplift in reservation activity since the start of January, Barratt now expects to deliver sales of 13,500-14,000 homes for the full year, from prior guidance of 13,250-14,250. It cautioned however that the full-year out-turn remains dependent on how the market evolves through the crucial spring selling season.

Ashmore Group posted a rise in pretax profit for the first half of fiscal 2024 despite lower assets under management, driven by higher interest income on its cash and gains in its active seed capital investment program. The emerging-markets asset manager on Wednesday reported a pretax profit of 74.5 million pounds ($93.9 million) for the six months ended Dec. 31, compared with GBP53.8 million for the year-earlier period. On an adjusted basis, pretax profit was GBP54.1 million, down from GBP68.3 million. Estimates taken from a company-compiled consensus saw the figure at GBP55.6 million.

Adjusted earnings before interest, taxes, depreciation and amortization fell to GBP42.6 million, compared with GBP63.2 million a year prior and consensus’ GBP41.8 million, it said. This was due to lower average assets under management–which fell to $54.0 billion at the end of the period from $55.9 billion, as previously reported–and higher operating costs, it noted.

Net revenue was GBP94.5 million, down from GBP110.3 million, as higher performance fees partly offset lower assets and reduced foreign exchange gains, it added. Total revenue was GBP93.4 million while consensus had seen revenue of GBP87.2 million.

“Emerging Markets have continued to perform strongly over the six months, and the factors driving this performance – superior growth, effective monetary policies and a weaker US dollar as the Fed reaches the end of its tightening cycle – look set to underpin further increases in asset prices in 2024,” Chief Executive Mark Coombs said. The board declared an interim dividend stable at 4.80 pence per share.

Smurfit Kappa Group said pretax profit fell, though it hiked its dividend and said it returned to demand growth in the fourth quarter. The paper-based packaging company posted a pretax profit for 2023 of 1.055 billion euros ($1.13 billion) compared with EUR1.29 billion a year before. The company said the demand environment for industry was difficult over the year, largely due to destocking and a lack of economic activity in certain sectors. However, it said it saw a strong acceleration in demand for sustainable packaging solutions over 2023, and saw a progressive improvement in demand, returning to growth in the fourth quarter.

Earnings before interest, taxes, depreciation and amortization–which strips out exceptional and other one-off items–stood at EUR2.08 billion, from EUR2.355 billion. This still slightly exceed previous guidance for Ebitda of around EUR2.05 billion, disclosed in its at its third-quarter results. Revenue was EUR11.27 billion compared with EUR12.82 billion a year prior.

The board declared a final dividend of 118.4 European cents compared with 107.6 European cents a share a year earlier. For the full year, box volumes were down 3.5%, it said. Although early, 2024 has started well, the company said.

Pandora said it will return 5.5 billion Danish Kroner ($792.9 million) to shareholders this year after fourth-quarter net profit rose, although it slightly missed market forecasts.

The Danish jeweler said Wednesday that it will return DKK4.0 billion via a share buyback and has proposed a dividend of DKK18 a share, up from DKK16 for 2023. Net profit for the quarter ended Dec. 31 was DKK2.53 billion compared with DKK2.365 billion for the comparable period a year earlier and a company-compiled consensus of DKK2.69 billion. For the year ahead, the company expects organic growth of between 6% and 9% and an earnings before interest and taxes margin of around 25%.

Pandora said on Jan. 8 that organic growth for 2023 reached 8%, ahead of its guidance range of 5% to 6%. The EBIT margin for 2023 landed at 25%, in line with the company’s guidance of around 25%, it said at the time. Revenue for the fourth quarter was DKK10.8 billion compared with DKK9.86 billion for same period a year earlier, making DKK28.1 billion for the year, up from DKK26.5 billion. Pandora said that the first quarter of this year has been healthy, with like-for-like growth at high single-digit levels, supported by the strong brand momentum seen since mid-2023.

Akzo Nobel reported a solid rebound in fourth-quarter results, driven by rising volumes and pricing, although it slightly missed market expectations, and said it sees higher adjusted earnings this year.

The Dutch paints company–which houses the Dulux, Polycell and Cuprinol brands–said Wednesday that operating income for the period more than doubled to 214 million euros ($230.1 million) from EUR103 million in the same quarter a year prior, mainly due to a rebound in gross margins and higher volumes.

With exceptional and other one-off items stripped out, operating profit rose to EUR221 million, trailing a company-polled consensus forecast of EUR230 million, but a significant jump from EUR126 million in 2022’s fourth quarter.

Revenue on a constant-currency basis rose 4% to EUR2.53 billion, on higher volumes and pricing, matching consensus. However, on a reported basis, revenue slid 3%.

For the full year, adjusted operating income rose to EUR1.07 billion from EUR708 million, slightly below consensus of EUR1.08 billion. Full-year revenue on a reported basis fell 2% to EUR10.67 billion.

For 2024, the Amsterdam-based company expects adjusted earnings before interest, taxes, depreciation and amortization of between EUR1.5 billion and EUR1.75 billion, compared with 2023’s EUR1.43 billion. It proposed a stable final dividend of EUR1.54 a share.

Siemens Energy said it swung to a profit in the first quarter of fiscal 2024, when orders jumped amid favorable energy market trends. The German energy company said Wednesday that its net income came to 1.55 billion euros ($1.67 billion) for the quarter ended Dec. 31 compared with a EUR473 million loss a year prior.

As disclosed in January, first-quarter revenue grew 13% on a comparable basis to EUR7.65 billion, while orders grew 24% on comparable basis to EUR15.38 billion, Siemens Energy said. Siemens Energy’s order backlog stands at EUR118 billion, it said.

The company said that it remained focused “on solving the quality problems in our onshore wind business and making the most of the growth potential for the rest of the company,” Chief Executive Christian Bruch said.

It reiterated its outlook for the rest of the fiscal year to Sept. 30 of comparable revenue growth of 3% to 7% and a pre-special-item profit margin between negative 2% and positive 1%.

Vestas Wind Systems beat market expectations as it swung to a full-year pretax profit, boosted by a strong order intake, and said it sees higher revenue in 2024.

The Danish wind-turbine maker said Wednesday that it swung to a fourth-quarter pretax profit of 173 million euros ($186.1 million) from a loss of EUR480 million in the same quarter a year prior, beating market views in a company-compiled consensus of EUR138 million. Revenue dipped slightly to EUR4.77 billion in the quarter from EUR4.78 billion, but beat consensus of EUR4.58 billion. For the full year, Vestas comfortably met its revenue target, booking EUR15.38 billion versus a EUR14.5 billion-EUR15.5 billion range. This was in large part driven by growth in its service business, it said.

The company reached a record full-year order intake of 18.4 gigawatts, driven by strong growth in both offshore and onshore, particularly in the U.S., it said.

Vestas’s performance was helped by an improving business environment, but continued geopolitical volatility and slow permitting and insufficient grid build-out across markets are expected to cause uncertainty in 2024, Chief Executive Officer Henrik Andersen said.

The Aarhus-based company expects to post higher revenue in 2024, aiming for EUR16 billion to EUR18 billion, while targeting an adjusted EBIT margin of between 4% and 6% and total investments of around EUR1.2 billion.

Redrow pretax profit and revenue slumped, but said it has made an encouraging start to the second half. The London-listed home builder made a pretax profit of 84 million pounds ($105.8 million) for the six months ended Dec. 31, compared with GBP198 million for the same period a year earlier. Revenue fell to GBP756 million from GBP1.03 billion, as total home completions slipped to 1,894 from 2,485.

The company said that economic and political uncertainty led to a sales rate of 0.36 private reservations per outlet per week for the first half, down from 0.38 a year prior. However, it has made an encouraging start to the second half with the sales rate for the five weeks of 2024 recovering to 0.52. It enters the second half with a total order book of around GBP800 million.

The company backed prior full-year guidance for revenue to be in the lower end of the range of GBP1.65 billion-GBP1.7 billion, and underlying pretax profit in the range of GBP180 million-GBP200 million. The board declared an interim dividend of 5.0 pence a share, from 10.0 pence a year prior. “In recent weeks the housing market has shown signs of improvement, with increasing mortgage approvals and reduced mortgage rates with greater competition amongst lenders,” Chief Executive Matthew Pratt said.

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