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Share Price: 526.80
Bid: 526.60
Ask: 527.20
Change: 1.80 (0.34%)
Spread: 0.60 (0.114%)
Open: 527.00
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Low: 526.00
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Q4 earnings: focus on cost control

Wed, 25th Jan 2023 12:05

Tech, telecom stocks push STOXX lower

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German business morale brightens further in Jan

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Rheinmetall hits record high

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at

Q4 EARNINGS: FOCUS ON COST CONTROL (1200 GMT) As European companies have started reporting their Q4 results, equity investors are on the watch for insights into management teams' expectations for 2023 as they position for an economic slowdown.

Costs for euro zone companies have surged last year and in the twelve months to November they grew by 27%, although that has come off from a record growth rate of 43.3% recorded in August, according to Eurostat.

As corporate bills rise, analysts interviewed by Reuters are increasingly saying they will focus on what European companies will have to say about cost cut plans.

"We don’t think companies are now able to fully rely on pricing to be able to control their margins... slimming down through cost control and restructuring also needs to happen," William Mileham, Equity Analyst at Mirabaud.

"There will also be some discussions around re-shoring and bringing supply chains closer to the sales point," he adds.

Revenue at Europe's largest companies is expected to have risen by just 0.9% in the fourth quarter, Refinitiv I/B/E/S data showed on Tuesday, down from 27.4% in the third quarter and the slowest growth rate since the fourth quarter of 2020.

Analysts said this earnings season will likely show whether some recent optimism about the economy is grounded in reality.

NEGATIVE U.S. INFLATION IN 2023? (1051 GMT)

Hawkish central bank officials on both sides of the Atlantic are still discussing the need for more monetary tightening, but some investors reckon that inflation will continue to surprise on the downside, at least in the U.S..

"The Fed will likely be surprised by actual data out -performing their projections on inflation," says Stephen Jen, an economist at Eurizon. "In other words, the Fed is now ahead of the inflation curve."

"High U.S. inflation induced by the 15%-GDP worth of U.S.' fiscal stimulus would prove to be temporary and eventually be arrested by low international goods prices, which are dictated by China," he argues.

"Indeed, goods price inflation is falling fast in the U.S. and could turn outright negative this year, I suspect."

According to Jen, "most of the structural reasons (demographics, globalisation, and technology) that were universally cited as reasons for the multi-decade disinflation in the world have not been fundamentally disturbed by the pandemic."

AIRLINES AND DEFENCE DEFY STOXX WEAKNESS (1003 GMT)

European shares got off to a weak start, with data showing German investor morale turning positive for first time since the Ukraine war failing to give any impulse, a sign that the good macro news may already be in the prices.

Attention was elsewhere. Solid numbers from EasyJet set its shares for their best day since March 2022, up 10%, while lifting the whole sector to fresh 11-month highs, as markets warm to the industry's improving outlook.

Also defying the broader weakness are defence stocks. Germany looks set to send Leopard 2 tanks to Ukraine and allow other countries such as Poland to do the same to help Kyiv fight off Russia's invasion.

Leopard maker Rheinmetall rose by as much as 4% at one point to a new record high, while aerospace and defence stocks neared their highest in almost 3 years.

Tech was a drag, tracking Nasdaq losses, following an disappointing cloud guidance from Microsoft. A mixed outlook and decreasing net bookings from ASML sent shares in Europe's biggest tech company down more than 1% following a good run this year. A weak healthcare sector also weighed.

The STOXX 600 was last down 0.6%.

EUROPE EYES FLAT START, EARNINGS TAKE CENTRE STAGE (0747 GMT)

Stock futures are roughly flat in Europe, shortly before the cash-market open, signalling a steady start as investors parse signals from the earnings season after a new year rally that has been driven by economic optimism.

EuroSTOXX50 futures were down 0.1% and FTSE 100 contracts were inching just marginally higher. Nasdaq futures fell 0.6% after Microsoft guided to cloud revenues below analyst expectations, a possible negative readacross for German software maker SAP.

Shares in ASML, Europe's largest technology company, are seen rising after the supplier of equipment to chip makers reported better-than-expected earnings.

In the UK, traders are calling a positive for airline EasyJet and insurance group Aviva following results, while French train maker Alstom looks set to benefit from strong order numbers.

On a downbeat note, fragrance maker Givaudan and electrical equipment maker Landis were both seen falling in Zurich following results.

RUNNING OUT OF BREATH (0656 GMT)

After a strong start to the year, fuelled by hopes that the outlook for the world economy was not shaping up as bad as expected a few months ago, stocks are finally taking a breather.

Asian equities held steady on Wednesday near seven-month highs after a mixed session on Wall Street.

On the corporate front, Barclays CEO C.S. Venkatakrishnan appointed former Credit Suisse dealmaker Cathal Deasy as co-head of investment banking with a view to grow the business and an eye for succession.

And a group of minority shareholders that appealed against the French government's full nationalisation of energy giant EDF dropped the motion on the eve of the hearing.

On a thin day for economic data, focus will be on U.K. producer prices and the German IFO.

European stock futures dipped 0.3%, indicating a weaker start for markets, while U.S. stock futures shed 0.5%.

Revenue at Europe's largest companies is expected to have risen by just 0.9% in the fourth quarter, Refinitiv I/B/E/S data showed on Tuesday.

The forecast, which tracks companies listed on the pan-European STOXX 600 benchmark index, represents a drop from last week when analysts expected revenue growth of 4%.

Investment strategists at Standard Chartered say it is time to fade the rally seen in European stocks and the euro since the lows of September.

They say an unusually warm winter has allayed fears of wide-spread energy shortages and rationing in Europe. China's economic reopening has been another tailwind for European exporters' prospects.

But they outlined many challenges for European equities, including stretched technicals and an increasingly hawkish central bank policy.

Meanwhile, Microsoft kicked off the U.S. tech season with a sobering outlook and forecast that third-quarter revenue in its cloud business would come just shy of market forecasts.

The 2% increase in the last quarter's revenue, the slowest in more than five years, signalled tougher times for tech companies just as Apple and Google-parent Alphabet are due to report earnings next week.

Key developments that could influence markets on Wednesday:

Economic data: U.K. December producer prices, Germany January Ifo

European results: Christian Dior

U.S. results: IBM, AT&T, Boeing, Whirlpool

More News
12 Oct 2023 09:23

TOP NEWS: easyJet to resume dividend payments after "record summer"

(Alliance News) - easyJet PLC on Thursday said it intends to recommence dividend payments after a three-year hiatus, as it hailed a "record summer" for its flights and holiday packages and a swing back to annual profit.

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12 Oct 2023 08:09

EasyJet to resume dividends after record fourth quarter

(Sharecast News) - Budget airline easyJet hailed record fourth-quarter profit on Thursday amid strong demand, as it said it plans to resume dividend payments and announced a deal with Airbus to expand its fleet.

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11 Oct 2023 16:15

UPDATE: Flights resume at Luton Airport but many passengers disrupted

(Alliance News) - Luton Airport near London has reopened after a vehicle fire caused a car park to collapse, sparking disruption for tens of thousands of passengers.

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11 Oct 2023 13:02

Thursday preview: U.S. CPI, Easyjet in focus

(Sharecast News) - All eyes on Thursday will be on the release of the U.S. consumer price report for the month of September.

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11 Oct 2023 11:01

UPDATE: Luton Airport car park fire leaves 25,000 passengers disrupted

(Alliance News) - Around 25,000 airline passengers are suffering disruption as Luton Airport near London remains closed because a vehicle fire caused a car park to collapse.

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10 Oct 2023 16:55

LONDON MARKET CLOSE: FTSE 100 has best day since November 2022

(Alliance News) - Global equities bounced on Tuesday as risk appetite returned to the market, despite hostilities in the Middle East continuing, as dovish words from Federal Reserve officials restored investor confidence.

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9 Oct 2023 16:56

LONDON MARKET CLOSE: Stocks suffer amid Israel conflict

(Alliance News) - Oil majors and defence contractor BAE Systems helped shield the FTSE 100 from a deeper decline on Monday, as global equities struggled as events in Israel meant it was a risk-off start to the new week.

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9 Oct 2023 15:40

London close: Stocks slip into red on growing Middle East concerns

(Sharecast News) - London's financial markets closed in the red on Monday, relinquishing earlier gains as geopolitical tensions emanating from the Israel-Gaza conflict hit global sentiment.

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5 Oct 2023 15:46

UK earnings, trading statements calendar - next 7 days

Friday 6 October 
JD Wetherspoon PLCFull Year Results
Monday 9 October 
Sareum Holdings PLCFull Year Results
Tuesday 10 October 
1Spatial PLCHalf Year Results
EnSilica PLCFull Year Results
Reach PLCTrading Statement
Robert Walters PLCTrading Statement
ScS Group PLCFull Year Results
Target Healthcare REIT PLCFull Year Results
YouGov PLCFull Year Results
Wednesday 11 October 
discoverIE Group PLCTrading Statement
Eneraqua Technologies PLCFull Year Results
Jubilee Metals Group PLCFull Year Results
Marston's PLCTrading Statement
Netcall PLCFull Year Results
PageGroup PLCTrading Statement
QinetiQ Group PLCTrading Statement
Sanderson Design Group PLCHalf Year Results
Tharisa PLCTrading Statement
Thursday 12 October 
Atalaya Mining PLCTrading Statement
Brooks Macdonald Group PLCTrading Statement
Dechra Pharmaceuticals PLCFull Year Results
easyJet PLCTrading Statement
Hays PLCTrading Statement
Kenmare Resources PLCtrading Statement
N Brown Group PLCHalf Year Results
Norcros PLCTrading Statement
Treatt PLCTrading Statement
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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2 Oct 2023 09:41

LONDON BROKER RATINGS: Morgan Stanley cuts NatWest; PageGroup raised

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

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26 Sep 2023 10:36

Rolls-Royce and EasyJet reach key milestone in development of hydrogen-powered engines

(Sharecast News) - Rolls-Royce and EasyJet achieved a new milestone in their combined efforts to develop hydrogen-fueled engines.

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25 Sep 2023 13:03

Rolls-Royce and easyJet progress with jet engine running on hydrogen

(Alliance News) - Jet engine maker Rolls-Royce Holdings PLC and airline partner easyJet PLC on Monday said their effort to build an aero engine that runs on green hydrogen achieved a milestone.

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21 Sep 2023 06:06

New easyJet recruitment drive tackles cabin crew stereotyping

(Alliance News) - A fresh campaign is being launched aimed at tackling outdated stereotyping of jobs in the airline industry.

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15 Sep 2023 07:54

LONDON BRIEFING: Games Workshop trades better than expected

(Alliance News) - Stocks in London are set to extend Thursday's gains at Friday's market open, with sentiment lifted further by the latest economic data from China.

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15 Sep 2023 06:21

Thousands impacted at Gatwick amid air traffic control staff shortages

(Alliance News) - Thousands of airline passengers have been impacted by cancelled, delayed or diverted flights due to a lack of air traffic control staff at Gatwick airport.

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