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☆ European shares open lower, Siemens Energy plunges
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

June 23 (Reuters) - European shares opened lower on Friday at the end of a central bank policy-packed week that reinforced views that higher interest rates could stay for longer, while shares of Siemens Energy plunged as it withdrew its annual profit outlook. The STOXX 600 (.STOXX) index fell 0.3% by 0713 GMT. Germany's DAX index (.GDAXI) dropped 0.7%, leading losses among regional peers as shares of Siemens Energy (ENR1n.DE) sank 30.3%. The company, which supplies equipment and services to the power sector, warned that the impact of quality problems at its Siemens Gamesa wind turbine unit would be felt for years. The European oil & gas index (.SXEP) slid 1.7% to lead sectoral falls.

Persons: DAX, Shreyashi Sanyal Organizations: Siemens Energy, Bank of England, Norges Bank, Swiss National Bank, Siemens, Thomson Locations: Bengaluru

☆ German shares lead falls in Europe as Lanxess plunges
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

Germany's DAX index (.GDAXI) fell 0.5% by 0709 GMT, retreating farther from a record high it hit on Friday. The continent-wide STOXX 600 index (.STOXX) fell 0.4%. Lanxess (LXSG.DE) fell 13.3% to the bottom of the STOXX 600 after cutting its second-quarter and annual core profit forecasts, saying it saw no demand recovery in June as customers continued to destock. The chemicals index (.SX4P) slid 1.7%, leading sectoral falls. China-exposed luxury giant LVMH (LVMH.PA), which is Europe's most valuable firm, fell 0.5%, while the basic resources index (.SXPP) dropped 0.5%.

Persons: DAX, Shreyashi Sanyal Organizations: Thomson Locations: China, Bengaluru

Germany's DAX index (.GDAXI) fell 0.3% by 0750 GMT, retreating farther from a record high hit on Friday. The continent-wide STOXX 600 index (.STOXX) edged 0.1% lower. The chemicals index (.SX4P) slid 1.7%, leading sectoral declines. London's FTSE 100 index (.FTSE) rose 0.2%. Reporting by Shreyashi Sanyal in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: DAX, Boehringer's Zantac, Stuart Cole, drugmaker, Boehringer, Jerome Powell, Shreyashi Sanyal, Eileen Soreng Organizations: Europe Sanofi, Equiti, People's Bank of China, Sanofi, International Chamber of Commerce, Global Auto Holdings, Bank of, Investors, . Federal, Thomson Locations: Europe, China, United States, British, Bengaluru

☆ European shares fall at open, Sartorius plunges on forecast cut
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

June 19 (Reuters) - European shares fell at the opening bell on Monday, with Franco-German lab equipment maker Sartorius leading the declines, while investors cautiously awaited further stimulus measures from China to revive demand. The pan-European STOXX 600 index (.STOXX) shed 0.5% by 0719 GMT, while Germany's DAX index (.GDAXI) dropped 0.4% after closing at a record high in the prior session. Shares of Sartorius (SATG.DE) plunged 14%, to the bottom of the STOXX 600, after the company cut its 2023 revenue and margin forecasts on Friday. China-exposed luxury giant LVMH (LVMH.PA), which is Europe's most valuable firm, fell 0.9%, while the basic resources index (.SXPP) dropped 1.4% amid demand worries from top metals consumer China. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Germany's DAX, Antony Blinken, Shreyashi Sanyal, Savio D'Souza Organizations: Franco, Thomson Locations: German, China, The U.S, Bengaluru

The continent-wide European STOXX 600 (.STOXX) index rose 0.5%. The index gained 1.5% in the policy-packed week, its best performance in over two months. China-focused luxury stocks such as LVMH (LVMH.PA) and Richemont (CFR.S) gained nearly 3% each, boosting the broader STOXX 600. Defensive shares such as healthcare (.SXDP) gained 0.9%, and utilities (.SX6P) climbed 1.3% to a four-week peak. The STOXX 600 broke away from a restrictive 1% trading range that was seen for much of the past two weeks, as investors gradually start putting behind major central bank events.

Persons: Travis Perkins, DAX, Germany's DAX, Danni Hewson, AJ Bell, Hewson, Shreyashi Sanyal, Siddarth, Sohini Goswami, Sherry Jacob, Phillips Organizations: European Central Bank, U.S, U.S . Federal, Bank of Japan, Bank of, Britain's, Rheinmetall, Apollo Global Management, Claure Group, Thomson Locations: China, U.S ., Stockholm, Millicom, Bengaluru

The pan-European STOXX 600 index (.STOXX) closed 0.2% higher, with the DAX (.GDAXI) up 0.9%. Luxury majors LVMH (LVMH.PA) and Hermes (HRMS.PA) climbed 1.8% and 3%, respectively, further supporting the STOXX 600. Meetings of the U.S. Federal Reserve, the European Central Bank and the Bank of Japan are lined up for the week. The STOXX 600 started the year on a stronger footing compared to the S&P 500 index (.SPX) but lost steam during the second quarter due to a rise in preference for growth-oriented stocks as opposed to value stocks. Shares in SES tumbled 14.6% to the bottom of the STOXX 600 after the satellite company announced its chief executive Steve Collar would step down.

Persons: BOJ, Bernstein, DAX, Lionel Messi's, Hermes, Daniela Hathorn, Sergio Ermotti, he’s, Michael Hewson, Silvio Berlusconi, Steve Collar, Shreyashi Sanyal, Bansari, Eileen Soreng Organizations: Fed, ECB, Adidas, UBS, CS, Inter Miami, U.S . Federal Reserve, European Central Bank, Bank of Japan, Credit Suisse, CMC Markets, MEDIAFOREUROPE, Italian, Novartis, Seattle, Chinook Therapeutics, SES, BNP, Exane, Thomson Locations: Europe, Bengaluru

☆ Rheinmetall could be worth 17 billion euros over medium term, CEO says
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 10 (Reuters) - The CEO of Germany's largest defence contractor Rheinmetall (RHMG.DE) said he expected a further boost to the company's stock market value due to the Ukraine war and increased defence spending in Europe. "Our operating income in 2025 should be about 1.5 billion euros ($1.6 billion), maybe even 1.7 billion euros. "A valuation of 17 billion euros is realistic for Rheinmetall over the medium term," he added. Rheinmetall's current stock valuation is about 10.5 billion euros, on 2022 operating income of 754 million euros. The stock market value of the company, a maker of tanks, ammunition and other war equipment, has tripled since December 2021 and it joined Germany's blue-chip DAX (.GDAXI) index earlier this year.

Persons: Armin Papperger, DAX, Christian Kraemer, Holger Hansen, Sabine Siebold, Kirsti Knolle, Madeline Chambers Organizations: Rheinmetall, RND, Thomson Locations: BERLIN, Ukraine, Europe

☆ World shares muted, lira plunges to record low
▼ + stars: | 2023-06-07 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

Meanwhile, Turkey's lira plunged to a record low against the greenback as authorities appeared to loosen stabilising measures after the government signalled a pivot to more orthodox policies. Spanish stocks (.IBEX) outperformed after shares in the world's biggest fast fashion company Inditex (ITX.MC) jumped almost 7% following first quarter results. That left the MSCI's broadest index of world shares (.MIWD00000PUS) up just under 0.1% but close to its highest level in 13 months reached on Monday. The dollar fell 0.1% against a basket of currencies, while the Turkish lira weakened over 7% to a record low of 23.17 per dollar, its biggest one-day sell-off since the 2021 crash. Bitcoin was trading at about $26,900, consolidating after a sharp rebound on Tuesday from as low as $25,350.

Persons: Ben Laidler, Ipek Ozkardeskaya, eToro's Laidler, Laidler, Solana, Samuel Indyk, Kevin Buckland, Xie Yu, Robert Birsel, Louise Heavens Organizations: REUTERS, Staff LONDON, U.S, Federal Reserve, greenback, Nikkei, Fed, Wall, ICE, Treasury, Swissquote Bank, Data, Saudi, Brent, Texas, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Frankfurt, Germany, Asia, Pacific, Japan, Hong Kong, Taiwan, U.S, London, Turkish, China, Cardano, Polygon

In the previous session, the index dropped as data pointing to tepid U.S. business activity sparked profit-taking following gains in the prior week. MSCI's broadest index of world stocks (.MIWD00000PUS) was largely flat, while Tokyo's Nikkei (.N225) gained 0.90% and China's blue-chip index (.CSI300) dropped almost 1%. Three months ago, the question was how fast would rate hikes come. Now, a pause and then more U.S. rates hikes could follow as a result of sticky inflation, said Mike Kelly, head of multi-asset at PineBridge Investments. In oil markets, prices gave up most gains from the previous session after the world's top exporter, Saudi Arabia, said it would further cut output.

Persons: Toby Melville, Germany's DAX, Mike Kelly, We're, Gary Dugan, bitcoin, Nell Mackenzie, Dhara Ranasinghe, Mark Potter Organizations: London Stock Exchange Group, City of, REUTERS, Reserve, British Retail Consortium, Tokyo's Nikkei, Reserve Bank of Australia, Fed, European Central Bank, Bank of Japan, PineBridge Investments, Saxo Markets, Dalma, Thomson Locations: City, City of London, Britain, U.S, Saudi Arabia

☆ Vonovia to sell 1 bln eur stake in residential portfolio to Apollo
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

BERLIN, April 26 (Reuters) - Vonovia (VNAn.DE) has agreed to sell a minority stake in its Suedewo residential portfolio to U.S. investor Apollo for 1 billion euros ($1.10 billion), Germany's largest real estate group said on Thursday. The transaction could have a signal effect on the struggling German real estate market, where hardly any major sales have occurred in recent months in the face of high interest rates and falling real estate prices. The transaction values the Suedewo portfolio in the southwestern state of Baden-Wuerttemberg at 3.3 billion euros, which is a discount of less than 5% to Suedewo's fair value as of December 31, Vonovia said. With the proceeds, Vonovia will generate around half of the targeted 2 billion euros in free cash flow from asset sales. To secure access to capital amidst the property market crisis, the group earmarked properties worth 13 billion euros for sale in the summer.

☆ Volkswagen to invest $193 billion over 5 years to hit EV target
▼ + stars: | 2023-03-14 | by ( Victoria Waldersee | ) www.reuters.com time to read: +4 min

[1/2] The logo of carmaker Volkswagen Commercial Vehicles is pictured at the IAA Transportation fair, which opened its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. The investments come as Volkswagen, Europe's top carmaker, tries to close a gap with electric vehicle (EV) pioneer Tesla (TSLA.O) by expanding its slice of the growing market for battery-powered cars. In the latest investment plan, up to 15 billion euros is ringfenced for battery plants and raw materials. VW outperforms EU rivalsThe investment decisions are targeted towards fulfilling a 10-point plan developed by Volkswagen CEO Oliver Blume after he took the helm in September. The most likely actual stock market candidate is battery unit PowerCo.

☆ Rheinmetall in talks on building tank factory in Ukraine - report
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 4 (Reuters) - German defence contractor Rheinmetall (RHMG.DE) is in negotiations about building a tank factory in Ukraine, the newspaper Rheinische Post reported on Saturday, citing an interview with CEO Armin Papperger. Rheinmetall makes ammunition, other military equipment and also the Leopard tanks that Germany decided to send to Ukraine, which the company produces jointly with Krauss-Maffei Wegmann. "A Rheinmetall plant can be set up in the Ukraine for around 200 million euros ($212.64 million), which can produce up to 400 Panthers a year," Papperger was quoted as saying. He said Ukraine needed 600 to 800 tanks and the construction of new tanks must start quickly to achieve that number, he said. Its shares hit a record high in January after Germany's decision to send the heavy Leopard tanks to Ukraine.

"We expect the supply chain bottlenecks to gradually ease in the current year, allowing us to service the high order backlog." Shares in the company rose 7.5% to the top of Frankfurt's benchmark DAX index (.GDAXI) on the news and hit their highest level since Dec. 13. Volkswagen's revenues are forecast to grow by 10-15%, indicating 2023 sales of 307 billion to 331 billion euros, significantly higher than the 280 billion Refinitiv estimate. According to Refinitiv estimates, holders of Volkswagen's preferred shares were expected to get a dividend of 8.46 euros apiece. ($1 = 0.9414 euros)Reporting by Christoph Steitz and Jan Schwartz Editing by Miranda Murray and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen expects vehicle deliveries, sales to rise in 2023
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

Companies Volkswagen AG FollowFRANKFURT, March 3 (Reuters) - Volkswagen (VOWG_p.DE), Europe's largest carmaker, expects revenues and vehicle deliveries to rise in 2023, it said on Friday, citing a strong order backlog and the easing of chip shortages and supply chain issues. Vehicle deliveries are expected to rise to around 9.5 million in 2023, the company said, up from 8.26 million last year. Sales are forecast to grow by 10-15%, indicating 2023 sales of 307 billion to 331 billion euros ($326-$352 billion). According to Refinitiv estimates, 2023 sales are seen at 280 billion euros. Dividends are to increase by 1.20 euros per share, rising to 8.70 euros per ordinary share and to 8.76 euros per preferred share.

☆ European shares kicks off week on solid footing, all sectors rise
▼ + stars: | 2023-02-27 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The blue-chip index (.STOXX) added 0.9%. It fell 1.4% last week after hotter-than-expected U.S. inflation data fuelled bets that the Federal Reserve would continue to raise rates. European retailers (.SXRP) rose 1.1%, led by a 3.1% increase in shares of Hennes & Mauritz (HMb.ST). Mould highlighted that consumer spending has been buttressed by gas prices coming down and help from government-support schemes across the single-currency bloc. Dechra Pharmaceuticals (DPH.L) tumbled 15.5%, to the bottom of the STOXX 600, as the veterinary drugs maker warned its full-year operating profit would be at the lower end of analysts' expectations.

"His deep understanding of our customers' needs, and the broader industry make him an ideal candidate for Chairman of the Supervisory Board from 2024 onwards," Plattner added. Plattner, who co-founded SAP in 1972 alongside four other former IBM employees, stepped down from active management in May 2003 to head the supervisory board after serving as SAP's CEO since 1997. He owns a 6.16% stake in SAP which is currently worth 8.23 billion euros ($8.73 billion), and said he would remain committed to the company as an "investor with an unchanged stake". SAP, in a separate statement, said it would propose a dividend of 2.05 euros per share for 2022. The company paid 2.45 euros a share for the previous year, which included a 0.50 euros apiece special dividend.

Healthcare group Fresenius (FREG.DE) said late on Tuesday it would give up strategic control over FMC via a planned change of the division's legal form, also releasing annual results and an outlook that failed to impress investors. Fresenius CEO Michael Sen, a former E.ON (EONGn.DE) and Siemens (SIEGn.DE) executive who took over the helm in October, wants to simplify the company's structure but said he will hang onto the 32% stake Fresenius owns in FMC. This makes a sale more likely in the future, said Florian Oberhofer, portfolio manager at Union Investment, which holds 0.26% of Fresenius shares. Sen said Fresenius was banking on a business improvement at FMC and Vamed and on participating financially in this through its holdings in both. FMC and Fresenius shares lagReporting by Ludwig Burger and Patricia Weiss; Additional reporting by Christoph Steitz; Writing by Rachel More; Editing by Josephine Mason, Elaine Hardcastle and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Lawrence Elbaum, co-head of law firm Vinson & Elkins' shareholder activism practice, said investors were looking for value-boosting strategies that do not require much funding in a difficult market. Deka Investment, which has around 367 billion euros ($392 billion) in assets under management and holds stakes in most major German corporations, has repeatedly called out German companies for structural weaknesses. Germany's blue-chip DAX 30 index (.GDAXI) put in the worst performance of any major European stock market in the past year, rising just 2%. Joe Kaeser, supervisory board chairman of Siemens Energy (ENR1n.DE), said the United States was much more advanced, and also more successful, in the field of shareholder activism. As CEO of conglomerate Siemens AG from 2013 until 2021, he engineered one of Germany's most successful corporate break-ups, separately listing Siemens Energy and Siemens Healthineers (SHLG.DE) and merging Siemens's wind unit with Spain's Gamesa.

☆ European shares up as travel stocks shine, Thyssenkrupp slides
▼ + stars: | 2023-02-14 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The continent-wide STOXX 600 index (.STOXX) rose 0.4%, while European travel & leisure stocks (.SXTP) advanced 0.8%. TUI's German-listed shares (TUIGn.DE) rose 2.5%, with its shares listed in London adding 2.5% after the company reported more bookings and higher first-quarter revenue. In Europe, a flash reading of fourth quarter GDP is also on the radar on growing hopes that the euro zone economy most likely avoided a recession. The STOXX 600 has risen over 9% so far this year led by better-than-expected earnings and a brighter outlook for the euro zone economy. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ European shares hit fresh nine-month high on earnings boost
▼ + stars: | 2023-02-09 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) was up 0.8% at 0920 GMT, extending gains for a third straight session. Shares of Sweco AB (SWECb.ST), a Swedish construction and engineering company, jumped 11% to top the STOXX 600 following its upbeat fourth-quarter earnings. An over 5% gain in AstraZeneca (AZN.L) on 2023 earnings and revenue growth forecast boosted the healthcare sub-index (.SXDP). Of the 93 STOXX 600 companies that have reported earnings so far, more than half have beaten market expectations, Refinitiv data showed on Tuesday. Signs of economic resilience and better-than-feared corporate earnings have helped European stocks outperform their U.S. counterparts so far this year.

☆ Germany's Leopard tank move puts spotlight on its maker: Rheinmetall
▼ + stars: | 2023-01-25 | by ( Christoph Steitz | ) www.reuters.com time to read: +4 min

A day later, Germany's long-awaited decision to send heavy Leopard tanks to Ukraine, which Rheinmetall produces jointly with peer Krauss-Maffei Wegmann, pushed shares in the nearly 134-year old firm to a record high. You can see that right now in Ukraine," Papperger, a trained engineer who joined Rheinmetall in 1990, said. The group has said it can deliver a total of 139 Leopard tanks - 51 of the model 2 and 88 of the older model 1 - to Ukraine. Rheinmetall has said that 29 of the Leopard 2A4 tanks could already be delivered by April or May. Analysts at Stifel Equity Research estimate Leopard deliveries could bring in between 300 million euros and 350 million euros of sales for Rheinmetall this year and next.

The pan-European STOXX 600 (.STOXX) climbed 0.3% at 0936 GMT, boosted by gains in banks (.SX7P) and industrials (.SXNP). European shares were on track to snap a two-week winning streak, thanks to the worst single-day selloff so far this month on Thursday following disappointing earnings reports, weak U.S. economic data and hawkish comments from central bankers. Energy stocks (.SXEP) gained 0.8%, tracking firm crude prices on hopes of demand recovery in the world's second-biggest economy. "Europe has more exposure to China reopening and luxury is a big part of the European market," said Jamie Mills O'Brien, investment manager at Abrdn. "Some of the big players are pure China reopening bets."

☆ International stock trade could be in the first inning as investors seek alternatives to U.S. tech
▼ + stars: | 2023-01-13 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

"FANG" and other big cap tech have faded as favorite trades, but i nvesting in foreign stocks as a way to generate better returns is just beginning. The outperformance in foreign markets has not gone unnoticed by U.S. investors, bruised by the 19.4% decline in the S & P 500 last year. Also, investors in foreign stocks will benefit if their local currencies gain against the dollar. Investors are now monitoring foreign markets much more and focusing on what's happening in currency pairs, like dollar/yen. "I think a lot of investors will play Europe stocks right out of the gate," he said.

☆ European shares start 2023 on upbeat note on encouraging factory data
▼ + stars: | 2023-01-02 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The pan-regional STOXX 600 (.STOXX) rose 0.8%, supported by consumer discretionary stocks. "With 10-year bund yields above 2.50%, relaxed year-end trading and the probable drop in HICP inflation are raising hopes for an upbeat start into the year," Commerzbank Research analysts said in a note, referring to the euro zone consumer prices inflation data due later this week. Rate-sensitive technology stocks (.SX8P), among the worst-performing shares last year, rose 1.5% on the day, despite more hawkish signals from the European Central Bank. Bond yields of Europe's largest economy, Germany, dropped from their highest levels in more than a decade as investors braced for inflation data this week. The German DAX (.GDAXI) gained 1.0%, while other European exchanges also started the year on a positive note.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 27, 2022. With markets thin, China and Hong Kong stocks fell, and MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.7% at 1223 GMT. U.S. stock index futures pointed to a more upbeat tone on Wall Street, with Nasdaq 100 e-minis up 0.6% and S&P 500 e-minis up 0.4% . Risk appetite was subdued for much of 2022 as global central banks raised interest rates in an attempt to bring down inflation. The Fed raised interest rates by 50 bps earlier in December after delivering four consecutive 75 bps hikes in the year, but it has said it may need to keep higher interest rates for longer.

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