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SummarySummary Companies STOXX 600 off 0.1%Defence firms fall after failed Russian mutinyHealthcare sector drags STOXX 600German business morale weakens againJune 26 (Reuters) - European shares inched lower on Monday, led by healthcare, while defence stocks fell after an aborted weekend mutiny in Russia. The pan-European STOXX 600 index (.STOXX) slipped 0.1% as of 1600 GMT, extending losses for its sixth straight session. Shares of major European defence firms Leonardo SpA (LDOF.MI), Saab AB (SAABb.ST) and Rheinmetall AG (RHMG.DE) each dropped more than 4%, weighing on the European aerospace and defence sub-index (.SXPARO) which fell 0.9%. "It's too early to price something into the market, that's why the really limited move on defence stocks." The healthcare index (.SXDP) fell 1.1% and was a big drag on the STOXX 600 index, which has come under pressure on concerns about an economic slowdown from a potentially longer-than-expected global interest rate hiking cycle.

Persons: Vladimir Putin, Leonardo, Shanti Kelemen, It's, Germany's DAX, Aston Martin, Amruta Khandekar, Varun H, Dhanya Ann Thoppil, Richard Chang Organizations: Wagner Group, Leonardo SpA, Saab AB, Rheinmetall AG, G Wealth, Energy, Siemens Energy, Lucid, Cineworld, SBB, Thomson Locations: Russia, Ukraine, Europe's, British, Swedish

☆ Blackstone deal is a bright spot in gloomy sector
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 26 (Reuters Breakingviews) - The U.S. commercial real estate industry is mired in gloom, but some pockets are still sunny. The portfolio includes 14 million square feet of industrial properties in cities like Atlanta, Phoenix and Dallas, and the deal is premised in part on rising rents. According to the two companies, the net operating income generated by the warehouses is 4% of the acquisition price. Meanwhile, listed real estate investment trusts which own industrial warehouses trade at a narrowing discount to net asset value, according to S&P Global Market Intelligence. In a gloomy sector, so-called big boxes are a bright spot.

Persons: Steve Schwarzman, Avison Young, Jennifer Saba, Aston Martin, Peter Thal Larsen, Oliver Taslic Organizations: YORK, Reuters, U.S, P Global Market Intelligence, Twitter, Siemens, Telecom Italia, Vivendi, Thomson Locations: Atlanta, Phoenix, Dallas, Canada

☆ Siemens Energy share sell-off deepens, takes market value loss to $8 billion
▼ + stars: | 2023-06-26 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

FRANKFURT, June 26 (Reuters) - Siemens Energy (ENR1n.DE) shares fell for a second consecutive session on Monday, hit by a raft of target price cuts and rating downgrades in the wake of deeper-than-expected problems at its wind turbine division that emerged last week. It share price was down 3.3% at 1252 GMT, at the bottom of Germany's blue-chip DAX (.GDAXI) index, taking the group's loss in market valuation to 7.4 billion euros ($8.1 billion) since it scrapped its profit outlook late on Thursday. Its shares on Monday traded around 14 euros apiece, the lowest level in seven and a half months. Siemens Energy was forced to publish a brief ad hoc statement late on Thursday based on limited information, withdrawing its profit outlook after it became apparent that the issues would incur costs of more than 1 billion euros. ($1 = 0.9162 euros)Reporting by Christoph Steitz; editing by Matthias Williams and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: DAX, Jefferies, Christoph Steitz, Matthias Williams, Emelia Organizations: Siemens Energy, Reuters, Citi, Siemens, Monday, Thomson Locations: FRANKFURT

☆ CNBC Daily Open: Skim off the froth
▼ + stars: | 2023-06-26 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on June 01, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Stock markets in Europe traded lower too. [PRO] Markets on an even footingMarkets may have declined last week, but CNBC Pro's Michael Santoli thinks there's still a "favorable underlying market trend."

Persons: Goldman Goldman Sachs, David Solomon, Solomon, Moody's, Wagner, Yevgeny Prigozhin, Alexander Lukashenko, Antony Blinken, Michael Santoli, there's Organizations: New York Stock Exchange, CNBC, Siemens, Moody's Investors, Wagner Group, Belarusian, U.S Locations: New York City, Europe, GreenSky, U.S, Russia, Rostov, Moscow

☆ Aston Martin pulls out of slow lane in EV race
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 26 (Reuters Breakingviews) - Aston Martin Lagonda’s (AML.L) route to viability is a brain-teaser worthy of Q, James Bond’s quartermaster famous for turning everyday objects into whizzy tools. The 2.6 billion pound carmaker’s latest deal with $11 billion Lucid (LCID.O) shows the marque made famous by the fictional spy is, however, making progress. The deal with Lucid – majority-owned by the PIF, handily enough – will make Aston’s ambition to roll out its first electric vehicle by 2025 more credible. The deal sent Aston shares up over 9% in early Monday trading. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aston Martin Lagonda’s, Q, James Bond’s, Aston, Lawrence, –, Mercedes, Neil Unmack, George Hay, Oliver Taslic Organizations: Reuters, Jefferies, Public Investment Fund, Porsche, Mercedes, Benz, U.S, Aston, Twitter, Canada, Siemens, Telecom Italia, Vivendi, Thomson

The Global Wind Energy Council said earlier this year that a record 680 gigawatts (GW) of wind energy capacity is expected to be installed by 2027. But the expected revenues of those planning to build wind turbines have not risen in tandem. Many governments index the prices paid for wind energy, usually through auctions, which are often too low, analysts at Wood Mackenzie said. COMPONENTSAmong the issues which arise from operating wind turbines, wear and tear on turbine blades over time can lead to erosion. Its shares fell more than 6% on Friday, while shares in Siemens Energy, the second biggest wind turbine maker, sank 37%.

Persons: Wood Mackenzie, WindEurope, Nina Chestney, Christoph Steitz, Barbara Lewis Organizations: Siemens Energy, LONDON, Siemens, World Energy, Wind Energy Council, International Energy Agency, Thomson Locations: China, Ukraine, Frankfurt

The STOXX 600 (.STOXX) index closed 0.3% lower after data showed euro zone business growth stalled this month as the downturn in manufacturing deepened. "A hike was fully expected, but the magnitude of the rise surprised most," said RBC Brewin Dolphin’s head of asset allocation, Paul Danis. Germany's DAX index (.GDAXI) shed 1.0%, leading losses among regional peers as shares of Siemens Energy (ENR1n.DE) sank 37.3%. DATA DIGESTWhile euro zone business growth stalled in June, a separate reading showed German business activity slowed notably this month. French business activity contracted this month for the first time in five months, data showed.

Persons: Germany's DAX, Paul Danis, DAX, Clemente De Lucia, Shreyashi Sanyal, Bansari, Eileen Soreng, Jonathan Oatis Organizations: Siemens Energy, GSK, Bank of England, Norges Bank, Swiss National Bank, Investors, RBC, Bank, Siemens, Deutsche Bank Research, Thomson Locations: U.S, Stockholm, Helsinki, Bengaluru

☆ Canada is calling Meta’s bluff
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

If Australia is any guide, Meta’s intended blackout will likely be short-lived. Meta has insisted it is unfair to expect the company to pay publishers when it drives traffic to their websites. Lawmakers are pushing for similar rules in Meta’s home state of California and in the U.S. Congress. Meta says it makes 40% of its revenue, which was $117 billion last year, in the U.S. and lists Australia and Canada among its most significant regions. If Canada calls Meta’s bluff, the tech giant may just as easily fold against Uncle Sam.

Persons: Meta, Mark Zuckerberg’s, Uncle Sam, Anita Ramaswamy, Jennifer Saba, Katrina Hamlin Organizations: YORK, Reuters, Facebook, Google, U.S . Congress, Meta, Twitter, Siemens, Telecom Italia, Vivendi, Intel, Thomson Locations: Canada, Australia, California, U.S

☆ Siemens Energy’s green windfall fades over horizon
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 23 (Reuters Breakingviews) - It would be logical to assume that wind turbine manufacturers would be the first to benefit from the many government incentives designed to combat climate change. The German company issued late on Thursday a major profit warning, and scrapped its profit guidance this year. Siemens Energy’s stock dropped by more than 30% on Friday morning, wiping some 5.5 billion euros off the company’s market price. After Friday’s hit, Siemens Energy is trading at 0.4 times sales, way below rival Vestas Wind Systems’ (VWS.CO) multiple of 1.7. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Christian Bruch, Friday’s, Karen Kwok, Pierre Briancon, Oliver Taslic Organizations: Reuters, Siemens Energy, Siemens, Systems, Twitter, Telecom Italia, Vivendi, Intel, Thomson

The company has provided more than 132 gigawatts (GW) of wind turbines as of the end of April this year to all global regions: 108 GW of onshore wind and 22 GW of offshore wind. The discovery of faulty components at Siemens Gamesa's onshore wind turbines had already caused a charge of nearly half a billion euros in January. Siemens Gamesa has provided wind turbines to some of the biggest power companies and oil and gas majors worldwide. Shares in European wind turbine producers Nordex (NDXG.DE) and Vestas (VWS.CO) also fell as confidence in the industry was shaken. Many wind power developers have already seen delays in projects due to the availability of components and rising costs.

Persons: Siemens Gamesa, Spain's, Denmark's, Nina Chestney, Christoph Steitz, Susan Fenton Organizations: Siemens Energy, Siemens, SIEMENS, WHO, Scottish Power Renewables, East Anglia, Poland's PGE, Siemens AG, Thomson Locations: Spain, Europe, Americas, Britain, North, Baltica, Baltic

☆ Siemens Energy shares plunge more than 37% as wind turbine worries deepen
▼ + stars: | 2023-06-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Siemens Energy shares plunged over 37% on Friday after the company scrapped its profit forecast and warned that costly problems at its wind turbine unit could last for years. The company, born from the spinoff of the former gas and power division of German conglomerate Siemens , announced late Thursday that a review of issues at subsidiary Siemens Gamesa had found a "substantial increase in failure rates of wind turbine components." "It is too early to have an exact estimate of the potential financial impact of the quality topics and to gauge the impact of the review of our assumptions on our business plans," Siemens Energy said in a statement. "However, based on our initial assessment as of today, the potential magnitude of the impact leads us to withdraw the profit assumptions for Siemens Gamesa and consequently the profit guidance for Siemens Energy Group for fiscal year 2023." Siemens Gamesa has been a thorn in the side of its parent company since its full takeover late last year.

Persons: Siemens Gamesa Organizations: Siemens Energy, Siemens, Siemens Gamesa, Siemens Energy Group

☆ Stock Market Today: Dow Futures, Bond Yields Fall
▼ + stars: | 2023-06-23 | by ( ) www.wsj.com time to read: +1 min

Bonds rallied , stocks were poised to slip and oil dropped on concern that global interest-rate hikes could push the world economy into recession. S&P 500 futures fell 0.5%. Dow industrials futures slipped 0.3% and Nasdaq-100 contracts ticked down 0.6%. Ten-year U.K. gilt yields slipped to 4.241% from 4.371%, a day after the Bank of England raised rates by half a percentage point. The cryptocurrency has rallied in recent days after BlackRock filed for a spot bitcoin exchange-traded fund.

Persons: Bonds, bunds, Germany’s Dax Organizations: Federal Reserve, Dow, Nasdaq, Bank of, Siemens Energy, Nikkei, Brent, BlackRock Locations: Bank of England, Europe, Asia, Shanghai, Saudi Arabia

Siemens Energy CEO Christian Bruch said on Friday that the takeover of Siemens Gamesa had not been a mistake and that the price had seemed right at the time when the offer was made. 'SO MANY QUESTIONS'Top-20 investor Deka Investment said "significantly greater efforts" were now needed by Siemens Energy, chaired by Siemens veteran Joe Kaeser, to restore trust. Berenberg analysts pointed out that Siemens Energy had given a fairly upbeat view on Siemens Gamesa along with second-quarter results only a month ago, and that Thursday's announcement did not fit with the recent communication. Siemens Energy CEO Bruch also cited the need to fix Siemens Gamesa's corporate culture, hinting at the fact that the company's merger never fully worked and that major management mistakes were made. When asked earlier this month on whether Siemens Energy was doing well enough to master the challenges of the energy transition, Kaeser said the management team led by Bruch was strong.

Persons: Felix Schroeder, Schroeder, Christian Bruch, Siemens Gamesa, Jochen Eickholt, Spain's, Joe Kaeser, Bruch, Kaeser, Christoph Steitz, Christina Amann, Susan Fenton, Louise Heavens Organizations: Siemens Energy, Siemens, Siemens Gamesa, Union Investment, Deka Investment, Deutsche Bank, Thomson Locations: FRANKFURT, BERLIN, Bray, European

☆ 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

☆ Siemens Energy wind farm issues could have implications across whole sector: Analyst
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSiemens Energy wind farm issues could have implications across whole sector: AnalystNicholas Green, head of European capital goods at Alliance Bernstein, discusses the impact of Siemens Energy's more-than 1 billion euro ($1.09 billion) Gamesa wind-farm component issues.

Persons: Nicholas Green, Alliance Bernstein Organizations: Siemens Energy, Alliance, Siemens

FRANKFURT/BERLIN, June 23 (Reuters) - Siemens Energy (ENR1n.DE) warned on Friday that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years and were not yet quantifiable, sending its shares tumbling by nearly a third. Finance chief Maria Ferraro earlier told analysts that the majority of the hit would be over the next five years. Issues at Siemens Gamesa have been a drag on the parent for a long time, prompting Siemens Energy to take full control of the business after only partially owning it for several years. The discovery of faulty components at Siemens Gamesa in January had already caused a charge of nearly half a billion euros. At the same time, he said he did not believe that the full takeover of Siemens Gamesa had been a mistake.

Persons: Christian Bruch, Maria Ferraro, us, JP Morgan, Jochen Eickholt, Bruch, Spain's Gamesa, Siemens Gamesa, Kirsten Donovan, Jason Neely, Jane Merriman Organizations: Siemens Energy, Siemens, Finance, JP, Siemens Gamesa, Thomson Locations: FRANKFURT, BERLIN

☆ Europe stocks open lower to round off gloomy week; Siemens Energy down 30%
▼ + stars: | 2023-06-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The Stoxx 600 index was down 0.2% at 9 a.m. in London, with most sectors in the red. Oil and gas stocks fell 1.9% as oil prices traded lower, and banks dropped 1.6%. A few sectors managed gains, with food and beverage up by 0.65% and health-care stocks 0.9% higher. China's central bank last week lowered lending rates as the economy's much-anticipated post-Covid rebound stutters. Oil prices are on course for a more than 3% drop this week, according to Reuters, pulled down by demand concerns and the economic growth outlook.

Organizations: Siemens Energy, Bank of England, European Central Bank, U.S . Federal, Reuters Locations: London, Asia, Pacific, U.S

☆ Siemens Energy scraps profit outlook as wind turbine troubles deepen
▼ + stars: | 2023-06-22 | by ( Christoph Steitz | ) www.reuters.com time to read: +2 min

Issues at the company's Siemens Gamesa unit have been a drag on the parent, and the announcement marks the latest blow to Siemens Energy's efforts to get these under control following a full takeover of the business. Frankfurt-listed Siemens Energy shares were down 12.8% at 1849 GMT after the announcement, which follows the initial discovery of faulty components at Siemens Gamesa in January that caused a charge of nearly half a billion euros. Siemens Energy said that an extended technical review of Siemens Gamesa's installed turbine fleet and product designs was launched following that is says was a substantial increase in failure rates of components. "We are also reviewing assumptions critical to the existing business plans given productivity improvements are not materializing to the extent previously expected," Siemens Energy said. Problems at Siemens Gamesa had already caused Siemens Energy to tone down its profit outlook last month, expecting its profit margin before special items at the lower end of its 1%-3% target range for the fiscal 2023 year.

Persons: Siemens Gamesa, Christoph Steitz, Anirudh, David Gregorio, Conor Humphries Organizations: Siemens Energy, Siemens, Siemens Gamesa, Thomson Locations: Frankfurt, FRANKFURT, Bengaluru

☆ Chinese delegation to meet with Germany's top corporate brass next week
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

FRANKFURT/BERLIN, June 16 (Reuters) - A Chinese delegation led by Premier Li Qiang will meet Germany's top CEOs next week as part of a visit to Europe, hoping to strengthen ties at a time when Berlin is pursuing a strategy to lessen its economic dependence on Beijing. A meeting between Li and a group of German and Chinese CEOs is scheduled for June 19, according to people familiar with the plans. Mercedes-Benz (MBGn.DE), SAP (SAPG.DE) and Siemens Energy (ENR1n.DE) all confirmed that their CEOs would meet with the delegation. The CEO of Volkswagen (VOWG_p.DE) division Audi will also participate, a person familiar with the matter said. BASF (BASFn.DE), Bayer (BAYGn.DE), Infineon (IFXGn.DE), Volkswagen (VOWG_p.DE) and BMW (BMWG.DE), all companies with major business ties to China, declined to comment.

Persons: Premier Li Qiang, Li, Li Shufu, Mercedes, Roland Busch, Olaf Scholz, Robert Habeck, Andrew Small, Marshall, Siegfried Russwurm, Ilona Wissenbach, Hakan Ersen, Christoph Steitz, Ludwig Burger, Patricia Weiss, Christina Amann, Andreas Rinke, Rene Wagner, Sarah Marsh, Jan Schwartz, Alexander Huebner, Raju Gopalakrishnan, Louise Heavens Organizations: Premier, Mercedes, Benz, SAP, Siemens Energy, Volkswagen, Audi, Beijing Automotive Group Co, HK, Siemens, Pacific Committee, BASF, Bayer, Infineon, BMW, Thomson Locations: FRANKFURT, BERLIN, Europe, Berlin, Beijing, China, Asia, German, Germany, Frankfurt, Hamburg, Munich

☆ Siemens raises full year outlook after 2nd quarter sales beat
▼ + stars: | 2023-05-17 | by ( John Revill | ) www.reuters.com time to read: +3 min

The company had already raised its full-year outlook in February, citing strong demand and its massive order backlog, which increased to 105 billion euros ($115.58 billion) in the second quarter. The raised guidance came after Siemens reported its second quarter revenue jumped by 14% to 19.42 billion euros ($21.38 billion). Analysts in a company-compiled poll had expected 18.59 billion euros. Industrial profit in the three months to the end of March rose 47% to 2.61 billion euros, missing forecasts for 2.70 billion euros. The group's industrial profit includes gains made by its digital industries, smart infrastructure, mobility and health care businesses, which form the core of its operations.

☆ Siemens raises full year outlook after Q2 sales beats forecasts
▼ + stars: | 2023-05-17 | by ( John Revill | ) www.reuters.com time to read: +2 min

ZURICH, May 17 (Reuters) - Siemens (SIEGn.DE) raised its full year sales and profit guidance on Wednesday after the German engineering and technology group beat sales forecasts during its second quarter. The raised guidance came after Siemens reported its second quarter revenue jumped by 14% to 19.42 billion euros ($21.38 billion). Analysts in a company-compiled poll had expected 18.59 billion euros. Industrial profit in the three months to the end of March rose 47% to 2.61 billion euros, missing forecasts for 2.70 billion euros. The group's industrial profit includes gains made by its digital industries, smart infrastructure, mobility and health care businesses, which form the core of its operations.

☆ Siemens raises full-year outlook after second-quarter sales beats forecasts
▼ + stars: | 2023-05-17 | by ( ) www.cnbc.com time to read: +2 min

Siemens raised its full year sales and profit guidance on Wednesday after the German engineering and technology group beat sales forecasts during its second quarter. The raised guidance came after Siemens reported its second quarter revenue jumped by 14% to 19.42 billion euros ($21.38 billion). Analysts in a company-compiled poll had expected 18.59 billion euros. Industrial profit in the three months to the end of March rose 47% to 2.61 billion euros, missing forecasts for 2.70 billion euros. The group's industrial profit includes gains made by its digital industries, smart infrastructure, mobility and health care businesses, which form the core of its operations.

☆ We're very confident about our order backlog, says Siemens Energy CFO
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're very confident about our order backlog, says Siemens Energy CFOMaria Ferraro, CFO of Siemens Energy, discusses the company's earnings and the planned energy transition.

☆ From GE to Siemens, the wind energy industry hopes billions in losses are about to end
▼ + stars: | 2023-04-17 | by ( Bob Woods | ) www.cnbc.com time to read: +8 min

The wind farm includes 132 2-megawatt Gamesa G80 wind turbines along 12 miles of the Allegheny Front. (Photo by Chip Somodevilla/Getty Images) Chip Somodevilla | Getty Images News | Getty ImagesIt's been a tough couple of years for the U.S. wind energy industry. Although 2023 is expected to remain sluggish, GE Renewable Energy, Siemens Energy and Vestas Wind Systems, the leading makers of wind turbines — outside of China, which has built the world's largest wind energy infrastructure — and their suppliers are banking on growth over the next decade, particularly in the nascent offshore wind niche. "The wind energy market is stuck in this very strange paradox right now," said Aaron Barr, an industry analyst at Wood Mackenzie. Comparatively, the U.S. offshore wind industry is just ramping up after years of delays in permitting, environmental approvals and power purchasing agreements with utilities that buy wind energy.

☆ Hungary's foreign minister holds energy talks with Russia's premier
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

BUDAPEST, March 29 (Reuters) - Hungary's foreign minister held telephone talks with Russian Deputy Prime Minister Alexander Novak about gas and oil shipments as well as nuclear co-operation, the Hungarian minister said late on Tuesday. In a statement, Peter Szijjarto said Novak had reassured him that despite international sanctions, the Russian party would be able to do maintenance work on the Turkstream pipeline. "Thus Hungary's gas supply will continue without any disruptions," the statement added. The Turkstream gas pipeline will be stopped for maintenance from June 5 to 12, according to data on the website of Bulgarian gas transmission operator Bulgartransgaz. Szijjarto reiterated in his statement that Hungary would block any European Union sanctions that would affect nuclear energy.

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