Live Markets: On the radar: EU recovery fund and earnings season

Adtran Networks SE

17/07/2020 07:46

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters. You can share your thoughts Joice Alves (joice.alves@thomsonreuters.com) and
Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Stefano Rebaudo
(stefano.rebaudo@thomsonreuters.com) in Milan.
    
    
    ON THE RADAR: EU RECOVERY FUND AND EARNINGS SEASON (0645 GMT)
    European stocks are in a wait and see mood ahead of the EU summit where leaders will discuss
the recovery fund today and Saturday, while worries on the adverse impact of the virus, mostly
in the U.S., continue to weigh.
    On the corporate front there is a fresh batch of results hit by the coronavirus pandemic,
but some are stronger than analysts’ forecast.
    Shares in Daimler  DAIGn.DE  are up 1.3% in premarket trade, after the company recorded a
smaller than expected Q2 operating loss.  urn:newsml:reuters.com:*:nASN0009G0 Volvo posted a better than expected core
profit in the Q2.  urn:newsml:reuters.com:*:nL5N2EN2C8 Saab  SAABb.ST  numbers were in line with last year’s, but the
company doesn’t rule out further impact on its business.  urn:newsml:reuters.com:*:nL5N2EN2C8
    Ericsson  ERICb.ST  shares are seen up 2-3% after its Q2 core profit beats forecast.
 urn:newsml:reuters.com:*:nL5N2EN21U
    In the banking space, Swedbank  SWEDa.ST  Q2 net profit beat estimates as increased lending
and deposit-taking helped offset the impact of the coronavirus pandemic.  urn:newsml:reuters.com:*:nFWN2EN15I Nordea
Bank  NDAFI.HE  reported a 66% fall in second-quarter operating profit, hit by an increase in
loan-loss provisions, while operating profit missed analysts’ forecast.  urn:newsml:reuters.com:*:nL5N2EO0GY
    Rio Tinto  RIO.L  reported a 1.5% rise in iron ore shipments in Q2 and said demand for the
steelmaking ingredient was improving in China.  urn:newsml:reuters.com:*:nL3N2EN4MY
    Electrolux  ELUXb.ST  sees robust demand in the near term.  urn:newsml:reuters.com:*:nL5N2EN530 Tomra Systems
 TOM.OL  said operations are close to normal.  urn:newsml:reuters.com:*:nFWN2EN15K
    Telia  TELIA.ST  reported quarterly core earnings well ahead of market forecasts thanks to
cost savings.  urn:newsml:reuters.com:*:nL5N2EN42B
    Adva Optical  ADAG.DE  stocks jumped 10.2% in premarket trade after results.  urn:newsml:reuters.com:*:nASN0009FW
    British Airways will retire its entire jumbo jet fleet with immediate effect due to the
downturn in travel industry caused by the coronavirus pandemic.  urn:newsml:reuters.com:*:nL3N2EO04O
    (Stefano Rebaudo)
    *****
    
    
    
    MORNING CALL: CAPPED BY VIRUS WORRIES (0533 GMT)
    European futures are slightly in the black but with no clear direction yet, ahead of a
crucial meeting today and Saturday about the EU recovery fund.
    Worries about the spread of the virus in the U.S. continue to dampen expectations for a
swift economic recovery and to put a lid to stronger gains in stocks, while hopes for more
stimulus measures are propping up investor mood.
    While Asian stocks are mostly in the black, Wall Street ended in negative territory despite
strong retail sales data after paring some losses late in the session.
    
    (Stefano Rebaudo)
    *****

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