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IFX - Infineon Technologies AG News Story

€31.38 -0.2  -0.8%

Last Trade - 1:25pm

Sector
Technology
Size
Large Cap
Market Cap £35.44bn
Enterprise Value £38.65bn
Revenue £8.61bn
Position in Universe 36th / 1053

Reuters Insider - UK Day Ahead: Infineon, EasyJet to highlight winners and losers in pandemic

Mon 3rd August, 2020 3:30pm
Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=1_sf1ol1re&referenceId=1_sf1ol1re&pageId=ReutersNews
Source: Reuters Insider

Description: Germany's Infineon Technologies and airline EasyJet will update
the market on Tuesday, highlighting how the pandemic has handed technology
companies bumper earnings while the travel industry teeters on the brink.
European stocks rose on Monday after manufacturing PMI data bolstered evidence
of a rebound in economic activity. HSBC led banking stocks lower after it said
loan losses this year could be up to $13 billion. 
Short Link: https://refini.tv/2Xpaqh4

Video Transcript:

Good afternoon. I'm Angeline Ong, and this is your look ahead into Tuesday.
But first, a surge in German stocks lifted the broader European market on
Monday on an expansion in monthly factory activity. But a warning from
Europe's biggest lender, HSBC, kept gains in check. Banking stocks took a hit
as HSBC dropped after its half-yearly profits more than halved and the lender
warned its bad debt charges could blow past a previous estimate to $13 billion
this year. Supporting sentiment, though, data showing a broad recovery in
manufacturing in the UK and in the Eurozone. Manufacturing PMI in the UK grew
at its fastest pace in three years in June, broadly in line with an earlier
flash estimate, as factories reopened, and demand returned. Meanwhile,
manufacturing activity out of the Eurozone expanded for the first time since
2019, as government restrictions were eased. Data out on Friday show the
Eurozone economy contracted a record 12.1% last quarter with a Reuters' poll
predicting a rebound of 8.1% this quarter. Now, the British Pound fell back
versus the Dollar on Monday, after last week touching $1.31 versus the
greenback. July was the Pound's best month versus the Dollar in more than a
decade. Although, analysts say that it had more to do with Dollar weakness and
Pound strength as the Dollar dropped to multiyear lows against a basket of
currencies. Traders are now focused on new lockdown measures and how they will
affect the economy and on the Bank of England policy meeting on Thursday. Now,
we're still in the middle of earnings season for the quarter ending in June.
On Tuesday, there are a handful of major corporates that will help give
investors a sense of direction for the market. British budget airline,
easyJet, will show the impact COVID-19 has had on its finances and comment on
the impact that the changing rules on quarantine is having on demand. Johnnie
Walker whiskey-maker, Diageo, will report full-year results on Tuesday that
will show the impact of the closures of bars and restaurants on its business.
Investors are hoping to see some signs of recovery now that big markets, like
China and the UK, are opening up and retail sales continued to rise. German
chipmaker, Infineon, reports results for its third quarter, following the
closing of its acquisition of US peer, Cypress Semiconductor. Chip stocks have
weathered the pandemic well amid strong demand for computers and mobile
communications globally. Other companies reporting include German drug-maker
Bayer, fashion houses Hugo Boss and Tod's, Italy's biggest bank Intesa
Sanpaolo, and infrastructure group Atlantia. And finally, a rebranded London
riverboat service was launched on Monday. The ride-hailing app, Uber, has
teamed up with Thames Clippers to rebrand the service used by commuters and
visitors in the capital. Uber Boat, by Thames Clippers, has 23 piers across
London, stretching from Putney in the west to Woolwich's Royal Arsenal in the
east. Users will be able to buy tickets on the Uber app, alongside existing
methods, as residents seek alternatives to trains and buses amid the
coronavirus outbreak. And that's your UK Day Ahead. I'm Angeline Ong, and this
is Reuters
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