Live Markets: On our radar: trainers, elevators and vacuums

Pfeiffer Vacuum Technology AG

25/09/2019 07:00

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your
thoughts on market moves: josephine.mason.thomsonreuters.com@reuters.net  
    
    ON OUR RADAR: TRAINERS, ELEVATORS AND VACUUMS (0600 GMT)
    On the corporate news front, warnings from industrial machinery makers are piling up. The
latest comes from Germany's Pfeiffer Vacuum  PV.DE , which warned of delays to orders, cut its
FY sales and EBIT margin forecasts in that move that underscores worries about a prolonged
European corporate recession and bodes poorly for the upcoming Q3 earnings season.
    Its shares are down as much as 9.5% in premarket trading.
    One bright spot overnight for sport retailers though - Nike  NKE.N  delivered
better-than-expected quarterly revenue and profit after the world's largest footwear maker
pushed to sell its sneakers to consumers through its own stores and online retailers gained
pace. The news sent shares up 5% and may give Adidas  ADSGn.DE  and Puma  PUMG.DE  a lift.
    Change is afoot at the top of ThyssenKrupp  TKAG.DE  - it plans to end the contract of
current Chief Executive Guido Kerkhoff, the latest sign of turmoil at the steel-to-elevators
conglomerate, as it tries to restructure itself by selling or listing all or parts of its
elevator unit, by far its most profitable business.
    
    Here are your early headlines:
    
    Pfeiffer Vacuum Technology Adjusts Guidance For 2019 Sales And EBIT Margin  urn:newsml:reuters.com:*:nASP00178Z
    Thyssenkrupp CEO Kerkhoff to leave, chairwoman Merz to take over  urn:newsml:reuters.com:*:nL5N26F6W5
    As Thomas Cook customers return home, blame game begins  urn:newsml:reuters.com:*:nL5N26F0R8
    Derichebourg Announces Sale Of Its Activities In Morocco  urn:newsml:reuters.com:*:nFWN26F0NI
    Novartis blames former AveXis executives for Zolgensma data manipulation  urn:newsml:reuters.com:*:nL2N26F0ZH
    Greek utility Public Power Corp shrinks first-half loss  urn:newsml:reuters.com:*:nL5N26F3SZ
    Bain and Advent in advanced talks about new Osram bid -sources  urn:newsml:reuters.com:*:nL5N26F5QY
    Fiat manager charged with lying about emissions even after VW scandal  urn:newsml:reuters.com:*:nL2N26F0WS
    Renault-FCA merger "behind us", French carmaker says  urn:newsml:reuters.com:*:nL5N26F66E
    
    (Josephine Mason)
    *****

    THE WORRIES PILE UP (0517 GMT)  
    As if investors didn't have enough to worry about from a slowing euro-zone (global) economy,
the U.S. trade spat with China to Brexit. Now political turmoil is set to roil Washington and
financial markets after the House of Representatives launched impeachment investigation into
President Trump over his dealings with Ukraine.
    The move has stirred worries about a prolonged period of upheaval in Washington, which could
spill into the 2020 election and could distract the head of the world's No. 1 economy as he
prepares for the next round of talks with Beijing over trade. Wall Street sold off and Asian
equities are under pressure overnight.    
    IG financial spreadbetters expect London's FTSE to open 17 points lower at 7,274,
Frankfurt's DAX to open 24 points lower at 12,283, and Paris' CAC to open 15 points lower at
5,613. 
    
    (Josephine Mason)
    *****  
    


 (Reporting by Danilo Masoni, Josephine Mason and Thyagaraju Adinarayan)