Live Markets: Europe before the bell: bounce continues as earnings please

Zalando SE

06/08/2025 07:48

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EUROPE BEFORE THE BELL: BOUNCE CONTINUES AS EARNINGS PLEASE

European shares were set for a third straight day of gains, following Friday's selloff, supported by upbeat earnings reports across the region, while traders largely shrugged off Donald Trump's latest tariff announcements.

DAX .GDAXI futures led the rally, up 0.6%, after Commerzbank CBKG.DE extended the streak of better-than-expected bank results and raised parts of its outlook for the year. EuroSTOXX50 and FTSE contracts both added around 0.4%

Zalando ZALG.DE, Siemens Energy ENR1n.DE, Vonovia VNAn.DE and Fresenius SE FREG.DE were also seen rising at the open following upbeat earnings.

So far, 74% of companies in the STOXX 600 .STOXX have reported results, with aggregate earnings coming in 8% above expectations, according to a new Deutsche Bank report.

"While media and market attention was mostly on guidance downgrades, more companies actually raised than downgraded their guidance in Q2," write DB strategists.

Novo Nordisk NOVOb.CO rose 3% on Tradegate, stabilising after last week's major profit warning wiped $95 billion off its market cap in a day. On Wednesday, the Wegovy maker said it would sharpen its commercial focus and cut costs.

Still in banks, Italy's Monte dei Paschi di Siena BMPS.MI posted a much higher-than-expected quarterly profit as it seeks to take over larger rival Mediobanca MDBI.MI.

Wall Street futures, meanwhile, inched up after a lower close on Tuesday. AMD AMD.O and Super Micro SMCI.O fell sharply in early Frankfurt trading on disappointing results.

In the UK, miner and trader Glencore GLEN.L reported a 14% drop in H1 adjusted core profit, weighed down by weaker coal prices, lower copper production and operational challenges. The company said it will keep its primary listing in London.

(Danilo Masoni)

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