Thursday's session on European markets brings mixed investor sentiment, even though sentiment on Wall Street (in terms of futures) is similarly better than it was yesterday. European tech companies stand out today due to the euphoric reception of yesterday's quarterly results from Meta Platforms and Microsoft. There is also a lot going on on the geopolitical front. The United States has finalized agreements with South Korea, Cambodia, Thailand, and Pakistan, while South Korea faces 15% tariffs, which has negatively affected Hyundai and Kia's stock prices. In addition, 25% tariffs have been imposed on goods from India and as much as 50% on Brazilian goods. Negotiations with Canada seem futile at this stage due to political differences.
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Currently observed volatility in the broader European market. Source: xStation
The German DE40 index is down 0.22% in today's session, although it remains above the support zones set by the 50-day exponential moving average (blue curve on the chart) and the average set by Bollinger Bands on a 12-day price history with twice the standard deviation as the lower and upper auxiliary curves. As long as DE40 remains above these zones, the overall upward trend remains stable. Source: xStation
Market news
Heidelberg Materials (HEI.DE) shares are up slightly after reporting second-quarter results that exceeded analysts' consensus. Operating profit rose 7.9% y/y to €1.05 billion (forecast: €1.03 billion), EBITDA was 6.8% higher y/y and slightly exceeded estimates, while the group's revenues increased by 3.2% y/y to €5.68 billion (estimate: €5.72 billion). Compared to the competition (Holcim), RBC analysts expect Heidelberg Materials' shares to perform solidly, and in the longer term, the valuation gap with the industry should narrow. The management board maintained its forecast for 2025, expecting operating profit of EUR 3.25-3.55 billion and ROIC of around 10%.
Lufthansa (LHA.DE) shares fell after the publication of second-quarter results, which exceeded analysts' expectations. Adjusted EBIT reached EUR 871 million (+27% y/y, forecast: EUR 801 million), and the EBIT margin increased to 8.4% (6.9% a year ago). Revenue amounted to €10.32 billion (+3.1% y/y), slightly below market estimates (€10.58 billion), but net profit reached €1.01 billion, more than double the figure from a year ago. The passenger, Eurowings, and logistics segments recorded a significant improvement in profitability, and the company maintained its forecast of a significantly higher EBIT result for the whole of 2025. Despite cost pressures related to, among other things, the US dollar and tariffs, Lufthansa emphasizes the positive impact of the corrective measures it is implementing, expecting further effects in the coming years.
JD.com (JD.US), through its German subsidiary Jingdong Holding Germany, has made a voluntary offer to acquire the entire share capital of Ceconomy (CEC.DE) at a price of €4.60 per share. The offer represents a premium of approximately 42.6% over the average price of the last three months (VWAP), and with the support of Convergent shareholders, JD.com already controls 57.1% of Ceconomy's capital prior to the official launch of the offer. The transaction will be financed by an acquisition loan and JD.com's cash and is expected to close in the first half of 2026.
Ferrari NV (RACE.IT) shares fell as much as 6% today after the release of its second quarter 2025 results, despite the company reporting a 4% increase in revenue to €1.79 billion and an 8% increase in operating profit (EBIT) to €552 million, slightly exceeding analysts' expectations. EBITDA rose 6% to €709 million, and net profit increased 2.9% to €425 million. The luxury car manufacturer pointed to the positive impact of lower tariffs thanks to the new trade agreement between the US and the EU and high orders, which supports optimism about the full-year forecast. Nevertheless, the company's revenues and deliveries were slightly below forecasts, which may have contributed to the stock's decline on the stock market. Ferrari noted that thanks to customer loyalty and the prestige of the brand, it is able to partially pass on the increased customs costs to consumers.
The company's shares are currently down 6% and falling below the 200-day EMA (the gold curve on the chart). Source: xStation
Other news from companies listed on the German stock exchange. Source: Bloomberg Financial Lp
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