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DE30 drops during Tuesday's session
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PMI data for industry does not inspire optimism
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BMW (BMW.DE) cuts FCF forecasts for the rest of the year
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TeamViewer (TMV.DE) on a wave of upbeat quarterly results
Markets in Europe are losing bullish momentum today, with Germany's DAX posting close to 1% declines on the back of worse quarterly corporate results, highlighting concerns about the sustainability of corporate earnings in the face of an uncertain macro environment.
In Asia, the main theme of the day was the China manufacturing PMI reading (falling below the 50 barrier) and the Bank of Australia decision (maintaining rate levels). The final PMIs confirmed a recession in European manufacturing, and investors' attention will now turn to the same data from the US and Canada.
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The mood in Europe during Tuesday's trading session is clearly negative. Source: xStation 5
German DE30 futures are losing nearly 1.1% during today's session. Source: xStation 5
News:
BMW (BMW.DE) shares are losing more than 5.5% in today's session after a warning that the cost of auto parts will remain high in the second part of the year, affecting costs for electric car R&D and lowering free cash flow.
The company now expects FCF to be more than €6bn this year, up from nearly €7bn previously forecast earlier.
On the other hand, BMW has raised its full-year profit forecast as it expects to improve the availability of its premium vehicles. The EBIT margin is expected to be 10.5% in 2023, up from 10% previously. The company will present its full financial figures this Thursday.
Source: xStation 5
TeamViewer (TMV.DE) shares are gaining nearly 6.5% during today's session on the publication of better-than-expected quarterly results. The company surprised with higher-than-expected revenues and profits, as well as good data in terms of large customers' interest in the company's products/services. As JP Morgan analysts add, the Q2 results put the company on a good trajectory for the second part of the year.
The company confirmed its forecasts for 2023.
Revenue growth is expected to be between 10% and 14% and adjusted Ebitda margin at around 40%.
TeamViewer also announced that it intends to complete its share buy-back programme by the end of this year after conducting two tranches with a total value of €325 million.
TeamViewer's company results and analyst forecasts. Source: Bloomberg Finance L.P
Source: xStation 5
Weakness in the real estate segment resulted in an EBITDA loss in Q2 2023 for Hypoport (HYQ.DE), whose shares are now losing nearly -17%.
The company expects revenues in FY2023 to fall by up to 15% and the Group's EBIT to be at least €10 million, due to "unexpectedly weak performance in the real estate platform segment and a still weak recovery in the end-consumer mortgage market".
Hypoport (HYQ.DE) results and analyst forecasts. Source: Bloomberg Finance L.P
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Source: xStation 5
Major percentage changes in individual companies of the DAX index. Source: Bloomberg Finance L.P.
Information from individual companies in the DAX index. Source: Bloomberg Finance L.P.
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