- European indices gain slightly in the first phase of Thursday's session
- Investors await U.S. CPI data at 1:30 p.m. BST
- Suedzucker falls to lowest level since April, after the company reported first-quarter operating profit that missed analysts' estimates
Overall market situation:
Thursday's session on European capital markets moderate increases in the quotations of stock indices. At the time of this writing, Germany's DAX is gaining nearly 0.2%, France's CAC40 is adding 0.45%, and Britain's FTSE 100 is up 0.37%. Investors are eagerly awaiting the CPI report from the US, which will be released at 1:30 pm BST.
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Open account Try demo Download mobile app Download mobile appThe revision of CPI data from Germany did not surprise and pointed to data readings in line with expectations.
Volatility currently observed in the DAX index. Source: Bloomberg Financial LP
Volatility currently observed in the broad European market. Source: xStation
The German benchmark DE40 is trading during the first phase of Thursday's session near yesterday's closing levels. The whole index is trying to negate the structure of the downward trend initiated on May 16. The continuation of the downtrend led to the testing of a historically important support level in the zone of the 100-day exponential moving average (purple curve on the chart, all the while it remains a key support point). Locally, the most important resistance, after piercing the 50-day EMA (blue curve), is now the zone of the July 5 peak (combined with the peak of April 2 this year). A possible breakthrough of this zone could encourage the demand side to test the historical peaks in the 19,000-point zone. Source: xStation
News:
Suedzucker (SZU.DE) is losing more than 3.3% today and falling to its lowest level since April, after the company reported first-quarter operating profit that missed analysts' estimates. What's more, investment bankers believe the company's negative earnings growth will continue for the next few quarters.
The company largely struggled with higher sugar production costs.
FIRST QUARTER RESULTS
- Operating profit 155 million euros, estimated 167.3 million euros
- Sugar unit's operating profit 59 million euros, estimated 64.2 million euros
- Special products unit operating profit 57 million euros, estimated 50.5 million euros
- CropEnergies operating profit 6 million euros, estimated 9.52 million euros
- Starch operating profit 6 million euros, estimated 12.4 million euros
- Fruit operating profit 27 million euros, estimated 22.2 million euros
- Ebitda 230 million euros, estimated 242 million euros
- Revenues €2.55 billion, estimated €2.58 billion
- Sugar unit revenues €1.08 billion, estimated €1.02 billion
- Special products revenue €579 million, estimated €595.7 million
- CropEnergies revenue 231 million euros, estimated 250.2 million euros
- Revenue from starch 250 million euros, estimated 269.6 million euros
- Fruit revenues €415 million, estimated €403 million
Gerresheimer (GXI.DE) shares rose as much as 4.9%, before easing to a 1.3% gain, after the medical packaging company reported adjusted Ebitda for the second quarter that exceeded analysts' estimates
SECOND QUARTER RESULTS
- Adjusted Ebitda 107.3 million euros, estimated 105.1 million euros
- Plastics and equipment adjusted Ebitda 78.8 million euros, estimated 73.9 million euros
- Packaging glass adjusted Ebitda 39.5 million euros, estimated 43.6 million euros
- Advanced technologies adjusted Ebitda loss €3.5 million, estimated loss €3.26 million
- Adjusted Ebitda margin 21.4%, estimated 20.2%
- Adjusted net income €43.5 million, estimated €38.1 million
- Adjusted earnings per share (EPS) €1.24 million, estimate €1.15 million
- Revenues 502.4 million euros, estimate 508 million euros
- Plastics and equipment revenue 283.1 million euros, estimate 288 million euros
- Revenues from container glass 218.1 million euros, estimate 225.8 million euros
- Revenue from advanced technology €2.2 million, estimate €2.45 million
DNB Bank (DNB.NO) jumped as much as 5.8%, the most since November 2020, After the Norwegian lender reported an "impressive" second-quarter result. The bank's net income rose 12% to 10.3 billion kroner ($960 million) in the three months through June, beating analysts' estimates of 9.3 billion kroner. A 60% increase in revenue from investment banking services boosted net commissions and fees to 3.4 billion kroner for the quarter.
Investment banking fee and commission earnings surprised investors particularly well. Source: Bloomberg Financial LP
Other news coming out of individual companies in the DAX index. Source: Bloomberg Financial LP
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