Euronext tops expectations
Euronext has topped quarterly earnings expectations, boosted by ongoing market volatility.
Revenue hit a fresh record and net profit rose by almost 30%.
The earnings report comes as the exchange operator launches a bid to buy the Athens Stock Exchange, with its offer valuing the Greek bourse at more than 400 million euros.
— Katie Foley
British Airways owner IAG’s second-quarter profits soar on continued transatlantic demand
British Airways Airbus A319 aircraft takes off from Heathrow Airport in London, Britain, May 17, 2021.
John Sibley | Reuters
International Airlines Group‘s profit soared past expectations in the second quarter as travelers piled into transatlantic routes at the start of the summer, despite concerns around President Donald Trump’s tariff war.
The British Airways owner’s operating earnings jumped 35% year on year to 1.68 billion euros ($1.92 billion) in the three months to June 30, ahead of the 1.44 billion forecast by analysts in an LSEG poll.
Quarterly revenues rose 6.8% to 8.86 billion euros, also ahead of the 8.7 billion euros expected.
The group, which also owns carriers Aer Lingus and Iberia, said demand was robust in its core markets of North Atlantic, Latin America and Europe, and that strength in its premium seats was “partially mitigating” some softness in U.S. economy travel.
“We continue to benefit from the trend of a structural shift in consumer spending towards travel. We remain focused on our market leading brands and core geographies, where we continue to see robust performance,” CEO Luis Gallego said in a statement.
— Karen Gilchrist
Axa has backed its midterm targets despite profit miss
Axa has backed its midterm targets despite a first half net profit miss, citing currency fluctuations.
Net income at the insurance and asset management giant dipped 2% on the year to 3.9 billion euros.
— Jonathan Stayton
Pharma giant Bayer has raised sales forecast
Pharma giant Bayer has raised its 2025 sales forecast – anticipating annual sales of 46 to 48 billion euros, up 1 billion euros at both ends of the range.
It also announced it put aside 1.2 billion euros for ongoing litigation in the United States related to weed killer brand Roundup.
The group is set to report quarterly earnings on 6 August.
— Andreea Gheorghe
Daimler Truck falls 4.7% in pre market on key forecast cut
Daimler Truck has cut key forecasts, citing market weakness in North America.
The German firm now expects full year adjusted profit of between 3.6 and 4.1 billion euros ($4.7 billion), reflecting a drop of as much as 23 percent.
The group also lowered is sales volume outlook for the North American market.
The stock is down 4.7% in pre market.
— Domi Suskova, Ganesh Rao
European stocks set to open lower amid Trump’s tariff rejig
Good morning from London, and welcome to CNBC’s live blog covering all the action and business news in European financial markets on Friday.
Futures data points to losses at the open for European indexes, with London’s FTSE 100 expected to open 0.2% lower, France’s CAC 40 unchanged, Germany’s DAX down 0.6%, and Italy’s FTSE MIB 0.1% lower.
The Stoxx Europe 600 index and Euro Stoxx 50 index are expected to open 0.3% and 0.5% lower, respectively.
AXA, Daimler Truck, Melrose Industries, Saint-Gobain, Euronext, IAG, Pearson and Engie are among the heavyweight regional companies reporting their results today.
— Ganesh Rao