Vonovia

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- DEUTSCHE BANK RESEARCH raises its price target for BMW from EUR 90 to EUR 95. Buy. $DBK (-3,4 %)

- BERNSTEIN raises the price target for QUALCOMM from USD 200 to USD 215. Outperform. $QCOM (+0,18 %)

- UBS raises the price target for LYFT from USD 13 to USD 18. Neutral. $LYFT (+1,01 %)

- BARCLAYS raises the price target for SIEMENS HEALTH from EUR 60.50 to EUR 62.50. Overweight. $SHL (-0,37 %)

- WARBURG RESEARCH raises the price target for KONTRON from EUR 28 to EUR 28.40. Buy. $KTN (-0,18 %)

- UBS upgrades KINGSPAN GROUP from Neutral to Buy. Target price 90 EUR. $KRX (+0,44 %)

- WARBURG RESEARCH raises the price target for ZEAL NETWORK from EUR 59 to EUR 64. Buy. $TIMA (+0,46 %)

- GOLDMAN raises the price target for VONOVIA from EUR 42.70 to EUR 43.70. Buy. $VNA (+3 %)

- BARCLAYS raises the price target for AHOLD DELHAIZE from EUR 30 to EUR 31. Equal-Weight. $AD (-0,2 %)

- BARCLAYS raises the target price for FMC from EUR 38.50 to EUR 39. Equal-Weight. $FMC (+1,47 %)

- JPMORGAN raises the target price for COMMERZBANK from EUR 18 to EUR 18.40. Overweight. $CBK (-2,4 %)

- JPMORGAN raises the target price for PUMA SE from EUR 40 to EUR 44. Neutral. $PUM (-3,07 %)

- JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 13.96 to GBP 14.15. Overweight. $TKWY (-1,54 %)

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- JEFFERIES downgrades PALANTIR from Hold to Underperform. Target price USD 28. $PLTR (+0,5 %)

- DEUTSCHE BANK RESEARCH lowers the price target for NOVO NORDISK from DKK 1100 to DKK 1000. Buy. $NOVO B (-0,17 %)

- RBC lowers the price target for NIKE from 82 USD to 80 USD. Sector Perform. $NKE (+0,52 %)

- ODDO BHF downgrades ASM INTERNATIONAL to Outperform. Target price EUR 960. $ASM (+0,68 %)

- KEPLER CHEUVREUX downgrades HENSOLDT from Buy to Hold. Target price EUR 34. $HAG (+0,05 %)

- DEUTSCHE BANK RESEARCH lowers the price target for ZALANDO from EUR 40 to EUR 36. Buy. $ZAL (+1,9 %)

- DEUTSCHE BANK RESEARCH lowers the price target for VESTAS from DKK 165 to DKK 150. Hold. $VWS (-1,38 %)

- BOFA downgrades SIEMENS ENERGY from Buy to Neutral. Target price EUR 40. $ENR (+0,77 %)

- METZLER lowers the price target for VONOVIA from EUR 28.50 to EUR 28. Sell. $VNA (+3 %)

- BARCLAYS lowers the price target for TEAMVIEWER from EUR 18 to EUR 15.50. Overweight. $TMV (+0,11 %)

- WARBURG RESEARCH lowers the price target for KLÖCKNER & CO from EUR 6 to EUR 5.70. Buy. $KCOB

- HAUCK AUFHÄUSER IB lowers the target price for NORMA GROUP from EUR 32 to EUR 27. Buy. $NOEJ (+0,26 %)

- WARBURG downgrades EDAG ENGINEERING from Buy to Hold and lowers target price from EUR 13 to EUR 9.50. $ED4 (+2,48 %)

- LBBW lowers the price target for ALLGEIER from EUR 24 to EUR 20. Buy. $AEIA

- BARCLAYS lowers the price target for HENKEL from EUR 79 to EUR 77. Equal-Weight. $HEN (-1,11 %)

- BERENBERG lowers the price target for KRONES from EUR 157 to EUR 154. Buy. $KRN (+0,17 %)

04.11.2024

Investors see the chance of a turnaround at Intel + Tesla employees sue + Shell fights for approval + Vonovia builds on sales proceeds

Intel $INTC (+0,37 %) has announced its results for the 3rd quarter of 2024. Once again, the company reported a decline in sales compared to the previous year, and the loss of almost 17 billion US dollars was higher than ever before. However, the share price rose due to write-downs and restructuring and a positive outlook.

https://www.computerbase.de/news/wirtschaft/aktie-steigt-nach-rekordverlust-investoren-sehen-bei-intel-die-chance-einer-trendwende.90152/

The employees of the US electric car manufacturer Tesla $TSLA (+0,59 %) at the German plant in Grünheide feel overworked and complain of work-related pain. According to Handelsblatt, this is the result of a survey conducted by IG Metall, in which more than 1,200 employees took part, according to the union. The results are shocking, said IG Metall district manager Dirk Schulze in an interview with Handelsblatt. While the company did not comment on the issue, Tesla's works council distanced itself from the union survey. (Handelsblatt)

The energy company Shell $SHEL (+0,76 %) is fighting for approval to sell its onshore oil and gas business in Nigeria worth 1.3 billion US dollars after the sale was blocked by regulators. The group and proposed buyer Renaissance Africa Energy were informed by the Nigerian regulator in August that the deal could not be approved in its current form, people familiar with the matter said. Both companies have been lobbying intensively since then, but have been unable to persuade the regulator to change course. Shell chief executive Wael Sawan told the newspaper that talks with the regulator were continuing. (Financial Times).

At Vonovia $VNA (+3 %) has made some progress since the second quarter: shortly after the end of the third quarter, the target of generating 3 billion euros in liquidity through sales proceeds this year has been exceeded with 3.3 billion euros, and the Group is scratching at the 4 billion euros of the previous year. And Vonovia CEO Rolf Buch is pressing ahead with the integration of the subsidiary Deutsche Wohnen: Extraordinary general meetings at Vonovia and Deutsche Wohnen, in which Vonovia holds just under 87 percent, are soon to approve a domination and profit and loss transfer agreement, under which minority shareholders are to be compensated with new Vonovia shares and a compensation payment. The results for the third quarter will therefore take a back seat. The residential real estate group is also likely to present a forecast for the coming year, as it intends to switch from "consolidation" and debt reduction to growth again from 2025. Quarterly figures on Thursday, November 6, 2024 7:00 am.

Monday: Stock market dates, economic data, quarterly figures

Stock market holiday in Japan and Russia

ex-dividend of individual stocks

Citigroup USD 0.56

Quarterly figures / company dates USA / Asia

13:00 Marriott International quarterly figures

22:05 Altice quarterly figures

Untimed: American International Group Quarterly figures

Quarterly figures / Company dates Europe

07:00 Ryanair half-year figures

11:00 Clariant Investor Day

12:00 Biontech quarterly figures

14:00 Biontech Analyst Conference

Untimed: NXP Semiconductors quarterly figures

Economic data

• 09:45 IT: Purchasing Managers' Index/PMI manufacturing October PROGNOSIS: 48.4 previous: 48.3
• 09:50 FR: Purchasing Managers' Index/PMI Manufacturing (2nd release) October FORECAST: 44.5 1st release: 44.5 PREV: 44.6
• 09:55 DE: Purchasing Managers' Index/PMI Manufacturing (2nd release) October FORECAST: 42.6 1st release: 42.6 Previous: 40.6
• 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (2nd release) October FORECAST: 45.9 1st release: 45.9 PREV: 45.0
• 10:30 UK: Purchasing Managers' Index/PMI Manufacturing (2nd release) October FORECAST: n.a. 1. Release: 50.3 Previous: 51.5
• 15:30 US: US and Canadian stock markets start again at the usual time at 15:30
• 15:45 US: Purchasing Managers' Index/PMI Manufacturing (2nd release) October PROGNOSIS: n.a. 1st release: 47.8 previous: 47.3
• 16:00 US: Industrial New Orders September FORECAST: -0.5% yoy previous: -0.2% yoy

11.09.2024

Tesla with a buy recommendation and 40% upside potential + Alibaba with a new upswing + BMW shocks the automotive sector + Real estate stocks ahead thanks to interest rates - US inflation in view +

Tesla $TSLA (+0,59 %) gained 4 percent to a good 225 US dollars. Deutsche Bank recommended buying the shares of the e-car manufacturer and identified 40% upside potential

Shares (including the ADR) of Alibaba $BABA (-2,69 %) - $9988 (-2,5 %) rose sharply as investors reacted to the news of the company's listing on the Chinese mainland stock exchanges. Alibaba announced its listing on the Southbound (SB) Connect late Monday. This came after the Chinese e-commerce company upgraded its Hong Kong listing to primary status last month, paving the way for its inclusion in the Stock Connect Scheme of China's Shanghai and Shenzhen stock exchanges.

With a share price slump of 11.2 percent at BMW $BMW (-0,92 %) investors reacted to two pieces of bad news: firstly, the margin had to be reduced to 6 to 7 percent due to recalls of brake systems, whereas the market had expected over 9 percent. Worse was the fact that the delivery forecast was also lowered, after a slight increase had previously been expected. RBC Capital Markets said that the warning undermined hopes for a better second half of the year. "This is an operational problem and of course cuts all analysts' expectations for sales growth," said one trader. The BMW statements therefore infected the entire sector.

Real estate shares were the only sector to hold their ground against the decline. In the DAX Vonovia $VNA (+3 %) rose by 2.2 percent, Aroundtown $AT1 (+2,26 %) even rose by 14 percent thanks to hopes of an interest rate cut. On Wednesday, US consumer prices are hoping for signals for the Federal Reserve's monetary policy decision next week. Opinions differ as to whether the Fed will cut interest rates by just 25 basis points or 50 basis points. The ECB on Thursday is expected to cut rates by 25 basis points.

Wednesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

HP USD 0.28

Quarterly figures / company dates Europe

07:30 Inditex | Auto1 half-year figures

10:00 Richemont AGM

16:00 ARM Holding AGM

Economic data

• 03:00 US: TV debate between the candidates for the US presidency Kamala Harris and Donald Trump, Philadelphia
• 08:00 UK: GDP July Forecast: +0.2% yoy/+1.4% yoy previous: 0.0% yoy/+0.7/ yoy | Trade Balance July Forecast: n/a previous: -£18.9bn | Industrial Production July Forecast: +0.3% yoy/-0.1% yoy previous: +0.8% yoy/-1.4% yoy | Services Sector Production July
• 14:30 US: Consumer prices August PROGNOSE: +0.2% yoy/+2.6% yoy previous: +0.2% yoy/+2.9% yoy Core consumer prices PROGNOSE: +0.2% yoy/+3.2% yoy previous: +0.2% yoy/+3.2% yoy
• 14:30 US: Real income August

05.09.2024

AI hype subsides + Insider buying at Dermapharm in the 2-digit million range + German government wants to reduce stake in Commerzbank + Real estate stocks benefit from interest rate hopes

Investors in the technology sector continue to take profits at the beginning of the seasonally rather poor stock market month of September. The previous day, European sector stocks had already come under pressure in the wake of the New York Nasdaq stock exchange, where semiconductor stocks in particular were sold off. This trend continued in European trading on Wednesday. Chip stocks also corrected in Asia amid somewhat disillusioned hype surrounding artificial intelligence (AI). In New York, the semiconductor index SOX had slipped by almost eight percent the previous evening, which, according to one trader, was the biggest daily loss since the coronavirus outbreak in March 2020. The AI favorite alone, the Nvidia $NVDA (+0,13 %) had lost a good 280 billion US dollars in value in one day on Tuesday.

The pharmaceutical manufacturer Dermapharm $DMP (+1,48 %) recently had to contend with significant declines in sales in some cases after the coronavirus pandemic subsided. However, the outlook for the branded pharmaceuticals manufacturer's core operating business is now brightening again, as evidenced by recent insider purchases in the double-digit million euro range. Dermapharm is also attractively valued fundamentally with a P/E ratio26e of 13.4 and a dividend yield of 2.6 %.

The threat of a placement of shares by the German government has put the shares of Commerzbank $CBK (-2,4 %) shares on Wednesday, particularly at the start of trading. In the first few minutes, the Frankfurt-based bank's shares lost up to 4.4% in a weak market environment. However, with the gradual recovery of the DAX, they ultimately reduced their price loss to less than half. The state is planning its exit and wants to reduce its stake in a first step, according to the Federal Finance Agency. According to informed circles, sales of initially 3 to 5 percent are being discussed, reports the news agency Bloomberg.

German real estate stocks were among the best performers in the weak market on Wednesday. In addition to increasing hopes of interest rate cuts following recent weak economic data, a positive sector study by Kepler Cheuvreux provided support. Vonovia $VNA (+3 %) was one of the best performers in the leading Dax index thanks to a price increase of around 0.8 percent. In the MDax of medium-sized listed companies TAG Immobilien $TEG (+3,68 %) topped the list of winners with a plus of 3.2 percent, followed by LEG Immobilien $LEG (+3,84 %) and Aroundtown $AT1 (+2,26 %). Patrizia $PAT (+0,74 %) took the top spot in the small cap index SDax with an increase of around 2.5 percent.

Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Qualcomm USD 0.85

Quarterly figures / company dates USA / Asia

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Quarterly figures / Company dates Europe

10:00 Volvo Car Corp Capital Markets Day

11:00 Compugroup Medical Capital Markets Day

Economic data

• 08:00 DE: New orders July seasonally adjusted FORECAST: -1.0% yoy previous: +3.9% yoy | Manufacturing turnover July FORECAST: n/a previous: -0.9% yoy
• 11:00 EU: Retail Sales July Eurozone FORECAST: +0.3% yoy previous: -0.3% yoy
• 14:15 US: ADP Labor Market Report August Private Sector Employment PROGNOSE: +140,000 jobs previous: +122,000 jobs
• 14:30 US: Initial jobless claims (week) FORECAST: 229,000 Previous: 231,000
• 14:30 US: Productivity ex-farm (2nd release) 2Q annualized PROGNOSE: +2.5% yoy 1st release: +2.3% yoy 1st quarter: +0.4% yoy Unit labor costs PROGNOSE: +0.8% yoy 1st release: +0.9% yoy 1st quarter: +3.8% yoy
• 15:45 US: Purchasing Managers' Index/PMI Service (2nd release) August FORECAST: 55.1 1st release: 55.2 previous: 55.0
• 16:00 US: ISM Non-Manufacturing Index August Forecast: 51.0 points Previous: 51.4 points
• 17:30 US: Presidential candidate Trump, speech at Economic Club of New York event

Podcast episode 53: "Buy High. Sell Low."

Subscribe to the podcast to help Bitcoin break $100,000 in 2024.

00:00:00 Vonovia $VNA (+3 %)

00:27:00 Weyerhaeuser $WY (+0,39 %)

00:37:35 PayPal $PYPL (+0,61 %)

00:47:00 Snowflake $SNOW (+0,35 %)

01:12:00 FED money printers / interest rate cut

01:24:00 Dirt of the week: perma bears

01:31:00 Bitcoin seasonality Q4 2024 $BTC (+1,18 %)

01:34:00 Tron with hype $TRX (+0,15 %)

Spotify

https://open.spotify.com/episode/0rPsPlA35ZMGErSBDcyQln?si=lTebJn7qQtOezoRTcP4rcQ

YouTube

https://youtu.be/NC6Ts3dFuCw?si=GhCkyXYRi2z0BVky

Apple Podcast

https://podcasts.apple.com/us/podcast/folge-53-paypal-snowflake-vonovia-permab%C3%A4ren-fed-bitcoin/id1695869891?i=1000666704284

#podcast
#spotify

27.08.2024

Vonovia sells its nursing homes + Lufthansa - new strikes weigh on share price + Stock market currently in "wait and see" mode

Not much is likely to happen on the German stock market on the second trading day of the week either. Stagnation at a high level is the order of the day on Tuesday morning after the past three-week rally. This had taken the Dax close to its record high in mid-May. The current motto on the stock markets is 'wait and see'," wrote analyst Thomas Altmann from QC Partners. The stock market turnover of the 40 Dax stocks was lower the day before than it usually is around the turn of the year or on public holidays in the USA. "This shows just how great the fear of positioning oneself on the wrong side is at the moment," is the market expert's assessment. Investors are primarily waiting for quarterly figures from the chip company Nvidia $NVDA (+0,13 %) in the middle of the week. The results of the specialist for computer chips for AI applications will send a signal to the entire industry.

On the winners' side at the top of yesterday's trading day were Vonovia $VNA (+3 %) , with an increase of 3.7 percent. The real estate group wants to sell its nursing homes to financial investors. LEG Immobilien rose by 1.8 percent and TAG Immobilien by 1.7 percent in the wake of the sale. The sector is naturally benefiting particularly strongly from the prospect of falling interest rates.

A somewhat negative impact on sentiment at Lufthansa $LHA (-1,18 %) traders saw the strike announcement at its vacation airline subsidiary Lufthansa Discover as somewhat negative for sentiment at Lufthansa. Pilots and flight attendants intend to strike there from Tuesday to Friday, complaining about the lack of collective agreements. Lufthansa shares fell 0.4 percent on yesterday's trading day. However, traders also pointed out that the crane share has already lost a lot this year. After trading at over 8 euros in February, the share price now stands at just under 5.70 euros.

Tuesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Sodexo EUR 6.24

Wolters Kluwer EUR 0.83

Yum Brands USD 0.67

Quarterly figures / company dates USA / Asia

/

Quarterly figures / Company dates Europe

07:30 Dermapharm | Branicks Group half-year figures

10:00 Morphosys AGM

economic data

• 08:00 DE: GDP (2nd release) 2Q calendar and seasonally adjusted yoy FORECAST: -0.1% yoy 1st release: -0.1% yoy 1st quarter: +0.2% yoy calendar-adjusted yoy FORECAST: -0.1% yoy 1st release: -0.1% yoy 1st quarter: -0.1% yoy
• 08:00 DE: GfK consumer climate indicator August FORECAST: -18.4 points previously: -18.4 points
• 15:00 US: FHFA house price index 6/24
• 16:00 US: Consumer Confidence Index August FORECAST: 100.5 previous: 100.3 | Richmond Fed Producer Index 8/24

Update 2 - Positions I am considering if the iv falls again.

$PYPL (+0,61 %) puts

$ZIP (+1,27 %) puts

$VNA (+3 %) puts

$O (+0,57 %) puts

+++ Earnings summary this morning, 01.08. +++

Volkswagen (VW) $VOW (-0,66 %) achieves sales of €83.3 billion (previous year: €80.1 billion, forecast: €81.9 billion), an operating profit of €5.46 billion (previous year: €5.60 billion, forecast: €5.38 billion) and earnings after tax of €3.63 billion (previous year: €3.79 billion) in Q2. In the outlook for 2024, VW confirms the forecast for sales and deliveries.

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BMW $BMW (-0,92 %) achieves sales of €36.9 billion in the 2nd quarter (previous year: €37.2 billion, analyst forecast: €37.4 billion), EBIT (Group) of €3.88 billion (previous year: €4.34 billion, forecast: €3.95 billion) and Group net profit of €2.71 billion (previous year: €2.96 billion, forecast: €2.62 billion). Outlook for 2024 confirmed.

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DHL $DHL (+0,07 %) generates Q2 revenue of €20.6 billion (previous year: €20.1 billion, analyst forecast: €20.3 billion), EBIT of €1.4 billion (previous year: €1.7 billion, forecast: €1.3 billion) and net profit of €744 million (previous year: €978 million, forecast: €754 million). Outlook for 2024 and EBIT forecast for 2026 confirmed.

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Vonovia $VNA (+3 %) achieves average rent per square meter of €1. In the first half of 2024, Vonovia generated an average rent per square meter of € 7.86 (previous year: € 7.58); EBITDA (adjusted) from rental activities of € 1.19 billion (previous year: € 1.21 billion), EBT (adjusted) from continuing operations of € 887.2 million (previous year: € 945.8 million); EBITDA (adjusted) from continuing operations of € 1.27 billion (previous year: € 1.30 billion) and net income for the period of € 1.27 billion (previous year: € 1.30 billion): €945.8 million); EBITDA (adjusted) from continuing operations of €1.27 billion (previous year: €1.30 billion) and a net loss for the period of -€529.2 million (previous year: -€4.13 billion). The vacancy rate in the first half of the year was 2.2% (previous year: 2.2%) and the real estate portfolio value (as at the end of June) was €82.5 billion (previous year: €83.9 billion at the end of 2023). In the outlook for 2024, the company now sees adjusted EBITDA at the upper end of the range of €2.55 billion to €2.65 billion and adjusted EBT at the upper end of the range of €1.7 billion to €1.8 billion

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Elmos Semiconductor $ELG (+0,16 %) achieved sales of €142 million (previous year: €136 million), EBIT of €35.9 million (previous year: €34.1 million) and net profit of €24.3 million (previous year: €23.0 million) in the second quarter. Outlook for 2024 confirmed.

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Symrise $SY1 (+0,29 %) achieved sales of €2.57 billion in the first half of the year (previous year: €2.41 billion, analyst forecast: €2.56 billion), EBITDA of €529.8 million (previous year: €446 million, forecast: €526.1 million) and net income of €239.5 million (previous year: €187.5 million, forecast: €251.2 million). Outlook for 2024 confirmed.

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HUGO BOSS $BOSS (-0,88 %) achieves sales of €1.015 billion in the second quarter (previous year: €1.026 billion, preliminary figures from July 15: €1.015 billion), EBIT (final) of €70 million (previous year: €121 million, preliminary: €70 million) and net profit of €37 million (previous year: €75 million).

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Heidelberger Druck $HDDB achieved sales of €403 million (previous year: €544 million), EBITDA (adjusted) of -€9 million (previous year: +€41 million) and a net result of -€42 million (previous year: +€10 million) in the first quarter. Forecast confirmed.

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Klöckner & Co $KCOB achieved sales of 2.3 million tons in the first half of the year (previous year: 2.1 million tons), EBITDA before material special effects of €83 million (previous year: €130 million) and a consolidated result from continuing operations of -€26 million (previous year: €39 million). In the outlook for 2024, the company expects a slight decline in sales compared to the previous year and EBITDA before material special effects of €120 million to €180 million.

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Merck KGaA $MRK (+0,5 %) achieves final Q2 sales of €5.35 billion (preliminary: €5.35 billion), final adjusted EBITDA of €1.509 billion (preliminary: €1.509 billion) and final adjusted earnings per share of €2.20 (preliminary: €2.20). Outlook confirmed.

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MTU Aero Engines $MTX (+0,21 %) achieves Q2 revenues (adjusted) of €1.755 billion (previous year: €1.57 billion), EBIT (adjusted) of €193 million (previous year: €242 million, analyst forecast: €223 million) and net profit of €185 million (previous year: €143 million, forecast: €163 million). Margin forecast for 2024 raised to around 13% (previously: more than 12%) Outlook for sales, adjusted EBIT margin and FCF confirmed.

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Daimler Truck $DTG (-1,54 %) achieved order intake of 92,569 vehicles in the 2nd quarter (previous year: -5%), revenue of €13.3 billion (previous year: €13.88 billion), EBIT (adjusted) of €1.17 billion (previous year: €1.43 billion) and earnings per share of €0.93 (previous year: €1.11).

01.08.2024 + Vonovia with fewer losses + Interest rate cut in September not certain + Meta and Qualcomm with good figures + Mastercard increases profit significantly + Adidas with better margin

Meta
$META (+0,32 %) second quarter earnings per share of $5.16 beat analysts' estimates of $4.70. Revenue of $39.07bn above expectations of $38.26bn. Meta sees third quarter revenue of $38.5-41.0bn (consensus $39.10bn).

Qualcomm
$QCOM (+0,18 %) Q3 EPS of $2.33 beats analyst estimates of $2.25. Revenue of $9.39 billion beats expectations of $9.21 billion. Qualcomm sees Q4 EPS of $2.45-2.65 (consensus $2.45) and revenue of $9.5-10.3 billion (consensus $9.69 billion).

Germany's largest residential real estate group Vonovia $VNA (+3 %) made another loss in the first half of the year. However, this was significantly lower than a year ago. "We are seeing higher volumes of real estate transactions again in the second quarter and the expected bottoming out of our real estate values," said CEO Rolf Buch in a statement on Thursday. Vonovia's business is receiving a tailwind. This makes the management optimistic about the year as a whole.

Mastercard $MA (+0,34 %) posted higher sales and earnings in the second quarter as consumers continued to spend heavily and business with more expensive services continued to grow. The credit card company reported a profit of 3.26 billion dollars or 3.50 dollars per share compared to 2.85 billion dollars or 3 dollars per share in the same quarter last year. Adjusted for one-time items, adjusted earnings were 3.59 dollars per share. Analysts polled by Factset had expected 3.51 dollars per share. Sales rose from 6.27 billion dollars in the same quarter of the previous year to 6.96 billion dollars, exceeding the analysts' consensus of 6.85 billion dollars.

As most expected, the Federal Reserve left its key interest rate unchanged. However, the central bankers made two important changes to their monetary policy statement, recognizing the recent progress in the fight against inflation, but without explicitly committing to a rate cut. During the press conference following the decision, Fed Chairman Jerome Powell said that a rate cut could be "on the table" as early as the next meeting in September. As the development of the labor market is an important factor for the Fed's future monetary policy course, investors are now waiting for the US labor market report for July on Friday. If there is a further slowdown here, this would further increase expectations of a rate cut in September, it is said.

Adidas
$ADS (-1,3 %) also significantly increased its bottom-line profit and improved its operating margin in the second quarter, according to the detailed results. The Herzogenaurach-based sporting goods manufacturer sees itself on track for the sales and profit forecast for the full year, which was raised for the second time in mid-July. In the second quarter, Adidas improved its operating profit margin (EBIT margin) to 5.9 percent from 3.3 percent in the previous year. Pre-tax profit amounted to 304 million euros after 123 million. After taxes, profit from continuing operations amounted to 211 million euros compared to a profit of 96 million in the previous year. Earnings per share amounted to 1.09 euros after 0.48 euros. After taxes and third parties, profit totaled 190 million euros (previous year: 84 million euros). The final figures for sales, operating profit (EBIT) and gross margin were in line with the preliminary ones. Adidas still aims to achieve an operating profit of 1 billion euros for the year as a whole, with currency-adjusted sales growth in the high single-digit percentage range compared to the previous year. In the second quarter, Yeezy contributed 200 million euros to sales, compared to 150 million in the first quarter.

More quarterly figures on German and EU companies from this morning can be found here: https://getqu.in/JVjjI6/

Thursday: stock market dates, economic data, quarterly figures

Swiss stock exchange holiday

ex-dividend of individual stocks

Reckitt Benckiser 0.80

GBP Relx 0.18 GBP

Quarterly figures / company dates USA / Asia

13:00 Conocophillips quarterly figures

13:30 Intercontinental Exchange quarterly figures

22:02 Intel | Amazon | Booking Holdings | Snap quarterly figures

22:30 Apple quarterly figures

No time specified: Air Products and Chemicals | The Mosaic | Moderna | Cummins | Hershey | Biogen Quarterly figures

Quarterly figures / Company dates Europe

06:30 Societe Generale | Toyota quarterly figures

07:00 Daimler Truck | DHL Group | Evonik | Merck Quarterly figures

07:00 Vonovia | Arcelormittal | ING Groep | Heidelberger Druck quarterly figures

07:00 Klöckner & Co | Credit Agricole | Elmos | Anheuser-Busch quarterly figures

07:30 BMW | Hugo Boss | Symrise | Volkswagen | Koenig & Bauer quarterly figures

08:00 MTU Aero | Barclays | Shell | Haleon | London Stock Exchange quarterly figures

08:00 Rolls-Royce quarterly figures

10:00 Qiagen Conferences 2Q

14:00 Ferrari quarterly figures

17:50 Pirelli half-year figures

Economic data

• 09:45 IT: Purchasing Managers' Index/PMI Manufacturing July PROGNOSIS: 46.0 previous: 45.7
• 09:50 FR: Purchasing Managers' Index/PMI Manufacturing (2nd release) July FORECAST: 44.1 1st release: 44.1 Previous: 45.3
• 09:55 DE: Purchasing Managers' Index/PMI Manufacturing (2nd release) July FORECAST: 42.6 1st release: 42.6 previous: 43.5
• 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (2nd release) July FORECAST: 45.6 1st release: 45.6 Previous: 45.8
• 10:30 UK: Purchasing Managers' Index/PMI Manufacturing (2nd release) July OUTLOOK: 51.8 1st release: 51.8 previous: 50.9
• 11:00 EU: Labor Market Data June Eurozone Unemployment Rate FORECAST: 6.4% PREVIOUS: 6.4%
• 13:00 UK: BoE, outcome and minutes of the Monetary Policy Council meeting and Monetary Policy Report Bank Rate PROGNOSE: 5.00% previously: 5.25%
• 14:30 US: Productivity ex Agriculture (1st release) 2Q annualized PROGNOSE: +1.8% yoy Q1: +0.2% yoy Unit labor costs PROGNOSE: +1.7% yoy Q1: +4.0% yoy
• 15:45 US: Purchasing Managers' Index/PMI manufacturing (2nd release) July FORECAST: 49.5 1st release: 49.5 previous: 51.6
• 16:00 US: Construction Spending June FORECAST: +0.2% yoy previous: -0.1% yoy
• 16:00 US: ISM Manufacturing Index July PROGNOSIS:
  48.9 points previous: 48.5 points