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 (+3,24 %) 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 (+2,24 %) 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 (-2,92 %) 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 (-0,63 %) 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 (+1,79 %) 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