(Il Sole 24 Ore Radiocor) – Here comes the rebound for the European stock exchangesafter an anonymous first part of the week because it was marked by the prospect of further interest rate hikes by the Federal Reserve: German inflation below expectations in January (8.7% on an annual basis against 8.6% in December but against forecasts for 9.4%) and some quarterly reports (Siemens, Bayer, Astrazeneca, Credit Agricole, Aegon) have laid the foundations for a recovery session. The exception was Zurich (SMI) due to the loss of Credit Suisse (-15%) which, after the fifth consecutive quarter in the red, expected losses also in 2023. Piazza Affari was the best of the day: the index FTSE MIB it benefited above all from the good performance of banking and automotive.
Wall Street up on quarterly earnings. Subsidies beyond estimates
Up too Wall Street, after the declining session the day before. Investor attention is on earnings: So far, 63% of companies on the S&P 500 have released their fourth-quarter 2022 results and, of these, 69.5% have beaten analysts’ estimates, according to FactSet data ; in the last three years, however, 79% of companies beat the consensus on average. The titles of Disney e PepsiCo: The entertainment giant reported above-expected earnings and revenues and announced the cutting of 7,000 jobs and $5.5 billion in savings thanks to a restructuring plan; the soft drink multinational recorded revenues up by almost 11% to 28 billion, against expectations for 26.83 billion, forecasting an increase of 6% for this year. Quarterly earnings were $518 million, or 37 cents a share; adjusted earnings were $1.67 per share versus expectations of $1.65. Adjusted earnings per share are expected to grow 8% in 2023 to $7.20 versus expectations of $7.27. Collapse, however, for the title of Mattel due to lower-than-expected bills in the holiday shopping quarter.
On the macro front, the number of first-time jobless claimants in the week ending Feb. 4 increased by 13,000 to 196,000 (seasonally adjusted), the Labor Department reported; expectations were for a figure at 190,000. The previous week’s figure was unchanged at 183,000. In the midst of the pandemic, the US had seen a peak of 6.9 million new requests weekly.
Quarterly in focus: Siemens runs, Credit Suisse disappoints
Sitting of quarterly in Europe, with Siemens which improved estimates for full-year sales and posted better-than-expected earnings. Numbers beyond expectations also for AstraZeneca which records one of the best performances of the London stock exchange after the quarterly, while purchases are on the rise Bayer support the pharmaceutical sector. In Paris Credit Agricole it closed 2022 with an attributable net profit of 5.43 billion euros, down 7% on 2021, but higher than analysts’ estimates which were between 4.4 and 4.8 billion. In Amsterdam the insurance group Aegon achieved a stable 2022 operating result at 1.9 billion euros. Black seat for the Swiss creditwhich recorded a loss of over 7 billion Swiss francs (the worst result since the 2008 crisis) and warned that this year too there will be a “substantial” loss.
In Milan the banks are doing well, Tim skids
Milan in the name of banks and the automotive sector. Among credit institutions Unicredit e Intesa Sanpaolo after the words of the ECB supervisory chairman Enria reassured the state of health of the sector and the possibility of proceeding with the distribution of capital to shareholders through dividends and buybacks. In the compartment well Mediobanca after the results and, out of the Ftse Mib, rebound of Banca Mps who had reacted negatively to the accounts. In the automotive featured Stellar, Iveco, Cnh and Pirelli. In red Diasorin. You realize about Saipem protagonist of a double-digit increase in the last few sessions. In red Telecom Italia after some rumors that seem to indicate lower ratings in Kkr’s offer for the network.
