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LIVE MARKETS-Pre-open roundup: toil and trouble in European retail
LONDON, March 1 (Reuters) - Welcome to the home for real-time coverage of European equity
markets brought to you by Reuters stocks reporters and anchored today by Kit Rees. Reach her on
Messenger to share your thoughts on market moves: kit.rees.thomsonreuters.com@reuters.net
PRE (Shanghai: 600048.SS - news) -OPEN ROUNDUP: TOIL AND TROUBLE IN EUROPEAN RETAIL (XX GMT)
Like the weather in the UK, European shares are going to have a frosty start today with
stocks futures down around 0.4 percent. The wounds of February are far from healed no matter how
much investors want to move on, as equity markets continue to worry about a more hawkish Fed,
volatility and rising bond yields.
February was the STOXX 600’s worst month since June 2016 (Brexit month!).
Today earnings continue to be in focus, in particular in the retail sector after Carrefour (Swiss: CA.SW - news)
yesterday cut its dividend and sounded cautious with its guidance – just shows how much pressure
these supermarket giants are under from the likes of Amazon.
Also note that the UK's Carpetright (Other OTC: CGHXF - news) is in talks with lenders after its profit warning back
in January - another sign of stress in the sector.
Automated warehouse equipment-maker Kion might have redeemed itself after meeting analyst
expectations thanks to higher sales – last October its shares sunk after cutting 2017 guidance
(up until then it had been a popular play on automation + tech).
Here are your key headlines from this morning:
AB InBev (Brussels: ABIT.BR - news) reaps profit in Brazil, sees strong 2018 growth
Peugeot (Other OTC: PUGOF - news) hits new earnings record despite Opel loss
British ad group WPP (Frankfurt: A1J2BZ - news) to simplify business after tough 2017
Daimler (IOB: 0NXX.IL - news) buys Europcar (Munich: 28584919.MU - news) out of car-sharing venture
Adecco (Swiss: ADEN.VX - news) gets off to slower start in 2018 after Q4 profit beat
Utility Suez to boost cost cuts, signs record 1.2 bln contracts
UK's Carpetright in talks with lenders after profit warning
Petrofac (Amsterdam: PF6.AS - news) posts better-than-expected FY core earnings [nL4N1QJ2T2}
Beiersdorf (IOB: 0DQ7.IL - news) gives cautious outlook after strong 2017
New York regulator asks Deutsche, other banks about Kushner loans -source
UK's Carpetright in talks with lenders after profit warning
UK's Howden Joinery (Frankfurt: 884600 - news) posts 7.4 pct rise in full-year revenue
Recruiting firm Robert Walters (LSE: RWA.L - news) reports 44 pct annual profit jump
Madame Tussauds owner Merlin core earnings rise 9.5 pct
UK builder Bovis says volumes will grow in 2018 after profit slump
Essilor predicts relatively flat profits ahead of Luxottica (Milan: LUX.MI - news) deal
Kion posts 26 percent rise in operating profit on truck sales
(Kit Rees and Tom Pfeiffer)
*****
CARREFOUR (LSE: 0NPH.L - news) 'S "TOUGH READ" - STILL SOME WAY TO GO? (0726 GMT)
Europe's dominant supermarket chain Carrefour's full-year update after yesterday's
market close underlines how gloomy it's looking for the sector, hit by heavy price
competition and with tech players such as Amazon challenging longstanding business models.
Analysts at Jefferies were prepared to see a "tough read" from Carrefour today, saying
"nearer-term competitive and fx conditions remain highly volatile"
Interestingly, yesterday it's peer Ahold Delhaize saw its shares bounce 3 percent
after reporting results, saying that savings from U.S. tax reforms could instead be invested
into its online offering.
The winner techs all in food retail?
(Kit Rees)
*****
EUROPEAN STOCKS FUTURES FALL, EARNINGS IN FOCUS (0702 GMT)
Even (Taiwan OTC: 6436.TWO - news) if things are set to be muted at the index level, with stocks futures opening around
0.4 percent lower just now, there are plenty of firms giving updates today to keep things
interesting - a full list for Europe is below.
Of note are full-year figures from Kion, which was hit hard last October when it cut its
2017 profit guidance due to customers delaying investments, so today's release will be closely
watched.
BMPS.MI Full Year 2017 Banca Monte dei Paschi (Milan: BMPS.MI - news) di Siena SpA Earnings
Release
KBHL.CO Q4 2017 Copenhagen Airports A/S Earnings Release
BTPP.PA Full Year 2017 Affine RE SA Earnings Release
APETIT (LSE: 0F55.L - news) .HE Q4 2017 Apetit Oyj Earnings Release
NHBG.MU Q4 2017 Nebelhornbahn AG Earnings Release
TTOG.F Q4 2017 TTL Beteiligungs und Grundbesitz AG Earnings Release
SPSN.S Full Year 2017 Swiss Prime Site AG Earnings Release
AMPF.MI Q4 2017 Amplifon SpA Earnings Release
APME.DE Full Year 2017 Ad Pepper Media International NV Earnings
Release
IMPN.S Full Year 2017 Implenia AG Earnings Release
FNTGn.DE Q4 2017 Freenet AG Earnings Release
EVRE.L Full Year 2017 EVRAZ (LSE: EVR.L - news) plc Earnings Release
KGX.DE Q4 2017 Kion Group AG Earnings Release
ARGX.BR Full Year 2017 argenx NV Earnings Release & Q4 Business
Update
FITBIO.HE Q4 2017 FIT Biotech Oy Earnings Release
ESSI.PA Full Year 2017 Essilor International SA Earnings Release
RTO.L Full Year 2017 Rentokil Initial PLC Earnings Release
SDR.L Full Year 2017 Schroders PLC Earnings Release
NEX.L Full Year 2017 National Express Group PLC Earnings Release
COB.L Full Year 2017 Cobham PLC Earnings Release
HWDN.L Full Year 2017 Howden Joinery Group PLC Earnings Release
SYNTS.L Full Year 2017 Synthomer PLC Earnings Release
(Kit Rees)
*****
EUROPEAN SHARES SEEN OPENING LOWER (0648 GMT)
Good morning. Is it going to be a new month and a fresh start? That's looking unlikely.
Following on from a weak session in the U.S. as markets continue to digest Fed Chair
Powell's testimony, European shares are seen opening lower, according to financial
spreadbetters. Britain's FTSE 100 is seen opening 42 points lower, Germany's DAX is expected to
fall 87 points and France's CAC is seen 29 points lower.
So it looks like it's going to be a muted start to March, following the STOXX's worst month
since June 2016.
(Kit Rees)
(Reporting by Danilo Masoni, Helen Reid, Kit Rees and Julien Ponthus)
