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Earnings Thursday: industrials in focus; Shell shocks

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Earnings Thursday: industrials in focus; Shell shocks

Earnings Thursday: industrials in focus; Shell shocks

European shares tracked lower after the U.S. Fed dampened hopes of future rate cuts.

But as David Pollard reports, the day was dominated by a torrent of earnings reports from some of continent's biggest blue chips.


Earnings Thursday: industrials in focus; Shell shocks

Earnings Super Thursday (August 1) ... And some of Europe's biggest heavyweights enter the ring.

Siemens the first to deliver a blow - the German giant sees a weaker environment in key markets.

Reporting a six per cent drop in quarterly profit, its shares began the day four per cent down.

It set the tone: the world's largest steelmaker was two per cent down at the start.

ArcelorMittal cutting its forecast for global demand.

It sees a sharper reduction in Europe because of a suffering car market.

And, sure enough, BMW earnings were down 20% in Q2, it said - despite higher vehicle sales.

Going electric and getting greener to comply with new emissions rules hitting margins.

In a bumper diary, banks, British American Tobacco and Rio Tinto were also among those to report.

For Rio, the best H1 profits in half a decade - on red-hot iron ore prices.

Barclays boosted its dividend - but the global trade tensions theme continued with StanChart.

It beat estimates - but sees the China/U.S. spat - and a new cycle of monetary easing - as risks.

Shell, meanwhile - the world's second-largest publicly-traded energy company - disclosed Q2 profits as 25 per cent down, to a 30-month low.

Weaker gas prices and refining margins to blame.

Its shares lost 4.2 per cent in early trade.

But: there was also one big deal of the day.

LSE confirming its agreement to acquire Refinitiv in a 27 billion dollar buyout ..

In a move to create a new market data and analytics champion.

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