European pharma stocks fall after Trump sends letters demanding cheaper drug pricesTariffs to ’cause pain’ for Swiss luxury goods makers<\/p>\n
Swiss luxury stocks are expected to come under pressure when trading begins on Friday after U.S. President Donald Trump raised import duties on Switzerland to 39%.<\/p>\n
Analysts at investment bank Jefferies said Richemont<\/a>, Swatch Group<\/a> and London-listed Watches of Switzerland<\/a> could be affected.<\/p>\n “The overnight news that the US will impose an increased import tariff on Swiss imports of 39% could cause pain in CFR but especially in UHR and WOSG today,” said Jefferies analysts led by James\u00a0Grzinic\u00a0in a note to clients.<\/p>\n The analysts said that since the tariffs begin on Aug. 7, there is still room to maneuver.<\/p>\n “Of course that is one week away, allowing for plenty of last minute tweaks and changes to be agreed,” they added. “However, the direct impact of this extreme change (compared to investors likely assuming a 15% to follow given the recent EU deal) is meaningful in the watches vertical.”<\/p>\n \u2014 Ganesh Rao<\/p>\n Euronext tops expectations<\/p>\n Euronext<\/a> has topped quarterly earnings expectations, boosted by ongoing market volatility.<\/p>\n Revenue hit a fresh record and net profit rose by almost 30%.<\/p>\n The earnings report comes as the exchange operator launches a bid to buy the Athens Stock Exchange, with its offer valuing the Greek bourse at more than 400 million euros.\u00a0<\/p>\n \u2014 Katie Foley<\/p>\n British Airways owner IAG’s second-quarter profits soar on continued transatlantic demand<\/p>\n British Airways Airbus A319 aircraft takes off from Heathrow Airport in London, Britain, May 17, 2021.\u00a0<\/p>\n John Sibley | Reuters<\/p>\n International Airlines Group<\/a>‘s profit soared past expectations in the second quarter as travelers piled into transatlantic routes at the start of the summer, despite concerns around President Donald Trump’s tariff war.<\/p>\n The British Airways owner’s operating earnings jumped 35% year on year to 1.68 billion euros ($1.92 billion) in the three months to June 30, ahead of the 1.44 billion forecast by analysts in an LSEG poll.<\/p>\n Quarterly revenues rose 6.8% to 8.86 billion euros, also ahead of the 8.7 billion euros expected.<\/p>\n The group, which also owns carriers Aer Lingus and Iberia, said demand was robust in its core markets of North Atlantic, Latin America and Europe, and that strength in its premium seats was “partially mitigating” some softness in U.S. economy travel.<\/p>\n “We continue to benefit from the trend of a structural shift in consumer spending towards travel. We remain focused on our market leading brands and core geographies, where we continue to see robust performance,” CEO Luis Gallego said in a statement.<\/p>\n \u2014 Karen Gilchrist<\/p>\n Axa has backed its midterm targets despite profit miss<\/p>\n Axa<\/a> has backed its midterm targets despite a first half net profit miss, citing currency fluctuations.<\/p>\n Net income at the insurance and asset management giant dipped 2% on the year to 3.9 billion euros.<\/p>\n \u2014 Jonathan Stayton<\/p>\n Pharma giant Bayer has raised sales forecast<\/p>\n Pharma giant Bayer<\/a> has raised its 2025 sales forecast – anticipating annual sales of 46 to 48 billion euros, up 1 billion euros at both ends of the range.<\/p>\n It also announced it put aside 1.2 billion euros for ongoing litigation in the United States related to weed killer brand Roundup.<\/p>\n The group is set to report quarterly earnings on 6 August.<\/p>\n \u2014 Andreea Gheorghe<\/p>\n Daimler Truck falls 4.7% in pre market on key forecast cut<\/p>\n Daimler Truck<\/a> has cut key forecasts, citing market weakness in North America.<\/p>\n The German firm now expects full year adjusted profit of between 3.6 and 4.1 billion euros ($4.7 billion), reflecting a drop of as much as 23 percent.<\/p>\n The group also lowered is sales volume outlook for the North American market.<\/p>\n The stock is down 4.7% in pre market.<\/p>\n \u2014 Domi Suskova, Ganesh Rao<\/p>\n European stocks set to open lower amid Trump’s tariff rejig<\/p>\n Good morning from London, and welcome to CNBC’s live blog covering all the action and business news in European financial markets on Friday.<\/p>\n Futures data points to losses at the open for European indexes, with London’s\u00a0FTSE 100<\/a> expected to open 0.2% lower, France’s CAC 40<\/a> unchanged, Germany’s\u00a0DAX<\/a> down 0.6%, and Italy’s\u00a0FTSE MIB<\/a> 0.1% lower.<\/p>\n The Stoxx Europe 600<\/a> index and Euro Stoxx 50<\/a> index are expected to open 0.3% and 0.5% lower, respectively.<\/p>\n AXA<\/a>, Daimler Truck<\/a>, Melrose Industries<\/a>, Saint-Gobain<\/a>, Euronext<\/a>, IAG<\/a>, Pearson<\/a> and Engie<\/a> are among the heavyweight regional companies reporting their results today.<\/p>\n \u2014 Ganesh Rao<\/p>\n","protected":false},"excerpt":{"rendered":"European pharma stocks fall after Trump sends letters demanding cheaper drug pricesTariffs to ’cause pain’ for Swiss luxury…\n","protected":false},"author":2,"featured_media":38841,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[3716,45,161,49,48,28206,100,1238,28205,2162,772],"class_list":["post-38840","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-breaking-news-europe","tag-business","tag-business-news","tag-ca","tag-canada","tag-jetblue-airways-corp","tag-markets","tag-novo-nordisk-a-s","tag-rolls-royce-holdings-plc","tag-stoxx-600","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/38840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=38840"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/38840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/38841"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=38840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=38840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=38840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}