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10:30- European stock markets opened: Dax up 0.9%, Kak up 1.2%, Potsy up 1.1%; Aviation shares climb: Lufthansa is up 4%, Air France is up 3.7%, EasyJet and IAG are up 7.2% – Airbus is up 2.7%; After the reports: William Hill climbs 5.5%, BMW drops 2.9%; The price of gold climbs 1.3 percent to $ 2,046.3 an ounce; Brent crude is up 0.6% at $ 44.70 a barrel, while WTI is up 0.6% at $ 42 a barrel.
10:15 – The Bank of Ireland Group concludes the first half with a pre-tax loss of € 822 million, compared to a profit of € 315 million in the same period last year. The adjusted loss before tax was 669 million euros, compared to an adjusted profit of 376 million euros in the corresponding half. Interest income amounted to 1.078 billion euros, compared to 1.077 billion euros in the same period last year.
10:10 – William Hill has decided not to reopen 119 gambling establishments that have closed across the UK due to the epidemic – due to the expected decline in gambling revenues in the coming months. The gambling operator in stores and online announced the planned closure in conjunction with the publication of the financial statements. William Hill ended the first half of 2020 with a pre-tax profit of £ 141 million, compared to a loss of £ 63.5 million in the same period in 2019. Revenue was £ 554.44 million, compared to £ 11.7 million in the same period last year – the market expected revenue of £ 532.4 million. The company further stated in the reports that it expects revenue from football betting to return to 80% of the levels that preceded the epidemic, at best.
9:30 – Commerzbank recorded a 21% drop in net profit in the second quarter to 220 million euros – the German bank set aside 469 million euros for happy losses, compared to 178 million euros in the corresponding quarter. Commerzbank stated that they expect to end the year with a loss, and with provisions of 1.5-1.4 billion euros for unsecured loans.
9:20 – The Corona is also hurting carmakers: BMW concludes the second quarter with a loss of 230 million euros, compared to a profit of 1.45 billion euros in the corresponding quarter. The pre-tax loss was € 666 million, compared to a pre-tax profit of € 2.20 million in the same quarter last year. Revenue fell to $ 19.97 billion, from $ 25.72 billion in the same period last year. CEO Oliver Zipse noted that the company has “cautious optimism about the second half of the year”.
7:30 – Updates from New York:
Shares of Disney climbed 4.8% in late trading following the release of the report: The world’s largest media company ended the third fiscal quarter with a 42% drop in revenue to $ 11.78 billion, compared to $ 20.25 billion in the same quarter last year – analysts expected $ 12.4 billion. The company posted a huge loss of nearly $ 5 billion in the quarter, mainly due to a $ 4.95 billion write-off resulting from the negative impact of the plague. In the coordinated line, Disney posted earnings of 8 cents a share, with the expectation of a loss of 64 cents a share. The company announced at the same time that the movie Mulan will no longer wait for the cinemas to open and it will go up on September 4 for a fee on its streaming service.
Beyond Meat fell 8.5% in late trading: The meat substitute maker posted a loss of $ 10.2 billion or 16 cents a share in the second quarter, compared to a loss of $ 9.4 billion or 24 cents a share in the same quarter last year. Adjusted loss was $ 1.2 million or 2 cents a share, similar to analysts’ expectations and compared to a loss of $ 2.3 billion or 5 cents a share in the same quarter last year. Revenue grew 69% to a record $ 113.3 million, compared to $ 67.3 million in the same quarter last year, when market expectations stood at $ 99.2 million.
Nikola dipped 17.5% in late trading (Nikola), following the release of its first quarterly report as a public company: The electric car maker, which is not yet recording revenue, ended the second quarter with a loss of $ 86.6 million or 33 cents a share, compared to a loss of $ 16.8 million or 6 cents per share in the corresponding quarter. Adjusted loss was 16 cents a share, analysts expected a loss of 13 cents a share. The company announced that it is expected to start production at its plant in Germany during the fourth quarter – the production level of the plant which is in the final stages of construction stands at 10,000 cars per year. Nicola will later open another plant in Arizona.
Fox Corp shares fell 3% in late trading: The company, which includes Fox News, Fox Sports, cable operations and a number of local channels, recorded a 3.8% drop in revenue to $ 2.42 billion in the second quarter, mainly due to a 7.6% drop in advertising revenue . Analysts had expected $ 2.39 billion in revenue. Earnings were $ 122 million or 20 cents a share, compared to $ 454 billion or 73 cents a share in the same quarter last year, adjusted earnings were 62 cents a share – the expectation was 58 cents a share. Pictured here is Susan Scott, CEO of Fox News.
7:00 – Mixed trend in Asian markets this morning, after last night’s gains in New York (Dow Jones up 0.6%, Nasdaq and S&P 500 up 0.4%): Nikkei down 0.2%, Shanghai up 0.3% %, Hang Seng is up 0.6%, Cosfi is up 1%, Sydney is down 0.6%, Sony stock is down 2.2% in Tokyo after the reports are released.
The price of gold continues to climb this morning, at 0.4%, to $ 2,029.90 an ounce; The 10-year US bond yield, which continued to lose yesterday, is currently unchanged at 0.51%. .