Earnings season. Rio Tinto, BlackRock, Investor AB, Kone, AB Volvo, Ericsson, Nordea, Assa Abloy, Swedbank, Telia, and the Evolution Gaming Group are among companies reporting their results today.

Nissan is cutting back. Nissan Motor is forecasting a reduction in auto production of around 30% from the previous year to December, according to information obtained by Reuters. It is expected to produce about 2.6 million vehicles between April and December, compared to 3.7 million a year earlier. Nissan has not published annual forecasts and has refused to respond to the agency's requests.

Getting the vaccines. The European Union is negotiating advance purchase agreements for potential Covid-19 vaccines with Moderna, Johnson & Johnson, Sanofi and biotech companies BionTech and CureVac, Reuters reports.

Netflix heckled. Netflix stock is being battered outside the Wall Street trading session after the publication of good recruitment figures but disappointing forecasts. Netflix added 10.1 million new subscribers in the second quarter of 2020, compared to the consensus estimate of 8.1 million. However, the company announced it expects to recruit approximately 2.5 million new subscribers in the third quarter, half the consensus forecast. The stock lost nearly 10% in the off-season.

Ericsson solid. Ericsson's second quarter revenues were slightly above consensus expectations, while earnings were also higher than expected. In addition, the Swede confirmed his short- and medium-term forecasts.

Better than expected at Mercedes. Daimler posted a heavy operating loss in the second quarter of 2020 (€1.68bn) as a result of the coronavirus, but reports a "better than expected market recovery", including a better than expected month of June. The manufacturer even managed to generate positive cash flow, whereas analysts were expecting a loss. At this stage, management is maintaining the forecasts that were announced last April, i.e. 2020 sales and operating profit below those of 2019.

BICS courted. Proximus confirms that the shareholders of its international subsidiary BICS are considering selling control of the company, with the Belgian operator wishing to retain 49%. BICS (Belgacom International Carrier Services) is in discussions with "potential investors", but it is too early to know whether they will succeed. L'Echo points out that 25% of global roaming passes through BICS' infrastructure, 57.6% of which is owned by Proximus, 22.4% by Swisscom and 20% by MTN. BICS could be valued at between €755 million and €1.05 billion, according to the Belgian business daily.

In other news. Zur Rose strengthens its position in Germany by acquiring TeleClinc. Intesa receives antitrust clearance for the acquisition of UBI Banca. Facebook is about to launch Instagram Reels for TikTok competition. British Airways (International Consolidated Airlines) withdraws the B747 from its fleet.