Corporate results:
- Adidas: The group revises down its 2022 targets.
- Alphabet gained 3.5% in pre-market trading after reporting advertising revenue above market expectations for its search engine Google, easing concerns about the impact of the economic downturn on its main division.
- BASF: The chemical company raised its revenue outlook but warned of risks.
- Bristol-Myers Squibb fell 2.6% in premarket trading after lowering its annual sales target due to the high dollar.
- Chipotle Mexican Grill reported a better-than-expected quarterly profit on Tuesday, as multiple rate hikes helped the restaurant chain cushion the blow of inflation.
- Daimler: Mercedes raised its annual guidance.
- Deutsche Bank: The bank recorded earnings growth in Q2 but warns of cost pressures.
- Equinor: The Norwegian group reported sharply higher quarterly results, helped by soaring oil prices.
- GSK: The company raised its full-year guidance, days after the consumer health care spin-off.
- Hess reported a nine-fold increase in adjusted earnings in the second quarter due to higher energy prices.
- Hilton Worldwide raised its full-year profit forecast after posting a better-than-expected quarterly profit on a rebound in travel demand.
- Holcim: Quarterly results improve and beat expectations.
- Humana - The health insurer raised its annual profit forecast again, citing favorable medical spending trends.
- Iberdrola: The Spanish group posted €2.08 billion in net profit in Q2.
- The Kraft Heinz on Wednesday raised its annual forecast for organic sales growth, benefiting from both price increases and demand.
- LVMH: Q2 organic growth reached 19%, with sales of €18.73 billion. Results were up.
- Microsoft expects double-digit revenue growth for the current year, driven by demand for cloud services.
- Mondelez International raised its annual revenue forecast after posting better-than-expected quarterly results thanks to demand.
- Reckitt: The British company raised its revenue forecast for fiscal 2022.
- Spotify reported better-than-expected second-quarter revenue thanks in part to a 14% increase in paying subscribers to its premium service.
- Shopify on Wednesday reported an adjusted operating loss for the second half of the year due to higher costs and expenses related to the integration of e-commerce fulfillment company Deliverr.
- The Boeing Company maintained its free cash flow generation target this year despite a quarterly adjusted loss and said it was in the home stretch for resuming deliveries of the 787 Dreamliner.
- T-Mobile US gained 3.8% in premarket trading after raising its subscriber growth forecast for the second time this year on the strength of its relatively cheaper-than-competitive plans.
- Visa reported a better-than-expected quarterly profit thanks to strong consumer spending and a summer travel boom.
In other news:
- Activist investor Elliott has built a position in PayPal, according to the Wall Street Journal.
- Bunge - The grain and agricultural commodities trading group raised its annual earnings guidance.
- Credit Suisse appoints Ulrich Körner as CEO, following the departure of Thomas Gottstein. The bank will conduct an in-depth strategic review.
- Chaos in German skies as Deutsche Lufthansa has to cancel hundreds of flights due to strikes.
- Chinese developer Country Garden Holdings launches a capital increase in Hong Kong to strengthen its balance sheet.
- Paypal gained 6% in pre-market trading after news reports that Elliott Investment Management is buying a stake in the payments group.
- Teva to pay $4bn to settle US opioid case.
- Twitter shareholders will vote on September 13 on Musk's buyout.
Main earnings reports today: Meta Platforms, Qualcomm, T-Mobile US, Bristol-Myers Squibb, Equinor, Rio Tinto, British American Tobacco, The Boeing Company, Airbus, GSK, Kering, Iberdrola, Daimler... All the agenda here.