Corporate results:

  • LVMH reports organic growth of 3% in the first quarter. Initially downgraded post-trading, the stock eventually returned to the green.
  • AB Volvo posts first-quarter adjusted operating profit ahead of expectations.
  • Adidas raises its operating profit forecast for 2024 from €500m to €700m.
  • ASML reports first-quarter profit of $1.3 billion, but lower-than-expected order intake.
  • ASOS sinks into first-half losses and appoints Dave Murray as CFO.
  • Continental reports preliminary Q1 figures below market expectations.
  • Entain reports higher-than-expected online gaming revenues.
  • JB Hunt loses 6% after its quarterly results.
  • Just Eat Takeaway reports higher-than-expected gross transaction value for the first quarter.
  • Rio Tinto disappoints with first-quarter iron ore shipments down 5%.
  • Omnicom - Group sales and earnings beat Wall Street expectations thanks to strong demand for its advertising services. On an adjusted basis, the company earned $1.67 per share, compared with $1.55 expected by consensus, according to LSEG data.
  • United Airlines Holdings announced Tuesday that it expects higher-than-expected earnings for the current quarter, thanks to strong travel demand. The carrier expects adjusted earnings in the range of $3.75 to $4.25 per share for the quarter ending in June, compared with $3.76 per share expected by consensus. 

In other news:

  • Tapestry - The US antitrust regulator is preparing to block Tapestry's $8.5 billion takeover of Capri Holdings, the NYT Dealbook reported on Wednesday. Capri loses 5% before the opening.
  • Citizens Financial reported lower first-quarter earnings on Wednesday, due to lower interest income.
  • Ford will recall 456,565 Bronco Sport and Maverick vehicles due to a battery problem, the U.S. National Highway Traffic Safety Administration (NHTSA) said Wednesday.
  • Eli Lilly - The weight-loss drug produced by the group helped reduce the frequency of irregular breathing in patients with obstructive sleep apnea by up to 63% on average in two late-stage trials, the company said Wednesday.
  • Tesla asked its shareholders on Wednesday to vote in favor of CEO Elon Musk's compensation proposal.
  • Envestnet, a software provider with a market value of around $3.5 billion, is considering options that could include a potential sale after receiving expressions of interest in a takeover bid, authorized sources said on Tuesday.
  • Nike gains 1% before the opening, after good results from Adidas.
  • Apple will consider building a factory in Indonesia, the group said on Wednesday.
  • Morgan Stanley is to cut around 50 investment banking jobs in Asia-Pacific, according to several sources.
  • Take-Two Interactive will cut 5% of its workforce.
  • Vale announces 6% growth in first-quarter iron ore production.
  • America Movil's first-quarter results fall due to the strength of the peso and antenna sales in 2023.