European Movers: JD Sports (JD/ LN) +2.4%, PostNL (PNL NA) +5.2%, Rolls-Royce (RR/ LN) -1.0%, Pernod Ricard (RI FP) -3.1%, Belimo (BEAN SW) -6.1%, Johnson Matthey (JMAT LN) -13.2%
The mixed performance among European movers highlights significant corporate actions and earnings outlooks.
Iran says any US attack, including limited strikes, will be considered an act of aggression
EUROPEAN OPEN: RR/ LN seen announcing GBP 1.0-1.5bln buyback; HON cuts JMAT LN’s Catalyst deal price to GBP1.325bln; UK in talks with GLEN, LN RIO LN, AAL LN on minerals; IFX GY to buy back 4mln shares; activists now hold one-third of PSON LN
European Movers: JD Sports (JD/ LN) +2.4%, PostNL (PNL NA) +5.2%, Rolls-Royce (RR/ LN) -1.0%, Pernod Ricard (RI FP) -3.1%, Belimo (BEAN SW) -6.1%, Johnson Matthey (JMAT LN) -13.2%
Iran Foreign Ministry spokesperson says there are discussions about the presence of IAEA's Grossi in the third round of negotiations, Iran International reports; adds that Iran is working on a draft for any possible understanding
India confirms it will be amending its tax treaty with France, dropping the most favoured nation clause
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JD Sports (JD/ LN) - Co. launches GBP 200mln share buyback. (JD)
PostNL (PNL NA) - FY 2025 (EUR): Revenue 973mln (prev. 937mln Y/Y), Normalised EBIT 79mln (prev. 62mln Y/Y). (PostNL)
Rolls-Royce (RR/ LN) - Rolls-Royce is expected to announce a new GBP 1.0-1.5bln share buyback alongside its annual results this week, in addition to a final dividend, highlighting strong free cash flow and record profits as the company continues its turnaround under CEO Tufan Erginbilgic after facing significant financial pressure during the Covid pandemic, Sky News reports. In other news, the FT reports that the Co. is urging the UK government to subsidise engine project. (Sky News / FT)
Pernod Ricard (RI FP) downgraded to Sell from Hold at Deutsche Bank
Belimo (BEAN SW) - FY 2025 (CHF): Revenue 1.12bln (exp. 1.11bln), EBIT 233mln, +28.6% Y/Y. Proposed dividend of CHF 10/shr, +5.3% Y/Y. (Belimo)
Honeywell (HON) / Johnson Matthey (JMAT LN) - Honeywell announced an amended agreement to acquire Johnson Matthey's Catalyst Technologies business segment; total transaction consideration is GBP 1.32bln. Also extends the long stop date to July 21, 2026. If any of the regulatory approvals are not satisfied by the long stop date, the long stop date may be extended to August 21, 2026, if certain conditions are met. (Honeywell)
JD Sports' announced share buyback is a positive signal, likely boosting investor sentiment, while Johnson Matthey's acquisition by Honeywell underscores ongoing consolidation in the sector, although the extended timeline raises regulatory concerns. On the downside, downgrades like that of Pernod Ricard indicate potential headwinds in the beverages sector.
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