News: RIO LIVE MARKETS-On the radar: EU recovery fund and earnings season

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts Joice Alves ([email protected]) and Julien Ponthus ([email protected]) in London and Stefano Rebaudo ([email protected]) in Milan.

ON THE RADAR: EU RECOVERY FUND AND EARNINGS SEASON (0645 GMT) European stocks are in a wait and see mood ahead of the EU summit where leaders will discuss the recovery fund today and Saturday, while worries on the adverse impact of the virus, mostly in the U.S., continue to weigh.

On the corporate front there is a fresh batch of results hit by the coronavirus pandemic, but some are stronger than analysts’ forecast.

Shares in Daimler DAIGn.DE are up 1.3% in premarket trade, after the company recorded a smaller than expected Q2 operating loss. Volvo posted a better than expected core profit in the Q2. Saab SAABb.ST numbers were in line with last year’s, but the company doesn’t rule out further impact on its business.

Ericsson ERICb.ST shares are seen up 2-3% after its Q2 core profit beats forecast.

In the banking space, Swedbank SWEDa.ST Q2 net profit beat estimates as increased lending and deposit-taking helped offset the impact of the coronavirus pandemic. Nordea Bank NDAFI.HE reported a 66% fall in second-quarter operating profit, hit by an increase in loan-loss provisions, while operating profit missed analysts’ forecast.

Rio Tinto RIO.L reported a 1.5% rise in iron ore shipments in Q2 and said demand for the steelmaking ingredient was improving in China.

Electrolux ELUXb.ST sees robust demand in the near term. Tomra Systems TOM.OL said operations are close to normal.

Telia TELIA.ST reported quarterly core earnings well ahead of market forecasts thanks to cost savings.

Adva Optical ADAG.DE stocks jumped 10.2% in premarket trade after results. British Airways will retire its entire jumbo jet fleet with immediate effect due to the downturn in travel industry caused by the coronavirus pandemic.

(Stefano Rebaudo)

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	MORNING CALL: CAPPED BY VIRUS WORRIES (0533 GMT) 

European futures are slightly in the black but with no clear direction yet, ahead of a crucial meeting today and Saturday about the EU recovery fund.

Worries about the spread of the virus in the U.S. continue to dampen expectations for a swift economic recovery and to put a lid to stronger gains in stocks, while hopes for more stimulus measures are propping up investor mood.

While Asian stocks are mostly in the black, Wall Street ended in negative territory despite strong retail sales data after paring some losses late in the session.

(Stefano Rebaudo)

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