Company results:

  • Allianz: Maintains its operating profit target for the full year.
  • Hapag-Lloyd: The group posted exceptional Q1 profit.
  • Merck KGaA: Q1 2022 profits are up 18.2%. Organic growth is expected to be between 6 and 9% this year.
  • Siemens: The group will take a €600m charge for the closure of its Russian operations.
  • Telefonica: Q1 results are above expectations.
  • Walt Disney Company: The number of Disney+ subscribers is higher than expected, but results are down.
  • Zurich Insurance: 2022 targets will be exceeded.

 

In other news:

  • Aramco's capitalization exceeds Apple's.
  • Vodafone is reportedly negotiating a merger of its UK operations with local rival Three UK, reports the Financial Times.
  • Developer Sunac China defaults on a bond.
  • The SEC is investigating how Elon Musk built his initial position in Twitter, the WSJ reports.
  • The Boeing Company is struggling to produce B737MAXs due to parts shortages.
  • Anglo American returns to Zambia with Arc Minerals copper deal.
  • Walgreens Boots Alliance sells 6 million shares of AmerisourceBergen stock for $150 per share, reducing its stake from 28.1% to 25.2%.
  • Instacart prepares for its IPO on Wall Street.
  • Apple is down 1.4% in pre-market trading, as its subcontractor Foxconn reported a slowdown in demand for electronic products and tensions in supply chains due to health restrictions in China.
  • Alphabet subsidiary Google on Wednesday showed off a new prototype of connected glasses that can transcribe and translate a conversation in real time at its annual developer conference.
  • Meta Platforms confirmed Wednesday that it is considering changes in Reality Labs, a division at the heart of the company's strategy to refocus on hardware and the metaverse, a virtual universe touted as the future of the Internet.
  • Ford Motor announced Thursday that it has given up producing electric vehicles in India for export and is considering options for its two sites in the country.
  • Beyond Meat plunged 24% in premarket trading in response to the release of a widening first-quarter net loss linked to higher costs and deep discounts in the period.
  • Bumble - The dating app jumped 8.9% in the aftermath of Wednesday's release of better-than-expected first-quarter revenue and earnings.
  • Rivian Automotive confirmed its target of producing 25,000 vehicles this year despite supply chain tensions.

Main earnings reports today: Siemens AG, Allianz, Merck KGaA, Hapag-Lloyd, Zurich Insurance, Verbund, Telefonica, KBC, Veolia, Atlantia, CNP Assurances, Fortum, Nexi ...