European Economics Preview: Eurozone Flash Composite PMI Data Due
Flash Purchasing Mangers’ survey results from eurozone and the UK are due on Tuesday, headlining a busy day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK public sector finances data for April. The budget deficit is seen at GBP 17.8 billion versus GBP 17.3 billion in March.
At 2.45 am ET, France business confidence survey results are due. Economists expect the business sentiment index to drop to 107 in May from 108 in April.
At 3.15 am ET, S&P Global publishes France flash composite Purchasing Managers’ survey results. The composite index is expected to fall to 57.0 in May from 57.6 in April.
At 3.30 am ET, Germany flash composite PMI survey data is due. The composite output index is seen at 54.0 in May versus 54.3 in April.
Half an hour later, eurozone flash composite Purchasing Managers’ survey results are due. Economists forecast the composite index to decline to 55.3 in May from 55.8 in the previous month.
At 4.30 am ET, UK S&P/CIPS flash composite PMI survey data is due.
Bitcoin surges nearly 8% to $31,780
(Reuters) – Bitcoin rose 7.93 % to $31,780.51 at 2200 GMT on Monday, up $2,334.8 from its previous close.
The world’s biggest and best-known cryptocurrency is up 25.1% from the year’s low of $25,401.05 on May 12.
Ether, the coin linked to the ethereum blockchain network, rose 9.8 % to $1,989.38 on Monday, adding $177.54 to its previous close.
Genentech: FDA Approves Evrysdi For Babies Under Two Months Of Age With Spinal Muscular Atrophy
Genentech, a member of the Roche Group (RHHBY), announced the FDA has approved a label extension for Evrysdi to include babies under two months old with spinal muscular atrophy. Evrysdi is now approved to treat spinal muscular atrophy in children and adults of all ages.
The company noted that, as part of the label extension, the Evrysdi prescribing information has been updated to include recent two-year pooled data from parts 1 and 2 of the FIREFISH study, which showed long-term efficacy and safety in symptomatic infants with Type 1 SMA.
B&M European Value Retail FY22 Adj. Profit Declines; Names Alex Russo CEO
B&M European Value Retail S.A. (BME.L) reported Group adjusted profit before tax of 524 million pounds for the 52 weeks to 26 March 2022, down 3.0% from prior year. Adjusted earnings per share was 41.6 pence compared to 43.4 pence.
Statutory profit before tax was 525 million pounds, flat with a year ago. Earnings per share was 42.1 pence compared to 42.7 pence.
Total Group revenue was 4.67 billion pounds, a year-on-year decrease of 2.7%. On a constant currency basis, revenues decreased by 2.4%.
A final ordinary dividend of 11.5 pence per share is to be paid on 5 August 2022 to shareholders on the register of the company at the close of business on 1 July 2022.
Separately, B&M European Value Retail S.A. announced the appointment of Alex Russo as Chief Executive Officer. Alex is currently Chief Financial Officer of the Group and will succeed Simon Arora. The Group noted that a process to recruit a successor to Alex as CFO has already begun.
SAS Posts Narrower Loss In Q2
SAS (SASDF.PK,SASDY.PK) posted a second-quarter net loss of 1.52 billion Swedish kronor compared to a loss of 2.41 billion kronor, prior year. Loss per common share was 0.21 kronor compared to a loss of 0.35 kronor. Loss before tax was 1.6 billion kronor, for the quarter.
Second-quarter revenue increased to 7.05 billion kronor from 1.93 billion kronor, prior year. The company said the increase in revenue was mainly related to increased production and increased demand. Currency-adjusted passenger revenue rose 382%, for the quarter.
“We are seeing healthy underlying demand, but uncertainty persists and a successful implementation of SAS FORWARD will secure our long-term competitiveness,” said Anko Van der Werff, President and CEO.
The cash balance at the end of the quarter was 8.5 billion kronor.
Royal DSM To Sell Engineering Materials Arm For 3.85 Bln Euros
Royal DSM N.V. (RDSMY.PK), a Dutch company focused on health, nutrition, and materials, said on Tuesday that it has reached a deal to sell its Engineering Materials business to Advent International and LANXESS for 3.85 billion euros.
The move will allow the Dutch firm to focus on health, nutrition, and bioscience, and to conclude review of strategic options for its two materials businesses. In April, the company had signed an agreement with Avient Corporation to sell its DSM Protective Materials.
DSM expects to receive about 3.5 billion euros net in cash following the completion of the transaction which is expected in the first half of 2023.
DSM Engineering Materials represented 1.5 billion euros of DSM’s total annual net sales and 334 million euros of adjusted EBITDA for 2021.
DSM Engineering Materials will become a part of a newly formed joint venture, together with LANXESS’s High Performance Materials business, where Advent International will own 60 percent stake with the remaining 40 percent by LANXESS.
Samsung Galaxy Watch4 Gets Google Assistant Support
Samsung Electronics announced that Google Assistant will be available for Galaxy Watch4 starting Tuesday.
The South Korean electronics major has entered into partnership with Google to build a unified Wear OS platform for a seamless connection across Android devices.
Starting Tuesday, Google Assistant will be available in 10 markets, including USA, Australia, Canada, France, Germany, Ireland, Japan, Taiwan, Korea, and The UK.
Galaxy Watch4 users will be able to download Google Assistant from the Google Play Store on their devices. They can gain access to fast, more natural voice interactions, quick answers to questions and on-the-go help.
The users will have access to both Bixby, Samsung’s default voice assistant, and Google Assistant. It will give them more advanced voice assistant functionality right from their wrists.
Samsung has also confirmed that Google Assistant on Galaxy Watch 4 will support 12 languages. These include Danish, English (American, Canadian, United Kingdom, Australian, Irish), Japanese, Korean, Spanish, French (Canadian, France) and Taiwanese.
The platform comes with Google Play, which gives users access to some of the most popular apps and services from Google, including Google Maps, Google Pay and YouTube Music.
Samsung, which launched Galaxy Watch4 last August, had promised earlier that Google Assistant would be coming soon to the devices.