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Asia Markets

Blue-chip DAX Index Slips; German Monthly Factory Orders Decline

German shares ended Monday in the red, with the blue-chip DAX index losing 0.58%, as the market reacted to updates regarding renewed escalations between Israel and Iran and the latest local manufacturing data.The conflict flared over the weekend after Israel and Iran exchanged strikes overnight, though losses were partly limited after Iran later said it had concluded its current military operations against Israel and US President Donald Trump demanded both countries immediately stop firing.On the economic front, Germany's new manufacturing orders fell 3.8% month over month in April, compared with the revised 4.5% gain in the previous month and the expected 2.2% drop, according to Investing.com data. Annually, factory orders rose 1.6%, against the revised 6.1% jump earlier.Destatis attributed the negative development to a "substantial decline" in automotive industry and electrical equipment orders, alongside fewer factory orders in the machinery and equipment segments."German factory orders fell by 3.8% m/m, with core orders down by the same amount, broadly in line with our expectations. But the drop followed on a large gain in March. Orders remained above pre-war levels," Oxford Economics said. "Today's figures confirm our expectations that the German economy and industry in general are faring relatively better than feared, thanks to a precautionary inventory buildup and some noncyclical support factors."In corporate news, Porsche Automobil Holding (PAH3.F), d/b/a Porsche SE, was one of the top stocks, rising 1.28%, after BofA Global Research reiterated its buy rating on the stock, citing the holding company's widening discount to its stake in Volkswagen (VOW.F)."Porsche SE (PSE) shares are down -23% y-t-d, reflecting the decline in its core holding VW, in which PSE owns a 53.1% stake, with VW down c17%; furthermore, PSE's holding discount has widened from 28% at the beginning of the year to 37%, vs a 12m avg. of 30%," BoFA noted, adding that by buying Porsche SE, investors buy a basket of Volkswagen and Porsche AG (P911.F) at an "attractive 37% discount." Volkswagen and Porsche AG were up by 0.06% and 2.30%, respectively, at the end of the trading day.Meanwhile, Henkel (HEN.F, HEN3.F) partnered with Canadian solar technology company Brilliant Matters to develop screen-printable silver inks for large-scale organic photovoltaic panel production. The German chemical and consumer goods group was down 0.72% at closing.

^DAX$HEN.F$HEN3.F$P911.F$PAH3.F$VOW.F
Asia Markets

Correction: German Blue-chip DAX Down; Henkel Gains on Q1 Beat

(Corrects stock movement in the headline)German equities retreated on Thursday, as the market assessed developments related to a potential US-Iran peace deal alongside a fresh batch of corporate earnings and trading updates.At closing, the blue-chip DAX was 1.02% in the red.Reuters reported that Washington and Tehran are moving toward a temporary arrangement to halt the current conflict, with sources indicating the proposed framework provides a path to end the fighting but leaves core points of contention for future negotiation. However, research firm Rystad Energy cautioned that a deal's impact on the physical oil markets will be "slower and more conditional than futures prices are currently pricing in."Meanwhile, back home, the German construction sector experienced its steepest contraction in over a year in April, with the decline primarily concentrated in housing amid war-related delivery delays, growing input price pressures, and weaker demand. The S&P Global Germany Construction PMI Total Activity Index plunged to a 13-month low of 42.1 from 48 in March.In corporate updates, shares of Henkel (HEN.F) climbed to the top spot of the index at 4.20%, after its first-quarter organic sales beat and a reiterated full-year 2026 outlook. The German chemical and consumer goods company's group sales reached 4.95 billion euros, up 1.7% on an organic basis versus 1.1% market forecast. Management still expects organic sales to rise 1% to 3% for the year, while adjusted EPS is forecasted to grow in the low to high single-digit percentage range at constant currency."A solid Q1 growth, with both Consumer Brands and Adhesives Technologies growth coming in ahead of expectations. FY26 revenue growth and adj. operating profit margin guidance is reiterated, in line with consensus. Meanwhile, acquisitions/divestment are now guided to have a low-single-digit positive impact (from neutral to slightly positive previously), with three deals already successfully closed," RBC Capital Markets said in a quick-take report.On the other hand, Siemens Healthineers (SHL.F) lost 4.72% and was one of the trading day's worst performers, after the German medical technology company lowered its fiscal 2026 guidance after a fiscal second-quarter earnings miss. The company now expects full-year revenue growth of 4.5% to 5%, down from its previous forecast of 5% to 6%. It also revised its adjusted basic EPS outlook to 2.20 euros to 2.30 euros, compared with earlier guidance of 2.20 euros to 2.40 euros.

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Asia Markets

German Blue-chip DAX Up; Henkel Gains on Q1 Beat

German equities retreated on Thursday, as the market assessed developments related to a potential US-Iran peace deal alongside a fresh batch of corporate earnings and trading updates.At closing, the blue-chip DAX was 1.02% in the red.Reuters reported that Washington and Tehran are moving toward a temporary arrangement to halt the current conflict, with sources indicating the proposed framework provides a path to end the fighting but leaves core points of contention for future negotiation. However, research firm Rystad Energy cautioned that a deal's impact on the physical oil markets will be "slower and more conditional than futures prices are currently pricing in."Meanwhile, back home, the German construction sector experienced its steepest contraction in over a year in April, with the decline primarily concentrated in housing amid war-related delivery delays, growing input price pressures, and weaker demand. The S&P Global Germany Construction PMI Total Activity Index plunged to a 13-month low of 42.1 from 48 in March.In corporate updates, shares of Henkel (HEN.F) climbed to the top spot of the index at 4.20%, after its first-quarter organic sales beat and a reiterated full-year 2026 outlook. The German chemical and consumer goods company's group sales reached 4.95 billion euros, up 1.7% on an organic basis versus 1.1% market forecast. Management still expects organic sales to rise 1% to 3% for the year, while adjusted EPS is forecasted to grow in the low to high single-digit percentage range at constant currency."A solid Q1 growth, with both Consumer Brands and Adhesives Technologies growth coming in ahead of expectations. FY26 revenue growth and adj. operating profit margin guidance is reiterated, in line with consensus. Meanwhile, acquisitions/divestment are now guided to have a low-single-digit positive impact (from neutral to slightly positive previously), with three deals already successfully closed," RBC Capital Markets said in a quick-take report.On the other hand, Siemens Healthineers (SHL.F) lost 4.72% and was one of the trading day's worst performers, after the German medical technology company lowered its fiscal 2026 guidance after a fiscal second-quarter earnings miss. The company now expects full-year revenue growth of 4.5% to 5%, down from its previous forecast of 5% to 6%. It also revised its adjusted basic EPS outlook to 2.20 euros to 2.30 euros, compared with earlier guidance of 2.20 euros to 2.40 euros.

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Research

Grupo Santander Upgrades Henkel to Outperform, Lowers PT

Grupo Santander on Wednesday upgraded chemical and consumer goods company Henkel (HEN.F) to outperform from neutral and decreased its price target to 81.50 euros from 86.70 euros.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$HEN.F
Asia Markets

German Blue-chip DAX Index Retreats Amid Middle East Truce Uncertainty

Germany's blue-chip DAX index reversed its earlier gains, closing 1.14% lower on Thursday, amid concerns of a breakdown in the US-Iran ceasefire negotiations.Shipping remains paralyzed in the Strait of Hormuz as persistent Israeli operations in Lebanon strain regional stability. In response, Tehran threatened to abandon its fledgling ceasefire agreement with Washington, as US President Donald Trump countered with warnings of a renewed military escalation should a comprehensive deal fail to materialize.Back at home, Destatis reported that German industrial production in February was down 0.3% on a monthly basis, against the revised zero growth in January and the market's expected 0.9% uptick. Year over year, industrial output was stable, following a revised 0.9% fall earlier."This morning's macro data is the last release to paint a picture of the German economy before the war in the Middle East began. It's a picture of a very reluctant, hesitant consumer, but of a manufacturing sector that is struggling to gain positive momentum. The only piece of evidence currently keeping our ketchup bottle comparison alive was yesterday's industrial orders data, confirming that order books in the [defense] industry continue to fill. At least some support for our long-held view that the fiscal stimulus will increasingly reach the real economy," ING said.Meanwhile, Germany's calendar and seasonally adjusted trade surplus came in at 19.8 billion euros in February, below the revised 20.3 billion euros a month ago and the expected 18.1 billion euros. According to the Federal Statistical Office, exports ticked up 3.6% month over month, against the revised 1.5% drop earlier and the expected 1% gain. Monthly imports rose 4.7%, compared with the revised 5.1% decrease previously and the market forecast of 4% jump.In corporate news, Mercedes-Benz Group (MBG.F) was down 2.02%, after reporting a 6% year-over-year decline in first-quarter deliveries to 499,700 vehicles. The German automaker said the results were consistent with company expectations.RBC Capital Markets reduced its adjusted EPS estimates and price target for sector perform-rated Henkel (HEN.F) to 73 euros from 75 euros amid concerns that execution risks may cap the revenue benefits of recent brand acquisitions."The acquisitions of Not Your Mother's and OLAPLEX should fill in gaps in Henkel's current Hair portfolio and place the company as a more serious contender in the Consumer Hair space. If executed well, integrating these brands could add 50 [basis points] of revenue growth to its hair business over the medium term. However, with management having a lot on their plate and commodity cost inflation concurrently stepping up, we can't overlook execution risks and remain on the sidelines," RBC wrote. The German chemical and consumer goods company gained 0.27% at closing.

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