easyJet chief to step down
easyJet fell open after releasing half-year earnings and announcing a successor to CEO Johan Lundgren.
Japan's economy
Japan's economy contracted in the first quarter. The first reading of gross domestic product (GDP) showed the country's economy shrank 2% annualised in January–March from the prior quarter, faster than the 1.5% drop seen in a Reuters poll of economists. Quarter-over-quarter (QoQ), it was a 0.5% contraction of 0.5%, versus a 0.4% decline expected.
The Reserve Bank of Australia
In Australia, employment rose more than expected in April. The jobless rate rose to 4.1% from an upwardly revised 3.9% and above market forecast. This latest data erased the chances of a further rate hike from the Reserve Bank of Australia (RBA). Markets now imply around a 54% chance of a cut as early as December.
easyJet
BT Group shares rose at the open after the group updated its guidance with a significantly increased cash flow. easyJet fell open after releasing half-year earnings and announcing a successor to CEO Johan Lundgren.
Siemens
Elsewhere in Europe, Siemens reported a drop in second-quarter earnings at its industrial business. Industrial profit fell 2% to €2.51 billion, missing analyst forecasts for €2.68 billion. Sales fell 1% to 19.16 billion euros, also below expectations. Siemens also says it will sell Innomotics to KPS for €3.5 billion in enterprise value.
Deutsche Telekom
Deutsche Telekom posts first-quarter Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of €10.5 billion, slightly above a company-compiled consensus forecast of 10.25 billion euros. Deutsche Telekom also confirmed its guidance for 2024.
Zurich
Zurich Insurance Group premiums at its property and casualty businesses rose 9% in the first quarter to $12.6 billion. Zurich will start a previously announced share buyback of up to 1.1 billion Swiss francs "in the next few weeks."
Cisco
Over in the US, Cisco shares rose 6.5% in extended trading after the group forecast fourth-quarter revenue above analysts' expectations. For the third quarter, Cisco posted earnings of 88 cents per share, and revenue fell 13% to $12.7 billion, but beat estimates of $12.48 billion. Splunk, which Cisco acquired to enhance its cybersecurity capabilities, contributed $413 million.
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