European Economic News Preview: Germany Factory Orders Data Due

Factory orders from Germany and house prices from the UK are the top economic news due on Friday.

At 1.45 am ET, the State Secretariat for Economic Affairs is scheduled to issue Swiss jobless data for September. The unemployment rate is seen unchanged at 2.1 percent.

At 2.00 am ET, Destatis is slated to publish Germany’s factory orders figures for August. Economists expect orders to rebound 1.8 percent on month, in contrast to the 11.7 percent decrease in July.

In the meantime, UK Halifax house price data is due. House prices are expected to fall 0.8 percent on month in September after easing 1.9 percent in August.

At 2.45 am ET, foreign trade and current account data are due from France.

At 3.00 am ET, retail sales from the Czech Republic and foreign trade data from Austria are due.

At 4.00 am ET, Italy’s statistical office is scheduled to publish retail sales for August. Sales are forecast to remain flat after rising 0.4 percent.

Belden Lowers Q3 Outlook; Shares Tank 16%

Belden Inc. (BDC) lowered its revenue and earnings outlook for the third quarter, reflecting softer than anticipated end-demand across its both segments. Shares of the company slipped over 16% in after-hours trading, following the news.

Third-quarter revenues are now expected to be about $625 million, compared to the prior outlook of $675 million to $690 million.

The company now expects earnings of $1.67 to $1.69 per share, compared to the prior outlook of $1.40 to $1.50 per share . Adjusted earnings is now expected to be in the range of $1.75 to $1.77 per share , compared to the prior outlook of $1.75 to $1.85 per share.

Analysts polled by Thomson Reuters currently expect earnings of $1.82 per share and revenues of $685.19 million for the quarter.

“While a weaker-than-anticipated macroeconomic backdrop impacted revenues, strong gross margin performance, and reduced variable compensation costs resulted in the Company achieving the lower end of our prior Adjusted EPS outlook,” said Ashish Chand, President and CEO of Belden Inc.

“Demand began to weaken in the third quarter adding to ongoing pressure from channel destocking. We believe softer demand will continue as we move into the fourth quarter, impacting both revenue and profitability. We are encouraged that our shift towards solutions continues despite market weakness. Furthermore, we are well-positioned to benefit from major secular trends with lengthy investment cycles that will enable us to reach our long-term targets, including automation, broadband investment, and smart buildings.”

European Economic News Preview: UK GDP Data Due

GDP, industrial production and foreign trade from the UK are due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics publishes UK GDP, industrial output and foreign trade figures. The economy is forecast to grow 0.2 percent on month in August, in contrast to the 0.5 percent decrease in July.

At 4.30 am ET, the Bank of England publishes Credit Conditions survey results.

At 6.00 am ET, consumer price figures are due from Ireland and Portugal.

At 7.30 am ET, the European Central Bank releases the account of the monetary policy meeting of the Governing Council held on September 13 and 14.

Newcrest Shareholders Approve Acquisition By Newmont

Newcrest Mining Ltd (NCMGY.PK), an Australian mining company, said on Friday that its shareholders have agreed to the acquisition of the company by Newmont Corp (NEM) via its unit Newmont Overseas Holdings Pty Ltd.

In May, Newmont had agreed to acquire Newcrest for $1.10 per share.

According to Newcrest, 84.74 percent of its shareholders were present and 92.63 percent were in favor of the scheme resolution as set out in the Notice of Scheme Meeting.

Eligible Newcrest shareholders will receive 0.400 Newmont securities for each Newcrest share held on the record date of October 30, as per the terms.

The company will now apply to the Australian federal court for approval of the scheme resolution on October 17.

If the court approves the scheme at the second hearing, then a copy of it will be submitted to Australian Securities and Investments Commission or ASIC following which the scheme will become effective.

It is expected that Newcrest shares will stop trading on the ASX, PNGX and TSX on October 26, and Newmont shares will commence trading on NYSE and TSX on November 6.

Newcrest declared a special dividend of $1.10 per Newcrest share payable on October 27 to shareholders of record on October 19.

Currently, Newcrest are trading at AUD26 up 0.78% in Australia and Newmont shares closed at $38.78 down 0.84% on the New York Stock Exchange.

Generali To Dispose Of TUA Assicurazioni To Allianz – Quick Facts

Generali has reached an agreement with Allianz for the disposal of TUA Assicurazioni S.p.A., an insurance subsidiary of the Group focused on P&C business in the Italian market. It primarily operates in the motor business. The total price for the deal is 280 million euros in cash.

Generali said the transaction is aligned with the implementation of the Group’s “Lifetime Partner 24: Driving Growth” strategy in Italy. The deal will add approximately 1 percentage point to the Group Solvency II position and will have negligible impact on the EPS.

Unibail-Rodamco-Westfield To Sell Polygone Riviera For EUR 272.3 Mn

French real estate company Unibail-Rodamco-Westfield or URW (UNBLF, UNRDY) announced Friday that it has received a binding offer from real estate company Frey for Polygone Riviera for a net disposal price of 272.3 million euros.

The price is at a 4 percent discount to last unaffected book value.

The transaction is expected to be completed during the fourth quarter.

Polygone Riviera is a 77,100 sqm open air shopping centre located in Cagnes sur Mer in France’s Nice region. Of this, around 71,000 sqm are owned by URW.

URW said it has now secured 3.6 billion euros of its 4.0 billion euros European asset disposal programme; and 0.8 billion euros contribution to net debt reduction on an IFRS basis since January 2023.

In Paris, URW shares were trading at 46.17 euros, down 0.17 percent.