ROUNDUP: H&M disappoints with quarterly figures and development in June - share price slide

STOCKHOLM - The fashion retailer Hennes & Mauritz (H&M) has made a weak start to the third financial quarter (to the end of August). The figures for the past quarter also disappointed analysts' expectations. Although the management stuck to its annual targets on Thursday, it is likely to become more difficult to actually achieve them. H&M shares slumped. In the morning, the shares lost up to 15 percent to 165.45 Swedish kronor and at times fell to their lowest level since mid-April.

Schott Pharma expands production - focus on USA

MAINZ - Schott Pharma is pushing ahead with the expansion of its business with syringes for injectable drugs and is investing heavily in production capacities. While the production of more traditional products such as ampoules or glass vials is being relocated from Hungary to Serbia in Europe, a completely new production site will be built in the USA in the coming years.

US expansion: Nordex resumes production in Iowa

HAMBURG - Wind turbine manufacturer Nordex is seeing continued high demand in the United States and Canada and therefore plans to resume production in the USA. "At the West Branch site in the US state of Iowa, the company will be manufacturing nacelles for the current N163 turbine variant as well as for a product specially tailored to the US market," the MDax-listed company announced in Hamburg on Thursday. The recruitment and training processes are set to begin in the second half of 2024. From the first half of 2025, production capacities will be ramped up in line with the development of the order volume.

Deutsche Bank and other financial institutions fare well in US stress test

WASHINGTON - According to the Federal Reserve (Fed), the largest financial institutions in the USA have a crisis-proof capital base. All 31 institutions tested passed the annual stress test of the financial regulators, as the Fed announced in Washington on Wednesday. Deutsche Bank and its US subsidiary also had no problems in the stress test based on simulated crisis scenarios. Each institution remained above its minimum capital requirements in a hypothetical recession, the report continued. In total, the banks would have lost 685 billion US dollars in this scenario, more than in last year's stress test. However, the proportion of Common Equity Tier 1 capital (CET 1) would only have fallen to 9.9 percent, significantly more than the 4.5 percent considered by the supervisors to be the lower limit. 31 banks with assets of at least 100 billion dollars each were tested.

Circles: SpaceX targets 210 billion dollars in valuation

NEW YORK - Billionaire Elon Musk's aerospace company SpaceX is apparently to be valued at 210 billion dollars (around 196 billion euros) in a further round of financing. This volume is being sought when placing further shares with investors, the Bloomberg news agency reported on Thursday, citing people familiar with the matter. That would be 30 billion dollars more than the sale of shares in December. The company did not wish to comment on the information.

ROUNDUP 2/Chemicals collective bargaining agreement: Bonus days for union members

BAD BREISIG - In the wage negotiations for the German chemical industry, IG BCE and employers have agreed on an additional day off for union members only. This is the first time that exclusive benefits for trade union members have been included in a major collective agreement alongside the general salary increases of 6.85 percent. However, they must notify the employer of their membership and also receive a second day off for membership anniversaries.

Continental finds new CFO from within its own ranks

HANNOVER - The automotive supplier Continental has found a new Chief Financial Officer within its own company. As of July 1, Executive Board member Olaf Schick (52) will take over the Finance department in addition to the Integrity and Legal Affairs department, as the DAX-listed company announced in Hanover on Thursday. Schick has already been part of the Conti Board of Management since May 2023. Continental CEO Nikolai Setzer will take over the Group Information Technology division, which is currently part of the Finance department. With Schick's upcoming takeover of the Finance department, the Continental Executive Board will be reduced from seven to six members.

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Further news

-ROUNDUP: BGH tightens requirements for advertising with environmental promises

Fewer destinations accessible with low-cost flights from Germany

-ROUNDUP: Hope for sports betting losers - BGH examines reimbursement claims

-IG BAU wants climate short-time allowance for the whole year

-Özdemir in favor of raising VAT on meat

-Munich trade fair with strong sales

-Commerzbank raised suspicions at Wirecard early on - 'No reaction'

-ROUNDUP: Tank manufacturer KNDS presents more firepower on wheels

-ROUNDUP/Minister: A good quarter of all households have fiber optic connections

-Hotel group Arcona ends insolvency - creditors agree

-DFB makes a profit again for the first time

-SpaceX to retrieve the ISS from orbit

-Closed area under review after bomb found in forest near Tesla factory

-BVB: Bender goes, Piszczek comes

-Survey: One in four people own an e-bike°

Customer tip:

ROUNDUP: You can read a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.

/jha