The evening market overview compiled by Dow Jones Newswires:
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+++++ HOLIDAY NOTICE +++++
TUESDAY: Stock exchanges in Italy remain closed for the “Assumption of Mary” holiday. There is no trading in South Korea because of the holiday “National Liberation Day of Korea”.
+++++ STOCK MARKETS (6:34 p.m.) +++++
INDEX Stand +-% +-% YTD* EuroStoxx50 4.330,23 +0,2% +14,2% Stoxx50 3.980,95 +0,2% +9,0% DAX 15.904,25 +0,5% +14,2% FTSE 7.507,15 -0,2% +1,0% CAC 7.348,84 +0,1% +13,5% DJIA 35.238,35 -0,1% +6,3% S&P-500 4.475,59 +0,3% +16,6% Nasdaq-Comp. 13.714,61 +0,5% +31,0% Nasdaq-100 15.121,82 +0,6% +38,2% Nikkei-225 32.059,91 -1,3% +22,9% EUREX Stand +-Ticks Bund-Future 131,45 +7 *bezogen auf Schlusskurs des Vortages
+++++ COMMODITY MARKETS +++++
ROHÖL zuletzt VT-Settlem. +/- % +/- USD % YTD WTI/Nymex 82,24 83,19 -1,1% -0,95 +4,3% Brent/ICE 85,93 86,81 -1,0% -0,88 +3,9% GAS VT-Settlem. +/- EUR Dutch TTF 35,40 35,30 +0,3% +0,10 -55,9% METALLE zuletzt Vortag +/- % +/- USD % YTD Gold (Spot) 1.911,85 1.913,80 -0,1% -1,95 +4,8% Silber (Spot) 22,66 22,69 -0,1% -0,03 -5,5% Platin (Spot) 906,63 913,30 -0,7% -6,68 -15,1% Kupfer-Future 3,73 3,72 +0,2% +0,01 -2,4% YTD bezogen auf Schlussstand des Vortags
After the surcharges of the past few weeks, oil prices are falling slightly. Above all, the renewed weak economic data from China are having a negative impact. They are said to be raising concerns about falling demand. After the last seven weeks of winnings in a row, there are also isolated profit-taking, it is said. The market also looks slightly overbought.
+++++ FINANCIAL MARKET USA +++++
Holding up well – The US stock market is being supported by slightly receding bond yields. Nevertheless, traders are talking about ongoing uncertainties about the further interest rate of the US central bank. Even after last week’s economic data, concerns remain that the Fed could continue to tighten interest rates. However, there are also arguments that suggest that interest rates may already have peaked. Further data that could provide information are not on the agenda at the beginning of the week. Equity investors are ignoring the fact that a full-fledged real estate crisis of major proportions is looming in China. With Country Garden, another industry company from the Chinese real estate sector is getting more and more into trouble. Country Garden expects a loss of the equivalent of $7.6 billion for the first half of the year. There is more bad news from the People’s Republic. Lending fell to its lowest level since 2009 in July and remained below expectations. In terms of individual stocks, US Steel’s shares jumped 30.9 percent after the company rejected an unsolicited offer of $7.3 billion from competitor Cleveland-Cliffs (+8%). US Steel is now examining “strategic alternatives”. The market is hoping for a higher bid, they say.
+++++ ECONOMIC OUTLOOK ++++++
There are no important dates to publish.
+++++ FINANCIAL MARKETS EUROPE +++++
A little firmer – However, sales were low and there was no pressure to sell. The biggest winners in the DAX were the shares of Covestro (+3.8%) with new takeover speculations. Henkel (+1.3%) also continued to grow after the good outlook in the previous week. The sectors of oil and commodity stocks brought up the rear in Europe with up to 1.5 percent minus. The reporting season has meanwhile passed its peak, and many market participants have said goodbye to the summer holidays. Factors slowing down the stock exchanges came from the increasing problems facing Chinese real estate financiers. In addition, the realization prevailed in the USA that interest rates are likely to remain high for a long time. The mixed US inflation data had already shown that there were no signs of a rapid abatement in price increases. However, higher interest rate expectations are lowering share valuations, especially in the case of technology stocks. Philips shares are up 4.3 percent. The investment company Exor has taken a 15 percent stake in the company. Exor wants to get involved as a long-term minority investor. Even if an increase is not planned in the short term, the new major shareholder has the opportunity to increase its stake to 20 percent. Bilfinger shares improved by 4.1 percent. The fact that the industrial service provider was able to increase EBITA disproportionately to sales was considered positive. The company is well on the way to meeting its annual target. At Talanx, the figures for the second quarter were well received, and the share went up 2.5 percent. After the first half of the year, the insurer is confident of exceeding the profit target of 1.4 billion euros for 2023 and the targeted insurance sales. The shares of the IT service provider Adesso rose by 7.5 percent. A solid second quarter was delivered for analysts at Jefferies. Nagarro’s renewed forecast reduction was rated as a “real disappointment”. Shares slipped 6.9 percent.
+++++ THE MOTTO +++++
DEVISEN zuletzt +/- % Mo, 8:41 Uhr Fr, 17:14 Uhr % YTD EUR/USD 1,0930 -0,2% 1,0932 1,0961 +2,1% EUR/JPY 158,70 -0,0% 158,30 158,73 +13,1% EUR/CHF 0,9582 -0,1% 0,9588 0,9607 -3,2% EUR/GBP 0,8608 -0,2% 0,8622 0,8627 -2,7% USD/JPY 145,21 +0,2% 144,80 144,82 +10,7% GBP/USD 1,2697 -0,0% 1,2680 1,2706 +5,0% USD/CNH (Offshore) 7,2765 +0,2% 7,2758 7,2576 +5,0% Bitcoin BTC/USD 29.624,26 +0,9% 29.392,81 29.366,30 +78,5% YTD bezogen auf Schlussstand des Vortags
Dollar extends gains from weekly close. The dollar index increased by 0.2 percent. With the economic situation in China, the dollar is again in greater demand as a supposed safe haven, they say. On the other hand, the euro is coming back. Although economic growth in the eurozone was slightly better than expected in the second quarter, the underlying trend remains weak and a likely recession in Germany has weighed on the euro, according to DZ Bank.
+++++ EAST ASIA FINANCIAL MARKETS +++++
Easier – The resurgent real estate crisis in China and renewed meager economic data from China put pressure on the mood. Lending fell to its lowest level since 2009 in July and came in below expectations. The credit data confirmed “the downward spiral plaguing the Chinese economy,” according to economists at Nomura. According to market observers, the fact that the asset manager Zhongzhi Enterprise Group defaulted on payments on Friday also contributed to the uncertainty. After recently defaulting on debt payments, Country Garden suspended trading in some of its bonds to stem the sell-off. The largest real estate developer still in existence is threatened with a fate similar to that of real estate giant China Evergrande two years ago. Country Garden expects a loss of the equivalent of 7.6 billion dollars for the first half of the year in view of the crisis in the real estate sector. In Sydney, the weakness in the most important customer country, China, was reflected, among other things, in significant losses in the commodity stocks BHP (-2.1%) and Rio Tinto (-2.3%).
+++++ COMPANY REPORTS SINCE 1.30 PM +++++
GERMAN EUROSHOP
The shopping center investor continued to recover thanks to higher customer frequency in the first half of the year. Trading sales have reached the level of 2019 again, said CEO Hans-Peter Kneip. The purchases of further shares in six shopping centers carried out at the beginning of the year also increased the key performance indicators.
BIONTECH
expands its board of directors and appoints former chief legal officer James Ryan as chief legal officer (CLO). The Supervisory Board has appointed Ryan to the Executive Board as CLO effective September 1, 2023. He will continue to oversee the legal aspects of corporate strategy as well as the company’s global legal affairs, which include transactions, corporate governance, securities, intellectual property, insurance and privacy.
COVESTRO
According to a media report, Adnoc is considering increasing the offer for Covestro again, this time to EUR 11.6 billion or EUR 60 per share. This is reported by the Bloomberg news agency, with reference to people familiar with the matter. According to Bloomberg, the prerequisite for this is Covestro’s willingness to engage in formal talks.
RYANAIR
(MORE TO FOLLOW) Dow Jones Newswires
August 14, 2023 12:40 PM ET (4:40 PM GMT)
2023-08-14 16:42:38
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