NEW YORK (dpa-AFX) – On Wall Street, the signs on Tuesday are again pointing to rising prices. Around three quarters of an hour before trading began, broker IG valued the Dow Jones Industrial (Dow Jones 30 Industrial) 0.80 percent higher at 28,218 points. This would mean that the US benchmark index would continue to recover from the past two weeks of losses.
Surprisingly good economic data from China have brightened the mood after the positive start to the week, wrote analyst Craig Erlam from broker Oanda Europe. The better-than-expected leading indicator Empire State Index, which measures business activity in the manufacturing sector in New York State, and the surprisingly lower US consumer prices did not have a major impact on prices. Further data on domestic industrial production and utilization are on the agenda even before the stock market starts.
According to Erlam, the decisive difference this week could be made by the Fed’s interest rate decision on Wednesday. Now that the monetary authorities have changed their monetary policy framework, this is the first opportunity to apply it. According to observers, however, major decisions are not expected.
On the part of US companies, positive news outweighed the news. The shares of Fiat Chrysler (Fiat Chrysler (FCA)) listed in New York rose by eleven percent early on, although the Italian-American carmaker announced that it would be paying a significantly lower special dividend than originally planned before the merger with French competitor PSA (Peugeot) .
However, investors who see Fiat Chrysler benefiting from the merger agreement should feel confirmed in their assessment, says analyst David Lesne from the major Swiss bank UBS. In addition, the newly negotiated terms increased the chance that the transaction will actually take place, added Kai Müller of the US investment bank Bank of America.
In contrast, the shares of Nikola sagged by five and a half percent. The US Securities and Exchange Commission is apparently taking a close look at the hybrid truck developer. The authority wants to examine allegations of the short seller Hindenburg Research, wrote the Bloomberg news agency, citing people familiar with the matter. Nikola’s response to the allegations that the stock had suffered heavy losses last week was viewed as insufficiently detailed by investors. At the beginning of the week, the share had recovered somewhat.
The Citigroup stocks (Citigroup) recovered pre-market by 1.3 percent after the bank had announced that it would again cut jobs as planned from this week. She had that Downsizing due to the corona pandemic as well as competitors temporarily suspended. On Monday, after a warning from CFO Mark Mason that higher provisions should reduce earnings in the third quarter, the papers lost a good five and a half percent.
The fact that Apple wants to introduce new products in the course of trading brought the recently volatile stocks an increase of over two percent. This time, however – as is customary at this time – new iPhone models are not to be expected. The next generation of Apple smartphones is not expected until October after delays caused by the Corona crisis. Instead, new models of the Apple Watch computer watch will be presented at the visitorless event in Apple Park in Cupertino (California), which will be broadcast live on the web. Industry observers are also expecting a refreshed model of the iPad Air./gl/men tablet computer
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