The evening market overview, compiled by Dow Jones Newswires:
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+++++ HOLIDAY NOTE +++++
WEDNESDAY: In Japan, stock exchange trading was suspended due to a compensation day for the “Constitution Day”.
+++++ STOCK MARKETS (6:40 p.m.) +++++
INDEX booth + -% + -% YTD
EuroStoxx50 2,843.76 -1.12% -24.07%
Stoxx50 2,819.16 -0.23% -17.16%
DAX 10,606.20 -1.15% -19.95%
FTSE 5,853.76 + 0.07% -22.45%
CAC 4,433.38 -1.11% -25.84%
DJIA 23,888.72 + 0.02% -16.29%
S&P-500 2,873.48 + 0.18% -11.06%
Nasdaq Comp. 8,911.20 + 1.16% -0.68%
Nasdaq-100 9,042.83 + 1.26% + 3.55%
Nikkei-225 holiday
EUREX Stand + -Ticks
Bund future 173.3 -95
+++++ RAW MATERIAL MARKETS +++++
ROHOEL last VT-Settl. +/-% +/- USD% YTD
WTI / Nymex 23.58 24.56 -4.0% -0.98 -60.3%
Brent / ICE 29.37 30.97 -5.2% -1.60 -53.8%
METALLE last day before +/-% +/- USD% YTD
gold (Spot) 1,685.96 1,707.55 -1.3% -21.59 + 11.1%
Silver (spot) 14.94 15.05 -0.7% -0.11 -16.3%
Platinum (spot) 754.65 769.60 -1.9% -14.95 -21.8%
Copper future 2.35 2.34 + 0.3% +0.01 -16.3%
Oil prices, which have recently benefited from the increasing demand and decided additional cuts in production, are turning negative. Crude oil inventories in the United States expanded significantly in the week of May 1, as in previous weeks, but at a slower pace. The fear that the storage capacities could not suffice is said to weigh on the prices.
+++++ FINANCIAL MARKET USA +++++
Wall Street is volatile and inconsistent on New York’s Wednesday afternoon. Early profits partially melt away. More and more countries are loosening the restrictions that they had imposed in the wake of the corona pandemic and starting up their economies again. At the same time, hope is growing that a vaccine against the corona virus or a means of treating the lung disease caused by the virus Covid-19 will soon be found. On the other hand, economic and corporate figures show the economic damage that the pandemic has already caused. There is some hope that the negative consequences are not as serious as feared in many cases. The private service provider ADP has published its labor market report for April. Accordingly, 20.2 million jobs were lost in the US private sector last month. Economists had predicted that 22 million jobs would be lost. The focus of the stock exchange is on pharmaceutical company Gilead, whose remdesivir has shown promising results in the treatment of Covid-19 patients. Gilead has announced plans to work with pharmaceutical companies in other countries to produce and market remdesivir there as well. Gilead shares are down 1.9 percent, but have already risen sharply in recent weeks. The car company GM did better than feared in the first quarter. The share rose by 5.2 percent. Walt Disney saw a massive drop in earnings as the entertainment group’s theme parks had to close due to the corona crisis. The company’s streaming service grew, but was unable to compensate for the losses. Disney stock is volatile to the numbers and is currently a good 2 percent up, while Bonond Meat saw unexpectedly high demand for its vegetarian burgers and other meat substitutes in the first quarter. This surprisingly helped the company return to the profit zone. The share price jumps by almost 19 percent. “Safe havens” are not in demand. Falling prices on the bond market caused the ten-year yield to rise by 4.8 basis points to 0.71 percent.
+++++ OUTLOOK COMPANY +++++
22:05 NL / Qiagen NV, detailed result 1Q
22:05 US / T-Mobile US Inc, earnings 1Q
22:05 US / Fox Corp, earnings 3Q
23:25 CA / Nutrien Ltd, earnings 1Q
+++++ FINANCIAL MARKETS EUROPE +++++
Disappointing economic data from Europe and the USA as well as a gloomy economic forecast by the EU Commission dampened the mood on the stock markets. Individual values received impulses from the balance sheet season. BMW slumped 5.4 percent after the automaker lowered its EBIT margin target in the automotive segment. With EBIT in the first quarter of 2020, BMW exceeded expectations, but UBS analysts criticized the quality of the result. Daimler dropped 2.7 percent in the wake of BMW. Wirecard lost 6 percent. Now Deka is also demanding the replacement of Markus Braun as head of the DAX group. “As it looks at the moment, the pressure will continue to increase until it leaves,” says a market participant. The activist investor Chris Hohn had previously called for this step. In Milan, Unicredit fell 0.8 percent. A sharp increase in loan loss provisions and expenses for implementing cost savings pushed the bank into the red in the first quarter. Veolia lost 2.5 percent on the Paris stock exchange after the first quarter. According to Bryan Garnier, the numbers were in line with expectations. However, the company faces a much more difficult second quarter. The business figures of FMC (plus 1.5 percent) and Fresenius (plus 1 percent) were rated as solid. In Copenhagen, Novo Nordisk rose by 0.6 percent. The pharmaceutical company had exceeded analysts’ profit expectations by 7 percent. Hannover Re rose by 4.4 percent. “The quarterly figures can meet expectations,” said a market participant. The statements about positive contract renewals also supported the mood. The insurer also said that the pandemic did not have a particularly large impact on business development.
+++++ CURRENCIES +++++
CURRENCIES last +/-% Wed, 8:40 Tue, 19:18% YTD
EUR / USD 1.0814 -0.27% 1.0819 1.0840 -3.6%
EUR / JPY 114.68 -0.74% 115.12 115.51 -5.9%
EUR / CHF 1.0534 -0.09% 1.0532 1.0546 -3.0%
EUR / GBP 0.8746 + 0.37% 0.8701 0.8717 + 3.3%
USD / JPY 106.04 -0.49% 106.40 106.56 -2.5%
GBP / USD 1.2365 -0.63% 1.2435 1.2434 -6.7%
USD / CNH (offshore) 7.1243 -0.00% 7.1025 7.1199 + 2.3%
Bitcoin
BTC / USD 9,255.26 + 3.16% 9,024.01 8,878.26 + 28.4%
Weaker economic data from the Euro zone something on the euro. Among other things, retail sales in the EU declined more than expected in March.
The lira fell to a record low. The course of the Turkish currency is depressed by the fact that the regulatory authority BDDK has announced restrictions on foreign currency transactions by domestic banks.
+++++ FINANCIAL MARKETS EASTERN ASIA +++++
The majority of Asian stock markets ended trading mid-week with premiums. The hope of a further upswing in the global economy and the early development of a vaccine against the corona virus supported the mood among investors. The recent sharp rise in oil prices also gave investors confidence. With the recent rally in oil prices, sector stocks remained in demand. The funding cuts by Opec + are having an impact. The US oil companies Exxon, Chevron and Conocophilips have announced that they will cut their daily production by a total of 660,000 barrels a day, AxiCorp noted. This gives hope that the worst of the global decline in demand has been overcome. In Sydney, Woodside Petroleum paper rose 0.8 percent, Santos rose 0.4 percent. In Seoul, the shares of refinery company SK Innovation and S-Oil rose 3.4 and 2.4 percent, respectively. In New Zealand, the paper of the software company Pushpay shot up by 20.9 percent. Traders pointed to the company’s strong outlook for 2021, which promises to double earnings. The figures for 2020 met the market forecasts.
+++++ CORPORATE NEWS SINCE 1:30 PM +++++
Asklepios bid for Rhön Clinic is hardly accepted
The takeover bid by the clinic group Asklepios for the competitor Rhön-Klinikum AG is not attractive to outside shareholders. Up to Tuesday evening and thus one day before the end of the first offer period, the offer was only accepted for 0.5 percent of the capital, as can be seen from a mandatory notification. Asklepios offers € 18 per Rhön share, but currently € 18.20 is paid on Xetra. With the 0.5 percent of the capital now offered, Asklepios has 50.58 percent of the capital. There is no minimum acceptance threshold for the offer, which is why it cannot fail.
Deka demands resignation of Wirecard boss Markus Braun
(MORE TO FOLLOW) Dow Jones Newswires
May 06, 2020 12:41 ET (16:41 GMT)
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