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FRANKFURT (Dow Jones) – The European stock markets are on the spot on Wednesday. The turnover remains unchanged while the impulses are absent. The reporting season is almost over and many institutional investors are currently on vacation. The DAX fell slightly by 0.2 percent to 15,875 points, while the Euro-Stoxx-50 rose by 0.1 percent to 4,184 points.
Even the weak ifo business climate index was unable to lure investors out of cover. An impulse should come from the virtual meeting of central bankers in Jackson Hole, which starts on Thursday. The focus is on Federal Reserve President Jerome Powell’s speech on Friday afternoon. Investors are hoping for clues as to when the Fed will begin to curb their securities purchases. The spread of the Delta variant had recently raised doubts that Powell would already announce a reduction in purchases.
Waiting for new signals from Powell
The market will test Powell’s speech on how the Fed assesses the risks of the spread of the Delta variant and the new restrictions in some parts of the world, say the analysts at Commerzbank. But it still seems too early to make a specific statement.
At Vontobel Asset Management, Mondher Bettaieb-Loriot, Head of Corporate Bonds, pointed out that the Fed would only react to a significant improvement in specific data and the US labor market. Tapering shouldn’t come before 2022.
And at Columbia Threadneedle they say “clarity” is what the market wants most. “Communication with the Fed was confusing recently,” says strategist Anwiti Bahuguna. The members of the Open Market Committee had been divided on how to tackle rising inflation.
Ifo-Index hat Zenit berschritten
Martin Moryson, chief economist at asset manager DWS for Europe, has no worries about a significant economic downturn. The Ifo index fell significantly from 100.7 points in July to 99.4 points in August. But that was not surprising, since the economy is nearing its peak. In the service and construction sectors, the assessment of the situation has continued to improve; in industry and in trade it has deteriorated slightly from a very high level.
However, the assessment of the business outlook has deteriorated significantly in all areas, with the exception of the construction industry. The semiconductor shortage might take the edge off the upswing in the manufacturing sector, but on the other hand it should also contribute to the fact that this upswing will last longer – it will, so to speak, be dragged on a little.
Adidas wanted buy recommendation
The Adidas share increased by 0.7 percent to 307.10 euros after Deutsche Bank has now rt to buy the shares and raised the price target to 360 euros. The shares of the real estate company Aroundtown are down 6.4 percent. The real estate group, which is strongly represented in office and hotel properties, is suffering from the aftermath of the corona lockdown. According to a statement from the retail sector, the reason for the taxes is likely to be the depreciation on the hotel portfolio. These were within the range of his house’s estimates, but it is possible that they were higher than expected by other investors.
The shares of Lang & Schwarz suffered a price drop of 30 percent. The Dsseldorfer Wertpapierhandelshaus has a tax audit and has to postpone the general meeting planned for August 26th. In addition, provisions in the millions have been set up.
In Europe, there is still movement in UK retail stocks. Marks & Spencer (M&S) is up 5.7 percent. Deutsche Bank starts the shares with “Buy”.
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Last stock index +/-% absolute +/-% YTD
Euro Stoxx-50 4,183.76 +0.1% 5.68 +17.8%
Stoxx-50 3.618,51 -0,2% -7,47 +16,4%
DAX 15.874,52 -0,2% -31,33 +15,7%
MDAX 36,177.43 + 0.1% 37.58 + 17.5%
TecDAX 3.914,88 -0,4% -14,83 +21,9%
SDAX 17.019,41 +0,2% 39,42 +15,3%
FTSE 7,142.24 + 0.2% 16.46 + 10.3%
CAC 6,677.63 +0.2% 13.32 +20.3%
Bond market recently in absolute terms +/- YTD
German ten-year return -0.44 +0.04 +0.14
US-Zehnjahresrendite 1,31 +0,02 +0,39
Forex last +/-% Wed, 8:44 a.m. Tue, 5:03 p.m.% YTD
EUR/USD 1,1733 -0,2% 1,1740 1,1757 -3,9%
EUR/JPY 129,11 +0,2% 128,78 128,98 +2,4%
EUR/CHF 1,0736 +0,1% 1,0729 1,0725 -0,7%
EUR/GBP 0,8562 +0,0% 0,8559 0,8564 -4,1%
USD/JPY 110,04 +0,4% 109,69 109,70 +6,5%
GBP/USD 1,3703 -0,2% 1,3717 1,3732 +0,3%
USD/CNH (Offshore) 6,4767 +0,1% 6,4763 6,4684 -0,4%
Bitcoin
BTC/USD 47,731.01 -1.0% 48,449.51 48,514.51 +64.3%
ROHL last VT-Settl. +/-% +/- USD% YTD
WTI/Nymex 67,51 67,54 -0,0% -0,03 +40,6%
Brent/ICE 71,23 71,05 +0,3% 0,18 +39,8%
METALS last previous day +/-% +/- USD% YTD
Gold (Spot) 1.786,78 1.802,85 -0,9% -16,07 -5,9%
Silver (spot) 23.66 23.88 -0.9% -0.21 -10.3%
Platinum (Spot) 999.15 1,015.90 -1.6% -16.75 -6.7%
Kupfer-Future 4,28 4,26 +0,6% +0,03 +21,4%
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DJG/thl/ros
(END) Dow Jones Newswires
August 25, 2021 10:01 ET (14:01 GMT)
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