briefing

DJ LATE BRIEFING – Companies and Markets

The evening market overview compiled by Dow Jones Newswires:

STOCK MARKETS (6:31 p.m.)

INDEX       Stand   +-% +-% YTD* 
EuroStoxx50  4.393,57  -0,0%  +15,8% 
Stoxx50    4.047,08  -0,1%  +10,8% 
DAX      15.895,20  +0,1%  +14,2% 
FTSE      7.898,77  -0,1%   +6,1% 
CAC      7.549,44  +0,2%  +16,6% 
DJIA     33.888,38  -0,3%   +2,2% 
S&P-500    4.151,89  -0,1%   +8,1% 
Nasdaq-Comp. 12.157,64  +0,0%  +16,2% 
Nasdaq-100  13.098,36  +0,1%  +19,7% 
Nikkei-225  28.606,76  -0,2%   +9,6% 
EUREX       Stand  +-Ticks 
Bund-Future   133,42%   -30 
*zu Vortag 
 

COMMODITY MARKETS

ROHÖL         zuletzt VT-Settlem.     +/- %    +/- USD  % YTD 
WTI/Nymex        79,03    80,86     -2,3%     -1,83  -1,8% 
Brent/ICE        82,89    84,77     -2,2%     -1,88  -2,3% 
GAS              VT-Settlem.           +/- EUR 
Dutch TTF        39,96    42,72     -6,5%     -2,76 -45,1% 
 
METALLE        zuletzt    Vortag     +/- %    +/- USD  % YTD 
Gold (Spot)     1.993,10   2.004,87     -0,6%     -11,77  +9,3% 
Silber (Spot)      25,25    25,23     +0,1%     +0,03  +5,4% 
Platin (Spot)    1.091,85   1.087,00     +0,4%     +4,85  +2,2% 
Kupfer-Future      4,07     4,09     -0,5%     -0,02  +6,8% 
YTD bezogen auf Schlussstand des Vortags 
 

Oil is getting cheaper. Exports from the Kurdish regions of Iraq, which had recently been halted due to political disputes, are being resumed.

FINANCIAL MARKET USA

Market observers speak of a kind of search for direction in view of the indices, which have been trending somewhat upwards and downwards recently. On the one hand, players waited because they first wanted to gain a deeper insight into how the upcoming reporting season was developing. On the other hand, rising market interest rates and the prospect that the US Federal Reserve might raise interest rates again in May were a brake. Contributing to the latter is the fact that UK inflation was higher than expected in March. Yields on the US bond market are already rising again significantly. Quite a few market participants are speculating that the May increase could be the last of the current cycle, but that is not certain. In addition, two Fed officials, James Bullard and Raphael Bostic, have just endorsed further rate hikes. Netflix falls 3.3 percent. The streaming provider reported weaker subscriber growth for the past quarter and also missed the profit forecast. Morgan Stanley give way by 0.7 percent. The bank has seen earnings fall sharply, but still hasn’t performed as weakly as analysts had feared. Travelers improve by 6.5 percent. The insurer clearly exceeded market expectations. He also raised the quarterly dividend and announced additional share buybacks.

OUTLOOK COMPANY

18:00 FR/L’Oreal SA, 1Q sales

22:08 US/International Business Machines Corp (IBM) 1Q earnings

22:08 US/Tesla Inc, 1Q result

22:10 US/Alcoa Inc, 1Q result

OUTLOOK ECONOMY +

- US 
  20:00 Fed, Beige Book 
 

FINANCIAL MARKETS EUROPE

Unfavorable British inflation figures weighed on early business, but there were no major surprises in European consumer prices in the second reading. While the stock market was near its high for the year, portfolio manager Thomas Altmann from QC Partners pointed out the steep volatility curves on the futures market. “A reminder comes from the implied volatilities,” says Altmann. The technology stocks sector is the weakest sector with a discount of 1.9 percent together with commodities stocks (-1.3%). The valuation suffered from rising interest rates, but also from ASML’s cautious short-term outlook (-3.7%). Net bookings fell significantly. Aixtron lost 1.8 percent. Telecom Italia lost 8.3 percent. The telecom group had received two improved offers for the fixed network division. Major shareholder Vivendi is said to be aiming for a significantly higher valuation. Vivendi also fell significantly by 1.7 percent. Kion reacted to the raised outlook with a jump in price (+4.4%). Carl Zeiss Meditec lost 3.6 percent with a surprising profit warning. Gerresheimer traded 1.1 percent lower after the capital increase.

THE MOTTO

DEVISEN        zuletzt    +/- % Mi, 8:28 Uhr Di, 17:29 Uhr  % YTD 
EUR/USD        1,0956    -0,2%    1,0949     1,0964  +2,4% 
EUR/JPY        147,67    +0,4%    147,49     146,88  +5,2% 
EUR/CHF        0,9839    +0,0%    0,9842     0,9838  -0,6% 
EUR/GBP        0,8806    -0,3%    0,8826     0,8824  -0,5% 
USD/JPY        134,76    +0,5%    134,70     133,98  +2,8% 
GBP/USD        1,2442    +0,1%    1,2407     1,2424  +2,9% 
USD/CNH (Offshore)   6,8955    +0,2%    6,9016     6,8795  -0,5% 
Bitcoin 
BTC/USD       29.336,84    -3,4%   30.115,37   30.194,67 +76,7% 
 

With the rising US yields, the dollar pulls up somewhat, measured by the dollar index by 0.2 percent.

FINANCIAL MARKETS EAST ASIA

No uniform trend could be discerned on the stock exchanges. Traders spoke of uncertainty about the course of the accounting season that was just getting underway and the future course of the US Federal Reserve. After some US economic data turned out to be quite good and various Fed officials made hawkish statements, more and more investors doubt that the Fed will slow down its rate hikes. And even the GDP from China reported the day before was not convincing in all respects at second glance. The manufacturing industry is still lagging behind. The Chinese stock exchanges were weaker. Chinese investors are eagerly awaiting US Treasury Secretary Janet Yellen’s speech on US-China economic relations, sources said. Among the individual values, China Unicom fell by a good 2 percent after the presentation of business figures. In Tokyo, market participants cited the inflation data from Europe as a reason for the reluctance in addition to economic worries and the balance sheet season. Japanese investors mainly parted with shares in the electronics industry. In Seoul, steel stocks benefited from Chinese GDP data. Poongsan was up 5.5 percent. Investors are betting that the manufacturer of ammunition and copper products will increase sales in 2023 and benefit from higher copper prices, it said. The Australian stock exchange closed with a slight plus – supported by price gains in the mining sector (+1.1%).

COMPANY NEWS SINCE 1.30 PM

FRESENIUS MEDICAL CARE

will concentrate primarily on its product business combined in the Care Enablement segment with the already announced significant improvement in margins by 2025. Here, the operating return on sales is to be increased from the last 1.9 percent to 8 to 12 percent by 2025, said CEO Helen Giza at the capital market day of the dialysis specialist.

FMC

will concentrate primarily on its product business combined in the Care Enablement segment with the already announced significant improvement in margins by 2025. Here, the operating return on sales is to be increased from the last 1.9 percent to 8 to 12 percent by 2025, said CEO Helen Giza at the capital market day of the dialysis specialist.

BOSCH

will invest more than one billion euros in the expansion of its European heat pump locations by 2030. Around 255 million euros of this will flow into a new production site in Poland by the end of 2027. The construction work is scheduled to start in 2024 and the start of production is planned for the turn of the year 2025/2026, as the company announced. Around 500 new jobs are to be created by 2027.

GERRY WEBER

Four years after bankruptcy, the fashion group Gerry Weber International is again facing massive financial problems. In addition to an operational restructuring under self-administration for the German retail trade, a financial reorganization is necessary in order to position the company for the long term and for the future. Gerry Weber wants to make use of the still young law on the stabilization and restructuring framework for companies (StaRUG), which allows preventive restructuring according to rules similar to insolvency law.

LIDL/TESCO

The discounter Lidl has won a legal battle over its logo against its competitor Tesco in Great Britain. Lidl had sued Tesco for illegally using its logo – a court upheld the lawsuit, British news agency PA reported. The hearing took place in February. Tesco announced an appeal.

KION

has raised its full-year forecast after a strong start to the 2023 financial year. Business development in the Industrial Trucks & Services (ITS) segment was significantly better than expected in the first quarter.

ABBOTT LABS

posted a slump in profits in the first quarter due to a lack of revenue from corona tests. However, Abbott Laboratories did not perform as poorly as analysts had feared. The Group confirmed its outlook for the year as a whole.

AMAZON

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April 19, 2023 12:33 PM ET (4:33 GMT)

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