RYNEK EUROPA / Very strong – Fortum and Uniper jump | News

FRANKFURT (Dow Jones) – European stock markets continued to be well supported on Friday afternoon. DAX increased by 1.5 percent to 13,950 points. The Euro Stoxx 50 rose by 1.8 percent to 3,680 points. “Today the DAX could end a series of losses from the last five negative weeks,” says asset manager Thomas Altmann of QC Partners. “The mood is extremely negative and fearful,” says another market participant. As falling prices with rising DAX hit the water, they are now partially closed ahead of the weekend. However, in trade, high volatility is expected to remain high.

The relief comes from the side of interest. Government bonds can reasonably defend the strong price premiums of the past few days. This may also be helped by the fact that US Federal Reserve Chairman Jerome Powell warned that the central bank does not have full control over whether its tightened monetary policy will drive the economy into a recession or not. When asked about the possibility of an even larger rate hike – a move by 75 basis points that has only been made once – Powell dodged, saying, “I said we are not actively considering it.”

Deutsche Telekom ensures a strong end to the reporting season

The DAX reporting season for the first quarter is over, and Deutsche Telekom will ensure a positive ending on Friday. Operating profit based on adjusted after-lease operating income rose 6.8 percent to 9.873 billion, compared with the consensus forecast of 9.548 billion. In addition, Bonners increased the prognosis. The price is 1.4 percent higher.

Freenet gains 2.7 percent. Jefferies analysts emphasize the development of the operating result. Despite the drop in sales in the first quarter, by 5 percent. it exceeded earnings expectations. This is due to cost efficiency and lower bad debts. Both the outlook for the current financial year and the mid-term operating profit target have been confirmed, well above consensus.

Carl Zeiss Meditec has 5.6 percent. more after the presentation of quarterly data. While sales rose sharply as expected, the industry surprised positively on the earnings side. According to Aumann, the jump was 6.3 percent. According to the forecasts, Vitesco will increase by 5.6 percent.

“The numbers are perfect,” said the small business number specialist Nagarro. In the first quarter, sales grew by a good 60 percent compared to the same period last year, and the adjusted EBITDA only lagged slightly at around 56 percent. It is striking that the technology consultant has been able to grow strongly in the US. On the positive side, Nagarro is able to move wage inflation in a tough environment. The forecast, which was only raised last month, now seems rather conservative. Nagarro growth by 3.8 percent

Market participants shouldn’t be frustrated by a few clear negative signs in prices, as they can be deduced from dividend deductions: only on Friday, Adidas, Eon, Fresenius Medical Care, Heidelbergcement and VW will pay out profit shares to shareholders in DAX as well as Nemetschek in TecDAX.

Shares of the Belgian biotechnology company UCB fell by 14.4%. The US health agency, the FDA, initially rejected bimekizumab for psoriasis.

Fortum and Uniper are potential beneficiaries of the Energy Security Act

Fortum (+ 10%) and Uniper (+ 8.7%) shares are particularly strong. For UBS analysts, both energy companies are potential beneficiaries of the energy security law reformed in Germany. Analysts refer to statements from Fortum management that the project appears to contain that suppliers are not required to adhere to contractually agreed prices in the event of a gas restraint in the energy system.

While the details are still being worked out, the federal government appears to be taking measures to ensure the economic viability of the companies concerned. If the new law were to be introduced in this way, it would be very positive for Fortum and Uniper.

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Stock index last + / -% absolute + / -% YTD

Euro Stoxx 50 3 679.94 + 1.8% 66.51 -14.4%

Stoxx 50 3 588.98 + 1.7% 58.39 -6.0%

DAX 13,950.28 + 1.5% 210.64 -12.2%

MDAX 28 753.42 + 2.0% 573.12 -18.1%

TecDAX 3,065.36 + 3.1% 91.00 -21.8%

SDAX 13 158.40 + 3.3% 424.31 -19.8%

FTSE 7 386.98 + 2.1% 153.64 -2.0%

CAC 6 328.86 + 2.0% 122.60 -11.5%

Fixed Income Market Latest Absolute +/- YTD

10-year return from Germany 0.95 +0.10 +1.13

10-year profitability in the USA 2.93 +0.08 +1.42

FOREX last + / -% Fri 8:50 Thu 17:32% YTD

EUR / USD 1.0370 -0.1% 1.0404 1.0409 -8.8%

EUR / JPY 134.09 + 0.6% 133.86 133.39 + 2.5%

EUR / CHF 1.0402 -0.1% 1.0424 1.0392 + 0.3%

EUR / GBP 0.8514 + 0.0% 0.8513 0.8511 + 1.3%

USD / JPY 129.26 + 0.6% 128.64 128.15 + 12.3%

GBP / USD 1.2180 -0.1% 1.2223 1.2231 -10.0%

USD / CNH (offshore) 6.8122 -0.2% 6.8245 6.8123 + 7.2%

Bitcoin

BTC / USD 30 738.34 + 8.4% 30 284.44 29 096.86 -33.5%

ROHL last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 108.45 106.13 + 2.2% 2.32 + 47.8%

Brent / ICE 109.57 107.45 + 2.0% 2.12 + 44.2%

METALS last day before +/-% +/- USD% YTD

Gold (spot) 1,808.44 1,822.00 -0.7% -13.57 -1.2%

Silver (Spot) 20.70 20.69 + 0.1% +0.01 -11.2%

Platinum (Spot) 939.93 948.21 -0.9% -8.28 -3.2%

The future of copper 4.08 4.10 -0.5% -0.02 -8.4%

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Contact to the author: manuel.priego-thimmel@wsj.com

DJG / mpt / flf

(END) Dow Jones Newswires

May 13, 2022 10:03 AM ET (14:03 GMT)

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