MARKETS EUROPE / Record high inflation does not weaken moods | News

FRANKFURT (Dow Jones) – The recovery on the European stock markets continues at the beginning of the new week. DAX gained 0.5 percent in the afternoon. up to 14 535 points The Euro Stoxx 50 rose by 0.7 percent to 3,833 points. “Of course, investors now trust DAX to take the next step,” says asset manager Thomas Altmann of QC Partners. Siemens is one of the winners in the DAX, heavyweight stocks are benefiting from a railroad order from Egypt. The New York Stock Exchange will remain closed on Monday.

The atmosphere is also supported by templates. In Asia, the markets in the morning benefited, inter alia, from on the corona situation in China: the number of infections is declining significantly in both Shanghai and Beijing. Ending blockades should alleviate problems in the global supply chain and thus support growth.

Record high inflation speaks for a large increase in interest rates

Inflation in Germany surprises again and continues to only go in one direction – up. Inflation is wide-ranging, with an emphasis on energy and food. However, core inflation should not be forgotten. Helaba’s interest rate strategists expect further increases, which puts pressure on the European Central Bank. The market is pricing-in the large rate hike in July more and more. 10Y Bunds are under pressure with yields up 9 basis points to 1.05 percent. According to Eurostat, the Harmonized Index of Consumer Prices increased by 1.1%. compared to the previous month and was by 8.7 (April: 7.8) percent. higher than in the same month last year.

Erdl as expensive as it hasn’t been in two months

Possible supply shortages and speculation on growing demand mean that oil prices are at their highest levels in over two months. Nordseel of the Brent variety is 0.6 percent more expensive on the futures market. to $ 120.07 – the daily maximum per barrel has already been priced at $ 120.50. Sellers point to eased restrictions on the koruna in China and stimulus to the economy. The economic metropolis of Shanghai, which has been hit particularly hard, aims to lift all restrictions on manufacturing by June. According to DNB Markets analysts, this will trigger demand speculations on the market.

However, market participants are also looking in the right direction EU summitwhere a new attempt by the Russian land lembarg is to take place in Brussels. The import of Russian oil by sea is to be forbidden, only import via the Druzhba pipeline is to remain possible. This is to adapt to Hungary, which is heavily dependent on imports via this pump line. However, among the EU countries, Hungary is initially reluctant.

Siemens is benefiting from a record order

The fact that Siemens Mobility (+ 2.1%) was able to secure an order for an Egyptian rail network of more than 2,000 km is welcomed by the stock exchange. According to Siemens, this is the largest order in the company’s history. The order is said to be worth more than EUR 8 billion. Egypt plans to build a network of high-speed trains that will reach more than 60 cities in the country. Market participants assume that Mobility will be able to maintain high sales and margin thanks to the order. This should put an end to moderately weaker margins over the past few quarters.

Shares of online pharmacies are also sought. Zur Rose grew 4.8 percent and Shop Apotheke grew 4.7 percent. Both companies are counting on positive news on the postponement of e-prescription in Germany. On Monday, the meeting of the responsible Gematika will take place, which is to develop a new schedule for the introduction of the e-prescription. If this happens in a timely manner in the next few quarters, the selling expectations of listed companies could increase significantly and cause prices to rise.

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

Euro Stoxx 50 3 833.35 + 0.6% 24.49 -10.8%

Stoxx 50 3,680.34 + 0.2% 5.83 -3.6%

DAX 14 538.64 + 0.5% 76.45 -8.5%

MDAX 30 169.19 + 1.4% 419.64 -14.1%

TecDAX 3,219.56 + 1.3% 40.63 -17.9%

SDAX 13,924.98 + 1.7% 229.56 -15.2%

FTSE 7 587.38 + 0.0% 1.92 + 2.7%

CAC 6 550.59 + 0.5% 34.84 -8.4%

Fixed Income Market Latest Absolute +/- YTD

10-year return from Germany 1.06 +0.10 +1.24

FOREX last +/-% Mon 8:17 Fri 18:22% YTD

EUR / USD 1.0774 + 0.4% 1.0761 1.0707 -5.3%

EUR / JPY 137.64 + 0.9% 136.85 136.10 + 5.2%

EUR / CHF 1.0331 + 0.5% 1.0293 1.0255 -0.4%

EUR / GBP 0.8525 + 0.3% 0.8507 0.8493 + 1.5%

USD / JPY 127.76 + 0.5% 127.19 127.11 + 11.0%

GBP / USD 1.2639 + 0.1% 1.2649 1.2608 -6.6%

USD / CNH (offshore) 6.6781 -0.7% 6.6632 6.7184 + 5.1%

Bitcoin

BTC / USD 30 493.59 + 4.4% 30 765.99 28 796.78 -34.0%

ROHOEL the last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 115.86 115.07 + 0.7% 0.79 + 59.2%

Brent / ICE 120.02 119.43 + 0.5% 0.59 + 58.0%

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

Gold (spot) 1,856.60 1,853.65 + 0.2% +2.95 + 1.5%

Silver (Spot) 21.94 22.12 -0.8% -0.18 -5.9%

Platinum (Spot) 958.50 955.70 + 0.3% + 2.80 -1.2%

The future of copper 4.35 4.30 + 1.0% +0.04 -2.4%

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Contact the author: maerkte.de@dowjones.com

DJG / thl / err

(END) Dow Jones Newswires

May 30, 2022 10:09 ET (14:09 GMT)

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