EUROPA MARKET / stock exchange about the convalescence course for the witch dance | News

FRANKFURT (Dow Jones) – Following the weakness of the week and yesterday’s sell-off, European stock markets entered recovery on Friday afternoon. The DAX rose by 1.1 percent to 13,177 points and the Euro Stoxx 50 by 1.4 percent to 3,474 points. Traders talk about technical counter-traffic, enhanced so-called the big dance of the witch, the expiry of futures and options on the futures exchange. Instruments on DAX expire at 1:00 p.m. and options on individual DAX shares expire at the close of quotation.

However, according to traders, the situation remains volatile. Central banks are now fully committed to tackling inflation and are ready to accept the economic costs it entails. As such, the stock markets are likely to face another difficult month with rising key interest rates and liquidity shortages while increasing the risk of a recession.

Even so, according to traders, Bank of America (BoA) upgraded European equities to “neutral” from “negative”. Sell-off has gone too far so reasoning. Most of the negative economic news is now valued. However, given the risks to growth and rising real interest rates, it is too early for an even more constructive opinion.

Prices may also rebound slightly in the bond market, so yields will return a bit. After yesterday’s rise, the euro weakened to only USD 1.06 and by noon it will amount to USD 1.0520.

Technology stocks ahead of us

Thursday’s losers, tech stocks, and travel and transportation stocks top the winning page, with their Stoxx industry indices gaining a good 2 percent. With the exception of commodity stocks and lakes, which have just survived, all Stoxx industry indices are more or less clearly positive.

In DAX, Delivery Hero recovered 4.7 percent, Eon and Vonovia grew by almost 4 percent. In turn, Brenntag lost 1.4 percent. VW can only stay in position, group sales continued to decline in May.

Credit Suisse (+ 2.2%) benefits from a stronger banking sector (+ 1.9%), although the cash desk has had to pay nearly double-digit interest since the last bond issue as investors demand large compensation from the troubled institution. As reported by the Financial Times, 9.75 percent. was in place for new bonds, from which the bank wants to raise at least $ 1.5 billion.

Glencore festival

The operator of the Glencore mine (+ 2.0%) announced that operating income in the first half of the year will well exceed $ 3.2 billion, well above consensus estimated at $ 1.9 billion. At the close of trading, Glencore’s share will be merged into Stoxx 50, and Adidas’s share will have to give way (+ 2.6%).

There are also a number of other index changes awaiting the closing of the stock exchange. Delivery Hero must leave the DAX, followed by Beiersdorf (+ 1.4%), which is switching from MDAX to DAX. Hypoport, which is currently recovering 6%, had to pull out of MDAX. Encavis (+ 0.3%) is also new to MDAX.

Nokian enters the fast lane

Nokian Tires soared almost 10 percent. The company now expects only slightly lower or even unchanged net sales. Earlier, significantly declining sales were promised. Shares of other tire manufacturers are also desirable: Michelin by 1.6 percent, Continental by 0.2 percent.

According to Jefferies, Ferrari’s Capital Markets Day made a positive impression. All indicators have been revised upwards, although they are already included in the market consensus. Ferrari grew 1.5 percent in Milan.

Grand City Properties gains 6.3 percent – Societe Generale is said to have recommended the paper for purchase.

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

Euro Stoxx 50 3,474.45 + 1.4% 46.54 -19.2%

Stoxx 50 3 405.94 + 1.0% 34.82 -10.8%

DAX 13,177.25 + 1.1% 138.76 -17.1%

MDAX 27 149.81 + 1.5% 414.04 -22.7%

TecDAX 2 831.53 + 1.4% 38.90 -27.8%

SDAX 12 286.43 + 2.0% 237.46 -25.2%

FTSE 7 105.80 + 0.9% 60.82 -4.6%

CAC 5,957.90 + 1.2% 71.66 -16.7%

Fixed Income Market Latest Absolute +/- YTD

10-year return from Germany 1.65 -0.06 +1.83

10-year profitability in the USA 3.22 +0.02 +1.71

INDEX last + / -% absolute + / -% YTD

DJIA 29,927.07 -2.4% -741.46 -17.6%

S&P 500 3,666.77 -3.3% -123.22 -23.1%

Nasdaq Comp. 10 646.10 -4.1% -453.06 -32.0%

Nasdaq-100 11 127.57 -4.0% -466.20 -31.8%

US bonds

Term Profitability Bp to VT Profitability VT +/- Bp YTD

2 years 3.15 +4.4 3.10 241.6

5 years 3.30 +1.1 3.29 204.3

7 years old 3.30 +1.7 3.28 186.0

10 years 3.22 +2.1 3.20 171.0

30 years old 3.28 +2.5 3.25 137.8

FOREX last +/-% pt. 7:55 Thurs 18:50% YTD

EUR / USD 1.0519 -0.3% 1.0527 1.0561 -7.5%

EUR / JPY 141.67 + 1.4% 141.05 138.97 + 8.3%

EUR / CHF 1.0145 -0.5% 1.0197 1.0189 -2.2%

EUR / GBP 0.8563 + 0.2% 0.8555 0.8527 + 1.9%

USD / JPY 134.66 + 1.8% 133.92 131.65 + 17.0%

GBP / USD 1.2288 -0.5% 1.2296 1.2382 -9.2%

USD / CNH (offshore) 6.7030 + 0.2% 6.7027 6.6794 + 5.5%

Bitcoin

BTC / USD 20 930.38 + 1.5% 20 756.68 21 090.77 -54.7%

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

WTI / Nymex 117.92 117.59 + 0.3% 0.33 + 62.0%

Brent / ICE 120.78 119.81 + 0.8% 0.97 + 60.1%

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

Gold (spot) 1,845.88 1,857.25 -0.6% -11.37 + 0.9%

Silver (Spot) 21.87 21.95 -0.4% -0.08 -6.2%

Platinum (Spot) 946.78 955.07 -0.9% -8.30 -2.4%

The future of copper 4.09 4.11 -0.5% -0.02 -8.0%

Contact the author: maerkte.de@dowjones.com

DJG / hru / gos

(END) Dow Jones Newswires

June 17, 2022 07:03 ET (11:03 GMT)

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