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FRANKFURT (Dow Jones) – Following the weakness of the week and yesterday’s sell-off, European stock markets are still in recovery on Friday afternoon. The DAX rose by 0.9 percent to 13,150 points and the Euro-Stoxx-50 by 1 percent to 3,462 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. The instruments on the DAX and Euro-Stoxx-50 expired at noon and options on individual DAX shares will be added at the end of the trading day.
Apart from that, however, the situation remains unstable. Central banks are now fully committed to tackling inflation and are ready to accept the economic costs it entails. The stock markets are therefore likely to face another difficult month with rising key interest rates and liquidity shortages, while the risk of a recession is mounting.
Nevertheless, Bank of America (BoA) took 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 upside risk and rising real interest rates, it is too early to recommend a buy.
Prices may also rebound slightly in the bond market, so yields will return a bit. The euro is weakening slightly and goes down to USD 1.0480.
Oil prices have come under more pressure. They give clear profits in the morning and are cheaper by up to 3.7%. The price of gas is also falling, albeit not so sharply. “US production is approaching a record high of 13.1 million barrels a day,” comments Robert Rethfeld of Wellenreiter-Invest. With 12 million barrels, only 8.5 percent was missing. The oil and gas stock index in Europe is down 1.6 percent, which is by far the bottom.
Banks replace technology on top of the winners
With the exception of commodity and lactate stocks and chemical stocks, all Stoxx indices are more or less clearly positive.
Bank stocks replaced tech stocks at the peak of profits. ABN Amro gained almost 9 percent after Bloomberg reported that BNP has contacted the Dutch government about the takeover. Commerzbank, which some market participants consider a more interesting target for a possible cross-border acquisition, gained 4.9%. BNP Paribas by 1.6 percent
At DAX, Delivery Hero recovered 7.7 percent, Eon, Vonovia and Airbus grew by more than 3 percent. In turn, Brenntag gave 0.8 percent. VW loses 0.3 percent, group sales continued to decline in May. Merck fell 3.5 percent.
In the second row, Thyssen fell 1.4 percent. In the current difficult capital market environment, Thyssenkrupp will not initially list its hydrogen subsidiary Nucera.
Uniper will resign from another 4 percent. Restrictions on Russian gas supplies are lowering the company’s revenues. Grand City Properties gains 5.7 percent – Societe Generale is said to have recommended the paper for purchase.
The operator of the Glencore mine (+ 0.7%) 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 pending index changes. Delivery Hero has to leave DAX, followed by Beiersdorf, who are switching from MDAX to DAX. Beiersdorf has hardly changed. Hypoport, which recovered 4%, had to pull out of MDAX. Encavis (-1.8%) will also be new to MDAX from Monday.
Nokian enters the fast lane
Nokian Tires soared by almost 9 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 2 percent, Continental by 0.4 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 record almost unchanged.
Stock index last + / -% absolute + / -% YTD
Euro Stoxx 50 3 451.97 + 0.7% 24.06 -19.7%
Stoxx 50 3 382.64 + 0.3% 11.52 -11.4%
DAX 13 129.64 + 0.7% 91.15 -17.3%
MDAX 27,099.22 + 1.4% 363.45 -22.9%
TecDAX 2 820.50 + 1.0% 27.87 -28.1%
SDAX 12 262.16 + 1.8% 213.19 -25.3%
FTSE 7,072.94 + 0.4% 27.96 -4.6%
CAC 5 917.97 + 0.5% 31.73 -17.3%
Fixed Income Market Latest Absolute +/- YTD
10-year return from Germany 1.72 +0.01 +1.90
10-year profitability in the USA 3.27 +0.07 +1.76
FOREX last +/-% pt. 7:55 Thu 18:50% YTD
EUR / USD 1.0468 -0.8% 1.0527 1.0561 -7.9%
EUR / JPY 141.38 + 1.2% 141.05 138.97 + 8.0%
EUR / CHF 1.0120 -0.8% 1.0197 1.0189 -2.5%
EUR / GBP 0.8577 + 0.4% 0.8555 0.8527 + 2.1%
USD / JPY 135.05 + 2.1% 133.92 131.65 + 17.3%
GBP / USD 1.2206 -1.2% 1.2296 1.2382 -9.8%
USD / CNH (offshore) 6.7198 + 0.5% 6.7027 6.6794 + 5.8%
BTC / USD 20 631.56 + 0.1% 20 756.68 21 090.77 -55.4%
ROHOEL the last VT-Settl. +/-% +/- USD% YTD
WTI / Nymex 113.20 117.59 -3.7% -4.39 + 55.5%
Brent / ICE 116.79 119.81 -2.5% -3.02 + 54.8%
METALS last day before +/-% +/- USD% YTD
Gold (spot) 1,839.56 1,857.25 -1.0% -17.69 + 0.6%
Silver (Spot) 21.62 21.95 -1.5% -0.33 -7.3%
Platinum (Spot) 940.03 955.07 -1.6% -15.04 -3.1%
The future of copper 4.04 4.11 -1.6% -0.06 -9.0%
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(END) Dow Jones Newswires
June 17 2022 10:16 ET (14:16 GMT)
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