MARKETS IN EUROPE / Shaky recovery – oil prices drop sharply | News

FRANKFURT (Dow Jones) – After the weak course of the week and yesterday’s sell-off, European stock exchanges managed to catch something on Friday. However, the recovery was shaky, especially as Wall Street was volatile in the afternoon.

DAX rose 0.7 percent to 13,126 points, Euro-Stoxx-50 only rose 0.3 percent to 3,439 points, while Stoxx-50 fell by as much as 0.3 percent, slowed down by very weak oil and gas – and commodity stocks. Traders talked about technical counter-traffic, reinforced so-called the great dance of witches, the expiry of futures and options on futures exchanges.

Bonds prices rebounded a bit as well, so yields returned a bit. The euro has recently plunged to $ 1.0472, following a sharp increase the day before, peaking at $ 1.06.

Overall, the situation remains volatile, he said. Because central banks are fully committed to fighting inflation and are ready to accept the economic costs. US Federal Reserve Chairman Powell reaffirmed this, emphasizing once again during the event that the full focus must be on fighting inflation to meet the central bank’s 2 percent target. Tough months with rising key interest rates and a lack of liquidity are therefore ahead of the stock markets. At the same time, the risk of a recession is increasing.

Even so, Bank of America (BoA) raised European equities to “neutral” from “negative” as the sell-off had gone too far. However, experts believe that it is not yet time to recommend a buy recommendation due to the upside risk and rising real interest rates.

Oil prices under heavy pressure

Oil prices were under strong pressure in the afternoon. They fell by more than 5 percent to their lowest level in about three weeks after getting up in the morning. The price of gas has also dropped significantly, recently by a good 3%. On the one hand, market participants responded to concerns about a recession that would also affect oil demand, but also that US production was approaching a record high.

The oil and gas stock index in Europe collapsed by 4 percent and was by far the lowest. Commodity stocks (-2.7%) were also very weak in the market due to concerns about the economy, and chemical stocks were also among the losers (-0.6%). Technology stocks topped the top of the winners (+ 1.3%).

Speculation of acquisitions in the banking sector

ABN Amro rose almost 6 percent after a 17 percent increase following Bloomberg’s report that French BNP Paribas has contacted the Dutch government about the takeover. For the time being, however, the government is not seriously analyzing the business. Commerzbank, which some market participants consider a more interesting target for a possible cross-border acquisition, gained 3.2%. BNP Paribas gained 0.5 percent.

Nokian Tires grew by 10.3 percent. The company now expects only slightly lower or even unchanged net sales. Earlier, significantly declining sales were promised. The shares of other tire manufacturers were also sought: Michelin increased by 2.2 percent and Continental by 0.6 percent.

Miner Glencore (-0.6%) announced its first-half operating revenues will be well above $ 3.2 billion, well above consensus estimated at $ 1.9 billion.

At the close of trading, Glencore’s share will be included in Stoxx 50, and Adidas’s share will have to give way (+ 2.5%). There are also a number of other pending index changes. Delivery Hero (+ 12.1%) must leave DAX, followed by Beiersdorf (-1.4%), which moves from MDAX to DAX. Hypoport, which recovered 4.1 percent, had to be removed from the MDAX. From Monday, Encavis (-3.3%) will also be new to MDAX.

In the second row in Germany, Thyssen fell by 2.2 percent. In the current difficult capital market environment, Thyssenkrupp will not initially list its hydrogen subsidiary Nucera. Uniper lost another 3.2 percent. Restrictions on Russian gas supplies are lowering the company’s revenues.

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Index Closing Development Development Development

was absolute in% of

the beginning of the year

Euro Stoxx 50 3 438.46 +10.55 + 0.3% -20.0%

Stoxx 50 3 361.90 -9.22 -0.3% -12.0%

Stoxx 600 403.25 +0.37 + 0.1% -17.3%

XETRA DAX 13 126.26 +87.77 + 0.7% -17.4%

FTSE-100 London 7,016.25 -28.73 -0.4% -4.6%

CAC-40 Paris 5,882.65 -3.59 -0.1% -17.8%

AEX Amsterdam 635.75 -2.59 -0.4% -20.3%

ATHEX-20 Athens 1 986.75 +21.26 + 1.1% -7.3%

BEL-20 Brussels 3 714.34 +63.57 + 1.7% -13.8%

BUX Budapest 39 299.75 +74.98 + 0.2% -22.5%

OMXH-25 Helsinki 4,566.45 +32.82 + 0.7% -18.6%

ISE NAT. 30 Istanbul 2 776.59 +57.12 + 2.1% + 37.1%

OMXC-20 Copenhagen 1,571.73 +9.06 + 0.6% -15.7%

PSI 20 Lisbon 5,888.36 -6.61 -0.1% + 5.6%

IBEX-35 Madrid 8145.90 +67.80 + 0.8% -6.5%

FTSE-MIB Milan 21 788.87 +62.23 + 0.3% -20.6%

RTS Moscow 1,315.43 -1.32 -0.1% -17.6%

OBX Oslo 1099.36 +1.86 + 0.2% + 2.9%

PX Praga 1 290.67 +4.12 + 0.3% -9.5%

OMXS-30 Stockholm 1,884.27 -6.07 -0.3% -22.1%

WIG-20 Warsaw 1,676.67 -30.44 -1.8% -26.0%

ATX Vienna 3,011.96 -2.20 -0.1% -21.1%

SMI Zurich 10 451.31 -24.06 -0.2% -18.8%

Fixed Income Market Latest Absolute +/- YTD

10-year return from Germany 1.66 -0.05 +1.84

10-year profitability in the USA 3.23 +0.03 +1.72

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

EUR / USD 1.0471 -0.8% 1.0527 1.0561 -7.9%

EUR / JPY 141.50 + 1.3% 141.05 138.97 + 8.1%

EUR / CHF 1.0174 -0.2% 1.0197 1.0189 -1.9%

EUR / GBP 0.8583 + 0.4% 0.8555 0.8527 + 2.2%

USD / JPY 135.13 + 2.1% 133.92 131.65 + 17.4%

GBP / USD 1.2200 -1.3% 1.2296 1.2382 -9.8%

USD / CNH (offshore) 6.7191 + 0.5% 6.7027 6.6794 + 5.7%

Bitcoin

BTC / USD 20 552.18 -0.3% 20 756.68 21,090.77 -55.6%

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

WTI / Nymex 111.25 117.59 -5.4% -6.34 + 52.9%

Brent / ICE 114.75 119.81 -4.2% -5.06 + 52.1%

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

Gold (spot) 1,841.57 1,857.25 -0.8% -15.68 + 0.7%

Silver (Spot) 21.64 21.95 -1.4% -0.31 -7.2%

Platinum (Spot) 937.23 955.07 -1.9% -17.85 -3.4%

The future of copper 4.02 4.11 -2.1% -0.09 -9.5%

Contact the author: maerkte.de@dowjones.com

DJG / hru / gos

(END) Dow Jones Newswires

June 17, 2022 12:02 PM ET (4:02 PM GMT)

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