MARKETS IN EUROPE / Relax, no stimulus from Wall Street

DJ MARKETS EUROPE / Stay calm without Wall Street impetus

FRANKFURT (Dow Jones) – European stock markets continue to be well supported on Monday afternoon. The DAX increased by 0.6 percent to 13,200 points and the Euro-Stoxx-50 by 0.5 percent to 3,457 points. Business is described as quiet and largely uninspired. There is no trade in the US due to a public holiday on the reporting date. However, inflation remains a source of concern: in Germany producer prices rose 33.6 percent in May compared to the previous year. This is the biggest increase since 1949.

The market negatively assesses the failure of Emmanuel Macron’s team alliance in the parliamentary elections. “Macron is finding it increasingly difficult to implement retirement or labor market reforms today,” the retailer says. Meanwhile, the CAC-40 index in Paris does not seem to be impressed by the election result – the index has increased by 0.2%, but lags behind growth across Europe.

Bankenwerte gesucht - Entspannung in der Eurozone stützt 

The bank shares are by far the daily winners with a premium of 3.4%. The industry is taking advantage of the recent recovery in the bond market. The widely recognized interest rate differential between the Italian 10-year bonds and Bunds narrowed to 200 basis points. The spread is considered to be an important stress indicator in the euro area.

The individual stocks are focused on Valneva. Following the decline in EU interest in corona vaccines, a glimmer of hope appears in the French pharmaceutical company: the American pharmaceutical giant Pfizer now has 8.1 percent shares in Valneva. Shares jumped 23.9 percent.

Bayer is also viewed positively. The group won the fourth consecutive glyphosate lawsuit. Shares rose 1.5 percent. Hellofresh increase by 4% According to dealers, the delivery service that remained at DAX is now weighted higher in portfolios after Delivery Hero (+ 3.2%) had to leave the index. Beiersdorf (+ 4.1%) also returned to the DAX.

ABB gives up. The rate drops by 1.8 percent. The group postpones the debut of the e-mobility industry. “It makes sense because of the high volatility,” said one trader. Vola is angry with the IPO. Thyssenkrupp is down 1.4 percent – the group announced on Friday that it would initially halt the public offering of its hydrogen subsidiary.

Low cost airline Easyjet warns of worse-than-expected growth in the third and fourth quarters due to rising operating costs and staff shortages. Citigroup assumes that the market consensus will be lowered.

Euromoney gained 26.6 percent on the London Stock Exchange. The company is in acquisition talks with a private equity consortium that includes Astorg Asset Management Sarl and Epiris LLP. The value of a possible deal is £ 1.6 billion.

Jyske Bank übernimmt Dänemark-Geschäft von Handelsbanken 

Jyske Bank grew by 17.4 percent. The house takes over business in Denmark from Swedish commercial banks. “The market position in Denmark will be significantly strengthened,” says one market participant.

Analysts’ estimates cause stronger price movements. For example, Varta jumped 4.3 percent, Goldman Sachs resumed monitoring the stock with “Buy” and sees a price target of € 102.

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Aktienindex       zuletzt    +/- %    absolut +/- % YTD 
Euro-Stoxx-50      3.458,13    +0,6%     19,67   -19,6% 
Stoxx-50        3.390,92    +0,9%     29,02   -11,2% 
DAX          13.210,87    +0,6%     84,61   -16,8% 
MDAX          27.325,25    +1,0%    263,51   -22,2% 
TecDAX         2.829,65    +0,2%     6,10   -27,8% 
SDAX          12.338,62    +0,7%     84,23   -24,8% 
FTSE          7.125,57    +1,6%    109,32   -5,0% 
CAC           5.893,09    +0,2%     10,44   -17,6% 
 
Rentenmarkt       zuletzt          absolut  +/- YTD 
Dt. Zehnjahresrendite    1,71           +0,06   +1,89 
US-Zehnjahresrendite    3,23             0   +1,72 
 
DEVISEN         zuletzt    +/- % Mo, 7:40 Uhr Fr, 17:55  % YTD 
EUR/USD          1,0519    +0,3%    1,0523   1,0473  -7,5% 
EUR/JPY          142,08    +0,3%    141,95   141,56  +8,6% 
EUR/CHF          1,0180    +0,0%    1,0176   1,0176  -1,9% 
EUR/GBP          0,8600    +0,2%    0,8605   0,8581  +2,3% 
USD/JPY          135,04    +0,0%    134,91   135,17 +17,3% 
GBP/USD          1,2231    +0,1%    1,2230   1,2203  -9,6% 
USD/CNH (Offshore)    6,6885    -0,4%    6,6800   6,7176  +5,3% 
Bitcoin 
BTC/USD        20.517,70    +0,7%   19.880,08 20.583,80 -55,6% 
 
ROHOEL          zuletzt  VT-Settl.     +/- %  +/- USD  % YTD 
WTI/Nymex         108,98   109,56     -0,5%   -0,58 +49,7% 
Brent/ICE         112,54   113,12     -0,5%   -0,58 +49,2% 
GAS                VT-Schluss         +/- EUR 
Dutch TTF         126,18   124,10     +7,2%    8,44 +50,5% 
 
METALLE         zuletzt   Vortag     +/- %  +/- USD  % YTD 
Gold (Spot)       1.836,59  1.840,30     -0,2%   -3,72  +0,4% 
Silber (Spot)       21,56    21,67     -0,5%   -0,11  -7,5% 
Platin (Spot)       938,85   933,70     +0,6%   +5,15  -3,3% 
Kupfer-Future        3,97    4,01     -1,1%   -0,05 -10,7% 
=== 

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

DJG / mpt / once

(END) Dow Jones Newswires

June 20, 2022 10:02 AM ET (2:02 PM GMT)

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