MARKET EUROPE / Weak – 13,000 characters in DAX wobble | News

FRANKFURT (Dow Jones) – Weak templates and high inflation weighed on moods in European stock markets on Wednesday. The DAX fell just below 13,000, down 1.9 percent to 12,982 points midday. The Euro Stoxx lost 1.3 percent to 3,503 points.

In the U.S., consumer confidence, which has dropped to its lowest level since February 2021, has fueled already prevailing fears of a recession. And in Spain, CPI inflation has risen to 10%, while in Belgium it is just below 9.65%. In Germany, however, the situation is different: “At least the new inflation data are sending a signal that the peak may have already passed,” a trader said, bearing in mind the development of consumer prices in several federal states. In Hessen, they did not change in the monthly comparison, in North Rhine-Westphalia they even fell.

The future of the Bund reacted with strong bonuses on the NRW data. It rose to 147.37 percent, but has since fully recovered to about 145.45 percent. The euro remains almost unchanged on the market.

Only oil and gas stocks are able to avoid weakness, and the Stoxx sector index rose by 0.6 percent. On the other hand, the Stoxx indices for the chemical, automotive and technology stocks lost about 2%, as did the index of construction companies.

Peace of mind on the corporate side

In the DAX, the Sartorius was down 4.9 percent, Zalando by 4.8 percent and Bayer by 4.3 percent. On the other hand, Fresenius is still able to recover a bit, with an increase of 0.4 percent. Overall, it’s quiet on the corporate side. Deutsche Börse (price unchanged) is organizing the Investor’s Day. CEO Theodor Weimer will present a strategy update there, possibly focusing on a summary of the Compass 2023 growth agenda.

Jefferies analysts for BBVA (-1.1%) assess the announced buyback as good news. This is a volume of EUR 1 billion, or approximately 3.7 percent of market capitalization. On the other hand, hyperinflation in Turkey negatively affects the results of the Spanish bank, which, however, is not a surprise.

Just Eat Takeaway collapses by 20 percent after a negative analytical study. However, other food vendor stocks such as Delivery Hero and Deliveroo also suffered significant losses, up to 6%. The price of the Hellofresh Fresh Packaging Specialist is also very low in the market. According to analysts, the reason for this is, among others ever weaker consumer confidence.

Hornbach is down 5.3 percent. The hardware store chain earned less in the first quarter of the financial year and confirmed the prospect that had already been lowered in mid-June.

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

Euro Stoxx 50 3 501.86 -1.3% -47.43 -18.5%

Stoxx 50 3,476.15 -0.8% -29.27 -9.0%

DAX 12,971.86 -2.0% -259.96 -18.3%

MDAX 26 340.28 -2.9% -778.87 -25.0%

TecDAX 2 885.30 -2.2% -65.40 -26.4%

SDAX 12,097.21 -2.3% -278.49 -26.3%

FTSE 7,284.65 -0.5% -38.76 -0.8%

CAC 6,006.93 -1.3% -79.09 -16.0%

Fixed Income Market Latest Absolute +/- YTD

10-year return from Germany 1.60 -0.02 +1.78

10-year profitability in the USA 3.16 -0.02 +1.65

FOREX last +/-% Wed 8:23 Tue 18:03% YTD

EUR / USD 1.0522 0% 1.0494 1.0532 -7.5%

EUR / JPY 143.54 + 0.2% 142.62 143.45 + 9.7%

EUR / CHF 1.0008 -0.6% 1.0036 1.0073 -3.5%

EUR / GBP 0.8642 + 0.1% 0.8611 0.8636 + 2.9%

USD / JPY 136.43 + 0.2% 135.93 136.20 + 18.5%

GBP / USD 1.2176 -0.1% 1.2187 1.2194 -10.0%

USD / CNH (offshore) 6.6996 -0.1% 6.7079 6.7073 + 5.4%

Bitcoin

BTC / USD 20,063.17 -1.5% 20,051.27 20 571.56 -56.6%

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

WTI / Nymex 112.58 111.76 + 0.7% 0.82 + 56.0%

Brent / ICE 118.12 117.98 + 0.1% 0.14 + 56.6%

GAS VT close +/- EUR

Dutch TTF 136.15 130.10 + 5.4% 6.97 + 52.0%

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

Gold (spot) 1,825.41 1,819.96 + 0.3% +5.45 -0.2%

Silver (Spot) 20.93 20.86 + 0.3% +0.07 -10.2%

Platinum (Spot) 931.26 914.58 + 1.8% +16.69 -4.0%

The future of copper 3.78 3.77 + 0.2% +0.01 -14.9%

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Contact the author: maerkte.de@dowjones.com

DJG / hru / once

(END) Dow Jones Newswires

June 29, 2022 6:46 AM ET (10:46 GMT)

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