EUROPA MARKET / Leichter – Fears of new inflation data in the US | News

FRANKFURT (Dow Jones) – On Thursday afternoon the European stock exchanges used to be lighter. Renewed fears of a slipping into recession are lowered by oil and commodity prices in particular. Their sectors drop on average by more than 2 percent. The lowered European Commission’s GDP growth forecasts spread negative sentiment.

In turn, inflation is expected to amount to 7.6 percent. in the current year and 4.0 percent. in the coming. In Germany, wholesale prices have even increased by more than 21 percent compared to the previous year. Inflation, which the ECB is not fighting, weakens the euro even more: it still remains only slightly above the dollar parity. The DAX drops 1.1 percent to 12,617 points and the Euro-Stoxx-50 is 1.3 percent lighter to 3,410 points.

The focus is now on the US with weekly labor market data and most of all new producer prices (PPI). After “horror value” in consumer prices (CPI) with an increase of 9.1 percent. on Wednesday, however, a relief will come from even smaller deviations down the PPI, as is hoped for in the market.

It is also considering the start of the US reporting season with the first quarterly data from JP Morgan and Morgan Stanley at noon. During the reporting season, Deutsche Bank expects the S&P 500 index to record a profit growth of 4 percent compared to the second quarter of last year.

The situation in the automotive sector is improving – chips are sought

Auto stocks stabilized somewhat. The retailer refers to VW’s statements that deliveries should also stabilize in the second half of the year as the chip crisis wears off. BMW, VW and Mercedes-Benz go up a bit.

Infineon are up 1.1 percent. Because in addition to the expected demand from the auto sector, there are also good sales prospects for Taiwan Semiconductor. “There, bottom-fishing pays off,” said trader Infineon. The rate has halved. If car production rises again, Infineon should benefit particularly heavily. Other industry titles are also showing strength.

Meanwhile, Ericsson (-7.6%) shows a clear discount. The Swedish supplier of telecommunications equipment fell short of its operating profit forecast. The reasons are persistent difficult global supply chains and high inflation. Both lead to increased costs.

Good numbers from Swatch and Hugo Boss

On the other hand, the Swatch figures (+ 1.5%) are well received. Despite the adversity in China, the watchmaker increased sales in the first half of the year and is on track for its full-year sales forecast. RBC analysts consider the data to be solid and stress the development of profits as positive.

Hugo Boss (+ 3.9%) also surprised with good business data for the second quarter. Jefferies analysts see signs that the brand restart is working and expect it to outperform its competitors. They also praise the margin development: The 11.4 percent EBIT margin was well above the 8.4 percent consensus.

Deutsche Telekom (-1.6%) found a buyer for most of its multi-billion dollar cell tower company. Brookfield and Digitalbridge investors will acquire 51 percent of the shares. The GD Towers division is valued at EUR 17.5 billion, cash revenues are estimated by Telekom at EUR 10.7 billion.

BASF lost 0.9 percent after UBS analysts downgraded its rating to “sell”.

Italy with a new government crisis – weak banks

The looming government crisis in Italy puts pressure on the prices of Italian banks and insurers: Intesa, Unicredit and Generali fell by as much as 3.8 percent. Italy’s leading MIB index loses 2.1%. It turns out that the co-ruling Party of Five Stars intends to abstain from voting on the economic stimulus package during the day. After Prime Minister Mario Draghi recently called on the left to participate in the government, the ruling coalition may be on the verge of collapsing.

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

Euro Stoxx 50 3 410.11 -1.3% -43.86 -20.7%

Stoxx 50 3 439.87 -1.0% -36.20 -9.9%

DAX 12 617.05 -1.1% -139.27 -20.6%

MDAX 25 171.16 -1.3% -332.12 -28.3%

TecDAX 2,906.19 -0.6% -18.98 -25.9%

SDAX 11 908.41 -0.8% -97.14 -27.5%

FTSE 7,095.58 -0.8% -60.79 -3.1%

CAC 5,929.08 -1.2% -71.16 -17.1%

Fixed Income Market Latest Absolute +/- YTD

10-Year Return from Germany 1.23 +0.09 +1.41

10-year profitability in the USA 2.96 +0.03 +1.45

FOREX last +/-% Thu 8:02 Wed 17:32% YTD

EUR / USD 1.0015 -0.4% 1.0023 1.0093 -11.9%

EUR / JPY 139.13 + 0.7% 138.71 138.59 + 6.3%

EUR / CHF 0.9857 + 0.1% 0.9845 0.9866 -5.0%

EUR / GBP 0.8462 + 0.1% 0.8456 0.8463 + 0.7%

USD / JPY 138.93 + 1.1% 138.43 137.32 + 20.7%

GBP / USD 1.1833 -0.5% 1.1859 1.1924 -12.6%

USD / CNH (offshore) 6.7611 + 0.5% 6.7375 6.7189 + 6.4%

Bitcoin

BTC / USD 19,753.00 -0.7% 20 167.59 19,482.77 -57.3%

ROHL last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 93.88 96.30 -2.5% -2.42 + 30.1%

Brent / ICE 97.61 99.57 -2.0% -1.96 + 30.3%

GAS VT close +/- EUR

Dutch TTF 177.90 180.50 -1.4% -2.61 + 33.6%

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

Gold (spot) 1,712.69 1,735.53 -1.3% -22.84 -6.4%

Silver (Spot) 18.82 19.22 -2.1% -0.40 -19.3%

Platinum (Spot) 837.88 858.50 -2.4% -20.63 -13.7%

The future of copper 0.00 3.33 0% 0 -25.1%

YTD at the end of the day

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Contact the author: maerkte.de@dowjones.com

DJG / mod / flf

(END) Dow Jones Newswires

July 14, 2022 6:58 AM ET (10:58 GMT)

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