market report
Status: 08.11.2022 07:42 a.m
Experts expect that the DAX will initially start trading with little movement today. In addition to the reporting season, investors are particularly interested in the US midterm elections.
Banks and brokers value the DAX at the start of trading with an increase of 0.1 percent. The leading German index closed yesterday with a premium of 0.6 percent at 13,533 points.
In the course of the friendly start to the week, the leading German index was able to move further away from the recently overcome resistance line of this year’s downward trend, according to market observers at Helaba. If the jump above the 200-day line at 13,605 points succeeds, the 14,000 point mark would be another possible target.
Today, the quarterly figures of some DAX companies are an important topic on the stock exchange. According to the experts at ING Bank, the results of the US midterm elections are also likely to play a greater role.
Investors bet on the Republicans
The specifications from the USA are strong: The Dow Jones closed 1.3 percent higher at 32,827 points. The Nasdaq advanced 0.9 percent to 10,564 points and the S&P 500 rose 1.0 percent to 3,806 points.
Analysts expect the Republicans to win the House of Representatives and possibly the Senate in the congressional elections. That would slow down the agenda of Democratic US President Joe Biden. “A divided government is usually good for stock markets because it stalls certain policy changes,” said Daniela Hathorn, market analyst at Capital.com.
Mixed signals from Asia
The Nikkei was 1.3 percent higher at 27,880 points. The Topix index rose 1.1 percent to 1,955 points. The Shanghai stock exchange, on the other hand, was down 0.6 percent. The index of the most important companies in Shanghai and Shenzhen lost 0.7 percent.
Post is optimistic about the future
Deutsche Post earned significantly more in the third quarter thanks to flourishing business in the international express and freight business and is raising its forecast for the full year. The Bonn DAX group now expects an operating profit (EBIT) of 8.4 billion euros. Previously, Swiss Post had announced an EBIT of around eight billion euros with a deviation of around five percent up or down. After nine months, however, the Group has already achieved operating income of around 6.5 (previous year: 5.8) billion euros. The group is now facing the important Christmas business.
Evonik is fighting with higher prices
The specialty chemicals group Evonik has confirmed its forecast despite rising energy and material costs. The Essen-based company was able to push through higher prices for its products in the third quarter and thus increase sales by 26 percent to 4.88 billion euros. Adjusted operating profit (Ebitda), on the other hand, fell by five percent to 615 million euros. The group confirmed its profit forecast. Evonik wants to increase EBITDA to between 2.5 and 2.6 billion euros in 2022. Sales are now expected to be 18.5 billion euros, previously forecast between 17 and 18 billion euros.
Mercedes boss warns against moving away from China
Mercedes-Benz boss Ola Källenius has spoken out against distancing himself from China. In view of the economic importance of the world’s second largest economy, it was “absolutely unimaginable” to write off the country, said Källenius. It was absolutely correct that Chancellor Olaf Scholz was the first leading Western politician to visit President Xi Jinping at the party congress after his term extension. The German car industry is heavily dependent on China, the world’s largest car market. Mercedes-Benz does a good third of its business in the People’s Republic.
Uber rival Lyft disappointed
Active drivers at Lyft grew 7.2 percent in the third quarter, the slowest quarterly growth so far this year. Revenue per active driver increased by 13.7 percent. Operating profit was 66.2 million. Although sales rose 22 percent to a record $1.05 billion, they fell short of expectations. At the same time, Lyft’s net loss increased to $422.2 million.