market report
Status: 06/29/2022 07:28 a.m
The upward movement in the leading German index is already over. Minus signs on the US stock exchanges are likely to cause losses in the DAX in the morning. Concerns about inflation continue to dominate events.
According to pre-market indications, the DAX will start trading in the middle of the week at 13,160 points, which corresponds to a minus of 0.5 percent. The 13,000 mark remains in sight.
Wall Street slips into the red
Weak US stock markets are weighing on European markets in the morning. After initial price gains, the important US indices turned negative in the evening after consumer confidence in the US had surprisingly weakened sharply in June. The US standard value index Dow Jones closed 1.6 percent lower at 30,946 points. The technology-heavy Nasdaq fell around three percent to 11,181 points. The broad S&P 500 lost about two percent to 3821 points.
Inflation drives consumers
According to experts, consumers in the USA are pessimistic, above all due to significant price increases. While US consumers were only slightly more skeptical about the current situation, they were significantly more pessimistic about the prospects. The persistently high inflation rates are also having a negative impact in Germany. In the course of the day, current consumer price data is expected for the past month.
Asian stock exchanges inconsistent
Asian equity markets were mixed today after negative guidance from Wall Street. MSCI’s main index of Asia-Pacific stocks outside Japan rose 1.7 percent, while Japan’s Nikkei index fell 1.2 percent.
Euro hard at 1.05
On the foreign exchange market, the euro continues to work its way down to the $1.05 mark. The European single currency is currently trading at $1.0509. After four trading days in the plus, oil prices are losing at a high level in the morning. A barrel of the North Sea variety Brent currently costs 113 dollars, the US variety WTI has dropped to 110 dollars per barrel. An ounce of gold is quoted at $1821.
BMW boss against combustion engine ban
After the EU decision to no longer allow cars with combustion engines in the community from 2035, the focus is on the car values in the DAX. BMW CEO Oliver Zipse believes that a ban on new cars with combustion engines in the EU from 2035 is wrong. “To put everything on one card these days is an industrial policy mistake,” said Zipse yesterday in Munich. Whether the necessary charging infrastructure for e-cars can be created by 2035 is an open question. How Europe wants to ensure access to the crucial raw materials is unclear. New dependencies threatened here.
Siemens Energy defends itself against allegations
The energy company Siemens Energy is defending itself against claims from Russia that gas deliveries to Germany have to be curtailed because the company does not service turbines on time. “It’s very convenient to bring in a company that is well known in Russia,” said Joe Kaeser, head of the Siemens Energy supervisory board, of the “Süddeutsche Zeitung”. “Even if it were, that would never justify throttling the gas flow so much.”
Sony is pushing into the gaming market
In a change of strategy, the Japanese electronics manufacturer wants to do more business with PC gamers in the future beyond the Playstation. Sony yesterday presented a range of three headphones and two monitors under the new Inzone brand. Sony is entering a market that is already divided between many established providers. That’s why you give yourself two to three years to “be in a good position,” according to the company.
Google manager becomes Pinterest boss
Pinterest will be managed by former Google manager Bill Ready. As the photo online platform announced on Tuesday, co-founder Ben Silbermann is moving to the newly created office of executive chairman. Ready’s appointment is effective Wednesday. Pinterest shares are up 9 percent in after-hours trading.