Market report
Status: 02.07.2021 07:47 a.m.
The guidelines from Wall Street are excellent. But DAX investors continue to exercise restraint. In the afternoon there is still an important date on the stock market agenda.
The DAX is likely to start the last trading day of the week with only a small plus in spite of the fantastic indications from the US stock exchanges. Banks and brokers currently rate the 30 German standard values 0.1 percent higher at 15,626 points.
It is perhaps the experience of the past few days that has made investors restrained. In the course of the stock exchange week, the leading German index had twice peeked above the 15,700 point mark. Both times this attempt to break out was quickly sold off.
How brave are the investors?
Against this background, a new run towards the record high of 15,803 points is fraught with great uncertainty and would require a lot of courage from investors. Courage that they will find difficult to find today, of all times, even with a view to the appointment calendar.
In the afternoon, the official US labor market report for June is probably the most important date of the week on the stock market agenda. Analysts predict 700,000 jobs will be created outside of US agriculture in June. Solid data should further fuel hopes of a post-lockdown boom in the American economy, but could also give rise to new inflation fears and thus speculation about an imminent throttling of the expansive monetary policy.
Weekly labor market data as a bright spot
It’s a balancing act – which ended in favor of the cops yesterday. On Thursday, encouraging US labor market data had created a good mood on Wal Street. Last week, 364,000 Americans filed initial jobless claims, about 26,000 fewer than expected.
At the same time, the number of layoffs fell to its lowest level in 21 years. “This is a real bright spot,” said Cliff Hodge, chief investor at Cornerstone.
S&P 500 with sixth record high in a row
The positively received labor market data fueled the buying mood of investors. The leading US index, the Dow Jones Industrial, gained 0.4 percent to 34,633 points, approaching the 35,000 point hurdle that the world’s best-known index overcame for the first and last time in May.
The S&P 500, which depicts the broad market, closed 0.5 percent higher to 4319 points, which is the sixth day in a row at a record high. The technology-heavy Nasdaq advanced 0.1 percent to 14,522 points.
Nikkei with profits
The good guidance from Wall Street and the weaker yen support Japanese equities at the end of the week. The Nikkei index, which comprises 225 stocks, is trading 0.2 percent higher at 28,770 points around half an hour before the Tokyo market closes. In China, however, the minus signs dominate. The Shanghai stock exchange is 1.5 percent in the red.
The euro is trending sideways in Asian forex trading at $ 1.1845, staying near its two-month low. Just yesterday, the European common currency fell to $ 1.1837. The troy ounce of gold costs 0.1 percent more at $ 1,778.
OPEC + in focus
Oil prices are slightly lower in the morning. A barrel (159 liters) of North Sea Brent costs $ 75.71. The oil market continues to look spellbound at the meeting of the oil alliance OPEC and its partner countries. Yesterday, OPEC + was initially unable to agree on an expansion of the production volume, but the meeting is to continue this afternoon.
Strong US numbers from VW
On the German stock market, auto stocks are moving into focus after strong US sales figures. VW sold 120,520 new vehicles with the VW logo in the important US market in the second quarter. That was 72 percent more than in the previous year’s period, which was weak due to the pandemic. VW spoke of the best sales result in a quarter since 1973. The VW subsidiary Audi even sold 92 percent more than a year ago, at Porsche the plus was 56 percent.
There is also strong demand for BMW in the USA
BMW also benefited greatly from the recovery in the US auto market. According to its own information, the Munich-based company sold 96,561 new cars under its own brand in the second quarter, an increase of almost 90 percent compared to the same period of the previous year. The subsidiary Mini grew by almost 77 percent and delivered 9,340 of its small cars to US customers.
CTS Eventim is hoping for full halls in autumn
The ticket marketer and concert organizer CTS Eventim is hoping that the halls will be full for concerts in autumn. “I hope that in the fourth quarter we will see indoor concerts with full capacity without any distance or mask,” said CEO Klaus Peter Schulenberg of the “FAZ”. “Maybe it will be possible from November. Of course, the 3-G rule will then have to be applied, and it will stay that way for some time.”
Amazon develops delivery robots in Finland
Amazon is setting up a development center in Finland for its “Scout” delivery robots, which are supposed to drive independently on sidewalks. The team in Helsinki, which initially had a good two dozen employees, should, among other things, develop software that the vehicles can use to avoid obstacles. Amazon has so far let the little robots, which look like a cool box on six wheels, drive in four locations in the United States. The technology for this is also being developed in Tübingen, among others.
Branson vs. Bezos – Race into space
Billionaire entrepreneur Richard Branson plans to take the Virgin Galactic Holding test flight to the edge of space on July 11th. The flight with the Virgin space plane VSS Unity is an important milestone in the race to usher in a new era of private commercial space travel. Leaving July 11 as the launch date, Branson would travel outside the Earth’s atmosphere nine days before Amazon founder Jeff Bezos, who owns rival space tourism company Blue Origin.