market report
Status: 08/17/2022 07:39 a.m
The stock market bulls initially have a tailwind today. Thanks to good specifications from overseas, the leading German index is expected to continue to rise. Even the next round thousand mark seems achievable.
According to pre-market indications, the DAX will start XETRA trading in the morning at 13,950 points, which corresponds to an increase of 0.3 percent compared to yesterday’s closing level.
Wall Street on the up
The stock exchanges on Wall Street had mostly booked profits after the good business results of the retail giants Walmart and Home Depot. The Dow Jones index of standard values closed 0.7 percent higher at 34,152 points. The broad S&P 500 gained 0.2 percent to 4305 points. The technology-heavy Nasdaq, on the other hand, fell 0.2 percent to 13,102 points. Better-than-expected corporate earnings had been driving US stocks for the past few days. According to data provider Refinitiv, 77.6 percent of companies in the S&P 500 exceeded analysts’ expectations with their quarterly figures.
Asia stock exchanges in the plus
In Asia, too, the stock exchange lights are still green. The Japanese Nikkei index was 0.8 percent higher at 29,101 points. The broader Topix index rose 0.8 percent to 1,997 points. The Shanghai stock exchange was up 0.1 percent. The index of the most important companies in Shanghai and Shenzhen gained 0.4 percent.
Central bank minutes in the evening
Important economic and central bank signals from the USA could set the course for the stock markets again from the afternoon. US retail sales for the month of July are expected. The minutes of the last meeting of the US Federal Reserve are due for publication in the evening.
Euro still below 1.02
On the foreign exchange market, the euro continues to have a difficult time against the dollar. In the morning, the European common currency is trading at $1.0180. $1.02 seems like a tough resistance. After yesterday’s slide, oil prices are stabilizing in the morning. A barrel of North Sea Brent currently costs $92.76. Gold prices are unchanged at $1778.
Uniper with business figures
On the stock market, the Uniper share should be the focus today. Germany’s largest gas importer Uniper will present its half-year figures in the morning. The energy company plays a central role in the current gas crisis because of the sharp reduction in gas supplies from Russia for weeks. The company has to buy more expensive gas in the market to fulfill contracts because of the cut in supplies. This led to liquidity problems because Uniper has not yet been able to pass on the price increases. A rescue package worth billions was put together to support Uniper.
GM with huge recall campaign
The largest US carmaker General Motors (GM) has to repair numerous SUVs due to possible defects in the seat belts. According to the US Transportation Authority on Tuesday, 484,155 large city SUVs of the models Cadillac Escalade, Chevrolet Suburban and Tahoe as well as GMC Yukon from the years of construction 2021 and 2022 are affected. There could be defects in the attachment of the seat belts in the third row of seats in the cars, which may require the replacement of components, GM informed the traffic safety supervisory authority.
Elon Musk joking
Tesla boss Elon Musk has caused confusion on Twitter. First he hinted that he might get into the football business. “I’m buying Manchester United, you’re welcome,” he wrote. When asked by a user if this was serious, he replied that it was a joke and that he would not buy a sports club.