DAX sideways: The anxious look to America

Investors on the German stock market continue to wait eagerly for the latest US inflation data at lunchtime. Until then, the leading index DAX will hover around its previous day’s level.

In the morning, the DAX can easily defend its 15,700 point mark, which it regained yesterday. But it’s not enough for a new climbing game. At its peak, the leading index rises to 15,734 points, but it is not enough for more. The possible reaction of the US Federal Reserve (Fed) to the US inflation figures expected at 2:30 p.m. is too uncertain. They are likely to be over five percent for the fourth month in a row – and thus continue to be well above the two percent targeted by the Fed.

This raises the question for investors of how the central bankers will react to the data. “A stabilization of the inflation rate would at least not put the Fed under additional pressure,” believes Thomas Altmann, portfolio manager at asset manager QC Partners. Should the annual rate rise further, however, the pressure on the US Federal Reserve to reduce its enormous bond purchases would also increase significantly.

The Fed has already signaled that it will be scaling back its purchase program a little. At the same time, the central bankers are sticking to their conviction that the rate of inflation is only temporarily so high that it will “normalize” again in the coming year at the latest with the elimination of many special factors, that is, it will decrease. More and more economists, however, doubt this forecast and fear that the surge in inflation could consolidate. Consumer prices are an important criterion for the US monetary watchdogs, who meet in the coming week. The meeting is considered particularly important as the Fed recently signaled that it was tapering its bond purchases.

Investors are also concerned about plans by the US government to raise taxes to finance a $ 3.5 trillion corona aid package. Nevertheless, initial indicators suggest that the US leading index Dow Jones could start trading with slight price gains, at 34,905 points, an increase of 0.1 percent.

The euro rose slightly in the morning. Most recently, the common currency cost $ 1.1820, a little more than in the morning. The European Central Bank (ECB) had set the reference rate the day before at $ 1.1780.

Vonovia has canceled the minimum acceptance threshold of 50 percent of the shares in the struggle to take over competitor Deutsche Wohnen. The Bochum group hopes that this means that there are no longer any valid reasons for Deutsche Wohnen to refuse to approve the takeover offer. By waiving the closing conditions of the takeover offer, the acceptance period, which originally expired on September 20, 2021, will be extended by two weeks. It should now end on October 4, 2021.

Apple will introduce the iPhone 13 tonight. Outwardly, the design of the current series will largely be retained, reported the financial service Bloomberg. But the recess for cameras and sensors for face recognition at the top of the screen should be smaller, it said. The more expensive Pro model should also get a version with a terabyte of storage capacity for the first time, predicted the well-known industry analyst Ming-Chi-Kuo. A new model of the Apple Watch is also expected. According to media reports, the biggest design change since the market launch in spring 2015 is pending. The watch should therefore have a flatter screen and angular edges instead of the previously strongly rounded corners. There is also a report on a new generation of the popular AirPods earbuds that are due to hit the market in the fall.

The Chinese property developer Evergrande, which has run into financial difficulties, warns again of liquidity risks due to a decline in its property sales. The country’s second largest property developer is in talks with potential investors to sell some of its assets, but has not made any “significant progress,” according to a filing on the Hong Kong Stock Exchange. The company blames “persistent negative media reports” for the deterioration in investor confidence, which leads to a further decline in sales in September.

Well-filled order books make the engine manufacturer Deutz optimistic. The Cologne-based company announced that between 155,000 and 170,000 engines could be sold in the year as a whole. So far, management had assumed 155,000 units at best. Sales should therefore reach 1.6 to 1.7 billion euros – each 100 million euros more than previously targeted. The proportionate service turnover should remain unchanged at around 400 million euros.

The Danish jewelry manufacturer wants to attract more younger customers and expects steady growth over the next few years. “Our goal is to become the largest and most sought-after brand in the affordable jewelry market,” said Pandora CEO Alexander Lacik. By 2023, he forecast sales growth of between six and eight percent to between DKK 24.8 and 26.2 billion. The margin is expected to rise to 25 to 27 percent in the same period, after 23 to 24 percent in the current year. In addition, Pandora wants to increase production capacities and produce 80 million more pieces of jewelry annually, an increase of 60 percent.

As expected, the US software group Intuit is taking over the email marketing service provider Mailchimp. Intuit is paying around $ 12 billion in cash and shares to acquire the private company. Intuit expects the deal to be completed by the end of the second fiscal quarter of 2021/22 (as of the end of January). Both companies focus primarily on smaller corporate customers.