market report
Status: 07.12.2022 07:26 a.m
Even in the middle of the week, investors initially have to forego price gains. The prospect of further increases in interest rates, but also weak economic data from China, are depressing prices on the stock markets.
At 14,290 points and thus 0.4 percent below yesterday’s closing level, the DAX should start trading according to pre-market indications. The index lost 0.7 percent yesterday. Last week, the index reached 14,584 points, its highest level since June.
Wall Street continues to tumble
Weak guidelines for German retail are coming from overseas again. In the USA, concerns about further interest rate hikes by the US Federal Reserve continued to weigh on the evening. The Dow Jones Industrial melted by one percent to 33,596 points. The market-wide S&P 500 lost 1.4 percent to 3941 points. The technology-heavy Nasdaq 100 fell particularly sharply by two percent to 11,550 points.
Asian stock exchanges in the red
Asian stock trading in the morning is under the impression of weak economic data from China. The Japanese Nikkei index closed 0.7 percent lower at 27,686 points. The Shanghai stock exchange was down 0.4 percent.
China’s exports collapsed
China’s exports fell surprisingly sharply in November. According to Chinese customs, exports fell by 8.7 percent compared to the same month last year. Imports fell by 10.6 percent. A major reason for the drop in exports is weak global demand due to high inflation and energy prices. But the problems in the supply chains in China, which are further disrupted by the corona restrictions, are also making production more difficult.
Euro still below 1.05 dollars
On the foreign exchange market, the attempt by the euro to reach the $1.05 mark failed again yesterday. In the morning, the European common currency costs 1.0438 dollars. Oil prices are increasing slightly at a moderate level. A barrel of North Sea Brent costs around 80 dollars, around 0.2 percent more than yesterday. The gold price is hardly changed at 1772 dollars.
Airbus collects delivery target
The aircraft manufacturer Airbus will not achieve its delivery target this year. The goal of handing over around 700 aircraft in 2022 can no longer be achieved, the company announced yesterday evening. Airbus is now assuming slightly fewer machines. In the 12 months ended November, the company delivered 565 aircraft, 68 of them in November. Airbus had already had to give up the original target of 720 machines in July, partly because of problems in the supply chain.
BASF fears for parts of the production
The chemical group BASF is increasingly having problems with the rising gas prices. “We have to make economic decisions as to whether we can run certain plants at these prices or not,” said BASF CFO Hans-Ulrich Engel in an interview with the dpa news agency. For example, BASF’s ammonia production at the Antwerp and Ludwigshafen sites at two of the three plants has been “standing for large parts of the year” since March. Ammonia is used, for example, in the production of fertilizer for agriculture.
DWS sets higher profit targets
The Deutsche Bank fund subsidiary DWS is aiming for higher profits. By selling some business areas and reducing the regional presence, the fund company wants to save costs of 100 million euros by 2025, DWS announced at an investor day. The shift is intended to increase earnings per share to EUR 4.50 by 2025. In the past year, which was considered particularly profitable, earnings per share were EUR 3.90. Shareholders are to benefit from a special distribution of up to one billion euros in 2024. From 2025, DWS wants to distribute 65 percent of its profits to investors as dividends.
Apple postpones autonomous car
According to a media report, the technology group Apple is reducing its goals in the development of self-driving electric cars. The iPhone manufacturer is also postponing the planned market launch of the vehicles to 2026, according to the Bloomberg agency. The vehicle should have guided driving functions that work on highways. It will not be able to drive completely independently at all times. Apple originally wanted to develop a self-driving electric car without a steering wheel or pedals.