market report
Cautious confidence prevails on the floor again today. The leading German index tends to remain on the way up. Positive signals from China are having an effect, the US stock exchanges closed more firmly in the evening.
According to pre-market indications, the DAX should start the trading day on XETRA at 15,820 points, which corresponds to an increase of 0.25 percent. Yesterday, the DAX had recovered significantly from the setbacks of the past week and caught up around one percent to 15,793 points.
The Dow Jones index of standard values closed yesterday 0.6 percent higher at 34,559 points. The broader S&P 500 rose 0.6 percent to 4,433 points. The Nasdaq technology exchange index climbed 0.8 percent to 13,705 points.
After the central bank forum in Jackson Hole in the USA last week, investors in New York were more optimistic that the US Federal Reserve (Fed) will not tighten the monetary policy reins excessively. Fed Chairman Jerome Powell said on Friday that the central bank might raise interest rates even further in the fight against inflation, but that it would do so cautiously.
The markets in the Far East also continue to grow in the morning. The Japanese Nikkei index rose by 0.2 percent to 32,226 points. The broader Topix index rose 0.1 percent to 2301 points. The Shanghai stock exchange rose 0.8 percent. The index of major companies in Shanghai and Shenzhen gained 0.9 percent.
The government in Beijing yesterday announced a campaign to boost the flagging stock market and boost investor confidence in the struggling economy. The measures include, for example, halving the so-called stamp duty on stock trading. Home loan guidelines have also been relaxed. The Chinese authorities had already initiated measures to promote affordable housing.
On the foreign exchange market, the euro has stabilized at around 1.08 dollars. The shared currency is trading at $1.0832 this morning after continuing to slide lower over the past week. Oil prices are also holding their yesterday’s level. A barrel of North Sea Brent currently costs just under $84. The price for a troy ounce of gold is slightly higher at 1924 dollars.
Commerzbank suffered a setback in the lawsuit against US custodian bank BNY Mellon. US District Judge George Daniels dismissed the majority of a lawsuit by Commerzbank seeking to make the bank liable for more than $1 billion in damages. It was about the processing of the financial crisis: Commerzbank accused BNY Mellon of breach of contract and negligent behavior in dealing with risky mortgage securitisations (RMBS), which the German financial institution had bought before the crisis. Many lawsuits have been filed against trustees over similar allegations since the financial crisis.
At the car manufacturer Toyota in Japan, all production lines are standing still. Toyota has stopped work at all 14 assembly plants in Japan due to a bug in its production system, a company spokesman said. The error is “probably not due to a cyber attack”. The extent of the loss of production is still unclear. The disruption meant that the company could not order any components. The carmaker is a pioneer of just-in-time warehousing, which while keeping costs down, also means that a bottleneck in the supply chain can jeopardize production. According to calculations by Reuters, the 14 plants together account for around a third of Toyota production worldwide.
The US pharmaceutical company Pfizer and its German partner BioNTech are applying for the cancellation of Moderna’s patents on the corona vaccination technology in the USA. The two patents are “unimaginably general” and cover a basic idea that has been “known for a long time,” the vaccine manufacturers said yesterday before the US Patent Office’s Board of Appeal. The drugmakers also filed opposition to a third, related Moderna patent. For its part, Moderna accuses the two competitors of infringing their patent rights on the messenger RNA vaccine technology in connection with the development of the corona vaccine in three cases.