market report
Status: 02/09/2023 07:37 a.m
DAX investors are in a buying mood again, despite mixed expectations. The chances of an early attack on the previous high for the year above 15,500 points are increasing.
The bulls are swinging the scepter again on the German stock market. It is quite possible that the DAX will test its year-high of 15,521 points today. Not much is missing in pre-market trading: The broker IG valued the German standard values at 15,516 points at times, and the DAX is currently 0.5 percent higher at 15,493 points.
DAX investors are hoping for a positive signal
A jump above the high for the year would breathe new life into the price rally in the DAX and open up fresh potential on the upside. It would be a “signal for a continuation of the start of the year rally”, as the technical analysts at HSBC point out.
Mixed signals from Wall Street
The guidelines from Wall Street are mixed. In the middle of the week, the major US indices had posted losses across the board. The Dow Jones index of standard values closed 0.6 percent lower in the evening at 33,949 points. The tech-heavy Nasdaq fell 1.7 percent to 11,910 points. The broad S&P 500 lost 1.1 percent to 4,117 jobs.
But in the morning there are positive signals from US futures, for example the future on the Dow Jones is currently gaining 0.3 percent.
Asia stock markets at odds
After the confirmation of further interest rate hikes by the US Federal Reserve, the markets in Asia are initially unable to agree on a common direction. The Nikkei index, which comprises 225 stocks, was 0.1 percent lower at 27,584 points at the close in Tokyo. The Shanghai stock exchange, on the other hand, was up 0.6 percent. The index of major companies in Shanghai and Shenzhen gained 0.8 percent.
Euro gains something to the dollar
In Asian currency trading, the dollar shows slight weakness. At the same time, the euro rose by 0.2 percent to $1.0732. The European common currency came under significant pressure against the dollar following the sharp rise in US interest rate expectations after the Fed’s decision last week and has since lost 3 cents. A troy ounce of gold costs 1878 dollars in the morning.
Ex-Roche manager Anderson becomes the new Bayer boss
Bayer shares continue to be the focus of attention on the German stock market. After sustained criticism from investors, Bayer boss Werner Baumann resigns prematurely. The new CEO as of June 1 will be William Anderson, most recently head of the pharmaceuticals division of the Swiss group Roche, as the Leverkusen-based pharmaceutical and agricultural group announced last night.
Investors liked the fact that Bayer was looking for a new CEO outside the group. Bayer shares reacted to the news with a price jump of six percent and closed at their highest level since last summer.
Another record year for Deutsche Börse
Brisk trading on the financial markets, the capers in the gas price, higher interest rates and acquisitions have kept Deutsche Börse on a record course. The marketplace operator earned more than ever last year. The bottom line is that profits rose by almost a quarter to almost 1.5 billion euros.
Siemens increases forecasts
The technology group Siemens is becoming more optimistic after a strong start to the new fiscal year. Both sales and profit are expected to rise a little more than planned in 2022/23 (by the end of September). In the first quarter of the business year, the digitization businesses more than compensated for weaknesses in the train division and at Siemens Healthineers.
South Korea imposes fines on Mercedes, BMW and Audi
South Korea has fined German automakers Mercedes-Benz, BMW and Audi more than €30 million for manipulating diesel exhaust. VW escapes a fine because the group has not achieved any relevant additional income by providing benefits.
Metro can more than double profit
Despite a cyber attack, the wholesale group Metro achieved a sales increase of 6.6 percent to 8.1 billion euros in the important Christmas business. The bottom line and after third-party shares, the profit from a real estate transaction skyrocketed by almost 170 percent to 522 million euros.
Credit Suisse posts its biggest loss since 2008
In 2022, the major Swiss bank Credit Suisse, which was plagued by the crisis, had its worst result since the financial crisis. Depreciation in connection with the ongoing corporate restructuring and the drop in earnings at the investment bank brought the institute a loss of CHF 7.29 billion.
Toyota with profits falling
The Japanese car giant Toyota posted a drop in profits in the first nine months of the current fiscal year due to the ongoing lack of chips. As the industry leader announced today, net profit for the months of April to December was around 1.9 trillion yen (13.5 billion euros). This is a decrease of 18 percent compared to the same period last year. Revenue rose 18 percent to 27.5 trillion yen.
Disney cuts 7,000 jobs and repositions itself
The US media and entertainment group Walt Disney wants to reposition itself and cut around 7,000 jobs. That corresponds to almost four percent of the workforce. The company announced the layoffs tonight as part of a wide-ranging restructuring expected to result in $5.5 billion in cost savings. Disney shares are up more than 9 percent in after-hours trading.