Market report
Status: 15.09.2021 07:27 a.m.
The German stock market index should digest a setback on Wall Street this morning. But the way up still seems blocked. There is also bad news from China.
According to the pre-market signal, the DAX should start trading at around 15,730 points. That would be almost exactly the same as yesterday’s closing position. In view of several negative factors, things are unlikely to go any further upwards for the time being.
The stock exchanges in New York closed clearly in the red in the evening. The fear of higher corporate taxes that the US government has promised is spreading on Wall Street. The Dow Jones index of standard values closed 0.8 percent lower at 34,577 points. The technology-heavy Nasdaq was down 0.5 percent to 15,037 points. Corporate corporate income tax could be increased to 26.5 percent from 21 percent in the US. In the early days of trading, the hope that monetary policy would continue to be loose in the US had created a buying mood on Wall Street. Consumer prices in the world’s leading economy rose more slowly in August than they have been in half a year.
Investors are also currently concerned about the situation in China’s economy. The number of corona infections continues to rise in the country. In addition, weak economic data were reported in the morning. Retail sales grew in August compared to the previous year by only 2.5 percent and thus lower than in a year, as the statistics office announced in Beijing on Wednesday. In July, retail sales were up 8.5 percent year-on-year. The situation is similar with industrial production. This increased by 5.3 percent in August compared to the previous year, after climbing 6.4 percent in July.
In Asia, prices are falling accordingly on the stock markets. Shortly before close of trading, the Japanese Nikkei index is 0.5 percent lower at 30,510 points. The Shanghai stock exchange is trending 0.1 percent in the red. The index of the most important companies in Shanghai and Shenzen is down 0.7 percent.
On the currency market, the euro stayed just above the $ 1.18 mark in the morning. The common currency is currently trading at $ 1.1805. Oil prices have continued to recover. A barrel of the North Sea Brent is quoted at $ 73.70, around half a percent above yesterday’s level. The troy ounce of gold costs hardly changed at $ 1804.
Apple shares lost as much as the Dow Jones index in the evening. Apple had presented new products on the evening of German times. The company is focusing on speed and networking with its new iPhone. The next generation of smartphones – the iPhone 13 – is “super-fast and energy-efficient” thanks to the new A15 Bionic chip, according to the US company. At the same time, the 13 models could use 5G technology more easily due to more 5G bands. With the Pro version and its new cameras, Apple is turning to the cinema industry and promises that even inexperienced filmmakers can make cinematic recordings.
After a strong cloud business in the past quarter, Microsoft wants to distribute more money to its shareholders and buy back shares in the double-digit billions. The board of directors of the US software company has approved a new share buyback program of up to 60 billion dollars and at the same time raised the quarterly dividend by eleven percent. That’s an increase of six cents to $ 0.62 per share over the previous quarter’s payout.
The chemicals trader Brenntag, which will be included in the DAX in the coming week, is again increasing its forecast for the current year due to continued robust business development. The operating result (Ebitda) should be between 1.26 billion and 1.32 billion euros in 2021. The management had previously assumed between 1.16 and 1.26 billion euros. Brenntag assumes that the current “extraordinary market environment” will last at least until the end of the year. Increased efficiency and acquisitions should contribute to better results, but also growth from our own resources. Brenntag only raised its expectations in mid-June.
The Hamburg consumer goods and cosmetics manufacturer lays the foundation stone for its new production plant in Leipzig-Seehausen today. 220 million euros are planned for the new plant. 200 jobs are to be created initially. In addition, the cosmetics manufacturer wants to build a Europe-wide distribution center at the site, which will create 400 more jobs, as the company announced in June. This is the “world’s largest investment by the company in one location”. Beiersdorf decided at the beginning of 2020 to build a new Florena plant in Leipzig-Seehausen, which should go into operation at the end of 2022.