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Friday, August 19, 2022

Market report: deserved respite in the DAX

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market report

Status: 01.08.2022 07:35

The DAX should start trading with slight losses today. After the recent rapid rise in the main German index, this is neither surprising nor worrying.

The DAX is expected to start the new trading month at a small discount. Broker IG sees the German Standard 40 lower by 0.3% at 13,441 points. The DAX should take a breather after its furious rally of the past few days.

DAX rally with a positive technical signal

On Friday, German standard values ​​rose to 13,515 points. Since its impressive low of 12,391 points in early July, the DAX has gained more than 1,100 points at its peak.

With the increase from the previous week’s high of 13,399 points at the end of the week, the DAX is sending a positive technical signal. DAX buyers (bullish) should finally regain the upper hand.

Amazon and Apple boost the Dow and Nasdaq

The tailwind for the DAX comes from the US exchanges. The optimistic outlook of the two technology groups Amazon and Apple considerably boosted the morale of American investors on Friday.

The US Dow Jones Standard Value Index closed up 1% at 32,845 points. The tech-heavy Nasdaq rose 1.9% to 12,390 points. The broad S&P 500 gained 1.4% to 4,130 jobs. On a monthly basis, the Dow Jones is up 6.7%, the S&P 9.1% and the Nasdaq 12.3%.

Earnings in the Nikkei

Positive indications for the DAX also came from Asian exchanges earlier this week. Asian stock markets are mostly stronger this morning despite disappointing Chinese economic data. The Japanese Nikkei index, which includes 225 stocks, rose 0.6% to 27,970 points shortly before the close of trading in Tokyo. The Shanghai Stock Exchange is unchanged.

China’s industry recovery slows

China’s economic recovery from recent coronavirus outbreaks and wide-ranging measures to combat Covid-19 slowed in July. Chinese business magazine Caixin’s Purchasing Managers’ Index (PMI) fell to 50.4 from 51.7 the previous month, but remained above the 50-point mark, indicating an expansion in activity industrial.

The euro clearly above $1.02

The dollar is losing across the board in Asian currency trading. The greenback is also weaker against the euro. Meanwhile, the euro rose 0.2% to $1.0229. An ounce of gold is trading at $1760 this morning.

Covestro lowers its annual targets again

In the DAX, the focus is on Covestro stocks. In view of the new rise in the price of gas in Europe in July, the forecast of the plastics group, which was only revised downwards in May, is already spoiled again. Earnings before tax, interest, depreciation and amortization (Ebitda) are expected to be only between 1.7 and 2.2 billion euros for 2022, instead of between 2 and 2.5 billion as before, announced the Leverkusen-based company on Friday.

Battery maker Varta lowers its annual targets

Battery maker Varta is also slashing its full-year targets due to the bleaker economic outlook and high raw material, energy and transportation costs. The company announced that sales should now reach 880 to 920 million euros in 2022, instead of the 950 million to one billion previously forecast. Adjusted operating profit (Ebitda) should be between 200 and 225 million euros. So far, 260 to 280 million euros have been targeted.

Lufthansa pilots prepare to strike

At Lufthansa, a pilots’ strike is approaching. In a ballot, the members of Vereinigung Cockpit (VC) voted in favor of a labor dispute with a very clear majority. The union reported on Sunday after counting the votes.

Dermapharm wants to buy in France

Drugmaker Dermapharm wants to take over the French market leader in herbal medicines and dietary supplements. The company announced this weekend that it had submitted an offer to acquire 100% of the shares of Apharma Topco, the holding company of the Arkopharma group.

Boeing ready to resume Dreamliner deliveries?

According to media, the American aircraft manufacturer Boeing is preparing to resume deliveries of the long-haul jet 787 (Dreamliner). The group has received preliminary approval from the US Federal Aviation Administration (FAA), Bloomberg news agency reported over the weekend, citing people familiar with the matter.

Musk responds to Twitter lawsuit

In the legal dispute over the takeover of Twitter, tech billionaire Elon Musk submitted his response to the short message service’s lawsuit. However, Friday’s document is not publicly available at this time. Musk’s attorneys have days under court rules to release a version without confidential details.

Intel hopes to innovate in Magdeburg in the first half of 2023

US chipmaker Intel hopes to get off to an early start next year when building its new semiconductor factories in Magdeburg. “We expect to innovate in the first half of 2023 and are optimistic that the European chip law will also be passed during this period,” Intel’s head of human resources in Germany told dpa. Bernd Holthaus. The chips are to be produced in Magdeburg from 2027.

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Source www.tagesschau.de

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