market report
Status: 11/30/2022 4:20 p.m
The latest inflation data from the euro zone didn’t excite the market, but it helped keep the DAX up in the afternoon. Wall Street got off to a mixed start.
Ten percent inflation – what would send shock waves through the market in normal times is being well received on the stock exchange in this autumn of crisis. Because that was it Inflation rate in the euro zone down for the first time in several months. Economists had expected 10.4 percent. Even if the enthusiasm is limited, the DAX recorded a slight plus of 0.2 percent until the early afternoon.
The slight decline from the previous record level should those monetary authorities in the European Central Bank (ECB) Provide arguments in favor of a slightly less powerful rate hike at the upcoming December 15 rate meeting.
US stock markets undecided
The stock exchanges in New York started the day with little change. Slight declines in the Dow Jones are offset by slight gains in technology stocks. Today’s economic data paints a mixed picture. While the US economy grew faster than expected at 2.9 percent in the summer quarter, US companies created far fewer jobs than expected in November. The bottom line was that only 127,000 jobs were created, as the personnel service provider ADP announced.
Investors are also expecting new impetus in the evening from a speech by the head of the US Federal Reserve, Jerome Powell, which could indicate further monetary policy steps. The Beige Book, the Fed’s economic report, is then published at 8 p.m.
Still worried about China
The financial markets continue to be unsettled by the situation in China. Recent surveys show that the Sentiment in China’s economy has deteriorated. Economic activity remains on a contraction course in the face of record corona numbers with lockdowns and the recent protests.
Euro hardly reacts to inflation data
The European common currency is working its way back up towards $1.04. The euro is not responding significantly to the slight fall in inflation in the euro zone.
Oil prices on the up
In the early afternoon, a barrel (159 liters) of North Sea Brent costs US$ 85.48. That is 1.6 percent more than yesterday. In the run-up to the meeting of the OPEC+ oil union on Sunday, nervous price fluctuations can be observed on the oil market. The member states of the oil cartel and other important producing states such as Russia are organized in OPEC+.
Mercedes is allowed to park without a driver
The DAX leader is currently the Mercedes-Benz share, which is gaining more than three percent. The fully automated, driverless parking system developed by the group together with Bosch can go into series production. The Federal Motor Transport Authority (KBA) has granted permission to do so, the companies said today. It is the first release for series operation worldwide. Driverless parking will initially only be used in the P6 multi-storey car park at Stuttgart Airport. The parking space can be booked using a smartphone app, the car can be sent off and ordered back to the ancestor.
Material bottlenecks in the automotive industry
According to a survey of companies by the ifo Institute, the shortage of materials in German industry has continued to decline. A good 59 percent of the companies surveyed stated in November that they were suffering from bottlenecks – this is the lowest value since April 2021. According to the ifo, the problem of lack of materials in the automotive industry continued to worsen. More than 83 percent of the companies complained about difficulties, compared to almost 75 percent in the previous month.
UBS finds telecom sector attractive
The major Swiss bank UBS has left Deutsche Telekom’s rating at “Buy” with a price target of EUR 26.40. Analyst Polo Tang wrote in a recent study that Germany is a good market for the telecoms industry, but with specific challenges. His favorite is Deutsche Telekom.
Uniper ready at LNG terminal
The energy group Uniper wants to put the floating liquefied natural gas terminal in Wilhelmshaven into operation before the end of this year. Only particularly bad weather could thwart the plan, said CEO Klaus-Dieter Maubach today. Liquefied natural gas (LNG) is playing a key role in the federal government’s efforts to replace gas supplies from Russia. Yesterday, US energy giant ConocoPhillips and QatarEnergy signed an agreement to supply LNG to Germany.
Passenger numbers help Fraport
The share of the airport operator Fraport is traded in the MDAX with price gains. The number of air travelers in Germany more than doubled during the summer flight schedule due to decreasing corona concerns. From April to October, the number of passengers rose by 108.7 percent compared to the same period last year to around 59.0 million, as reported by the Federal Statistical Office. Domestic air traffic also increased, with an increase of 84.2 percent to 4.46 million passengers, but less than international traffic.
More losses at SAS
The insolvent Scandinavian airline SAS extended its loss in the fourth quarter. The pre-tax loss rose to 1.7 billion Swedish crowns (155.36 million euros) after a minus of 945 million in the previous year. According to SAS, it intends to complete the bankruptcy proceedings in the second half of 2023. In addition, the implementation will “probably result in additional legal proceedings in jurisdictions other than the United States”. For this reason there is “no guarantee that the shareholders of SAS AB will receive any compensation”.