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MRKTE EUROPA / DAX falls below 13,000 | despite better US labor market data message

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FRANKFURT (Dow Jones) – Better US labor market data did not set any accents on Thursday afternoon. Europe’s stock exchanges even slightly increase the losses. The DAX lost 0.6 percent to 12,983 points, while the Euro-Stoxx-50 fell 0.6 percent to 3,344 points. The weekly initial applications are 963,000 and thus well below the forecast of 1.1 million.

One of the reasons for the lack of reaction on the markets is that the pressure on the authorities for additional monetary and fiscal stimuli is easing. On the other hand, it is unclear how many unemployed people did not apply in view of the expiry of the additional unemployment benefits.

The ongoing uncertainties about a new US economic stimulus package are causing reluctance. In the meantime, trade is marked by a final boom in the reporting season.

Deutsche Telekom benefits from Sprint consolidation

Deutsche Telekom shares are quoted 1.5 percent higher. Thanks to the first-time consolidation of the US company Sprint, the group made a leap in sales in the second quarter, and operationally exceeded the analyst forecast. The bottom line was that the group failed to meet expectations because of the integration costs in the USA. At the same time, Telekom named new forecasts for the group, taking Sprint into account.

United Internet’s half-year figures are recognized in retail with a plus of 5.2 percent. Despite the coronavirus crisis, sales increased by 4.2 percent on a comparable basis. The corresponding EBIT even jumped 11.4 percent. The corona effects slowed growth in the consumer sector, but had a positive effect on corporate customers. According to the figures, 1 & 1 Drillisch is even up 6.3 percent.

As expected, the energy supplier RWE earned more in the first half of 2020 after completing the Eon transaction. With the exception of the energy trading segment, all divisions grew operationally. RWE is becoming more confident about the operating result for the year as a whole; the share is up 0.9 percent.

At Carlsberg, the outlook is disappointing

Carlsberg lose 5.3 percent. Investors are struggling with the outlook for 2020. Carlsberg assumes that organic EBIT will decline by 10 to 15 percent in the current year. According to Citigroup, the consensus is that a decline of 10.1 percent is currently expected.

Aurelius, on the other hand, are booming at a premium of 17.5 percent. “They were completely undervalued,” says a trader, referring to the half-year figures. Because in the first half of the year an EBITDA of 258 million euros could be realized, while in the same period a year ago it was just 54 million euros.

Thyssenkrupp does not expect a quick recovery

After the red figures in the past quarter Thyssenkrupp (minus 15.7 percent) does not expect a quick recovery in the short term. As Jefferies notes, the more conservative outlook for the outlook implies a decline in consensus expectations for adjusted EBIT by around 10 percent.

“Here some investors are caught on the wrong foot,” said one market participant about the Nordex figures. The latest incoming orders would have drawn investors into the stock, but the high net loss is now surprisingly negative. In the second quarter it was more than three times as high as expected at 142 million euros. Nordex lose 7.5 percent.

The market celebrates the numbers from SMA Solar with a plus of 15.1 percent. The company was only marginally affected by the corona crisis. Both sales and earnings increased significantly in the first quarter. Knorr-Bremse lose 3.6 percent – here the CEO is leaving because of “profound differences of opinion”.

Thermo Fisher bid for Qiagen fails – Wirecard leaves the DAX

Despite the failure of the takeover offer by Thermo Fisher, Qiagen gained 0.4 percent. Only 47 percent of the Qiagen shares were offered for sale – which is well below the acceptance threshold of 66.6 percent. The price reaction is not really surprising. For one thing, failure had recently become increasingly apparent. On the other hand, and much more importantly, there is now speculation that new prospects are likely to appear.

The figures and outlook from RTL Group do not advertise the private television broadcasting sector. “Here, too, the market expected and priced in a stronger recovery,” says a trader. Better figures like those of the advertising giant Publicis aroused optimism, which is not yet reflected here. RTL lose 3.3 percent.

The days of the Wirecard share (minus 11.2 percent) in the indices in the DAX family are numbered. In future, insolvent companies will have to leave the DAX selection indices at short notice. The index provider Stoxx announced this on Wednesday evening. According to the new rules, insolvent companies are removed from the DAX selection indices with a period of two trading days. The rules come into effect on August 19th. Delivery Hero is expected to succeed.

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Last stock index +/-% absolute +/-% YTD

Euro-Stoxx-50 3,344.37 -0.56 -18.81 -10.70

Stoxx-50 3,014.66 -0.88 -26.72 -11.41

DAX 12,983.12 -0.58 -75.51 -2.01

MDAX 27,703.46 -0.28 -77.77 -2.15

TecDAX 3,110.62 0.20 6.30 3.17

SDAX 12,580.12 0.35 44.26 0.55

FTSE 6,198.68 -1.30 -81.44 -16.74

CAC 5,049.07 -0.48 -24.24 -15.54

Bond market recently in absolute terms +/- YTD

German Ten-year return -0.41 0.04 -0.65

US ten year return 0.68 0.01 -2.00

Forex last +/-% Thu, 8:25 a.m. Wed, 5:17 p.m.% YTD

EUR / USD 1.1857 + 0.62% 1.1828 1.1792 + 5.7%

EUR / JPY 126.61 + 0.54% 126.07 126.14 + 3.9%

EUR / CHF 1.0778 + 0.26% 1.0759 1.0746 -0.7%

EUR / GBP 0.9043 + 0.01% 0.9045 0.9041 + 6.8%

USD / JPY 106.78 -0.08% 106.60 106.97 -1.8%

GBP / USD 1.3113 + 0.61% 1.3077 1.3043 -1.1%

USD / CNH (offshore) 6.9414 + 0.09% 6.9370 6.9335 -0.4%

Bitcoin

BTC / USD 11,503.01 -0.02% 11,532.76 11,583.76 + 59.5%

ROHL last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 42.64 42.67 -0.1% -0.03 -26.2%

Brent / ICE 45.27 45.43 -0.4% -0.16 -27.1%

METALS last previous day +/-% +/- USD% YTD

Gold (spot) 1,939.33 1,918.08 + 1.1% +21.25 + 27.8%

Silver (spot) 26.63 25.54 + 4.3% +1.09 + 49.2%

Platinum (spot) 957.28 936.00 + 2.3% +21.28 -0.8%

Copper future 2.84 2.89 -1.8% -0.05 + 0.7%

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Contact the author: manuel.priego-thimmel@wsj.com

DJG / mpt / ros

(END) Dow Jones Newswires

August 13, 2020 10:15 AM ET (2:15 PM GMT)



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