MARKETS EUROPE / DAX searches for US inflation data for guidance
FRANKFURT (Dow Jones) – Europe’s stock markets continued to grow slightly on Wednesday afternoon. The eagerly anticipated US inflation data has not delivered the clear signals hoped for. With 7.0 percent compared to the previous year, they started exactly as expected. However, traders were more likely to prepare for outliers on both sides. The market therefore continues to react disoriented and is quoting at the level before the data. The DAX is above the 16,000 mark and is up 0.4 percent to 16,012 points. The Euro-Stoxx-50 gains 0.8 percent on 4,316 points.
The only clear winners so far are the bond markets. Especially the long running times are increasing in the USA and Europe. Here the relaxation is driven by the fact that at least an even greater acceleration in the price increase has been avoided. “On balance, however, you shouldn’t gloss over the fact that the price increase is disastrous,” says a trader. Something like this last happened in 1982 when the interest rate was around 11 percent. Analyst Bernd Krampen from NordLB speaks of “inflation gone wild”.
The question of how many US interest rate hikes there will be this year remains open in the market. Three rate hikes are considered certain, but many analysts are expecting four, including houses like Goldman Sachs and Deutsche Bank.
Reporting season is already starting – Philips break in
On the corporate side, there are already initial results from the final quarter of 2021. Investors are looking at how the problems in the supply chains and also higher input and energy costs are affecting the margins of companies.
Teamviewer has presented convincing figures and is rewarded with 17 percent plus. The software provider made a final spurt in the fourth quarter. Teamviewer said on Wednesday that for the full year 2021, the important billings should be around 548 million, which is at the upper end of the expected range and corresponds to a growth of 19 percent.
Philips, however, collapse by almost 15 percent. The EBIT was 9 percent below expectations, according to the Jefferies analysts. The cause is delivery bottlenecks and the recall of ventilators from the Sleep Care segment due to possible health risks. According to the retailer, the market is barren, especially because of increased provisions for the recall campaign for sleep-care products. The market would have already priced in an improvement here.
Mixed numbers from the end of the year 2021
At Süss Microtec, too, the weak preliminary figures are down 4.5 percent. Despite the good incoming orders, these were still below forecasts. Above all, the margin should only reach 8 to 9.5 percent, while Hauck & Aufhäuser (H&A), for example, had seen around 11.5 percent.
Sainsbury’s stock is up 2.9 percent. An increased forecast by the UK retailer for adjusted pre-tax profit has a positive effect. The Just Eat Takeaway delivery service is 5.9 percent higher by the numbers.
The Südzucker subsidiary Cropenergies, on the other hand, earned noticeably more in the quarter despite the significant increase in raw material and energy prices. The shares gain 1.1 percent. The annual surplus climbed to 35.2 million from 22 million euros in the same period of the previous year. The rally in ethanol prices and in food and animal feed were helpful here.
Brain Biotech increased its small caps by 7.3 percent. A dealer points out that Brain has filed a biochemical patent and that it now has a chance of success with the European Patent Office.
Last stock index +/-% absolute +/-% YTD
Euro Stoxx-50 4,323.35 +1.0% 41.81 +0.6%
Stoxx-50 3.831,85 +0,8% 30,18 +0,4%
DAX 16.038,06 +0,6% 96,25 +1,0%
MDAX 34,993.60 + 1.0% 344.53 -0.4%
TecDAX 3.669,39 +0,7% 26,86 -6,4%
SDAX 16.095,05 +1,3% 201,23 -2,0%
FTSE 7,561.07 + 0.9% 69.70 + 1.4%
CAC 7,241.32 +0.8 % 57.94 +1.2%
Bond market recently in absolute terms +/- YTD
German ten-year return -0.06 -0.04 +0.12
US-Zehnjahresrendite 1,73 -0,01 +0,22
Forex last +/-% Wed, 8:14 a.m. Tue, 5:30 p.m.% YTD
EUR/USD 1,1417 +0,4% 1,1366 1,1362 +0,4%
EUR/JPY 131,43 +0,2% 131,05 131,10 +0,4%
EUR/CHF 1,0489 -0,1% 1,0499 1,0496 +1,1%
EUR/GBP 0,8341 +0,0% 0,8336 0,8344 -0,7%
USD/JPY 115,12 -0,2% 115,30 115,39 +0,0%
GBP/USD 1,3688 +0,4% 1,3634 1,3619 +1,2%
USD/CNH (Offshore) 6,3626 -0,2% 6,3685 6,3782 +0,1%
BTC/USD 43,868.84 +2.7% 42,555.59 42,546.94 -5.1%
ROHOEL zuletzt VT-Settl. +/- % +/- USD % YTD
WTI/Nymex 82,29 81,22 +1,3% 1,07 +9,4%
Brent/ICE 84,41 83,72 +0,8% 0,69 +8,3%
METALS last previous day +/-% +/- USD% YTD
Gold (Spot) 1.824,40 1.821,58 +0,2% +2,82 -0,3%
Silver (spot) 23.04 22.78 + 1.2% +0.26 -1.2%
Platinum (Spot) 988.18 975.12 +1.3% +13.06 +1.8%
Kupfer-Future 4,56 4,43 +2,9% +0,13 +2,1%
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(END) Dow Jones Newswires
January 12, 2022 10:02 ET (15:02 GMT)