22.15 – US regional banks are stabilizing
The American regional banks seem to be stabilizing again, although one cannot yet say that the crisis is over. Almost two months ago, two of these money houses collapsed, including the Silicon Valley Bank. The state, central bank and also large New York banks supported the sector. A regional bank index recently recovered by a good 15 percent, but is still almost 20 percent down for the year. It was also the rapid turnaround in interest rates by the central bank that put financial institutions under pressure. Next week, however, the FED is likely to take an interest rate pause. In New York, the Dow Jones closed 0.3 percent higher at 33,665 points. The NASDAQ lost 1.3 percent.
6:15 p.m. – DAX closed slightly lower at 15,960 points
Rheinmetall is now one of the most sought-after stocks in the DAX. The title of the armaments group increased in price by 0.6 percent to 236.50 euros. The company confirmed that 20 armored personnel carriers should be built on behalf of the Ministry of Defense. In addition, anti-aircraft ammunition is to be delivered to Ukraine. Rheinmetall is benefiting from the war in Ukraine, but also from the fact that countries around the world are spending more money on defense. The last record course dates from the beginning of April and is a good 50 euros higher. The DAX closed 0.2 percent lower at 15,961.
5.49 p.m. – German stock market values on Wednesday
A look at the 40 German companies in the DAX: Today the stock exchange sees 17 stock corporations with price gains and 23 companies with losses. Below is the status as of today (5:49 p.m.):
The highest price gains of the DAX companies today were 3.1 percent (Infineon), 2.1 percent (Commerzbank) and 1.5 percent (Daimler Truck).
The highest price losses have so far been recorded by Hannover Re at -3.5 percent, Symrise at -3 percent and Munich Re at -2 percent.
💡 We obtain price data from the Munich Stock Exchange (gettex), which we convert into text using automated data processing. Last status of the data is 5.49 p.m., the development is calculated since shortly before 6 p.m. of the last trading day. For the accuracy of the information we take no responsibility.
4:42 p.m. – Jude Bellingham changes from BVB to Real Madrid
The Bundesliga soccer club Borussia Dortmund loses one of its most important players. The 19-year-old midfielder Jude Bellingham is about to move to Real Madrid for 103 million euros, the runner-up said. The sum could increase by up to 30 percent via success-related components. Borussia Dortmund shares are up 1.2 percent.
4:02 p.m. – UBS postpones publication of financial statements
The major Swiss bank UBS, which is about to take over Credit Suisse, is postponing the publication of its balance sheet for the second quarter. The institute announced that the financial figures for the period from April to June would be published on August 31. The bank did not give a reason for the move. The quarterly financial statement was previously announced for July 25th.
3:38 p.m. – Dow Jones little changed, Alibaba and Baidu lose
According to traders, some investors seem to be a little cautious before the next interest rate decision by the US Federal Reserve is due next week. The Dow Jones oscillates little changed around yesterday’s closing price.
Chinese exports fell sharply in May. This makes shareholders of companies from the People’s Republic nervous. Papers from Alibaba or Baidu are cheaper by an average of 1.2 percent.
1:47 p.m. – Vossloh China order
The transport technology group Vossloh has received an order for rail fastening systems for the construction of a high-speed line in China. The order has a sales volume of almost 50 million euros, the SDAX-listed group announced. Most of the delivery should take place in the coming year. The Chinese high-speed network is to be expanded to 70,000 kilometers by 2035 from the current 40,000 kilometers.
1:12 p.m. – Mercedes-Benz with more green steel
Mercedes-Benz is expanding its cooperation with the Swedish start-up H2 Green Steel for climate-friendly steel. The two companies signed a letter of intent to set up a green steel supply chain in North America. H2 Green Steel, in which the Swabians have a stake in the single-digit millions, wants to build a plant in North America. The Swedes use hydrogen and renewable electricity in steel production, thereby reducing CO2 emissions by up to 95 percent. As part of the IRA program, the USA is attracting investors with high subsidies for companies in the renewable energy and hydrogen sectors. BMW also wants green steel to be supplied by H2 Green Steel from 2025. The company is building its first green steel mill in northern Sweden.
12:23 p.m. – Economic forecast by the Hamburg Institute for World Economics HWWI
The Hamburg Institute for World Economics (HWWI) expects economic output in Germany to decline by 0.5 percent this year. The economy could only grow noticeably again next year at 1.25 percent, as the HWWI announced in its economic forecast. However, the prerequisites for this are no further tightening of monetary policy or geopolitical uncertainties. Inflation has now peaked, although the increase in consumer prices is still high at 6.1 percent. Some of the lower energy and other raw material prices suggested that the inflation rate would fall to below four percent by the end of the year. However, at 2.5 percent, it will still not reach the ECB’s 2 percent stability mark by the end of next year.
11.12 Turkish lira continues to fall
Speculations that Turkey’s central bank may be easing interventions in the foreign exchange market to support the lira have put further pressure on the Turkish currency. It has now fallen by more than seven percent against the US dollar and is once again marking historic lows. One dollar now costs 23.15 lira. Before the runoff election for the presidency at the end of May, which incumbent Erdogan won, exchange rates were still around 20 lira per dollar. According to experts, the central bank artificially supported the lira before the presidential election due to political pressure in order to paint a more positive picture of the economic situation.
On the German stock market, the DAX lost 0.5 percent to 15,914 points. The euro is trading at just under $1.07.
9.18 a.m. – DAX shortly after the start of trading with small price losses
After weak economic data from China, data on German industrial production and the OECD growth forecast for Germany were also disappointing. The DAX started with a small minus and lost 0.1 percent to 15,983 points. The euro has weakened to $1.0672.
9:02 a.m. – OECD: German economy is recovering only slowly
The industrialized nations organization does not believe that the German economy will grow this year, but only again in 2024. According to its current analysis, high inflation is reducing real income and savings. In the current year the economy will stagnate, next year it will grow by 1.3 percent. In the long-term average, both are weak values. Burdened by high inflation, private consumption will initially be a braking factor. According to the OECD, on the other hand, exports should provide growth impetus because the supply chain problems are gradually disappearing and the order backlog is still high. According to the OECD analysis, inflation in Germany, at 6.3 percent this year and 3.0 percent next year, will remain much too high for the central banks’ tastes, but it will at least decrease.
According to the OECD experts, the global economy has probably bottomed out. But here, too, there is still a long way to go to a strong economic recovery. The OECD economists expect global growth of 2.7 percent this year and 2.9 percent next year.
8.40 a.m. – Slight increase in production in Germany
German companies expanded their production somewhat at the beginning of the second quarter. According to the Federal Statistical Office, industry, construction and energy suppliers together produced 0.3 percent more than in the previous month. However, this is a little less than expected by experts. They had expected an increase of 0.6 percent. A comparison of the sectors reveals a very different picture. More was produced in the construction and pharmaceutical industries, while the manufacture of motor vehicles and supplier parts and mechanical engineering weakened. The DAX is seen premarket 12 points higher at 16,004. The euro stands at $1.0674. The Nikkei index in Tokyo closed down 1.8 percent to 31,914 points.
7:17 a.m. – Binance crypto exchange targeted by the SEC
The US Securities and Exchange Commission sued the world‘s largest crypto trading platform Binance and its boss on Monday. Now she has announced that she will freeze Binance’s US assets. The authority therefore applied yesterday to a US federal court for a corresponding preliminary injunction. The SEC accuses Binance of operating an unlicensed securities exchange. In addition, the company misled investors about its market surveillance controls and failed to keep US customers away from its platform. Other allegations revolve around the manipulation of stock market turnover with the help of sham transactions and the diversion of customer funds. The company also set up US subsidiaries in order to circumvent laws. Binance called the allegations unfounded.
06.35 – Mixed picture on Asian stock exchanges
Investors in Tokyo worry about weak May export numbers from China and take profits. The leading Japanese index Nikkei lost 0.8 percent. In Shanghai, the Shanghai Composite is almost unchanged. In Hong Kong, the Hang Seng Index gained around one percent. The US stock markets are out of breath after the US debt dispute has been resolved and before the US Federal Reserve’s interest rate decision. The Dow Jones closed yesterday on Wall Street almost unchanged, the Nasdaq rose slightly by 0.4 percent. The euro stands at $1.0693.
6:13 a.m. – China’s economy is not gaining momentum
The export world champion felt the slowdown in global growth in May. Exports from China have unexpectedly plummeted. For the first time in three months, exports from the People’s Republic in US dollars fell by 6.2 percent compared to the same period last year, according to the customs administration in Beijing. Experts had only expected a small minus of 0.4 percent. China’s imports shrank 4.5 percent in May, slower than forecast. A drop of 8 percent was expected. The weak global demand, which is under pressure from high inflation, is considered to be the reason for the downturn in exports.