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On balance, the German standard values started surprisingly weakly in trading. BMW, Daimler and Volkswagen shareholders in particular are suffering.
At the start of trading, the Dax lost up to 0.8 percent to 12,390 points. Market participants see the planned help from the grand coalition in Germany in the corona crisis as a disappointment - above all the decision against purchase premiums for cars with exclusive combustion engines. Instead, only pure electric cars, for which German manufacturers have so far had little to offer, and the controversial plug-in hybrids are promoted. This is a negative surprise, even if a strong opposition to it was clear, commented auto analyst Jose Asumendi from JPMorgan.
In the afternoon, the European Central Bank's interest rate decision is on the agenda. A rate cut after the monetary policy council meeting is considered out of the question. However, observers are firmly expecting ECB chief Christine Lagarde to announce an increase in the securities purchase program, which has so far been 750 billion euros, by 500 billion euros. The central bank wants to cushion the economic consequences of the pandemic.
In Japan, the 225-strong Nikkei index rose 0.4 percent to 22,695 points. On the foreign exchange market, the euro remains above the $ 1.12 mark.
Positive signals from the economy continued to drive the recovery rally on the American stock markets yesterday. The leading index, Dow Jones Industrial, surpassed the 26,000 point mark in early trading and closed the year up 2.05 percent to 26,269 points. The market-wide S&P 500 rose by 1.4 percent to 3,122 points. The composite index of the Nasdaq technology exchange gained 0.8 percent to 9,682 points.
Among other things, investors were encouraged by the employment data from the private US employment agency ADP. Almost three million jobs were cut in May. However, analysts feared that the figure would be around three times as high. The ADP data is considered the precursor to the official labor market data due on Friday. The barometer for the mood of purchasing managers from the service sector and incoming orders from industry were also better than expected.
"The worst is now over," said analyst David Madden of online broker CMC Markets.
For some investors, the ever-increasing share prices are also causing unease in view of the risks that still exist, such as a possible second wave of corona, the US-Chinese trade tensions and the social unrest in the USA.
Perhaps this skepticism is the ideal breeding ground for further positive development. Because the higher the prices rise, the more investors are forced to act who have missed the previous recovery.
Among the stocks on the stock market, the record rally of the software provider for video conferencing Zoom continued. The record is now $ 224.46. The titles went out of the market with a plus of 7.6 percent. The provider of video conferencing software had reported an exceptionally strong first business quarter the previous evening after close of trading. At the same time, the company, which only went public in April 2019 at $ 36 per share, had doubled its sales forecast for the full fiscal year 2020/21.
The music group Warner Music Group celebrated a successful return to the stock exchange yesterday. At $ 27, the first price was well above the $ 25 issue price. The closing price was even clearer at $ 30.12. Warner Music had increased the number of its shares offered from 70 million to up to 77 million. As a result, investors managed to raise a good $ 1.9 billion on the market and thus achieve the largest American IPO to date in 2020.
The shares of the German automakers Daimler, BMW and Volkswagen are under pressure on Thursday. The papers from suppliers such as Hella, Continental and Dürr are also giving way. As part of its new stimulus package, the German government has decided against the purchase premium for diesel and gasoline demanded by industry. Instead, there should be more subsidies for electric cars and plug-in hybrid vehicles. | more
The sporting goods manufacturer Adidas is well off the starting blocks in China after the lockdown in the corona crisis. The customer base in May was also lower than in the same month of the previous year, the Dax group said. However, since customers bought more and online trade grew extraordinarily, the Swiss franc more than offset this. "As a result, sales growth was achieved in China in May," it said. Because of the unexpectedly rapid return to growth, the company now assumes that sales in China in the second quarter will be approximately at the level of the previous year.
The New York Times, citing senior government officials, said the prospective US vaccine producer would likely be selected from among five companies. Moderna, AstraZeneca in connection with the University of Oxford, Johnson & Johnson, Merck & Co and Pfizer were named from the sheet.
According to the newspaper, the decision about the final selection will be announced by the presidential office in the coming weeks. Neither the White House nor the Ministry of Health were initially able to obtain an opinion on this.
The world's largest cinema chain AMC warns that the corona crisis could endanger their survival. There are "significant doubts" about the continued existence of the company if the reopening of the movie theaters is delayed and the additional capital required cannot be obtained, AMC said in a mandatory notice to the SEC.
AMC is owned by the Chinese real estate developer Dalian Wanda. The UCI cinemas in Germany are also part of the group. For the first quarter - which was only partially affected by the closure of cinemas in the Corona crisis - AMC expects a loss of $ 2.1 to 2.4 billion.
The online service Snapchat will place contributions by US President Donald Trump less prominently in the future. His profile no longer appears in the in-house "Discover" area with content selected by the company, the operators of the photo app explained. Among other things, media content and news can be found there. "We won't be a booster for voices that fuel racist violence and injustice by giving them free advertising on Discover," said Snapchat. The Trump account, which will be followed by around 1.5 million Snapchat users, will remain on the platform.
Snapchat started out as a photo app, but has now also become an important channel for politicians and the media to reach younger people - also with a view to the US presidential election in November.
