FRANKFURT (Dow Jones) – The European stock markets are going up on Rose Monday. The news situation is comparatively thin after the weekend, as are sales. There are hardly any moving topics for the capital markets; rather, people are eagerly awaiting the US inflation data on Tuesday. The DAX climbed by 0.4 percent to 16,993 points, the Euro-Stoxx-50 improved by 0.4 percent to 4,736 points.
Even if the reporting season takes a break on Monday, its good progress remains the anchor of stability on the stock markets. “In the current reporting season, companies are once again delivering strong results, refuting the excessive pessimism that is supposedly priced into the record prices,” says DZ Bank. This applies not only to technology stocks, but also to cyclicals. “We consider prices on both sides of the Atlantic to be supported by the results to date,” said the analysts.
According to the so-called Super Bowl indicator, the Kansas City Chiefs (AFC) victory is, at least from a market perspective, only the second-best result. The National Football League (NFL) is made up of the National Football Conference (NFC) and the American Football Conference (AFC). As AJ Bell notes, historically the S&P 500 has an average annual performance of 10 percent after an NFC win, but only 7.5 percent after an AFC win. However, the same applies here: exceptions prove the rule. In 2023, the S&P 500 increased by 24 percent despite the AFC victory.
Nordex and Siemens Energy are electrifying
According to the figures, Nordex is up almost 10 percent. Citigroup speaks of a “decent” fourth quarter. Sales developed better than expected, EBITDA slightly better than the Citi estimate, but below consensus expectations. The business figures should provide some relief with a view to the new year.
The top performers in the DAX are Siemens Energy with an increase of 5.6 percent. Here, on the one hand, the business figures from Nordex and, on the other hand, a price target increased to 16 after 15 euros by Barclays. Analysts see great potential in Siemens Energy shares, making them a rare opportunity in the capital goods sector. The analysts point to the good development of the gas and electricity business. There would be no further bad news from the wind energy business and the risks to the balance sheet would decrease. In addition, colleagues at Bank of America have increased their vote to buy.
The focus of the DAX stocks is on SAP with surprising changes in the supervisory board. The shares fell against the market by 0.8 percent. At the weekend, the software company announced that it would be separating from Punit Renjen. The reason was “different ideas” about the role he was intended to play as future chairman of the supervisory board. Renjen will resign from his position on the SAP Supervisory Board immediately after the Annual General Meeting on May 15, 2024. Former Nokia manager Pekka Ala-Pietilä will be his successor.
Tod’s very tight after L Catterton entry
Tod’s are trading at 42.90 euros with a premium of almost 18 percent. The company plans to withdraw from the Milan Stock Exchange. In this context, private equity investor L Catterton, who is backed by luxury goods group LVMH, wants to take over 36 percent of Tod’s. L Catterton pays 43.00 euros per share. According to Citigroup, Tod’s is valued at 1.4 billion euros. Some minority shareholders may consider the value to be too low. LVMH rises by 1 percent.
At Rheinmetall it is 2.8 percent higher. Chancellor Olaf Scholz visits the arms company on the occasion of the start of construction on a new ammunition factory. In view of the threat from Russia, Chancellor Olaf Scholz has called for a significant increase in arms production in Europe. The European partners would have to pool their orders and Defense industry Provide acceptance security for the next decades.
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Stock index last +/-% absolute +/-% YTD
Euro Stoxx 50 4,735.68 +0.4% 19.81 +4.7%
Stoxx-50 4,225.31 +0.2% 9.72 +3.2%
DAX 16,993.17 +0.4% 66.67 +1.4%
MDAX 26,031.36 +1.2% 302.52 -4.1%
TecDAX 3,421.72 +0.2% 6.98 +2.5%
SDAX 13,853.08 +1.1% 151.10 -0.8%
FTSE 7,589.45 +0.2% 16.87 -2.1%
CAC 7,681.39 +0.4% 33.87 +1.8%
Bond market last absolute +/- YTD
German ten-year return 2.36 -0.02 -0.21
US ten-year yield 4.16 -0.01 +0.28
FOREX last +/- % Fri, 8:50 Thu, 17:25 % YTD
EUR/USD 1.0773 -0.1% 1.0780 1.0764 -2.5%
EUR/JPY 160.80 -0.1% 160.98 160.83 +3.3%
EUR/CHF 0.9438 +0.1% 0.9429 0.9413 +1.7%
EUR/GBP 0.8534 -0.1% 0.8533 0.8537 -1.6%
USD/JPY 149.27 +0.0% 149.34 149.41 +6.0%
GBP/USD 1.2625 -0.0% 1.2633 1.2610 -0.8%
USD/CNH (Offshore) 7.2162 -0.0% 7.2137 7.2164 +1.3%
Bitcoin
BTC/USD 48,627.17 +1.0% 46,248.62 45,272.72 +11.7%
CRUDE OIL most recently VT-Settlem. +/-% +/- USD% YTD
WTI/Nymex 76.70 76.84 -0.2% -0.14 +6.3%
Brent/ICE 82.10 82.19 -0.1% -0.09 +6.7%
GAS VT Settlem. +/- EUR
Dutch TTF 26.175 26.80 -2.3% -0.63 -16.6%
METALS last day previous +/- % +/- USD % YTD
Gold (spot) 2,016.78 2,024.75 -0.4% -7.98 -2.2%
Silver (spot) 22.67 22.61 +0.3% +0.06 -4.7%
Platinum (spot) 881.25 875.00 +0.7% +6.25 -11.2%
Copper future 3.69 3.68 +0.3% +0.01 -5.1%
YTD based on the previous day’s closing level
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DJG/thl/flf
(END) Dow Jones Newswires
February 12, 2024 09:56 ET (14:56 GMT)