The evening market overview, compiled by Dow Jones Newswires:
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+++++ HOLIDAY NOTICE +++++
MONDAY: Trading in Singapore was suspended for the Buddhist holiday of Vesakh.
TUESDAY: There will be no trading in Norway on Tuesday due to Constitution Day.
+++++ STOCK MARKETS (6.47 p.m.) +++++
INDEX reading +-% +-% YTD
EuroStoxx50 3,685.34 -0.49% -14.26%
Stoxx50 3,603.29 -0.05% -5.63%
DAX 13,964.38 -0.45% -12.09%
FTSE 7,464.80 +0.63% +0.46%
CAC 6,347.77 -0.23% -11.26%
DJIA 32,162.51 -0.11% -11.49%
S&P 500 4,005.65 -0.45% -15.96%
Nasdaq Comp. 11,671.28 -1.13% -25.40%
Nasdaq-100 12,248.90 -1.12% -24.95%
Nikkei-225 26,547.05 +0.45% -7.80%
EUREX Stand + ticks
Bund future 153.87 incl.
+++++ COMMODITY MARKETS +++++
ROHL last VT-Settl. +/- % +/- USD % YTD
WTI/Nymex 113.17 110.49 +2.4% 2.68 +54.3%
Brent/ICE 112.95 111.55 +1.3% 1.40 +48.7%
METALS last day before +/- % +/- USD % YTD
Gold (Spot) 1,814.57 1,811.51 +0.2% +3.06 -0.8%
Silver (Spot) 21.47 21.12 +1.7% +0.36 -7.9%
Platinum (Spot) 941.03 942.78 -0.2% -1.75 -3.0%
Copper Future 4.18 4.17 +0.1% +0.00 -6.2%
The weak China data slow down oil prices only briefly. In the meantime, however, prices have turned positive again. Participants point to the news that the Swedish government has taken a formal decision to apply for NATO membership. It is said that there are concerns about how Russia will react.
+++++ FINANCIAL MARKET USA +++++
After the week-end rebound, Wall Street is showing a mixed bias. The market is thus recovering from initial losses. The stock market is burdened, among other things, by weak data from China. In addition, concerns about stagflation and the economy are being reinforced by the New York economic index. Investors are betting that the Fed will not tighten interest rates quite as briskly given the negative data. This view slows the downside of the market. Twitter remained under pressure at a discount of 5.7 percent. Elon Musk said the legal department of the short message service accused him of violating a non-disclosure agreement. Spirit Airlines climbs 11.2 percent. According to WSJ, Jetblue Airways (-3.8%) is planning a hostile bid. Zosano Pharma reacted to the announcement that the company needed a capital injection with a price drop of 3.4 percent.
+++++ ECONOMIC OUTLOOK ++++++
No more dates announced.
+++++ FINANCIAL MARKETS EUROPE +++++
The ups and downs on the financial markets continued. The war in Ukraine and concerns about energy bottlenecks in Europe continued to have a major impact. In addition, China continued to cause economic concerns and supply chain problems. Weak data also came from the USA in the afternoon. Valneva was down 19 percent. The trigger was the announcement that the EU would terminate its pre-purchase agreement for the vaccine against Covid-19 from the French pharmaceutical company. Vodafone, on the other hand, gained 1.9 percent: Emirates Telecommunications Group took a stake of almost 10 percent. Sartorius gained 2.0 percent after being upgraded by UBS. Continental and Vitesco fell up to 3.2 percent. The analysts at JPM had drastically cut price targets for many automotive suppliers. Faurecia fell 1.2 percent. Renault had completely written off their business in Russia, and the course ended just barely in the red. The news came as no surprise. Ryanair was unable to provide a reliable outlook. Shares fell 1.7 percent. Casino were significantly stronger against the market with a plus of 4.8 percent thanks to their sales plans for Greenyellow.
+++++ CURRENCIES +++++
FOREX last +/- % Mon 7:40am Fri 5:32pm % YTD
EUR/USD 1.0426 +0.3% 1.0407 1.0414 -8.3%
EUR/JPY 134.59 +0.0% 134.19 134.55 +2.8%
EUR/CHF 1.0455 +0.3% 1.0433 1.0420 +0.8%
EUR/GBP 0.8492 +0.0% 0.8496 0.8509 +1.1%
USD/JPY 129.11 -0.2% 128.95 129.23 +12.2%
GBP/USD 1.2278 +0.2% 1.2250 1.2237 -9.3%
USD/CNH (Offshore) 6.8029 +0.1% 6.8078 6.7992 +7.1%
Bitcoin
BTC/USD 29,330.74 -5.5% 30,399.45 30,518.19 -36.6%
With the unfavorable conditions for economic development, the dollar tends to weaken slightly, the dollar index loses 0.1 percent. For the Barclays analysts, the greenback has recently risen more significantly than expected. Nevertheless, they believe the dollar has further potential.
+++++ EAST ASIA FINANCIAL MARKETS +++++
Weak economic data from China played a major role in determining the direction on the stock exchanges. Very strong US requirements were thus partially nullified and initially significant surcharges melted over time or were lost entirely. Oil prices fell in reaction to the weak economic figures from the important oil demand country China. The Australian dollar also suffered from the data as China is a very important buyer of Australian commodities. However, shopping centers, restaurants and hairdressers are now to be cautiously reopened in Shanghai. The Chinese central bank provided at least some support, especially for shares in the real estate sector. It made credit cheaper for first-time homebuyers and also injected liquidity into the country’s money market. Country Garden jumped 11 percent, China Vanke rose 1.6 percent, Longfor climbed 5.4 percent, Seazen climbed 5.9 percent and China Overseas climbed 2.4 percent. In Tokyo, Honda Motor lost 4.4 percent. The automaker had reported a 41 percent drop in profits. Daifuku jumped 11 percent after announcing a 10 percent increase in earnings. SK Bioscience (+2.0%) continued to benefit from the company’s export approval of a typhoid vaccine in Seoul. In Sydney, Brambles jumped 11.2 percent, fueled by takeover talks with CVC Capital.
+++++ COMPANY REPORTS SINCE 1.30 PM +++++
Grammer boss leaves at the end of the month – board members share tasks
Grammer CEO Thorsten Seehars is leaving the automotive supplier at the end of the month. The supervisory board and the manager had mutually agreed on this, as the company in Ursensollen announced.
LBS Bayern and LBS Sdwest want to merge
In the south, the founding of Germany’s largest state building society is in the offing. The bodies of the savings bank associations of Baden-Wrttemberg, Bavaria and Rhineland-Palatinate have decided to enter into concrete talks about a merger of LBS Bayerische Landesbausparkasse and LBS Landesbausparkasse Sdwest, as the three associations explained in a joint press release.
Porsche founds joint venture in Norway
Porsche strengthens its presence in Northern Europe through a joint venture. As the sports car manufacturer announced, it is founding a joint venture with its long-standing business partner Autozentrum Sport AS. The Volkswagen subsidiary did not give any financial details.
Vossloh receives an order worth 40 million euros for a railway line in Egypt
The railway technology group Vossloh has landed a major order in Egypt. As the company announced, it will supply rail fastening systems for a new high-speed line in the north of the African country. The order value is the equivalent of a good 40 million euros.
Thales supplies US Army with tactical radios
Thales, along with another supplier, is said to supply the US Army with modern tactical radios worth up to $6 billion. As part of the ten-year contract, Thales and the other provider will supply radios for the US Army’s modernization program for use in so-called combat networks, as announced by the French armaments company.
Bristol Myers fails phase 3 trial with bladder cancer drug
The US pharmaceutical company Bristol Myers Squibb has suffered a setback with two cancer drug candidates. The company announced that the two drugs for the treatment of inoperable or metastatic urothelial carcinoma failed the primary endpoint in a phase 3 study.
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(END) Dow Jones Newswires
May 16, 2022 12:50 PM ET (16:50 GMT)