The evening market overview, compiled by Dow Jones Newswires:
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+++++ HOLIDAY NOTICE +++++
FRIDAY: The stock exchanges were closed in Denmark. In the USA there is only bond trading that is shortened to 8 p.m.
MONDAY: Financial markets in the US are on hold for Memorial Day.
+++++ STOCK MARKETS (6:07 p.m.) +++++
INDEX reading +-% +-% YTD
EuroStoxx50 3,808.86 +1.83% -11.39%
Stoxx50 3,674.51 +1.29% -3.77%
DAX 14,462.19 +1.62% -8.96%
FTSE 7,585.46 +0.27% +2.44%
CAC 6,515.75 +1.64% -8.91%
DJIA 32,977.47 +1.04% -9.25%
S&P 500 4,129.65 +1.77% -13.36%
Nasdaq Comp. 12,045.93 +2.60% -23.00%
Nasdaq-100 12,596.44 +2.60% -22.82%
Nikkei-225 26,781.68 +0.66% -6.98%
EUREX Stand + ticks
Bund future 153.76 +37
+++++ COMMODITY MARKETS +++++
ROHOEL last VT-Settl. +/- % +/- USD % YTD
WTI/Nymex 114.53 114.09 +0.4% 0.44 +57.4%
Brent/ICE 118.59 117.40 +1.0% 1.19 +56.1%
METALS last day before +/- % +/- USD % YTD
Gold (Spot) 1,854.55 1,850.50 +0.2% +4.05 +1.4%
Silver (Spot) 22.06 22.02 +0.2% +0.04 -5.4%
Platinum (Spot) 957.37 952.95 +0.5% +4.42 -1.4%
Copper Future 4.30 4.26 +1.0% +0.04 -3.4%
Oil prices are trending sideways after yesterday’s strong gains.
+++++ FINANCIAL MARKET USA +++++
Fester – The minutes of the US central bank meeting from the beginning of May, which were published in late trading on Wednesday, are increasingly turning out to be a kind of breast release. Since then, Dow & Co hardly seem to know where to stop. After the still somewhat hesitant gains on Wednesday and the dynamic upward movement on Thursday, the upward trend continues practically unabated on Friday. On the stock market, auto and semiconductor stocks lead the list of winners with plus signs in the respective sub-indices of 5.2 and 3.1 percent. In the case of individual values, business figures ensure movement. Dell is up 11.7 percent after the computer maker reported a rise in profit and a decline in some operating expenses. Ulta Beauty win almost 10 percent. After unexpectedly strong business figures, the cosmetics chain has raised its forecast. Meanwhile, Gap posted a loss, and the clothing chain’s stock fell by a good 3 percent. Workday plummeted 7.4 percent. The software company doubled its loss in the past quarter. Marvell Technology, on the other hand, climbed 4.7 percent. The semiconductor company was particularly convincing with the outlook. Another retailer, Costco Wholesale, performed better than predicted. The course of the wholesaler increases by 0.9 percent. The day before, however, it had already risen by 5.6 percent.
+++++ FINANCIAL MARKETS EUROPE +++++
Very Firm – “Risk appetite is increasing,” said one market participant. Jrgen Molnar of Robomarkets identified two reasons for the recovery: First, the minutes of the US Federal Reserve’s most recent meeting, in which it announced a “cautious” tightening of monetary policy, are still having an effect. He also referred to easing the lockdowns in China. The rise in prices was led by the recently shaken stocks from the technology sector, the retail stocks and the stocks of the manufacturers of consumer goods for daily needs, which also fell sharply. On the other hand, the stocks of the energy suppliers and also the stocks of the oil and gas industry gave way. They lost about 1 percent. Britain on Thursday introduced a 25 percent energy levy on offshore oil and gas production. Manufacturers of luxury goods were in high demand. “They benefit from the hope of an end to the lockdowns in China,” said one trader. In the DAX, Vonovia recovered by 4.4 percent. According to dealers, Goldman Sachs has lowered its price target, but the house has confirmed the real estate title as a “conviction buy”. Sartorius led the list, recovering by 5.9 percent. Infineon increased by 4.6 percent. On the losing side, RWE and Eon stood out with discounts of 2 to 3 percent. Henkel gave up 1.7 percent, Jefferies took down the shares of the chemical company to hold Buy. The VW share was also unable to keep up with the DAX with a slight increase of 0.6 percent. According to a report in Manager Magazin, the software problems in the VW group could cost more time and money than previously assumed.
+++++ CURRENCIES +++++
FOREX last +/- % Fri 8:17am Thu 11:00pm % YTD
EUR/USD 1.0706 -0.2% 1.0754 1.0728 -5.8%
EUR/JPY 136.16 -0.2% 136.35 136.40 +4.0%
EUR/CHF 1.0253 -0.4% 1.0301 1.0294 -1.2%
EUR/GBP 0.8488 -0.3% 0.8508 0.8509 +1.0%
USD/JPY 127.16 +0.0% 126.78 127.11 +10.5%
GBP/USD 1.2614 +0.1% 1.2641 1.2603 -6.8%
USD/CNH (Offshore) 6.7164 -0.8% 6.7542 6.7657 +5.7%
Bitcoin
BTC/USD 28,760.07 -2.7% 28,660.45 29,492.07 -37.8%
The dollar is currently not sought after as a safe haven given the good mood. The dollar index is almost unchanged.
+++++ EAST ASIA FINANCIAL MARKETS +++++
Firm – The most recent minutes of the US central bank meeting had provided general relief in the USA. Investors spoke of signals that the Fed might then reconsider its initially aggressive approach to high inflation. Surprisingly good quarterly results from the US retail sector were also positively received. In addition, there were signs of relaxation in the relationship between the USA and China. According to US Secretary of State Antony Blinken, the US will not hinder China’s economic development. Still, the Shanghai composite lagged at a meager premium — Shenzhen and startup segment ChiNext also barely moved. The recent gloomy economic prospects in China have now been joined by weak data on profit development in Chinese industry. The closures in the wake of Covid-19 in Shanghai and other cities are showing their mark, it said. In Hong Kong, the HSI bounced back over the course, showing 2 percent firmer in late business. Premiums were broad-based, with Alibaba jumping 11.2 percent, Wuxi Biologics 7.4 percent and Li Ning 6.9 percent, according to numbers. The HSI technology sector gained 4.5 percent. Baidu’s shares are up 14.9 percent — overall, results beat analysts’ expectations. The Nikkei 225 climbed 0.7 percent in Tokyo — helped by electronics and logistics stocks.
+++++ COMPANY REPORTS SINCE 1.30 PM +++++
New Chief Production Officer: Infineon increases the pace of investment
The chip manufacturer Infineon wants to expand its production capacities much faster than before. “In the future, we will decide on a major investment every two or three years,” said the new production director, Rutger Wijburg, to the Handelsblatt. In the past, the DAX group only built a new factory every four or five years.
Ministry denies VW guarantees for investments in China – report
According to a media report, the Federal Ministry of Economics has denied the Volkswagen Group guarantees for new investments in China. “For human rights reasons,” for the first time, “four applications from a company to extend investment guarantees” were not granted, a ministry spokeswoman told the Spiegel news magazine.
ADV: Passenger numbers reach two thirds of the pre-crisis level
Thanks to strong Easter traffic, the number of passengers at German airports in April reached almost two-thirds of the pre-crisis level – and the demand trend is continuing. Nationwide, 13.6 million people used the hubs in Germany last month, according to the airport association ADV. While 71.3 percent of the level in 2019 was reached in European traffic, it was 61.6 percent in intercontinental traffic.
Immersion is suing Meta for patent infringement
The US technology company Immersion Corp. has filed a patent lawsuit against Facebook parent company Meta in a Texas court. Immersion alleges that Meta Platforms Inc’s augmented and virtual reality systems, including Meta Quest 2, infringe six Immersion patents covering various applications of haptic effects or the sense of touch.
Reckitt drives sale of baby food division in the US – circles
British consumer goods group Reckitt Benckiser is pushing ahead with the multi-billion dollar sale of its infant formula business amid severe shortages in the key US market. The group launched a sale process for the business last month and the first round bids were made this week, according to people familiar with the matter.
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DJG/raz
(END) Dow Jones Newswires
May 27, 2022 12:32 ET (16:32 GMT)