FRANKFURT (Dow Jones)–The stock markets in Europe are looking up on Friday. The DAX gained 0.7 percent to 16,985 points at lunchtime. At its daily high it was already at 17,000 points, just 3 points below its record high. The Euro Stoxx 50 also rose by 0.7 percent to 4,670 points. Prices on the bond market are going sideways, the euro is holding the previous day’s high level and costs $1.0880.
“The appetite for risk is back,” says one market participant. The reason for the renewed upward trend is the numbers from Meta and Amazon. The two companies are among the so-called Magnificent 7 and have far exceeded expectations with their business figures presented after the trading session.
Whether the DAX breaks its all-time high in the further course of trading will also depend on the US labor market report in the afternoon. The US economy is expected to have added 185,000 new jobs after 216,000 in December. If, contrary to expectations, the labor market does not cool down in January, this could lead to profit-taking on the stock market due to possible rising interest rates.
Zalando & Co inspired by Amazon
The daily winners in the DAX are Zalando, which rose by 6.4 percent. The share is benefiting from Amazon’s strong advance. Shares of other Internet companies are also firmly in the market. Auto1 increased in price by 3 percent, Hellofresh increased by 2.7 percent.
Despite good business figures, Eon lost 0.8 percent. Citi says that the market had already expected that Eon would beat the forecasts. The outlook that was announced for March 13th is now coming into focus.
Mercedes-Benz with strong cash flow
Car stocks are very firmly in the market. The Stoxx subindex gains 1.9 percent. Mercedes-Benz rose by 2.9 percent. According to preliminary calculations, the free cash flow in the core business reached 11.3 billion euros last year. According to the company, analysts’ consensus expectation was 9.9 billion euros.
In this way, Mercedes-Benz is also stabilizing the mood in the entire automotive industry. And here, with the latest chart breakout, VW is in focus. The Citi analysts have reiterated the buy recommendation and increased the price target to 158 from 146 euros. VW rose by 2.2 percent to 120.78 euros, which is the highest level in about half a year. Renault is a good 3 percent higher, Volvo 4.2 percent.
Porsche AG increased by 6.1 percent. Ferrari (-0.5%) set new all-time highs on Thursday, and Porsche AG is now betting on recovery potential, also because the mood for car stocks is generally good, it is said.
Delivery Hero recovers from daily low
Delivery Hero provides a topic of conversation. The share was already down 12 percent at one point. In the trade, reference was made to a report according to which the sale of Foodpanda was said to have failed. The sum of 1 billion euros demanded by Delivery Hero was viewed as too high by the Singaporean prospective buyer Grab Holdings.
Delivery Hero has dismissed rumors of a breakdown in negotiations. As a result, the share price fell by just over 6 percent.
Stock index last +/-% absolute +/-% YTD
Euro Stoxx 50 4,670.49 +0.7% 31.89 +3.3%
Stoxx-50 4,223.63 +0.5% 19.86 +3.2%
DAX 16,985.13 +0.7% 126.09 +1.4%
MDAX 26,175.25 +1.1% 272.35 -3.6%
TecDAX 3,369.64 +0.5% 16.34 +1.0%
SDAX 13,895.36 +1.0% 141.26 -0.5%
FTSE 7,641.48 +0.3% 19.32 -1.3%
CAC 7,633.52 +0.6% 44.77 +1.2%
Bond market last absolute +/- YTD
German ten-year return 2.16 +0.02 -0.41
US ten-year yield 3.88 +0.00 -0.00
INDEX last +/- % absolute +/- % YTD
DJIA 38,519.84 +1.0% 369.54 +2.2%
S&P 500 4,906.19 +1.2% 60.54 +2.9%
Nasdaq Comp. 15,361.64 +1.3% 197.63 +2.3%
Nasdaq-100 17,344.71 +1.2% 207.47 +3.1%
US bonds
Maturity Yield Bp to VT Yield VT +/-Bp YTD
2 years 4.23 +2.5 4.21 -18.7
5 years 3.83 +1.7 3.81 -17.0
7 years 3.85 +1.1 3.84 -11.5
10 years 3.88 +0.3 3.88 0.0
30 years 4.11 -1.0 4.12 14.0
FOREX last +/- % Fri, 8:45 Thu, 17:20 % YTD
EUR/USD 1.0884 +0.1% 1.0882 1.0844 -1.5%
EUR/JPY 159.43 +0.1% 159.43 158.45 +2.5%
EUR/CHF 0.9312 -0.1% 0.9328 0.9319 +0.4%
EUR/GBP 0.8528 -0.0% 0.8531 0.8537 -1.7%
USD/JPY 146.47 +0.0% 146.52 146.12 +4.0%
GBP/USD 1.2762 +0.1% 1.2754 1.2701 +0.3%
USD/CNH (Offshore) 7.1902 +0.0% 7.1895 7.1888 +0.9%
Bitcoin
BTC/USD 43,132.62 +0.5% 43,161.30 42,567.52 -1.0%
ROHOEL most recently VT-Settlem. +/-% +/- USD% YTD
WTI/Nymex 74.22 73.82 +0.5% +0.40 +2.8%
Brent/ICE 79.10 78.70 +0.5% +0.40 +2.8%
GAS VT Settlem. +/- EUR
Dutch TTF 29.075 28.83 +0.8% +0.25 -8.4%
METALS last day previous +/- % +/- USD % YTD
Gold (spot) 2,055.93 2,054.97 +0.0% +0.96 -0.3%
Silver (spot) 23.24 23.18 +0.3% +0.07 -2.2%
Platinum (spot) 927.05 916.50 +1.2% +10.55 -6.6%
Copper future 3.84 3.85 -0.2% -0.01 -1.2%
YTD based on the previous day’s closing level
Contact the author: [email protected]
DJG/mpt/gos
(END) Dow Jones Newswires
February 02, 2024 06:57 ET (11:57 GMT)