FRANKFURT (Dow Jones) — Europe’s stock exchanges closed with premiums on Wednesday. Sentiment was supported by easing concerns about the banking crisis. There was also good news from the technology stocks, such as the increased outlook for Infineon. ECB chief economist Philip Lane also supported sentiment. According to Lane, inflation will fall sharply towards the end of the year. Lane also believes it is possible for inflation to fall to 2 percent without the euro area economy having to go through a recession. The DAX gained 1.2 percent to 15,329 points, the Euro-Stoxx-50 went up 1.5 percent to 4,231 points.
A price increase of 6.9 percent triggered the increased forecast at Infineon. The semiconductor manufacturer spoke of an unexpectedly strong second quarter of the current financial year and now expects consolidated sales for the full financial year to be well above the previously expected EUR 15.5 billion. In addition, the margin in the second quarter is above expectations. Stocks like STMicroelectronics rose 6.4 percent in Paris and ASM International rose 4.2 percent in Amsterdam. The technology sector led Europe-wide with premiums of 2.7 percent, followed by banks with a plus of 1.9 percent.
Atos collapse – Airbus no longer wants to join Evidian
The course of the French IT service provider Atos collapsed by 16.8 percent. In trade, reference was made to the change of heart at aircraft manufacturer Airbus (+1.8%). He explained in the morning that he was no longer thinking about joining the Atos spin-off Evidian. Airbus had considered a minority stake of up to 29.9 percent but now believes an acquisition would not meet the company’s goals.
The focus was on UBS with a change in management. The previous Swiss-Re boss Sergio Ermotti is to take the helm as CEO and replace the previous CEO Ralph Hamers. Ermotti was the head of UBS until 2020 and is now responsible for integrating Credit Suisse. The market rated the personnel positively – the UBS share went up 3.7 percent.
Adidas and Puma closed 3.7 and 3.2 percent higher, respectively. Retailers referred to Lululemon as a reason: The US sportswear manufacturer presented an unexpectedly strong sales outlook. Shares on Wall Street rose by around 13 percent by the close of trading in Frankfurt: “That also supports the competition,” said one market participant.
On the other hand, there was pressure on the shares of Mercedes-Benz due to the partial exit of Kuwait’s sovereign wealth fund. Shares fell 2.1 percent. The fund sells 20 million shares, almost a third of its stake. According to several traders, the selling price for the shares is said to have been EUR 69.27 per share. This results in arithmetical around 1.39 billion euros. The discount on the previous day’s closing price of 71.89 euros would have been small.
After the recent sell-off, it came at real estate stocks to a technical backlash. However, investors are still very skeptical on the market. The capital-intensive sector is suffering from the sharp rise in financing costs and falling real estate prices. Vonovia gained 5.7 percent, LEG Immobilien 1.5 percent and Aroundtown 0.2 percent.
At Encavis, a lack of dividends put pressure on the shares, which fell by 5.6 percent. The wind farm operator does not want to pay dividends due to high investments in grid expansion.
Moeller-Maersk only fell visually by 23.1 percent. “But the dividend deduction is 28 percent,” said one market participant. Adjusted, the price was therefore in positive territory. The shipping group distributes a special dividend in addition to the regular one.
Leoni shareholders against restructuring empty handed
The Leoni share collapsed almost completely with losses of 87.3 percent to 0.36 euros. The automotive supplier has announced that it intends to reduce the capital completely in view of the tense financial situation. In the future, the company will probably be exclusively owned by the major shareholder Stefan Pierer. Specifically, after a simplified reduction in the share capital to EUR 0, a company indirectly held by Pierer is to contribute an amount of EUR 150 million by way of a cash capital increase against the issue of new Leoni shares.
After the failed sale of the cable division to Asia, the company had already announced that there would be no refinancing solution without far-reaching concessions from all financing parties. The consortium banks had temporarily extended the credit facilities due at the end of 2022 until the summer of 2023.
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Index Closing Development Development Development
. was absolute in % since
. beginning of year*
Euro Stoxx 50 4,231.27 +63.06 +1.5% +11.5%
Stoxx 50 3,888.55 +46.76 +1.2% +6.5%
Stoxx 600 450.21 +5.76 +1.3% +6.0%
XETRA DAX 15,328.78 +186.76 +1.2% +10.1%
FTSE-100 London 7,557.11 +72.86 +1.0% +0.4%
CAC-40 Paris 7,186.99 +98.65 +1.4% +11.0%
AEX Amsterdam 745.54 +11.73 +1.6% +8.2%
ATHEX-20 Athens 2,496.07 +19.98 +0.8% +10.9%
BEL-20 Brussels 3,744.81 +77.65 +2.1% +1.2%
BUX Budapest 42,333.82 +213.97 +0.5% -3.3%
OMXH-25 Helsinki 4,676.45 +37.53 +0.8% -3.9%
ISE NAT. 30 Istanbul 5,459.09 +176.99 +3.4% -8.2%
OMXC-20 Copenhagen 1,988.71 +23.76 +1.2% +8.4%
PSI 20 Lisbon 5,835.62 +65.53 +1.1% +3.1%
IBEX-35 Madrid 9,070.70 +126.40 +1.4% +10.2%
FTSE-MIB Milan 26,739.01 +409.55 +1.6% +11.1%
RTS Moscow 1,003.37 +3.54 +0.4% +3.4%
OBX Oslo 1,070.08 +7.47 +0.7% -1.8%
PX Prague 1,321.17 +23.68 +1.8% +9.9%
OMXS-30 Stockholm 2,149.36 +33.75 +1.6% +5.2%
WIG-20 Warsaw 1,709.39 +15.27 +0.9% -4.6%
ATX Vienna 3,122.09 +58.76 +1.9% -0.8%
SMI Zurich 10,963.31 +124.20 +1.1% +2.2%
* at the end of the day
FOREX last +/- % Wed 8:12 Tue 5:02 % YTD
EUR/USD 1.0828 -0.1% 1.0831 1.0837 +1.2%
EUR/JPY 143.68 +1.3% 142.90 141.85 +2.4%
EUR/CHF 0.9955 -0.2% 0.9981 0.9971 +0.6%
EUR/GBP 0.8795 +0.1% 0.8792 0.8787 -0.6%
USD/JPY 132.70 +1.4% 131.95 130.95 +1.2%
GBP/USD 1.2311 -0.2% 1.2319 1.2332 +1.8%
USD/CNH (Offshore) 6.8929 +0.2% 6.8916 6.8760 -0.5%
Bitcoin
BTC/USD 28,440.32 +4.6% 27,616.04 26,986.12 +71.3%
CRUDE OIL last VT settlem. +/- % +/- USD % YTD
WTI/Nymex 72.92 73.20 -0.4% -0.28 -9.4%
Brent/ICE 78.53 78.65 -0.2% -0.12 -8.0%
GAS VT Settlem. +/- EUR
Dutch TTF 42.90 42.75 +0.3% +0.15 -43.7%
METALS last day before +/- % +/- USD % YTD
Gold (Spot) 1,960.63 1,973.91 -0.7% -13.28 +7.5%
Silver (Spot) 23.25 23.38 -0.6% -0.13 -3.0%
Platinum (Spot) 969.88 968.00 +0.2% +1.88 -9.2%
Copper Future 4.09 4.09 +0.1% +0.00 +7.2%
YTD relative to previous day’s close
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(END) Dow Jones Newswires
March 29, 2023 12:05 ET (16:05 GMT)
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