DJ MORNING BRIEFING – Deutschland/Europa
The morning market overview compiled by Dow Jones Newswires.
HOLIDAY NOTICE
FRIDAY: After a shortened session, stock exchange trading in Great Britain ends at 1:30 p.m. CET. Bond trading in the US will also end earlier than usual, at 20:00 CET.
MONDAY: In Germany, Finland, France, Great Britain, Hong Kong, Italy, Luxembourg, the Netherlands, Norway, Austria, Portugal, Sweden, Switzerland, Singapore, Spain and the USA, stock exchange trading is suspended due to Christmas.
TOPIC OF THE DAY
Merck KGaA has entered into a research collaboration and commercial license agreement with the US biopharmaceutical company Mersana Therapeutics. According to the announcement, both companies want to develop “novel immunostimulatory antibody-drug conjugates”. Mersana’s so-called immunosynthesis platform is to be used for the conjugation of Merck’s proprietary antibodies. Both companies hope that this will open up immunotherapy for a larger number of patients with tumor diseases.
Merck secures the exclusive license for this. According to the announcement, Mersana will receive an upfront payment of 30 million US dollars. In addition, the Boston, Massachusetts-based company is eligible for reimbursement of certain costs and potential milestone payments of up to $800 million for defined development, regulatory and commercial goals. In addition, Mersana will be entitled to royalties up to a low double-digit percentage on worldwide sales of any antibody-drug conjugates (ADCs) developed and approved under the agreement.
OUTLOOK ECONOMY
- US
14:30 Auftragseingang langlebiger Wirtschaftsgüter November
PROGNOSE: -1,1% gg Vm
zuvor: +1,1% gg Vm
14:30 Persönliche Ausgaben und Einkommen November
Persönliche Ausgaben
PROGNOSE: +0,2% gg Vm
zuvor: +0,8% gg Vm
Persönliche Einkommen
PROGNOSE: +0,3% gg Vm
zuvor: +0,7% gg Vm
16:00 Index Verbraucherstimmung Uni Michigan (2. Umfrage)
Dezember
PROGNOSE: 59,1
1. Umfrage: 59,1
zuvor: 56,8
16:00 Neubauverkäufe November
PROGNOSE: -5,1% gg Vm
zuvor: +7,5% gg Vm
- BE
15:00 BE/Geschäftsklimaindex Dezember
zuvor: -16,6
OVERVIEW FUTURES / INDICES
Aktuell:
INDEX Stand +/-
DAX-Future 14.023,00 +0,1%
E-Mini-Future S&P-500 3.849,50 +0,0%
E-Mini-Future Nsdq-100 11.049,25 -0,0%
Nikkei-225 26.235,25 -1,0%
Schanghai-Composite 3.037,47 -0,6%
Hang-Seng-Index 19.559,28 -0,6%
+/- Ticks
Bund -Future 135,18 -19
Donnerstag:
INDEX Schluss +/-
DAX 13.914,07 -1,3%
DAX-Future 14.011,00 -0,9%
XDAX 13.946,92 -0,9%
MDAX 25.105,45 -1,5%
TecDAX 2.907,99 -1,3%
EuroStoxx50 3.823,29 -1,3%
Stoxx50 3.682,76 -1,0%
Dow-Jones 33.027,49 -1,0%
S&P-500-Index 3.822,39 -1,4%
Nasdaq-Comp. 10.476,12 -2,2%
EUREX zuletzt +/- Ticks
Bund-Future 135,37 -46
FINANCIAL MARKETS
EUROPA
Outlook: After the small bout of weakness on the previous day, the European stock markets are expected to open with a small recovery on Friday. At best, they follow the development on Wall Street after the close of trading in Europe. The DAX is expected at 13,960 points in the morning, after closing at 13,914 the day before. The news situation is as expected thin one day before Christmas Eve, so are the sales expected. The important dates of the day are the US data in the afternoon.
Review: Weak – Pressure came from Wall Street, which started the session on a weak note. Concerns arose again that after convincing economic data the US central bank could tighten interest rates more than previously expected. Bonds were also under significant selling pressure. The yield on federal bonds with a term of ten years rose to 2.35 percent. Fixed income securities are increasingly being viewed as an alternative to stocks, which they have not been for a long time. With the high issue volume at the beginning of next year and the expected further increases in key interest rates by the European Central Bank, buyers are holding back here. At minus 2.5 percent, car stocks were one of the biggest losers among the European sector indices. The industry is facing unpleasant cost increases, the trend towards high-margin luxury vehicles does not match the needs of domestic consumers, and China is increasingly facing domestic competition, said a dealer. The sector of technology stocks also tended to be weak, also falling by 2.5 percent. In the US, Micron had presented disappointing business figures.
DAX/MDAX/TECDAX
Weak – The DAX gave up almost all of its previous day’s gains. The biggest losers were VW with minus 4.1 percent. Traders rated the inclusion in the SDAX as positive for the shares of SFC Energy (+1.7%). They move up the index in place of Uniper. “Not everyone had this successor on the radar,” says a dealer. With stocks scheduled to enter the index as early as Tuesday after Christmas, December 27, buying in the coming days could find sparse markets. The exclusion of Uniper (-5.5%), on the other hand, was widely expected due to the nationalization.
XETRA AFTER EXCHANGE
A trader from Lang & Schwarz reported that after-hours trading was generally quite quiet on Thursday. Sales continued to thin out ahead of the Christmas holidays. There were no important reports from companies. Bijou Brigitte shares were valued 7 percent higher. According to the participant, there should have been a recommendation in a market letter.
USA – EQUITIES
Weak – Surprisingly good US economic data caused significant losses on Wall Street on Thursday. Positive data could prompt the US Federal Reserve to continue tightening interest rates. There was also profit-taking after the indices recorded their strongest daily gains in three weeks the previous day. With the approaching Christmas weekend and the turn of the year, however, sales thinned out more and more, which led to exaggeratedly strong price fluctuations, according to market participants. On the corporate side, Micron (-3.4%) presented disappointing business figures. The chipmaker slipped into the red in its first quarter of the year due to slowing demand. After announcing a capital increase, AMC Entertainment collapsed by 7.4 percent. The cinema operator is also planning a “reverse split”: ten shares are to be merged into one.
USA – BONDS
Laufzeit Rendite Bp zu VT Rendite VT +/-Bp YTD 2 Jahre 4,26 +3,3 4,22 352,7 5 Jahre 3,80 +2,8 3,77 253,8 7 Jahre 3,78 +1,8 3,76 233,7 10 Jahre 3,68 +0,8 3,67 217,0 30 Jahre 3,74 +1,5 3,72 183,6
US bond yields recovered somewhat after falling slightly the day before. The 10-year yield was up 0.8 basis points to 3.74 percent.
FOREX MARKET
zuletzt +/- % 0:00 Uhr Do, 17:15 Uhr % YTD EUR/USD 1,0606 +0,1% 1,0599 1,0601 -6,7% EUR/JPY 140,73 +0,3% 140,33 140,21 +7,5% EUR/CHF 1,0731 +0,2% 1,0741 1,0750 -4,7% EUR/GBP 0,8814 +0,1% 0,8806 0,8814 +4,9% USD/JPY 132,71 +0,2% 132,41 132,27 +15,3% GBP/USD 1,2033 -0,0% 1,2037 1,2028 -11,1% USD/CNH 6,9953 -0,2% 7,0091 6,9979 +10,1% Bitcoin BTC/USD 16.819,99 +0,1% 16.799,89 16.628,27 -63,6%
The dollar gained slightly, with the dollar index rising 0.2 percent. The greenback is likely to fall in 2023 as it is still grossly overvalued despite recent falls, but the depreciation will not be a straight line, according to the Bank of America (BoA). The consensus seems to be expecting a “simple scenario” where inflation falls, the Federal Reserve starts cutting interest rates and the dollar weakens, but it will be “much more complicated than that,” said FX strategist Athanasios Vamvakidis . While the Fed may halt rate hikes, it is unlikely to cut rates as inflation is likely to move down very slowly. “For the dollar to really weaken, inflation needs to come down significantly,” it said. The BoA expects the euro to rise from the current $1.0598 to $1.10 by the end of 2023.
RAW MATERIALS
OIL
zuletzt VT-Settlem. +/- % +/- USD % YTD WTI/Nymex 78,08 77,49 +0,8% +0,59 +13,6% Brent/ICE 81,59 80,98 +0,8% +0,61 +12,6%
After the last three days with premiums, oil prices were weaker. Interim profits could not be claimed. Brent and WTI were down as much as 0.9 percent. Oil prices slipped as the stock market fell, after initially being bolstered by the decline in US crude stocks reported the previous day, sources said. Added to this was the slightly rising dollar.
METALS
zuletzt Vortag +/- % +/- USD % YTD Gold (Spot) 1.794,88 1.791,65 +0,2% +3,23 -1,9% Silber (Spot) 23,63 23,63 +0,0% +0,00 +1,4% Platin (Spot) 983,30 981,50 +0,2% +1,80 +1,3%
Rising yields and a firmer dollar weighed on gold prices. The price of a troy ounce slipped back just below the $1,800 mark.
REPORTS SINCE 5.30 PM YESTERDAY
UKRAINE WAR
In its military operation in Ukraine, Russia is currently concentrating on the “complete liberation” of the eastern Ukrainian region of Donetsk. “The situation on the front line has stabilized and the main efforts of our troops are now focused on the complete liberation of the territory of the Donetsk People’s Republic,” Russian Chief of Staff Valery Gerasimov said on Thursday. Russia had announced that it had annexed the Donetsk region of Ukraine.
HOUSEHOLD USA
In the United States, the new annual budget, which also includes around $45 billion in new aid for Ukraine, cleared the first hurdle in Congress on Thursday. The U.S. Senate passed the $1.7 trillion fiscal 2023 bill by a vote of 68 to 29. The bill now has to pass the House of Representatives by Friday night to prevent a budget freeze known as a shutdown.
FRAPORT
The Peruvian airport operating company LAP (Lima Airport Partners), which has belonged to the Fraport Group since 2001, has concluded a financing agreement for 1.25 billion US dollars. As Fraport announced, this serves to finance ongoing infrastructure and expansion measures at the international airport in Peru’s capital Lima. The financing will be provided by a total of seven international financial institutions.
LUFTHANSA
has rejected the allegations by the federal government, among others, of bonus payments to its management despite the massive state aid in the corona pandemic. The payments in question are not annual bonuses, but a “long-term variable remuneration component”, so-called LTI, a Lufthansa spokesman told the editorial network Germany (RND). The board bonuses for 2021 and 2022 are “completely omitted”.
UNIPER
has extended the operation of two coal-fired power plants in Lower Saxony and Hesse by almost a year. The Heyden 4 power plants near Minden and Staudinger 5 near Hanau should now continue to produce electricity until the end of March 2024 at the latest.
CRYPTO EXCHANGE FTX
A US court has ordered the release of founder of bankrupt cryptocurrency platform FTX, Sam Bankman-Fried, on bail of $250 million. According to the judge, Bankman-Fried, who recently announced that he had only $100,000 left in his bank account, must move in with his parents. There he will have to wear an electronic ankle bracelet.
Contact the author: maerkte.de@dowjones.com
DJG/cln/ros/err
(END) Dow Jones Newswires
December 23, 2022 01:33 ET (06:33 GMT)
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