The evening market overview compiled by Dow Jones Newswires:
+++++ HOLIDAY NOTICE +++++
MONDAY: In the US, the stock exchanges will be closed due to the Labor Day holiday.
+++++ STOCK MARKETS (6:32 p.m.) +++++
INDEX status + -% + -% YTD
EuroStoxx50 4,246.13 + 1.05% + 19.52%
Stoxx50 3,645.00 + 0.87% + 17.27%
DAX 15,932.12 + 0.96% + 16.13%
FTSE 7,187.18 + 0.68% + 10.49%
CAC 6,743.50 + 0.80% + 21.47%
S&P 500 holiday
Nasdaq Comp. holiday
Nasdaq-100 bank holiday
Nikkei-225 29,659.89 + 1.83% + 8.07%
EUREX Stand + ticks
Bund future 175.17 +2
+++++ RAW MATERIAL MARKETS +++++
ROHÖL last VT-Settl. +/-% +/- USD% YTD
WTI / Nymex 68.77 69.29 -0.8% -0.52 + 43.2%
Brent / ICE 72.18 72.61 -0.6% -0.43 + 41.8%
METALS last previous day +/-% +/- USD% YTD
gold (Spot) 1,823.14 1,827.10 -0.2% -3.96 -3.9%
Silver (spot) 24.66 24.73 -0.2% -0.06 -6.6%
Platinum (spot) 1,026.15 1,029.40 -0.3% -3.25 -4.1%
Copper future 4.33 4.33 + 0.0% + 0.00 + 22.7%
Analysts on the oil market pointed to the lowering of the official sales prices of Saudi Aramco for all types of crude oil that will be shipped to Asia in October.
+++++ ECONOMIC OUTLOOK ++++++
There are no more important dates to be published.
+++++ FINANCIAL MARKETS EUROPE +++++
On the one hand, the subject of “tapering”, that is, the reduction in bond purchases by the US Federal Reserve, moved further back in time after the weak US labor market report on Friday, according to the surcharges for stocks. That could keep the party going for risky assets like stocks – in Europe, technology stocks were the biggest winner. On the other hand, the incoming orders from Germany were convincing. The DAX benefited from the significant increases in the index heavyweights Siemens and Linde. The focus was on the DAX expansion. One market participant pointed out that most of the newcomers had already clearly beaten the DAX in the past few months and that their inclusion in the index was largely priced in. Towards the completion on September 17th, capital flows into the “newcomers” are to be expected again. Spie plans to submit a non-binding offer to take over the newly founded technical service provider Equans from Engie. For Spie it went down 4.3 percent, Engie rose 0.5 percent. The aluminum prices rose significantly. The light metal was last so expensive in early 2011. One of the reasons for this was the coup in Guinea. Norsk Hydro is an aluminum company with its own bauxite mines – the mineral is needed to manufacture the light metal. For the share it went up by 3.3 percent. After a sales and Profit warning SMA Solar crashed by 11.6 percent.
+++++ FOREIGN EXCHANGE +++++
Forex last +/-% Mon, 8:38 Fri, 5:30 p.m.% YTD
EUR / USD 1.1867 -0.1% 1.1873 1.1880 -2.8%
EUR / JPY 130.37 -0.0% 130.36 130.29 + 3.4%
EUR / CHF 1.0865 + 0.1% 1.0861 1.0855 + 0.5%
EUR / GBP 0.8579 + 0.1% 0.8573 0.8570 -3.9%
USD / JPY 109.86 + 0.1% 109.81 109.67 + 6.4%
GBP / USD 1.3833 -0.2% 1.3848 1.3862 + 1.2%
USD / CNH (offshore) 6.4508 + 0.2% 6.4467 6.4354 -0.8%
BTC / USD 51,636.75 -0.2% 51,806.51 50,809.01 + 77.8%
+++++ FINANCIAL MARKETS EAST ASIA +++++
The Nikkei index rose sharply again on Monday on the Tokyo stock exchange. After the current prime minister and LDP leader Yoshihide Suga declared that he would not run for re-election and thus de facto heralded his resignation, the market is now speculating that Suga’s successor will promise stimulus measures for the country’s economy when the election campaign begins later in the year said analysts at Rakuten Securities. Ultimately, according to the Rakuten experts, the development of the pandemic is probably the decisive factor when it comes to poor economic growth. Here, however, the advancing vaccination campaign gives hope. After the 1.8 percent plus on Friday, the Nikkei index rose by another 1.8 percent to 29,660 points in this environment. In addition, there was also a strong upward trend in Shanghai with an increase of 1.1 percent. Here, too, there was speculation about economic stimuli. The rating agency Fitch believes it is likely that the banks’ minimum reserve requirements will be relaxed in order to help the economy, which has been less dynamic in recent months. In addition, Beijing has financial leeway to initiate infrastructure measures. In the other places it was a bit quieter, at least with a view to the changes on Friday.
+++++ COMPANY NOTIFICATIONS SINCE 1.30 PM +++++
Covestro CEO: Downsizing should be lower
The job cuts at the Leverkusen chemicals group Covestro could be less than announced last week. On Thursday, the company confirmed that it wanted to cut 1,700 jobs by the end of 2023. “The number of jobs actually to be cut will certainly be lower,” said Markus Steilemann, CEO of Covestro, in an interview with the Kölner Stadt-Anzeiger.
Continental wants to score with sustainability and autonomous driving
Continental wants to score in terms of sustainability and CO2 savings in the coming years and is also aiming for a leading role in autonomous driving.
VW boss: transition to electric mobility slowed down by diesel subsidies
According to Volkswagen’s CEO Herbert Diess, the transition to electronic mobility has been slowed down by subsidies for diesel. If the price of diesel is kept artificially low by means of tax breaks, “nobody will believe it Electric car buy, “said Diess of the AFP.
Goldman’s Petershill Partners unit could be worth $ 5 billion
In view of delivery bottlenecks for electronic components and customer projects that have been postponed into the coming year, SMA Solar Technology AG is significantly lowering its sales and profit forecasts for the current year. The reason are short-term cancellations of firmly promised delivery quantities.
Train: Normal timetable again from Tuesday
From Tuesday morning, after the five-day strike, train operations in rail traffic will be largely normal again, Deutsche Bahn AG expects. The trains would be transferred to their departure station and employees would be on their way so that they could pick up their trains in the right place on Tuesday morning.
ZF benefits from e-mobility – major order for hybrid transmissions
The automotive supplier ZF Friedrichshafen is benefiting from the accelerated ramp-up of electromobility and has received a major order for hybrid automatic transmissions. “It is an order in the order of several billion euros for the 8-speed plug-in hybrid version,” said CEO Wolf-Henning Scheider.
ABN Amro agrees with Dutch Consumers Association for Compensation
ABN Amro has reached an agreement with the Dutch consumer association on a compensation scheme for customers with revolving loans amounting to 250 million euros. According to the Dutch bank, around 15 percent of all customers with a revolving loan are eligible for compensation.
Renault expects a difficult third quarter for semiconductors
In view of the semiconductor shortage, Renault expects a “very difficult” third quarter. The French car company announced that the situation would not ease until the fourth quarter. The worsening of the pandemic situation in Southeast Asia during the summer led to a clouding of the delivery situation for semiconductors, said a Renault spokeswoman.
Goldman’s Petershill Partners unit could be worth $ 5 billion
Goldman Sachs (GS) plans to list its Petershill Partners unit in London, the bank announced. According to analysts quoted by Reuters, the US bank’s unit could be valued at around $ 5 billion. Petershill Partners, which has minority stakes in 19 alternative investment vehicles such as private equity and hedge funds, is operated by Goldman Sachs for a fee.
SEC investigates crypto exchange developer Uniswap Labs
The US Securities and Exchange Commission has launched an investigation against the crypto startup Uniswap Labs. This was reported by people familiar with the matter. The company is the main developer behind one of the world’s largest decentralized cryptocurrency exchanges, Uniswap. The supervisory authority is investigating how investors use Uniswap and how it is marketed, they say.
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(END) Dow Jones Newswires
Sep 06, 2021 12:35 ET (16:35 GMT)