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Corona crisis eats up CTS sales – euro dollar loses slightly

As a result of the coronavirus pandemic, governments around the world are imposing lockdown measures. Theaters and cinemas remain closed, sports and concerts are canceled. The ticket marketer CTS Eventim clearly feels this. The rapid economic recovery after the lockdown measures due to the coronavirus pandemic is also stalling, which is also reflected in the currency market.

The most important things about CTS Eventim and Euro-Dollar in advance:

  • CTS Eventim sees a glimmer of hope
  • Euro-dollar weighed down by weaker US labor market data

The aviation industry is brutally losing sales in the coronavirus pandemic. The same applies to the organizers of major events – and therefore also to the listed ticket marketer CTS Eventim. In the past quarter, its books are also in the red.

Products on CTS EVENTIM AG

As the company listed in the MDAX® announced, sales in the second quarter were just 13.5 million euros. That is a drop of 96.6 percent compared to the same period last year. The operating result (Ebitda) slumped into the red: the minus amounted to 16.2 million euros – after a profit of 54.7 million euros a year earlier.

Lockdown measures as a result of the Corona crisis almost brought business to a standstill. Sports and concert events were canceled. According to its own information, CTS has already responded with cost reductions and reduced investments. The company failed to provide an outlook for the year as a whole. “The fact that there are now events with several hundred visitors is a hopeful sign,” said CEO Klaus-Peter Schulenberg.

The latest economic data from the USA have shown how strong the impact of the Covid 19 pandemic is still on the economy. After the latest encouraging data from the labor market, there was again disillusionment on Thursday because the number of initial jobless claims rose to over 1 million. Analysts had only expected around 925,000 applications.

Products on EUR / USD

The day before, the Fed’s minutes of the meeting had also shown an uncertain picture of the US economy. It emerged from this that the central banks continue to assess the risks from the current Corona situation very high and at the same time are not planning any new measures. While there has been a recovery in consumer spending, companies remain exposed to exceptionally high levels of uncertainty. Despite this still difficult economic situation, the FED announced that it would not expand its bond purchases.

This statement supports the dollar, which has recently been able to recover somewhat after the euro had been on an upward trend for several weeks and narrowly failed at the 1.20 euro mark. Overall, the US Federal Reserve does not believe that there will be a quick V-shaped recovery in the US economy. The development is similar in Germany, where however the latest production figures for industry have again been more robust. In the recent past, such an economic development had supported the euro.

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Source: HSBC

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