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In the morning: AstraZeneca, Ryanair, LVMH in focus – Nord LB column

China’s economy appears to be slow to recover from the effects of the coronavirus pandemic. Chinese producer prices fell for the seventh consecutive month in August. However, they posted the slowest year-on-year decline since March. The prices for global raw materials such as crude oil, iron ore and non-ferrous metals have risen further and have contributed to a slight recovery in domestic producer prices. According to official data from the national statistical office NBS, the producer price index fell by 2.2% compared to the previous year. As expected, the consumer price index rose 2.4% year-on-year last month. Policy makers believe that economic activity and consumer demand will continue to grow once the coronavirus outbreak is brought under control, it said. However, the USA and Europe remain a risk as important export markets for the People’s Republic, as they are still badly affected by the pandemic.

US companies in China fear a permanent trade conflict between the world’s two largest economies. 50% of the companies expect that the relationship will be strained for at least another 3 years, according to a survey by the American Chamber of Commerce in Shanghai and the consulting firm PwC. Last year only 30% would have expected this.

Bond market

The supposedly safe German government bonds were less in demand yesterday. Given the friendly stock markets, prices fell. US Treasuries also suffered price losses against the backdrop of recovering stock markets.

Stock market

The reinvigorated Nasdaq caused the prices on the German stock market to rise in the middle of the week. Speculation that the ECB could raise the growth prospects for the euro zone was an additional stimulus. DAX + 2.07%, MDAX + 1.19%, TecDAX + 2.22%. Munich Re topped the DAX with a plus of 4.23%. The French competitor Scor had previously commented positively on the business outlook. According to a skeptical analyst report, Lufthansa lost 1.65%. After several days of decline, prices on Wall Street have recovered. Above all, the recently badly shaken tech values ​​picked up again. Microsoft gained 4.26% at the top of the Dow, Apple shares were just behind with + 3.99%. Dow Jones + 1.60%; S&P 500 + 2.01%; Nasdaq Comp. + 2.71%. Nikkei 225 is currently friendlier at 23,188 points (+ 0.68%).

Companies

AstraZeneca suspends global studies with its corona vaccine candidate due to a case of illness in a study participant. The British pharmaceutical company is one of the leading companies in the race for a vaccine against the coronavirus; the European Union, the United States, Great Britain and other countries have already secured hundreds of millions of doses of the vaccine in advance. The stop of the study dampens the hope of an early approval.

Due to the Corona crisis, Ryanair will count significantly fewer passengers than expected a few months ago. In the business year (31.03.21) 50 million passengers are expected, said company boss O’Leary. This corresponds to a third of the passengers carried in the same period last year. In May, Ryanair had assumed 80 million passengers. Because of the travel warnings, around 99% of Ryanair planes remained on the ground between April and June.

The takeover of the US jeweler Tiffany by the French luxury goods group LVMH is about to end. Complications related to the proposed $ 16 billion purchase may prompt a withdrawal, LVMH warned, citing a request from the French Foreign Ministry.

currency

After a weaker start, the euro rose in the afternoon. U.a. Speculations that the ECB could assess the economy better than before caused a good mood.

Oil / gold

With the rising stock markets, oil prices were also friendly. Gold shone in the act. Environment brighter again for the first time in days.

Disclaimer: This text is a column of the North LB. 4investors is not responsible for the content of the column and therefore does not necessarily have to agree with the opinion of the 4investors editorial team. Any liability and claims are therefore expressly excluded by 4investors!

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