In the morning: Airbus, Deutsche Bank, Hochtief and TUI in focus – Nord LB column

Corona continues to burden federal and state tax revenues. At EUR 51.4 billion in August, these were 2.3% below the level of the previous year. Over the course of the year to date, the decrease totaled 7.3%. According to the latest tax estimate, the federal, state and local governments will have to get by with around EUR 29.6 billion less for the period 2020-2024 than assumed in spring.

Good news from the Ifo Institute: German GDP should only shrink by 5.2% this year. In the summer, economists had expected a minus of 6.7%. The previous record decline from the 2009 financial crisis of 5.7% will probably not be achieved. “The decline in Q2 and the recovery are currently more favorable than we had expected,” said Ifo economic chief Wollmershäuser. On the other hand, growth will be lower in 2021: The institute now expects 5.1% instead of 6.4%. A plus of 1.7% is predicted for 2022, although the forecast uncertainty remains high, Wollmershäuser added. According to the institute, the corona recession is leaving visible marks on the labor market. According to the forecast, the number of unemployed will increase from an average of 2.3 million last year to 2.7 million in 2020. In 2022 it is expected to remain above the pre-crisis level at 2.5 million.

Bond market

After the significant price gains on the previous day, the market for German government bonds fell slightly on Tuesday. The reason for this was the somewhat friendlier mood on the stock markets. US Treasuries also fell slightly yesterday during trading. As with German Bunds, investors here again preferred to turn to dividend stocks.

Stock market

The German stock market managed to turn its signs into the green yesterday. DAX + 0.41%, MDAX + 0.38%, TecDAX + 1.08%. The supposed winners of the corona crisis were asked. The food delivery service Delivery Hero put z. B. by 4.5%.

Wall Street has stabilized after the recent price losses. The exchange received support from Amazon. The online trader’s stock gained nearly 6% after a broker upgraded its rating. Dow Jones + 0.5%; S&P 500 + 1.1%; Nasdaq Comp. + 1.7%. Nikkei-225 starts trading a little easier after the holidays. Current: 23,259.52 points.


Despite the corona pandemic, Deutsche Bank sees itself on track for the rest of the year. There are encouraging signs in the private customer business, and investment banking continues to do well, said Moltke’s CFO. He also assumes that the cost target will be achieved this year, which will benefit from the restructuring of the bank that was initiated last year.

The subsidiaries of the Hochtief construction company, Turner and Flatiron, have received an order worth billions in the USA. The two companies are to build a new terminal for San Diego International Airport. The project has a financial volume of US $ 2.265 billion. Construction is expected to start at the end of 2021 once all permits have been received. The new terminal is intended to replace an old building from the 1960s.

TUI is thinning out the offer for winter 2020/21 due to the Corona travel restrictions. The tourism group announced that capacities had recently been reduced by a further fifth to 40%. The bookings for the winter program were 59% below the level of the previous year, while the average sales price rose by 3%.

Airbus no longer rules out layoffs: CEO Faury said, “The situation at airlines has been worse than expected since the summer. That is why he cannot guarantee that there will be no layoffs, even if there are other possibilities besides the announced voluntary job cuts ”.


The calm on the stock markets only supported the euro for a short time. He remained under pressure.

Oil / gold

After a weaker start, oil prices reversed and benefited from the recovery in the equity markets. Gold has climbed back above the $ 1,900 mark.

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!

At a glance – chart and news: TUI


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