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In the morning: BMW, CropEnergies, Tesco and Deutsche Post in focus – Nord LB column

Production in Germany surprisingly fell in August. After three increases in a row, industry, construction and energy suppliers cut their generation together by 0.2% compared to the previous month. Economists had expected an average increase of 1.5%. Compared to February 2020 (start of the corona restrictions), production is still 10.8% lower.

According to a survey by the Ifo Institute, the corona crisis will cause the global economy to shrink by 4.4% this year. In the coming year the recovery should be plus 3.2%. “In many places it could drag on until at least 2022, before the pre-crisis level is reached again.”

Bond market
The prices of German government bonds went into reverse on Wednesday after the previous day’s gains. The trend-setting future Bund future contract fell to 174.13 points. The prices of US government bonds have also fallen. As in the German market, traders spoke of a slight countermovement to the previous day.

Stock market
The German stock market left trading unevenly yesterday. While the leading index turned positive in later trading, Wall Street’s tailwind was not enough for the broader market. DAX + 0.17%, MDAX-0.18%, TecDAX -0.30%. In demand were the shares of Deutsche Post (+ 3.91%), which even reached a record high in the course of trading after the company had raised its earnings forecast for this year. Munich Re insurer (-2.12%) suffered from hurricane “Delta”, which hit the southeast coast of Mexico.

On the US stock exchanges, the shock of stopping the negotiation poker for fresh economic aid was quickly digested. US President Trump nourished the hope that at least the ailing aviation industry could be helped quickly. Investors were relatively unimpressed by the publication of the Fed’s minutes. The Fed’s change of strategy led to differences among its monetary authorities. Dow Jones + 1.9%, S & P-500 + 1.7%, Nasdaq-Comp. + 1.9%. Nikkei-225 friendlier at currently 23,667.42 points.

Companies
BMW sold 675,680 vehicles in the group in Q3 and thus achieved a growth of 8.6% compared to the corresponding period of the previous year. The main growth driver was China (+ 31.1%), but 7.1% more vehicles were also sold in Europe. In the USA, however, there was a minus of 15.7%. In the course of the year so far, the Corona restrictions have made themselves clearly felt. Group sales fell by 12.5% ​​to 1,638,316 units during this period.

Lower sales volumes as well as lower revenues for the food and feed sold led to a drop in sales at CropEnergies to EUR 229 (previous year: 245) million in Q2 of the 2020/21 financial year. This results in a decline in revenues to EUR 399 (448) million for the first half of the year. In contrast, the operating result rose significantly in Q2 to EUR 42.6 (28.6) million. In the first half of the year it improved to EUR 50.7 (43.7) million with lower depreciation. The main reason for the improvement in earnings were the significantly higher revenues for renewable ethanol compared to the previous year.

Despite improved sales figures, the British supermarket chain Tesco earned less in the first half of the 2020/21 financial year. The reasons given by the board of directors were higher costs as a result of the corona pandemic and losses at Tesco Bank. Operating profit decreased to £ 1.037 (1.229) billion.

currency
Despite the unexpectedly weak German industrial production figures, the euro was able to gain somewhat and make up for some of the previous day’s losses.

Oil / gold
The preliminary postponement of negotiations on an additional US corona aid package put pressure on oil prices in the middle of the week. Gold has fallen below the $ 1,900 mark again. The attempt to overcome the short-term downtrend that has existed since August has therefore failed for the time being.

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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