In the morning: 1 & 1 Drillisch, Henkel, Telefonica Deutschland and Zalando in focus – Nord LB column

The German construction industry had to accept a 1.9% drop in revenues in July compared to the same month last year. However, the level in the previous year was very high, and there was one more working day available in 2019. The number of employees increased by 1.1% compared to July 2019. In the year to date (January to July), sales in the construction industry increased by 4.9%. For the year as a whole, the Association of the Construction Industry expects an increase of 3.5%.

Industrial production in Italy rose surprisingly strongly in August by 7.7% compared to the previous month. It was the fourth climb in a row. In addition, production was only 0.3% below the level of August 2019.

The French industrial companies also produced more, but the plus of 1.3% compared to the July figure was quite modest. Here the economists expected a little more.

Bond market

The prices of German government bonds posted gains before the weekend. The trend-setting Bund future rose to 174.68 points. US bond prices also rose slightly in low-momentum trade. There were no important economic data that investors could have used for orientation.

Stock market

The German stock market changed the signs on Friday, but was able to say goodbye to an overall positive week on the stock market with a slight plus. DAX + 0.07%, MDAX + 0.60%, TecDAX + 1.19%. BASF surprised with a negative business outlook and finished at the bottom of the DAX with 4% in the red.

The hope of help for the US economy shaken by the Corona crisis has given investors access to the US stock exchanges. Dow Jones + 0.57%, S & P-500 0.88%, Nasdaq-Comp. + 1.39%. Nikkei-225 starts the week easier. Currently 23,555.57 pts.


According to preliminary data, Henkel closed the third quarter with organic sales growth of 3.9%. This means that sales for the year to date have only fallen by 2.1% to EUR 14.5 billion. For the year as a whole, the consumer goods group is now anticipating a 1-2% decline in revenues.

In the price dispute with Telefonica Deutschland, 1 & 1 Drillisch claimed to have won a stage. A new draft arbitration report comes to the result that the price increase asserted by Telefonica in December 2018 in the examined period (2016 to 2020) was completely unjustified, the mobile operator said. Accordingly, the price increase from December 2018 does not lead to a payment obligation from 1 & 1 Drillisch. The parties could comment on the legal implications of the new draft opinion.

After a strong 3rd quarter, fashion mail order company Zalando has raised its forecast for the year. Revenues are expected to increase by 20 to 22% (previously: 15 to 20%) for 2020 as a whole. The adjusted operating result (EBIT) should reach EUR 375 to 425 (previously: 250 to 300) million. According to preliminary figures, sales in Q3 rose to EUR 1.83 to 1.87 billion (+20 to + 23%) and adjusted EBIT shot up to EUR 100 to 130 (6.3) million. Zalando benefited in particular from the consistent and very successful implementation of the platform strategy as well as the accelerated shift in customer demand to digital offers as a result of the corona pandemic. In addition, a sustained lower return rate and substantial one-off effects from the reversal of special depreciation on the inventory had a positive effect.


The euro benefited from industrial production data from Italy and France on the reporting day.

Oil / gold

After several days of rising prices, oil prices fell before the weekend. The factors that recently pushed prices up (partial production stop due to cyclone Delta in the Gulf of Mexico, oil workers’ strike in Norway) seem to be largely priced in. The gold price has left the psychologically important mark of US $ 1,900 behind it and has left the short-term downward trend – at least temporarily – upwards.

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: 1 & 1 Drillisch AG


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