In the morning: Danone, Hannover Re, Metro and Philips in focus – Nord LB column

The Chinese economy grew by 4.9% year-on-year in Q3 and therefore fell short of the average expectations of economists who had expected GDP growth of well over 5%. On a quarterly basis, GDP rose 2.7% from July to September. The Chinese economy is thus recovering more slowly than expected from the corona-related slump.

Japanese exports continued to decline in September, albeit at a lower rate. Exports fell by 4.9% year-on-year, after falling 14.8% in August. Economists had expected better numbers. Imports also fell 17.2% yoy in September. Economic recovery is expected to be slow as companies continue to face difficult global conditions as the number of infections rises again around the world.

Bond market

German government bonds have made up for losses in the meantime and closed with little change. Possible easing signals from the ECB in the event of a slowdown in the economic recovery provided marginal support. US Treasuries were less sought after on Monday and gave way.

Stock market

After a friendly start, the German stock market went into reverse at noon. Only the MDAX bucked the trend. The uncertainty regarding the increasing number of new corona infections and the persistent tough struggle over an additional US aid package weighed on. DAX -0.42%, MDAX + 0.18%, TecDAX -0.30%. Deutsche Bank shares gained 1.72% at the top of the DAX, Delivery Hero lost 3.09% at the end of the leading index due to profit-taking.

The US stock exchanges had to accept losses at the beginning of the week. The tussle between the parties about an additional US corona aid package unsettled investors, as did the high number of new infections with the virus. Dow Jones -1.44%, S&P 500 -1.63%, Nasdaq-Comp. -1.65%. Nikkei-225 currently lighter at 23,543 meters (-0.54%).


The Hannover Re subsidiary E + S R├╝ckversicherung, which is responsible for business in Germany, expects prices to rise overall and improved conditions in property and casualty reinsurance in the German market for 2021. The demand for reinsurance protection from financially strong providers will continue to rise against the backdrop of the Covid 19 pandemic, it said. All in all, E + S R├╝ck expects attractive business opportunities in Germany for 2021 as well.

Metro wants to take over the second largest Portuguese food supplier, Aviludo Group, and thereby strengthen its commitment in Portugal. Aviludo achieved net sales of EUR 152 million in 2019. The company supplies more than 13,500 customers across the country with a focus on independent restaurateurs, canteens and restaurant chains. The parties have agreed not to disclose the financial details. The acquisition is subject to the approval of the relevant authorities. The transaction is expected to be completed in the first half of the calendar year 2021, it said.

At Danone, sales in the past quarter fell on a comparable basis by 2.5% to EUR 5.821 billion. The reason given by the food company included the weakening sales of water bottles.

The Dutch medical technology group Philips benefited from the Corona crisis in Q3. The increased medical expenses resulted in an increase in revenues to EUR 4.98 (4.70) billion. Adjusted EBITA climbed disproportionately by 32% to EUR 769 million, announced Philips. Both key figures were above the average. Analysts’ forecasts.


The euro again benefited from the weakness of the US dollar.

Oil / gold

Oil prices moved in a narrow range and went out of trading with little change. The price of gold rose on Monday. Since the end of Sep. the price of the yellow metal is in a short-term uptrend channel. At US $ 1,930, however, there is resistance.

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: Metro St.


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