German exports rose for the fifth month in a row in September. Exports rose by 2.3% compared to the previous month, a little more than economists expected. Imports, on the other hand, fell by 0.1% after having grown four times in a row. However, the recent corona wave in many countries could depress demand again in the coming months. In the course of the year to date, exports have fallen by 11.7% to EUR 880 billion. The Federation of German Industries (BDI) expects that the bottom line will be a decrease of 13% in 2020.
Stock exchange traders were again more pessimistic about the economy in the euro zone in November. The corresponding Sentix barometer fell slightly by 1.7 to minus 10.0 meters. While the index of the current situation fell slightly for the first time in a long time, the expected values fell to their lowest level since May, which according to Sentix et al. is due to the recent Corona restrictions in Europe.
Bunds suffered from investors’ increasing willingness to take risks and fell significantly, particularly after progress was reported with a corona vaccine. US Treasury bond prices also fell.
After the outcome of the US election initially drove the German stock market, positive news about the effectiveness of a vaccine against the corona virus provided additional wings in the afternoon. In particular, stocks from the travel and aviation industries were in demand, while tech stocks tended to be weaker in the generally positive environment. DAX + 4.94%, MDAX + 1.64%, TecDAX -1.30%.
Standard values trended firmly on the US stock exchanges and benefited from Biden’s victory and from the promising study results of a corona vaccine. By contrast, the technology stocks preferred by investors in recent months were the losers of the day. Dow Jones + 2.95%, S&P 500 + 1.17%, Nasdaq-Comp. -1.53%. Nikkei-225 with slight gains: 24,906 points (+ 0.26%).
Deutsche Telekom intends to sell its share of the fixed-line business in Romania held through the Greek subsidiary OTE. OTE announced that it has entered into an agreement to sell its 54% stake in Telekom Romania Communications to Orange Romania. The agreed consideration amounts to EUR 497 million for 100%, which corresponds to EUR 268 million for the OTE share. The deal is expected to go through in the second half of 2021. OTE will remain the owner of Telekom Romania Mobile Communications and will therefore continue to be present in the Romanian mobile communications market.
Infineon closed the fourth quarter of the FY better than expected. Revenue rose by 21% to EUR 2.409 billion, while the segment result improved to EUR 379 (311) million. “Some of our target markets, especially the automotive market, have recovered better than expected since the summer,” said CEO Ploss. In the entire FY 2019/20, Infineon achieved sales of EUR 8.567 billion (+ 7%). However, the segment result fell by 11% to EUR 1.170 billion. The net profit collapsed by 58% to EUR 368 million. Infineon is responding by reducing the dividend to EUR 0.22 (0.27) per share. For the new fiscal year, the group (including Cypress Technologies) expects sales to rise to EUR 10.5 billion (+/- 5%).
The biotech company BioNTech and its partner Pfizer presented positive vaccination efficacy data for their potential corona vaccine. According to BioNTech, the risk of developing Covid-19 for study participants who received the vaccine was more than 90% lower than without the vaccine. “This is the first evidence that Covid-19 can be prevented by a vaccine in humans,” said BioNTech boss Sahin. The partners plan to apply for an emergency approval for the vaccine in the US in November.
The euro was unable to fully defend the gains of the past week and closed more easily.
Oil / gold
Above all, the hope for an effective corona vaccine has breathed new life into oil prices. The increasing risk appetite of investors weighed heavily on the gold price; the US $ 1,900 mark did not last.
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!