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In the morning: Delivery Hero, Deutsche Wohnen, Salzgitter and COVID-19 in focus – Nord LB column

According to the Federal Government, the new Corona measures will dampen the recovery of the German economy, but not stifle it. “As long as the additional measures can remain limited, there is little to suggest that the catching-up process will break down in Q4 as a whole,” it said. This continued into October, even if it slowed down in view of the pandemic that flared up again at home and abroad. The economy in the euro zone recovered somewhat in the summer. GDP finally rose by 12.6% in Q3 (initial estimate: + 12.7%) compared to the previous quarter.

Bond market
On balance, the prices on the German government bond market changed little at the end of the week. The increased risk appetite of US investors ensured that bonds were left behind. Nevertheless, the price losses were only minimal.

Stock market
Prices on the German stock market rose again. However, the high number of new corona infections slowed down a bit. DAX + 0.18%, MDAX + 0.63%, TecDAX + 0.42%. Unexpectedly tough conditions by the South Korean antitrust authorities for a joint venture in Korea have spoiled the mood for investors in the food supplier Delivery Hero. In the end, the title lost 6.52%.

The continuing hope of soon available corona vaccines and partly surprisingly good quarterly results gave the US stock market a further boost before the weekend. Dow Jones + 1.37%, S&P 500 + 1.36%, Nasdaq-Comp. + 1.02%. The Nikkei-225 starts the week firmly: 25,907 points (+ 2.05%).

Companies
The real estate group Deutsche Wohnen has come through the corona pandemic well so far. As before, just over one percent, only a few tenants had reported and requested crisis-related support, the company said. The result from operating business (FFO I) fell from January to September by just 1.2% to EUR 422.4 million. The reasons for this were, among others higher interest expenses. For the full year, the Group continues to expect FFO I at the previous year’s level of around EUR 540 million.

Thanks to a clear upward trend in Q3 (including a recovery in China), the Hapag Lloyd shipping company was only slightly affected by the corona pandemic in the first nine months of the current financial year. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 20.4% to EUR 1.8 billion. The group result improved to EUR 538 (297) million. After nine months, sales of EUR 9.362 billion were marginally below the previous year’s figure.

Distortions caused by the corona pandemic left clear marks on the Salzgitter Group in the first nine months of the year. From January to the end of September there was a pre-tax loss of EUR 224.4 (+40.7) million. After a slump in Q2, incoming orders picked up again from early summer, announced the steel company. External sales fell to EUR 5.264 (6.637) billion in the first nine months due to volume and price factors. For the year as a whole, the Group continues to expect a noticeable reduction in sales and pre-tax earnings before any special effects in the order of magnitude of the previous year (EUR -253.3 million).

According to preliminary results, the automotive and industrial supplier Stabilus had to accept a decline in revenues of 13.6% to EUR 822.1 million in the past financial year. Profit fell to EUR 30.0 (80.9) million. A recovery in business development could be seen in Q4 of FY. That is why they are now looking ahead with confidence and expect sales of EUR 850 to 900 million for the current fiscal year, announced Stabilus.

currency
At the end of the week, the euro was friendlier. In addition to positive stock market sentiment, weak data on consumer confidence in the US in the afternoon resulted in a preference for the common currency.

Oil / gold
The increase in US oil reserves from the previous day and weak US economic data have hurt oil prices. Gold tied on the previous day’s profits u. noted a little higher.

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: Delivery Hero

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