In the morning: Moderna, Dermapharm, Grand City Properties and Vodafone in focus – Nord LB column

The Japanese economy was on a recovery course in Q3. GDP rose faster than expected by 21.4%. Growth was driven by the recovery in foreign demand and private consumption, it said. It was the first increase in four quarters. In Q2, due to the corona restrictions, a slump of 28.8% was recorded. For the full year (as of March 31), economists expect a decline of 5.6%.

Chinese industrial production continues to recover: In October, 6.9% more goods were produced than in the previous year. The increase was thus higher than expected by experts. Exports in particular provided growth. In addition, the coronavirus in China was largely brought under control and thus additional impulses came from within the country.

Due to the new corona-related restrictions, the Bundesbank does not expect the German economy to continue catching up in Q4. “The overall economic output could stagnate or even decline after the very strong growth in the summer,” it said.

Bond market

After the recovery in German government bonds initially continued, the positive news from the US biotech group Moderna on its corona vaccine caused short-term price falls. In the end, the courses were hardly changed. US bond prices suffered from the continued risk appetite of investors and eased somewhat.

Stock market

With the exception of technology stocks, the indices on the German stock market started the week on a friendly note. After initially i.a. positive economic data from the Middle Kingdom had created a good mood, the development accelerated after the announcement of a success with another corona vaccine. However, the price gains could not be fully maintained. DAX + 0.47%, MDAX + 0.77%, TecDAX -0.34%. Travel industry titles particularly benefited from the positive results of Moderna’s corona vaccine.

Hope for another corona vaccine has also fueled the US stock market. Dow with a new record. Dow Jones + 1.60%, S&P 500 + 1.16%, Nasdaq-Comp. + 0.80%. The Nikkei-225 gained 0.42% and closed at 26,015 points.


Thanks to a growing product portfolio and the takeover of the allergy business from Merck, Dermapharm, manufacturer of off-patent drugs, was able to increase consolidated sales by 11.5% to EUR 577.2 million in the first nine months. The adjusted operating result (EBITDA) increased by 4.4% to EUR 139.0 million. Dermapharm confirmed the annual forecast.

Rising rents and increased efficiency have led to an improvement in the operating business of the real estate group Grand City Properties. FFO I increased by 1% to EUR 162 million in the first nine months. The company is on track to meet its 2020 goals, said CEO Zamir.

The US financial group PNC Financial Services is taking over the American business of the Spanish BBVA for US $ 11.6 billion. The transaction, which the supervisory boards of both institutes have already approved, is the second largest bank takeover in the USA since the financial crisis in 2008.

Vodafone’s revenues fell by 2.3% to EUR 21.427 billion in the first half of the 2020/21 financial year (September 30th). The reason for this was a lack of roaming income and weaker smartphone sales. Adjusted operating profit (adj. EBITDA) was down 1.9% to EUR 7.023 billion. CEO Read was confident that he would achieve the forecast of an EBITDA of EUR 14.4 to 14.6 billion for the year.

After BionTech / Pfizer, the US biotech group Moderna has now also reported a success with its corona vaccine. In an interim analysis, this showed an effectiveness of 94.5%. It is expected to be able to apply for an emergency permit in the USA in the coming weeks, it said.


The euro only came under temporary pressure because of the dispute over the EU budget. In the end there was even a slight plus.

Oil / gold

New positive vaccine data from the US company Moderna and the Chinese economic data have pushed oil prices up. The gold price fell slightly as investors focused on riskier assets.

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: Moderna Inc.


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