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In the morning: Aroundtown, TLG Immobilien, Dell, HP in focus – Nord LB column

Residential properties were in demand in Germany in Q3 despite the Corona crisis. With a plus of 7.8%, prices have risen more sharply than in almost four years. (Compared to the previous quarter + 2.6%).

According to an Ifo survey in November, the mood among German exporters has deteriorated significantly. The background was the corona lockdown in many European countries. Ifo export expectations for industry collapsed by 9.1 to minus 2.1 points in November. That is the worst value in half a year. “The optimism of the past months has evaporated,” said Ifo President Fuest.

The industry association of German machine tool builders (VDW) assumes that the industry will feel the effects of the corona pandemic for a long time. After the order slump in Q3, the VDW conceded its production forecast for 2020 and is only predicting a slow recovery. “We expect a decrease of around 30%,” it said. In relation to the production volume, this means a minus of EUR 5 billion.

The US Federal Reserve played out its options for an even more lax monetary policy in the Corona crisis at its most recent interest rate meeting. At the moment, no adjustment to the current securities purchase program is appropriate. However, the participants agreed that a changed environment could also require adaptation. Accordingly, careful consideration of possible next steps was deemed appropriate in order to improve the guidance for the purchases. The Fed is currently purchasing at least $ 120 billion in securities every month.

Bond market

After initial losses, German government bonds rose somewhat over the course of trading and benefited from the somewhat gloomy stock market sentiment. Subdued sentiment on the stock markets and mixed US economic data gave US government bonds little tailwind. After moderate initial gains, there was little movement to be seen.

Stock market

The German stock market did not want to be infected by Wall Street’s record hunt yesterday and instead took a breather after the recent price gains. DAX -0.02%, MDAX +/- 0.00%, TecDAX + 1.03%.

After the recent record highs on Wall Street, inter alia the surprising surge in initial claims for US unemployment benefits investors are more cautious. Investors played it safe before the long weekend in the USA and occasionally realized price gains. Nikkei-225: friendly with 26,537.31 points.

Companies

After the merger with the competitor TLG, Aroundtown grew strongly in the first nine months. Net rental income jumped 37% to EUR 758 million. The operating result (FFO I) rose by 18% to EUR 438 million. For the year as a whole, the Management Board confirmed the forecast of an FFO I of EUR 460 to 485 million.

The demand for PCs, notebooks and tablets triggered by the increased home office has spurred the computer company Dell in Q3. Total sales rose by almost 3% to just under US $ 23.48 billion. Operating profit reached US $ 1,129 (836) million, net income increased to US $ 881 (552) million.

At the computer manufacturer HP Inc., sales in Q4 fell 1% to $ 15.3 billion, bringing them to $ 56.6 (58.8) billion for the year as a whole. Earnings per share were $ 0.49 for the quarter and $ 2.00 for the year. For the current Q1 of FY 2020/2021, HP expects earnings per share of between 58 and 64 cents per share.

currency

The euro presented itself with again violent exchange rate fluctuations. At times, the common currency even reached its highest level since the beginning of September at USD 1.1930.

Oil / gold

The continuing hope of an economic recovery from the corona vaccines has allowed oil prices to continue their upward trend. The gold price has recovered somewhat from its crash the previous day. Do investors see a good entry opportunity at the current level?

Security data: Aroundtown SA
Chart analysis tools: click here!
Ticker symbol: AT1
WKN: A2DW8Z
ISIN: LU1673108939
Aroundtown SA – trade now on: comdirectcomdirect – flatexflatex – SmartbrokerSmart broker – Trade RepublicTrade Republic

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