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In the morning: Deutsche Post, Infineon, Tesla and BBVA in focus – Nord LB column

Don’t mess up, but mess up: the federal government will be allowed to take on almost EUR 180 billion in new debt next year. The draft budget now provides for a net borrowing of EUR 179.82 billion, announced members of the Bundestag budget committee. This is the second highest new debt in the history of the Federal Republic. The budget’s total expenditure is planned at EUR 498.62 billion, it said. For this, the debt brake in the Basic Law must be overridden. The permissible new borrowing will be exceeded by EUR 164.2 billion. This is necessary to fight the corona pandemic and quickly get the economy back on a growth path, the committee said. The Bundestag is supposed to pass the budget in two weeks. The highest new borrowing was approved by the Bundestag for this year at EUR 218 billion. However, this credit line is expected to be far from being exhausted. The Ministry of Finance recently said that the new debt this year will be between EUR 160 and 170 billion.

The German import prices rose by 0.3% in October compared to the previous month. Compared to the previous year, this is a minus of 3.9%.

The high number of new corona infections clouded the mood among Italian companies and consumers in November. The barometer for the business climate for the entire economy fell to 82.8 points from 92.2 points in the previous month. The Italian government expects economic output to collapse by 9% in 2020 and rise again by 6% next year.

Bond market

The previously rather boring week on the German government bond market continued towards the end of the week. Economic data published on the reporting day did not have the strength to provide decisive impetus. The US bond market posted slight gains in calm and shortened trading.

Stock market

The German stock market started the weekend with friendly prices. DAX + 0.37%, MDAX + 0.78%, TecDAX + 1.39%. Technology stocks were particularly sought after. Infineon gained 3.50% at the top of the DAX. Automotive stocks were again avoided and found themselves at the bottom of the leading index (VW Vz. -1.80%), BMW -1.40%).

Wall Street posted slight gains in a shortened trade after Thursday’s holiday. Here too, technology titles were particularly sought after. Dow Jones + 0.13%, S&P 500 + 0.22%, Nasdaq-Comp. + 0.92%. Tesla’s soaring continued. The stock gained another 2%. The Nikkei-225 lost 0.79% to 26,434 points.

Companies

Deutsche Post has already delivered more parcels than in the whole of 2019. So far, around 1.6 billion parcels have been transported in Germany; in the previous year it was 1.58 billion. because of the booming online trade with a flood of parcels and asks customers to start shipping as early as possible.

Wedding burst: The two major Spanish banks BBVA and Sabadell have broken off their merger talks. According to their own statements, the two institutes could not agree on the assessment. “Banco Sabadell announced that the board of directors has decided to end the talks as the parties have not reached an agreement on the exchange ratio of the two companies,” said Sabadell.

currency

Even a gloomy business climate index in the euro zone to 87.6 (previous month: 90.9) could not stop the euro on Friday. The exchange rate of the common currency rose well above US $ 1.19.

Oil / gold

The hope that the OPEC + countries will not increase production in 2021 in view of the high number of new corona infections has only partially been expressed in rising prices on the oil markets. The gold price was again in reverse on Friday. The yellow metal has lost more than 4% in a week.

Security data: Deutsche Post DHL
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Ticker symbol: DPW
WKN: 555200
ISIN: DE0005552004
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