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In the morning: Allianz, Blackberry, SAP and Salesforce in focus – Nord LB column

The business expectations of the German automakers and their suppliers deteriorated again in November. The corresponding Ifo barometer fell to minus 4.0 (Oct .: +16.3) meters. It was the fourth decline in a row. However, the companies rated the business situation better: This indicator rose to plus 7.2 (Oct .: -2.0) points.

The German retail sector reported surprisingly positive figures in October. Revenue increased by 2.6% compared to the previous month. Adjusted for prices (real), the plus was just as high. In the course of the year so far, this has resulted in an increase of 5.1%, due in particular to the Internet and mail order business (+ 22.7%). On the other hand, there were major losses in the stationary retail trade with textiles and Co., where 21.2% less was taken.

According to a proposal by the German Actuarial Association (DAV), the Association of Actuaries, German life insurers should be able to promise their customers a maximum interest rate of 0.25% (previously: 0.90%) on new contracts from 2022 onwards. DAV board member Bader justified the recommendation by saying that interest rates on the capital market had fallen again during the Corona crisis. In addition, the actuaries advise the insurance industry to forego guarantees that the contributions paid will be received in full.

The UK was the first country to approve BioNTech / Pfizer’s corona vaccine with an emergency permit. “The vaccine will be available across the UK from next week,” said Health Secretary Hancock.

Bond market

After the losses of the past two days, the prices of German government bonds remained little changed in the middle of the week. US bonds moved a little down again after a very weak previous day.

Stock market

After the recent strong gains on the German stock market, the air there became a little thinner yesterday. Investors realized their first price gains. DAX -0.52%, MDAX -0.37%. RWE benefited from an analyst recommendation and was at the top of the DAX with + 1.5%.

Surprisingly weak labor market data ruined Wall Street’s successful trading day. BlackBerry is flying high (+ 20%). The software company wants to use Amazon Web Services to develop intelligent software for vehicles that adapts assistance systems to traffic and weather conditions and provides manufacturers with information for product development. Nikkei-225 stable at 26,809.37 points.

Companies

Allianz wants to take over the insurance branch of the Australian Westpac Bank and pays the equivalent of around EUR 443 million. In addition, the alliance is to receive the exclusive distribution of general insurance such as home, travel, auto and life insurance for Westpac customers, it said. The transaction is expected to be completed by mid-2021.

The business of UV technology specialist Dr. Hönle was heavily influenced by the corona pandemic in the past financial year. According to preliminary figures, sales fell to EUR 93.3 (107.7) million, and the operating result slumped to EUR 8.1 (17.0) million. Even if the Management Board assumes that the positive effects will clearly outweigh the positive effects in FY 2020/2021, especially due to the demand for air disinfection systems, it does not currently dare to make a concrete forecast.

The SAP competitor Salesforce is taking over the office chat provider Slack for a total of US $ 27.7 billion. Together, both companies would fuel the trend to be able to work from anywhere in the world, it said.

currency

The rally in the euro continues. It is trading above USD 1.21 for the first time since March. An increasing willingness to take risks on the part of investors and the associated departure from the safe haven of the USD are the main reasons for this.

Oil / gold

The latest data on the development of US oil reserves pushed oil prices up. According to official figures, stocks of crude oil fell by 0.7 million barrels to 488.0 million barrels last week. Gold was able to continue the upward movement.

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