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In the morning: Bayer, Societe Generale, Apple and Facebook in focus – Nord LB column

China’s foreign trade rose surprisingly sharply in November. Exports rose by 21.1% in November compared to the previous year (October: + 11.4%). Imports also rose, albeit at 4.5% more slowly than in October (+ 4.7%). They fell short of the forecasts.

German production surprisingly increased for the sixth month in a row in October. Industry, construction and energy providers together generated 3.2% more, as the Federal Ministry of Economics announced. In September the increase was 2.3%. “Even if the incoming orders speak for a continuation of the catching-up process, the further development of the industrial economy in view of the pandemic and the partial lockdown remains characterized by uncertainty,” it said. Compared to the beginning of the first corona wave, however, production fell by 4.9%.

Gloomy mood in retail: The rising corona infection numbers with the “partial lockdown” pushed consumer sentiment down to the lowest level in 6 months, as the retail association HDE announced in its monthly survey of 2000 consumers. A part of it is shifting to online trading, but in principle purchases remained very limited, especially in the areas of tourism and gastronomy, it said. Small ray of hope: According to an HDE survey of 500 companies, the days before the second Advent went a little better than the previous week.

Bond market

The lack of progress in the Brexit negotiations has given investors access to German government bonds. US Treasuries were in demand. A tense Corona situation and the stalling of the Brexit negotiations also caused uncertainty in America.

Stock market

The German stock market had to give up on Tuesday for three reasons: 1. Corona infection; 2. the Brexit uncertainty and 3. the general strength of the euro. DAX -0.21%, MDAX -0.26%, TecDAX -0.49%. The companies focused on the chemical sector. Analysts’ opinions led to positive signs and top positions in the DAX. Covestro + 2.92%; Linden tree + 2.31%.

Wall Street performed differently yesterday. While the Dow was cashing in after the latest profits, investors fled to technology stocks in view of the continued rise in the number of corona infections. Dow Jones -0.5%, S & P-500 -0.2%, Nasdaq-Comp. + 0.5%. In terms of individual values, the shares of Apple (+ 1.2%) and Facebook were among the winners (2.1%). Nikkei-225 weaker at 26,467.08 points.

Companies

Bayer is strengthening its pharmaceutical business through a partnership with the Californian biotech company Atara Biotherapeutics. “This transaction is a fundamental element of Bayer’s new cell and gene therapy strategy,” said Bayer’s new cell and gene therapy platform leader Carius. As a result of the cooperation, the group is entering the field of so-called CAR-T cell therapies and securing, among other things, access to a promising cancer immunotherapy from Atara. The US company will initially receive an upfront payment of US $ 60 million and milestone payments of up to US $ 610 million upon achievement of certain goals.

Societe Generale plans to close 600 branches by 2025, saving almost EUR 450 million. To this end, the branch network of SocGen and the subsidiary Credit du Nord is to be merged. At the same time, the largest bank in France is planning to invest in the expansion of the online bank Boursorama. The number of customers is to increase to 4.5 (currently: 2.5) million by 2025. By 2023, the online bank is expected to post a total of EUR 230 million in losses. A profit is not expected until 2024.

currency

The fear of failure of the Brexit negotiations has put both the euro and the British pound under pressure.

Oil / gold

Oil prices suffered from profit-taking at the beginning of the week. U.a. weighed on the somewhat stronger US currency. The gold price also ended its race to catch up during the day. Since gold is quoted in US $, the increase in the US currency also had a negative impact.

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