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In the morning: Aurubis, Deutsche Bank and British American Tobacco in focus – Nord LB column

In China, consumer prices fell surprisingly in November. The consumer price index (CPI) fell by 0.5% (Oct .: + 0.5%) year-on-year. The first decline since Oct. 2009 was mainly due to volatile food prices (-2%). Core inflation – excluding food and energy costs – remained unchanged from October at + 0.5% last month.

Despite the second corona wave, German exports rose in many countries in October, albeit in a weaker form. Exports grew by 0.8% compared to the previous month and thus for the sixth time in a row, as the Federal Statistical Office announced. The majority of economists had expected a higher value. Compared to February, exports were still 6.8% lower despite the catching-up phase. From January to October, exports were down 11.2% on the previous year to EUR 992.1 million. Imports also grew by 0.3% in October for the sixth month in a row, but remained below the economists’ expectations.

Bond market

The hope of a compromise with Hungary and Poland in the EU financial dispute and the planned Brexit meeting between Johnson and von der Leyen has marginally depressed German government bond prices. Given the turnaround in sentiment in the stock market, US Treasuries were able to contain some initial losses.

Stock market

The increased likelihood of an agreement on the new US Corona aid package spurred the German stock market towards the middle of the week. In most cases, however, the profits could not be maintained. DAX + 0.47%, MDAX -0.11%, TecDAX -0.72%. Covestro gained 4.97% after a forecast increase.

After a strong start, Wall Street investors took profits. Dow Jones -0.35%, S & P-500 -0.79%, Nasdaq-Comp. -1.94%. The Nikkei-225 closed 0.23% easier at 26,756 points.

Companies

Aurubis increased its operating pre-tax profit (EBT) in the past fiscal year (September 30) to EUR 221 (192) million despite the Corona crisis and benefited from strong recycling business and high copper demand from China. In addition, the savings program that has been running for some time has had a positive effect on the profit situation. “We came through the crisis robustly in the past fiscal year,” said CEO Harings. The shareholders are to receive a dividend increased to EUR 1.30 (1.25) per share. For the 2020/21 fiscal year, Aurubis expects copper demand to pick up again worldwide and forecasts an op. Pre-tax profit in a range between EUR 210 and 270 million.

Deutsche Bank is tightening its austerity course and wants to reduce costs to EUR 16.7 billion by 2022, up from EUR 17 billion previously. The bank hopes for savings through IT updates, among other things. In addition, the corona crisis has made further savings potential clear – especially with regard to office space and travel, explained CEO Sewing. “We continue to see ourselves on the right track to achieve our target return for 2022,” it said. The institute expects a return on equity (RoTE) of 8%. The earnings plans for 2022 remained largely unchanged, Sewing said.

British American Tobacco was less affected by the corona restrictions than feared. The tobacco company therefore expects an increase in sales this year at the upper end of the forecast range of 1 to 3%. The mid-single-digit growth target for adjusted earnings per share was confirmed.

currency

The euro trended weaker after a friendly start. The trigger was negative statements by Prime Minister Johnson before the Brexit negotiations with the EU.

Oil / gold

Oil prices initially benefited from a rapprochement between the parties in the dispute over a new corona aid package in the USA. Then, however, significantly increased US crude oil inventories put the prices under pressure in the afternoon. Gold could not continue the upward trend of the last two days and went out of trading more easily.

Live stream today from 6 p.m .:

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