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In the morning: Covestro, Daimler, Knorr-Bremse and OMV in focus – Nord LB column

The Bank of Japan’s Tankan poll rose for the second straight quarter. The index, which shows the sentiment of the major Japanese industrial groups, improved from minus 27 in September to minus 10 in December. Analysts had only expected an improvement to minus 15.

The French The central bank will be more pessimistic about the country’s economic development for the next year. The GDP is only expected to rise by 5% (previously: + 7.4%), said the monetary authorities. In 2022 the increase is also expected to be 5%, in 2023 a little more than 2% is expected. The estimate was only marginally adjusted for the current year. After the last talk of a minus of 8.7%, it is now estimated at around 9%.

According to the government, economic development in Germany could suffer a setback in Q4 due to the corona restrictions. After the partial lockdown hit the hotel and catering industry in particular, the new measures have added additional areas. Many economists now assume that GDP will shrink in both Q4 and Q1 2021.

In view of the restrictions due to the second wave of pandemics, the Bundesbank expects an economic slump in the final quarter. The containment steps that came into force in November disrupted the economic recovery, it said. This will likely lead to a setback, which will only be relatively easy, it said.

Bond market

German government bonds started the new week with falling prices and suffered from continued hopes of a new US economic stimulus package and a Brexit agreement. US Treasuries also started the day weaker, but later turned positive as investors’ risk appetite decreased.

Stock market

The German stock market was robust yesterday. The tough corona lockdown in Germany was only noted. DAX + 0.83%, MDAX + 0.40%, TecDAX + 0.30%. Cyclicals were in demand in the leading index. The plastics manufacturer Covestro rose e.g. by 3.2%. The front runner was once again Delivery Hero with + 4.7%.

The US stock exchanges left the market inconsistently after a largely positive trend. The Dow Jones suffered a loss of 3.6% at Walt Disney. Dow Jones -0.6%; S&P 500 -0.4%; Nasdaq + 0.5%. Nikkei-225 a little lighter at 26,687.84 points.

Companies

The Bertelsmann publishing subsidiary Gruner + Jahr (G + J) has announced exclusive sales talks with the French media company Vivendi via the subsidiary Prisma Media. The French G + J subsidiary sees itself as the leading magazine publisher in France in print and digital.

Daimler plans to launch six fully electric models of its new EQ series by 2022, which will roll off the assembly line at several locations around the world. In the coming year, production of the compact SUV EQB will begin in Hungary and in the Beijing factory operated jointly with Chinese partner BAIC. Assembly of the EQA has just started at the Rastatt plant, and will also begin in China in 2021.

The brake manufacturer Knorr-Bremse is supplying the Chinese railway technology giant CRRC with technology for two subway lines in Beijing. Knorr-Bremse will supply brakes and door systems for trains on line 17 and air conditioning for line 19 by 2023, the company said. The order has a volume in the mid double-digit million euro range.

The Austrian oil and gas group OMV is selling its German filling station network (285 filling stations) for EUR 445 million to the British EG Group. The deal is expected to close in 2021, subject to regulatory approvals. The company valued the purchase price at around EUR 614 million.

currency

The good mood in the financial markets, including Triggered by hopes for corona vaccinations soon and further negotiations on the Brexit drama, let the euro rise.

Oil / gold

Oil prices rose somewhat after an explosion broke out on an oil tanker in the port of Jeddah. Gold suffered from the good mood in the financial markets.

Livestream on December 14th, 2020 from 6 p.m .:

With Hans-Werner Sinn, former President of the Ifo Institute.

With Hans-Werner Sinn, former President of the Ifo Institute: Corona and the miraculous increase in money in Europe
– Here is the stream! –

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