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In the morning: Conti, Delivery Hero, Facebook and Google in focus – Nord LB column

Contrary to the expectations of analysts, Japan’s foreign trade was unable to continue its recovery course of the past few months. In November exports fell by 4.2% compared to the previous year. In October, the world’s third largest economy posted a 0.2% decline. Imports fell 11.1%, compared to a median estimate of a 10.5% decline. The trade balance was in surplus of 366.8 billion yen. Analysts had expected a surplus of 529.8 billion yen.

The economy in the euro zone has recovered after its steep decline in the corona pandemic in December. The purchasing managers index, which combines industry and service providers, rose surprisingly by 4.5 points to 49.8 points. The barometer has thus moved close to the growth threshold again. In November it was still going downhill rapidly.

The current figures on US retail sales were clearly a negative surprise. According to preliminary figures, there was a marked decline of 1.1% m / m in the reporting month of November. The direction of movement was not surprising – but the scope was. Covid-19 is currently clearly weighing on the US economy again.

Bond market

After surprisingly good economic data from the Eurozone, the prices of German Bunds have come under noticeable pressure. US Treasuries remained largely unchanged on balance.

Stock market

Even a new sad record of corona deaths could not stop investors on the German stock market. Among other things, the significantly brightened corporate sentiment in the euro zone and the continuing hopes that the corona vaccination will start soon have driven the market upwards. DAX + 1.52%, MDAX + 0.77%, TecDAX + 0.97%. There was once again strong demand for Delivery Hero, which rose by 5.67% at the top of the DAX. Bayer were also wanted and improved by 4.62%.

The US stock exchanges ended inconsistently. There was no stimulus from the Fed meeting. The monetary authorities are initially leaving their monetary policy unchanged. Dow Jones -0.15%; S&P 500 + 0.18%; Nasdaq Comp. + 0.50%. Nikkei-225 slightly friendlier at 26,807 points (+ 0.18%).

Companies

Continental wants to concentrate more on future technologies such as the networking of vehicles, autonomous driving and software. In a presentation of his new strategy, CEO Setzer named several such technology fields in which the group wants to grow faster than the competition in the future. At the same time, the automotive supplier wants to secure earnings in product areas that have to assert themselves in a saturated market environment. The portfolio strategy also includes possible acquisitions and sales as well as partnerships. Setzer named annual organic growth of between 5 and 8% and an adjusted operating margin (EBIT return) of around 8 to 11% as strategic medium-term goals. In addition to the current savings program, Continental is aiming to increase productivity with the help of greater automation and digitization of production. The drive division Vitesco should be spun off as planned in the coming year.

Earlier this month, Australia pushed ahead with plans for Facebook and Google to share their advertising revenue with the media. Now the trouble for Facebook continues: Australia sued the US company for collecting user information without consent. Specifically, the Australian competition and consumer protection agency ACCC accuses the world’s largest Internet network of advertising the protection of private data, while the information is secretly used to find takeover targets. According to experts, acquisitions could be split off.

currency

The euro continued its upward trend. He received a tailwind from new economic data from the currency area.

Oil / gold

With fluctuations, oil prices remained roughly at the level of the previous day. Despite the increased willingness of investors to take risks, the gold price rose. He also benefited from the weaker US $.

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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