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In the morning: Philips, Blackberry and FedEx in focus – Nord LB column

The Japanese government expects on March 31. The fiscal year ending next year will see a stronger economic slowdown than previously forecast. Due to the effects of the corona pandemic, GDP will decline by 5.2% (previous expectation: -4.5%). In contrast, the government has become more optimistic for the coming fiscal year 2021/22 and raised its GDP forecast to + 4.0% (previously: + 3.4%). The background is a new economic program.

After the sharpest drop in consumer prices in more than a decade, fears of deflation have returned in Japan. The cost of living in November was 0.9% lower than a year earlier. This was the fourth decline in a row. Part of the drop in prices is due to a government discount campaign for domestic travel.

The mood among companies in Germany surprisingly improved in December. Despite the lockdown, the Ifo business climate index climbed to 92.1 points from 90.9 points in the previous month. Both the current situation and the outlook were seen better. “It is true that the lockdown is hitting individual industries hard,” said Ifo President Fuest. “However, the German economy as a whole is showing itself to be resilient.” The tightening of the lockdown, which is slowing down stationary retail in particular during the Christmas business, is largely not yet included in the survey figures. The next few weeks therefore threaten to be difficult again, but we expect an accelerated recovery from spring onwards.

Bond market

The surprisingly good Ifo business climate index for December weighed on German Bunds. US Treasuries were unable to maintain their initial gains at the end of the week and slipped slightly into the red.

Stock market

On the big expiry date on the derivatives exchanges, the Witches’ Sabbath, the German stock market went out of trading unevenly. The initial price gains after the better than expected Ifo sentiment data pulverized in the DAX during the day. DAX -0.27%, MDAX + 0.66%, TecDAX + 1.04%.

Wall Street was not quiet either because of the Witches’ Sabbath. At this expiration date for options and futures on stocks and indices, market participants sometimes try to drive prices to the prices at which they are exposed on the futures exchanges. Dow-0.4%; S & P500 – 0.4%; Nasdaq 0.1%. Nikkei-225 a little lighter at 26,714.42 points.

Companies

Philips is taking over the US heart diagnostics specialist BioTelemetry for a total of US $ 2.8 billion. “The acquisition of BioTelemetry fits in perfectly with our strategy of being a leading provider of solutions for patient care management in the hospital and at home,” said Philips CEO van Houten. The offer of US $ 72 per BioTelemetry share corresponds to a premium of 16.5% on the closing price on Thursday. The deal is expected to close in Q1 2021.

At the Canadian software manufacturer Blackberry, Q3 revenues fell by 18% to US $ 218 million. They were marginally below the experts’ forecasts. Blackberry slipped deep into the red, posting a net loss of $ 127 million. As a justification, the company referred to weak demand for Blackberry’s cybersecurity products and the QNX car software, which is used by Volkswagen, BMW and Ford, among others.

FedEx increased profits by leaps and bounds in Q2 of fiscal 2020/2021. The reason for this was price increases and the significant increase in deliveries of online orders, said the Deutsche Post competitor. Net income was $ 1.3 billion after $ 660 million in the same period last year. Revenue rose 19% to $ 20.6 billion. In view of the continuing uncertainties with regard to the corona pandemic, the group did not give an outlook for the entire financial year.

currency

The euro suffered from slight profit-taking, as the Brexit negotiations have recently stopped moving.

Oil / gold

Oil prices could not quite hold the previous day’s level, but were still at a high level. After three days of clearly rising prices, the gold price took a breather on Friday.

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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