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In the morning: Apple, Hornbach Holding and Vodafone in focus – Nord LB column

In view of the current second corona wave, consumer sentiment in Germany is clouding over. At -7.3 (-6.8) points, the GfK consumer confidence for January is more gloomy than it has been for half a year, according to the survey of 2,000 participants. “With the hard lockdown and the closing of most stores, the consumer climate has to cope with another setback,” said GfK. “There can certainly only be relaxation or recovery when the number of infections has fallen so far that the tough restrictions can be relaxed again.”

The UK economy grew faster than previously thought from July to September. The British statistical office announced that GDP rose by 16.0% compared to the previous quarter. Despite the race to catch up, economic output is still 8.6% below the pre-crisis level (end of 2019), it said.

The costs of coping with the Corona crisis have caused German national debt to rise extremely. At the end of September, the federal, state, municipal and social security institutions, including all extra budgets, stood at EUR 2,195.1 billion, an increase of 15.6% compared to the end of 2019.

Despite Corona, companies went public in 2020. According to a study by EY, 1,322 companies around the world ventured onto the floor, which means an increase of 15%. The issue volume even rose by 26% to US $ 263 billion and reached its highest level since 2010.

Bond market

After a very volatile trade, German government bonds created a slightly positive trend in the end. During the pre-Christmas period of calm trading, US Treasuries posted slight gains, benefiting from clouded consumer sentiment and coronavirus worries.

Stock market

The prospect of the corona vaccinations starting soon and the hope that the vaccine will also help against the mutation of the virus created a friendly atmosphere on the German stock market. Part of the significant losses suffered the previous day were made up for. DAX + 1.30%, MDAX + 1.23%, TecDAX + 1.38%.

The US stock exchanges presented themselves inconsistently. While the significantly worsened consumer sentiment in December weighed on, media reports that Apple (+ 2.85%) plans to bring a self-driving car with innovative battery technology to market in 2024 provided a boost in the tech sector. Dow Jones -0.67%; S&P 500 -0.21%; Nasdaq Comp. + 0.51%. Nikkei-225 a bit friendlier at 26,525 points (+ 0.33%).

Companies

The hardware store chain Hornbach Holding also benefited in Q3 of FY 2020/21 from the unbroken renovation trend during the corona pandemic. Revenues increased from September to November by 20.3% to EUR 1.371 billion. The increased sales and improved cost ratios resulted in a disproportionate increase in the adjusted operating result (EBIT) by 59.9% to EUR 66.9 million. With a view to the further development in the final quarter of 2020/21 (December 1 – February 28), the Hornbach Group is sticking to its annual forecast despite the increased corona risks and on the basis of the measures known at the time of going to press. Accordingly, an increase in sales of 13 to 17% and an adjusted EBIT of EUR 290 to 360 (previous year: 227) million is expected.

After years of legal dispute, Vodafone can take over the remaining shares in Kabel Deutschland. The mobile phone company announced that it had reached an agreement with major shareholder Elliott and other minority shareholders to take over their block of shares. The minority shareholders, who together hold 17%, have already accepted the offer and agreed not to take any further legal action.

currency

Concerns that the mutation of the coronavirus could have a particularly negative impact on the European economy and the renewed uncertainties with regard to the Brexit negotiations pushed the euro down during the day.

Oil / gold

Oil prices suffered again from fears that the lockdowns due to the mutated coronavirus could last longer than originally planned. The gold price trended a little lighter on Tuesday, but stayed above the US $ 1,860 mark for the fifth day in a row.

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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