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In the morning: AXA, Airbus and Boeing in focus – Nord LB column

The growth of Chinese industry continued in December, but fell slightly compared to November. The official purchasing managers’ index for manufacturing (PMI) fell to 51.9 from 52.1, according to the national statistics bureau NBS. Thanks to the surprisingly strong exports, China’s industrial sector was able to continue to recover from the slumps as a result of the coronavirus outbreak, but still suffered from the renewed lockdown measures at global trading partners.

China will cut grants for electric cars by 20% in 2021. There are 10% less subsidies for cars and buses for the public sector. Subsidies and tax rebates should still be available in 2022. China expects sales of alternative drive vehicles to rise to 1.8 million in 2021, from 1.3 million this year. The state wants around 20% (2020: 5%) of the cars sold to have alternative drives in 2025.

In the dispute over subsidies for the aircraft manufacturers Airbus and Boeing, the US government is turning the tick again. Imports of aircraft components, certain wines as well as cognacs and other brandies from Germany and France would now be levied, said the office of the US trade representative. Details would be announced “shortly”. The EU had previously incorrectly calculated tariffs against the United States, which were permissible in the ongoing dispute after a ruling by the World Trade Organization (WTO) in September.

The number of initial jobless claims in the US has surprisingly fallen for the second week in a row. A total of 787,000 (-19,000) Americans applied for government aid last week.

Bond market

In a very low-turnover business, German government bonds went out of trading on the last trading day of the year without any major changes. US Treasuries also moved marginally. Here, too, investors held back. Inconsistent economic data did the rest.

Stock market

The German stock market fell slightly on the last trading day of the turbulent 2020. Nevertheless, despite the corona-related volatility, the indices were able to gain over the year and even achieve new all-time highs. While the DAX closed at least 3.5% above its previous year’s value, the MDAX was even 8.8%. DAX -0.31%, MDAX -0.38%, TecDAX -0.16%.

The US stock exchanges recorded slight gains again at the end of the year. Thanks to the corona vaccinations that have started around the world, investors are relying more and more on a recovery in the economy in 2021. The first countries have now also approved the vaccine from the British AstraZeneca. In 2020 the Dow Jones gained 6.6%, while the broader S&P 500 went up just under 16%. Dow Jones + 0.24%; S&P 500 + 0.13%; Nasdaq Comp. + 0.15%. The Japanese stock market left the year easier. The Nikkei-225 fell 0.45% to 27,444 points on the last day of trading. Over the year as a whole, it rose 16%. The new year started a little easier on the Japanese stock market at 27,258.38 points (-0.68%).

Companies

The French insurer AXA is selling its businesses in Greece to its Italian competitor Generali for EUR 165 million. Axa expects the transaction to be completed by the end of the 2nd quarter of 2021. The project is part of the strategy to optimize business and increase earnings, it said.

currency

Without any new impetus, the euro headed slightly south on New Year’s Eve. The unexpectedly fallen US unemployment benefit data helped the US $ somewhat in the afternoon.

Oil / gold

US crude oil inventories, which fell slightly more than expected, did not help oil prices jump. On the contrary: The prices fell slightly on New Year’s Eve. At the end of the year, the gold price tended to be somewhat friendlier and at around US $ 1,880 per troy ounce, it remained easily above its technical support at US $ 1,860.

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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