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In the morning: Bayer, CureVac, LafargeHolcim and Ryanair in focus – Nord LB column

Despite the partial lockdown, German industry surprisingly received more orders for the seventh month in a row. New business grew by 2.3% compared to the previous month, announced the Federal Ministry of Economics. Economists, however, had expected worse numbers. In October there was a revised increase of 3.3%. The foreign orders increased by + 2.9% more strongly than those from Germany with + 1.6%. Measured on February 2020, the month before the start of the restrictions in the wake of the corona pandemic, orders are 4.0% higher.

According to the ECB, the second wave of pandemics is clearly affecting the economy in the euro area. The monetary authorities assume that economic output will have contracted in Q4 / 2020. In the manufacturing sector, activity could continue to hold its own. “In the service sector, however, it is massively impaired by the increase in the number of infections and the recent restrictions on social contacts and mobility,” said the monetary watchdog’s report. Data and our own economic forecasts indicate that the short-term economic consequences of the pandemic will be stronger than previously assumed.

Consumer prices in the euro area fell into the red for the fifth month in a row in December. Within a year, inflation fell by 0.3%, said Eurostat. The drop in prices had already been -0.3% in the previous months. The main reason for the decline was again energy prices.

The economic sentiment in the euro zone brightened despite lockdown measures in December. The business climate rose to 90.4 (Nov .: 87.7).

Bond market

After a somewhat weaker start, German government bonds initially fought their way into positive territory. Ultimately, however, they came under renewed pressure from the euphoria on the financial markets. US Treasury bond prices continued to decline. The prospect of additional government spending under US President-elect Biden caused the decline.

Stock market

Record mood on the entire German stock market: This was ensured by hopes of a global economic upswing and a containment of the corona pandemic. At times, the Dax even rose above the 14,000 mark for the first time. DAX + 0.55%, MDAX + 0.33%, TecDAX + 0.29%.

Wall Street reacted more than pleased to the prospect of further government aid to cushion the coronavirus impact. Dow Jones + 0.7%, S & P-500 + 1.5%, Nasdaq-Comp. + 2.6%. Infrastructure values ​​were particularly popular yesterday. Record mood in Asia too: The Nikkei 225 reached its highest level in three decades. (End: 28,139.03 P.).

Companies

Bayer and the corona vaccine developer CureVac have agreed on a global partnership. “As part of this agreement, Bayer will support the further development and delivery of the Covid-19 vaccine candidate CVnCoV from CureVac as well as local activities in selected countries,” Bayer announced.

The cement giant LafargeHolcim is taking over the roof system manufacturer Firestone Building Products for US $ 3.4 billion. The US-based company achieved an operating profit (EBITDA) of US $ 270 million in 2020 with estimated sales of US $ 1.8 billion, it said. LafargeHolcim expects the transaction to close in Q2.

The lockdown in Great Britain and Ireland causes the low-cost airline Ryanair to cancel planned flights from the end of January. According to the airline, this also reduces the annual forecast for the number of passengers in the financial year that will run until the end of March. Ryanair now expects a range of 26 to 30 (previously: below 35) million. The new flight cancellations should not increase the net loss, as they would have been in deficit anyway, explained Ryanair.

currency

Profit-taking dominated the euro on Thursday.

Oil / gold

Oil prices could not continue the significant increase of the past few days and consolidated at the level they had reached. The US riots did not affect the gold price, which remained largely unchanged.

Live stream on December 14, 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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