In the morning: VW, Just Eat Takeaway and Ford in focus – Nord LB column

In December, car sales in China climbed 6.4% compared to the same period in the previous year to 2.83 million vehicles. This is now the ninth increase in a row. Due to the restrictions in the corona pandemic, there was a slight decrease of 1.9% to 25.3 million units for the year as a whole. For the current year, the Chinese Automobile Manufacturers Association expects sales figures to increase by around 4% to 26.3 million vehicles.

Industry in the euro zone recovered more strongly in November than forecast. The companies produced 2.5% more than in the previous month, reported Eurostat. Compared to the previous year, however, there is still a minus of 0.6%.

US consumer prices rose by 0.4% m / m in December, so that the inflation rate rose to 1.4% y / y. While the price data did not play a role in 2020, it is likely to receive a little more attention in the course of 2021: We expect the US inflation rate to rise towards 3% in the summer. These medium-term prospects explain part of the soaring government bond yields observed in recent days – especially in the US. In addition, the economic implications of the Senate elections and the vaccination campaign that had started had a positive effect on returns. Even if a further (base-related) rise in inflation rates can be assumed for 2021, we see this as a primarily temporary phenomenon and a problem that will remain almost negligible for central bankers for a long time to come. Nonetheless, the economic outlook in the second half of 2021 suggests a gradual increase in yields, which, according to our forecasts, will be slow (more) than last.

Bond market

The recent stabilization in US bonds has also had a positive impact on the German government bond market. US Treasuries were in demand yesterday. The yield on ten-year Treasuries fell from 1.15% to 1.10%.

Stock market

Even if the German stock market went out of trading yesterday with a slight plus, the hanging game continues. Market events are characterized by uncertainties regarding the length and economic effects of the lockdown. DAX + 0.11%, MDAX + 0.38%, TecDAX + 0.53%.

The persistently high number of coronavirus infections has depressed sentiment on Wall Street. However, the prospect of additional government economic aid provided support. Dow -0.03%, S&P-500 + 0.4%, Nasdaq-Comp. + 0.2%. The Nikkei 225 is trading more firmly at 28,698.26 points.


VW delivered 9.305 million vehicles worldwide in the Corona year 2020, which corresponds to a decrease of 15.2% compared to the previous year. Nevertheless, the group was able to expand its market share slightly. In the midst of the Corona crisis, sales of pure e-mobiles rose sharply to 231,600 worldwide, more than three times as many as in the previous year. The plug-in hybrids were also very popular with customers with 190,500 vehicles (+ 175%). The share of electrified vehicles in sales jumped to 10.5% (1.9%) in Western Europe.

The long restaurant closings to contain the corona pandemic have given the Dutch food supplier Just Eat Takeaway a leap in growth. In Q4, orders soared a total of 57%. The company plans to announce its final figures on March 10th, but is already anticipating an increase in sales of more than 50% for the full year.

The US car manufacturer Ford is also benefiting from the renewed desire to buy from Chinese customers. In 2020, the Group sold a total of 602,627 vehicles there, an increase of 6% compared to 2019. Q4, where growth of 30% was achieved, made a particular contribution.


After little trading in the morning, the euro continued to decline.

Oil / gold

Oil prices initially benefited from the decline in US inventories announced the day before, before profit-taking set in later. On balance, there was little momentum in the gold price on the reporting date. In the end, the yellow metal was trading slightly higher.

Related Articles

Back to top button