Dax and Euro Stoxx: The appointments of the day

Dusseldorf After turbulent weeks of trading, the mood on the Evil seems to have returned to a neutral level. According to the weekly Handelsblatt survey Dax-Sentiment, there is currently no particular pressure on the market.

On over-the-counter trading platforms, the Dax is listed on Tuesday morning before the start of trading about 100 points in plus at 12,365 points.

Investors should once again focus on further development in the balance sheet scandal at the financial service provider Wirecard stand. The Dax group admitted on Monday that the disappeared 1.9 billion euros were “nonexistent” with “predominant probability”. The stock lost more than 44 percent after slumping more than 70 percent last week.

In addition, the German stock market should receive impulses from the Council of Experts this Tuesday: at midday it presents its economic forecast for 2020 and 2021. The Federal Court of Justice is also negotiating in the dispute between Facebook and the Federal Cartel Office.

1 – Requirements from the USA

The US stock exchanges closed with price gains after a roller coaster ride on Monday. Traders justified the surcharges among other things Price gains in high technology stocks. The market is already looking to 2021, when a significant economic recovery is expected. The Dow Jones index of standard values ​​went up 0.6 percent from 26,024 points from trading. The technology-heavy Nasdaq advanced 1.1 percent to 10,056 points. The broad S&P 500 gained 0.6 percent to 3,117 points. The fear of a second wave in the coronavirus pandemic had initially dampened the buying mood on the US stock exchanges. Investors wondered what the recent surge in new infections means for the economic recovery.

2 – Trade in Asia

The Asian stocks were down on Tuesday recovered after a significant slump at the beginning of the day. Contradicting statements by the White House about the existence of the first phase trade agreement between the United States and China caused markets to tumble: White House trade advisor Peter Navarro said the trade deal with China was “over” because it was in the eyes of the United States States could have prevented the spread of the novel corona virus to other countries. The comment initially led to a sell-off on the stock markets. However, the mood improved quickly after Navarro’s explanation that his comment had been taken out of context. US President Donald Trump also agreed on Twitter that the pact is “completely intact”.

“With the White House, you can never be sure whether you express your own opinion or the official position,” said Moh Siong Sim, foreign exchange analyst at the Bank of Singapore. “If that’s his own opinion, it’s pretty conclusive with Navarro. We know he’s a hardliner. But ultimately it is Trump who decides whether the trade agreement exists or is off the table. ”In response to this, the Tokyo Stock Exchange initially showed stronger on Tuesday. The Nikkei index, which comprises 225 values, was 0.9 percent higher at 22,642 points. The broader Topix index rose 1 percent to 1594 points. The Shanghai stock exchange was up 0.2 percent. The index of the major companies in Shanghai and Shenzhen gained 0.3 percent. The MSCI index for Asian stocks outside Japan fell 0.1 percent.

3 – Economy gives economic forecast

At 12 o’clock, the Council of Experts commented on video surveys to assess the overall economic development this year and next. At the end of March, the committee assumed that the most likely scenario was a five-week shutdown due to the corona pandemic.

In this case, Germany’s gross domestic product (GDP) would shrink by 2.8 percent in 2020, while minus 5.5 percent was assumed in a risk scenario. Even this scenario, the chairman of the committee, Lars Feld, is now too optimistic.

4 – Further development in the Wirecard case

The financial service provider Wirecard has lost 1.9 billion euros, which should actually be in the trust accounts of two banks in the Philippines. The sum corresponds to about a quarter of the balance sheet total of the payment service provider.

In the meantime, the search for money has apparently been abandoned. In a statement, the Wirecard board announced early Monday morning that the escrow accounts “with a high probability” do not exist.

The Wirecard Supervisory Board also moved on Monday afternoon further consequences of the balance sheet scandal and has recalled board member Jan Marsalek with immediate effect and terminated his employment contract extraordinarily. The rating agency Moody’s has now completely removed Wirecard’s credit rating. The Wirecard share price dropped 44 percent on Monday. The stock had already lost 71 percent last Thursday and 35 percent the following Friday.

5 – Federal Supreme Court hears in the dispute between Facebook and the Federal Cartel Office

The negotiation this Tuesday is about collecting user data. The cartel office wants to enforce that the tech giant may only link data from its other services or third party providers to the user’s account with the express consent of the user.

The decision cannot currently be implemented due to a decision by the Düsseldorf Higher Regional Court. The Cartel Office defends itself against this. It is not clear whether there will be a verdict in Karlsruhe this Tuesday.

6 – Publication of the national education report

The report “Education in Germany 2020” will be presented in Berlin this Tuesday at the federal press conference. He will present him among other things, Federal Minister of Education and CDU politician Anja Karliczek as well as Stefanie Hubig (SPD), Minister of Education of the State of Rhineland-Palatinate and currently President of the Conference of Ministers of Education.

Company dates on June 23, 2020

  • 7:00 a.m., Germany: Fraport, traffic figures for the 25th calendar week
  • 10:00 a.m., Germany: Sixt Leasing, Annual General Meeting (online)
  • 10:00 a.m., Germany: Bijou Brigitte, Annual General Meeting (online)
  • 10:00 a.m., Germany: Zalando, Annual General Meeting (online)
  • 10:00 a.m., Germany: SHW, Annual General Meeting (online)
  • 3:30 p.m., Germany: Online Pk of Allianz Germany on insurance offer “private protection”
  • Germany: BGH is negotiating in the dispute between Facebook and the Federal Cartel Office over the collection of user data

Dates economic activity on June 23, 2020

  • 9:15 a.m., France: PMI Manufacturing and Services 06/20 (provisional)
  • 9:30 a.m., Germany: PMI Manufacturing and Services 06/20 (provisional)
  • 10:00 am, EUR: PMI manufacturing and services 06/20 (provisional)
  • 10:30 a.m., Great Britain: PMI Manufacturing and Services 06/20 (provisional)
  • 12:00 p.m., Germany: Economic practices provide economic forecasts for 2020 and 2021
  • 3:45 p.m., USA: PMI Manufacturing and Services 06/20 (provisional)
  • 4:00 p.m., USA: New construction sales 05/20
  • 10:30 p.m., USA: API Oil Report (Week)

Other dates on June 23, 2020

  • 10:00 a.m., Germany: Union Investment web conference: “Sustainability in times of Corona” with the topic: “Virtual General Meetings: Curse or Blessing?”
  • 11:00 a.m., Germany: Presentation of the Constitution Protection Report 2019 with Federal Minister of the Interior Horst Seehofer (CSU) and the President of the Federal Office for the Protection of the Constitution (BfV), Thomas Haldenwang

Here is the page with the Dax course, here are the current tops & flops in the Dax. Current short sales by investors can be found in our short sales database.

Leave a Comment