Dax and Eurostoxx: The appointments of the day

Dusseldorf After a pleasing trading week with an increase of more than three percent, things look different at the start of the new weeks: Over-the-counter trading platforms signal that the Dax starts trading at around 12,240 points. That would be 90 points less than at the close on Friday. The Frankfurt benchmark ended the week 0.4 percent firmer at 12,330 points.

That fight two DAX companies against impending bankruptcy, is already rare. For one, searches Wirecard after the missing 1.9 billion euros. Because the sum probably does not exist according to the board, the stock is still under pressure. After a drop of 71 percent on Thursday and 35 percent last Friday, the price should continue to fall.

On over-the-counter platforms, where the volume is significantly lower than in regular trading, the paper is still in the red and has even traded at € 17.50 in the meantime.

On the other hand, the situation comes to a head Lufthansa to. Finance Minister Olaf Scholz (SPD), Lufthansa CEO Carsten Spohr and major shareholder Heinz Hermann Thiele want to discuss the rescue package for Lufthansa today. Thiele hopes to be able to renegotiate the nine billion program.

At the Annual General Meeting on Thursday, the entrepreneur could possibly block the 15 percent stake in the rescue package and had previously sold Knorr-Bremse shares for EUR 700 million. Did he use this money to increase his stake in Lufthansa shares? The share price rose by more than three percent on Friday.

1 – Default from the United States

US equity investors are nervous about the increasing number of new corona infections. In six US states, there was a record increase in new infections within a day. Apple has announced that it will close some of its stores again.

The Dow Jones index of standard values ​​fell 0.8 percent from 25,871 points from trading. The technology-heavy Nasdaq barely changed at 9946 points. The broad S&P 500 lost 0.6 percent and traded at 3097 points at the close on Friday.

2 – Trade in Asia

Asian stocks failed to shake off growing concerns about a second wave of infections on Monday. Rising coronavirus numbers, particularly in the United States, dampened investor hopes of a rapid economic recovery.

The Tokyo stock exchange therefore initially appeared inconsistent on Monday. The Nikkei index, which comprises 225 values, was 0.1 percent higher at 22,499 points. The broader Topix index remained unchanged at 1582 points.

The stock exchange in Shanghai was up 0.3 percent. The key companies in Shanghai and Shenzhen gained 0.4 percent. The MSCI index for Asian stocks outside of Japan rose 0.5 percent.

3 – What’s next for the Wirecard share?

The online payment service provider misses 1.9 billion euros. However, as the board announced on Monday night, the money “almost certainly” does not exist. The Company had previously assumed the existence of these accounts and had shown them as an asset.

Wirecard also reduced the preliminary figures for the 2019 financial year. “Possible effects on the annual financial statements of previous financial years cannot be ruled out,” the statement continues.

The new Wirecard boss James Freis is only in office for a short time and is about to face a Herculean task: he has to save the staggering payment processor, regain trust among investors and customers, and conduct difficult negotiations with banks.

The price losses of the Wirecard share should continue in the new trading week – at least the prices on over-the-counter trading platforms indicate this.

4 – Change in the German stock index

As of this Monday, the apartment rental company Deutsche Wohnen will replace Lufthansa in the Dax. This marks the end of an era: Germany’s largest airline was a founding member of the leading German index almost 32 years ago. With Deutsche Wohnen, Vonovia is now a second real estate group represented in the first German stock exchange league. Vonovia made its move into Dax in September 2015, and Deutsche Wohnen had long been considered a candidate for promotion.

5 – Crisis meeting on the state Lufthansa rescue package

According to an insider, there will be a crisis meeting with representatives of the federal government in a dispute with major shareholder Heinz Hermann Thiele about the state rescue package for the stricken Lufthansa. The multi-billion dollar rescue of Lufthansa negotiated with politics for weeks could still fail.

Shortly before the decisive general meeting on June 25, the new major Lufthansa shareholder Thiele had declared that he rejected the state’s proposed entry into the airline. At the Annual General Meeting on Thursday, the entrepreneur may block the 15 percent stake in the rescue package. Then an insolvency of the airline in the form of the so-called protective shield procedure would be inevitable.

Company dates on June 22

  • 10.00 a.m. Germany: Süwag Energie, Annual General Meeting (online)
  • 11.00 a.m. Germany: Stemmer Imaging, Annual General Meeting (online)
  • 2 p.m. Germany: GSW Immobilien, Annual General Meeting (online)

Company dates on June 22 (no time)

  • Germany: Deutsche Börse index changes. Dax: Deutsche Lufthansa (out) / Deutsche Wohnen (in), MDax: Deutsche Pfandbriefbank, Deutsche Wohnen (both out) Ströer, Lufthansa (in), SDax: MLP, Elmos Semiconductor, Ströer (out) / Deutsche Pfandbriefbank, Atoss Software, Dr. Hönle (pure)
  • USA: Apple Developer Conference WWDC20 (online)

Dates economic activity on June 22nd

  • 12:00 p.m. Germany: Bundesbank, monthly report 06/20
  • 2.30 p.m. USA: CFNA index 05/20
  • 4:00 p.m. USA: resale houses 05/20
  • 4.00 p.m. EU: consumer confidence 06/20 (in advance)

Other dates on June 22nd

  • 9:00 a.m. Germany: Conference “Frankfurt Finance Summit” – via livestream and others with State Secretary Jörg Kukies, Bafin President Felix Hufeld, Deutsche Bank CEO Christian Sewing (requested)
  • 11:00 a.m. EU: EU Commission on progress towards EU sustainability goals
  • Germany: Public meetings of the Bundestag committees
  • 3:00 p.m. Finance Committee on tax relief measures to deal with the corona crisis
  • Germany: Special Coalition Committee on European Policy before taking over the EU Council Presidency on July 1st
  • EU / China: EU-China talks. Chinese Prime Minister Li Keqiang, EU Council President Charles Michel and Commission President Ursula von der Leyen will attend the video conference. The main topic of the talks is the slowdown in negotiations on an investment agreement.
  • Germany: Stability Council meeting
  • Luxembourg: EU environment ministers meet

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.

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