MARKETS EUROPE / Strong PMI and canceled lockdown support | 03/24/21

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FRANKFURT (Dow Jones) – Little changed, the European stock markets went out of trading on Wednesday. Strong purchasing manager indices (PMI) from the USA and Europe aroused economic optimism. In addition, as expected, the positive reactions to the stop of the Easter tightening prevailed in Germany. Business associations welcomed the decision. Maundy Thursday as a spontaneous holiday would otherwise have caused massive problems in work organization and the supply chain.

Among other things, the head of the Association of the Automotive Industry (VDA), Hildegard Müller, praised the decision of the Chancellor Angela Merkelto admit a mistake here. In the market, this led to a rotation into travel stocks and out of the stay-at-home stocks. The economy and chip stocks were in great demand. The DAX closed 0.4 percent easier at 14,610 points, the Euro-Stoxx-50 even gained 0.1 percent to 3,832 points. Without the profit-taking in the strong auto stocks (VW minus 3.3%), the DAX would have closed in positive territory.

Strong PMI from Europe – Eurozone beckons with expansion

The PMI from Europe and the USA were received very positively. Martin Moryson, chief economist for Europe at fund manager DWS, called it a “nice surprise”. Among other things, the important service index in France jumped much more strongly to 47.8 and in Germany the industry index climbed to 66.6. Even the German service index managed to expand over 50 points.

The overall index for the euro zone also rose more strongly than expected and made it past the expansion mark to 52.5 in March. This could be seen as a signal for foreign investors to increase the Eurozone shares, it said in the trade.

At the same time, the US PMI are calming down, where the service and industry indexes were within the expected range with 60 and 59 points. “They are strong enough not to raise doubts about growth and at the same time not good enough to raise interest rate concerns,” said one trader.

Looking for travel values ​​again – Corona shares sold

Stocks around travel and tourism were sought after the role backwards in the German Easter lockdown. At travel organizer Tui it was 6.4 percent higher. The airlines were also sought after across Europe, Lufthansa rose 2.7 percent, Easyjet by 3.6 percent and Ryanair even 4.5 percent. Fraport climbed 2.4 percent.

Conversely, “Stay-at-Home” titles fell sharply: Hellofresh lost 4.5 percent, Delivery Hero 2.9 percent and Zooplus 4 percent. In Amsterdam, Justeat takeaways were reduced by 3 percent. The global exit from the former Corona winners is also rolling in the USA: The shares of the home cyclist Peloton fell 7.5 percent.

Deutsche Euroshop rose by 5.3 percent after initial weakness. The canceled Easter lockdown created a good mood, because 18 of the company’s 21 shopping centers are still in lockdown. The fact that the company was unable to provide an outlook in the context of the business figures is understandable because of the planning uncertainties, it said in the trade.

Chip stocks wanted thanks to Intel

The main winners in Europe were economic sectors such as construction and raw materials with a plus of 1.2 percent. The technology stocks were also 1 percent higher in the Stoxx industry index. ASML rose by 4.8 percent, factory equipment manufacturer ASM International by 5.2 percent, after Intel announced investments in the billions in the construction of chip factories.

Infineon gained 0.4 percent in the DAX. According to the analysts at Equita, this is mainly due to Intel’s outlook, which continues to expect high prices. According to Berenberg, investments are increasing even more than expected, and this year an increase of 18 percent instead of 15 percent is possible.

Leonardo cancels IPO – Eon numbers are okay

The shares of the Italian aviation and defense company Leonardo fell by over 6 percent. The postponement of the IPO of the US subsidiary DRS had a negative impact here. Apparently the valuation will not be accepted by the market, it said. The title of the container shipping company Möller-Maersk fell 1.6 percent because of the blocked Suez Canal. Citi analysts stressed that it was the busiest trade route between Asia and Europe. Around 20 percent of the global capacity of the global container industry ran through the canal.

Eon climbed 0.7 percent after returning to the black in the fourth quarter. Citi analysts saw the outlook for 2021 slightly above market expectations. Encavis collapsed nearly 7 percent. Here the view was disappointing. According to the figures, LPKF’s shares fell 4.7 percent. In 2020, sales only reached the lower end of the company’s own forecast range, and the margin was even lower.

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Index final development development development

stood in% since

Beginning of the year

Euro-Stoxx-50 3,832.55 +5.53 + 0.1% + 7.9%

Stoxx-50 3.274,22 -2,04 -0,1% +5,3%

Stoxx-600 423,39 +0,08 +0,0% +6,1%

XETRA-DAX 14.610,39 -51,63 -0,4% +6,5%

FTSE-100 London 6.718,66 +19,47 +0,3% +3,7%

CAC-40 Paris 5,947.29 +1.99 + 0.0% + 7.1%

AEX Amsterdam 686.13 +4.39 + 0.6% + 9.9%

ATHEX-20 Athen 2.011,74 +14,22 +0,7% +4,0%

BEL-20 Brussels 3,872.00 -8.73 -0.2% + 6.9%

BUX Budapest 44.290,24 +687,22 +1,6% +5,2%

OMXH-25 Helsinki 4,924.67 +27.03 + 0.6% + 7.4%

ISE NAT. 30 Istanbul 1.447.65 +26.93 + 1.9% -11.5%

OMXC-20 Copenhagen 1,416.13 -21.22 -1.5% -3.4%

PSI 20 Lisbon 4,878.09 -33.27 -0.7% -1.1%

IBEX-35 Madrid 8,443.70 +53.40 + 0.6% + 4.6%

FTSE-MIB Mailand 24.208,66 +94,80 +0,4% +8,5%

RTS Moscow 1,437.18 +1.51 + 0.1% + 3.6%

OBX Oslo 926,40 +2,51 +0,3% +7,9%

PX Prague 1,090.19 +1.35 + 0.1% + 6.1%

OMXS-30 Stockholm 2,184.60 +16.48 + 0.8% + 16.5%

WIG-20 Warsaw 1,899.95 -23.60 -1.2% -4.2%

ATX Vienna 3,132.34 +31.12 + 1.0% + 11.6%

SMI Zurich 11,063.87 -34.79 -0.3% + 3.4%

Bond market recently in absolute terms +/- YTD

German ten-year return -0.35 -0.01 -0.59

US-Zehnjahresrendite 1,64 0,01 -1,04

Forex last +/-% Wed, 8:30 Tue, 6:30 p.m.% YTD

EUR/USD 1,1826 -0,19% 1,1825 1,1863 -3,2%

EUR/JPY 128,68 -0,02% 128,44 128,99 +2,1%

EUR/CHF 1,1068 +0,02% 1,1067 1,1073 +2,4%

EUR/GBP 0,8622 +0,04% 0,8645 0,8614 -3,5%

USD/JPY 108,81 +0,17% 108,63 108,74 +5,3%

GBP/USD 1,3716 -0,24% 1,3684 1,3772 +0,4%

USD/CNH (Offshore) 6,5258 +0,11% 6,5229 6,5152 +0,4%

Bitcoin

BTC / USD 55,883.75 + 2.77% 54,146.00 55,697.00 + 92.4%

ROHÖL last VT-Settl. +/-% +/- USD% YTD

WTI/Nymex 61,13 57,76 +5,8% 3,37 +25,6%

Brent/ICE 64,49 60,79 +6,1% 3,70 +24,7%

METALS last previous day +/-% +/- USD% YTD

Gold (Spot) 1.733,98 1.727,08 +0,4% +6,90 -8,6%

Silver (spot) 25.22 25.08 + 0.6% +0.14 -4.5%

Platinum (Spot) 1,180.50 1,169.35 + 1.0% +11.15 + 10.3%

Kupfer-Future 4,07 4,08 -0,4% -0,01 +15,4%

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Contact the author: [email protected]

DJG / mod / flf

(END) Dow Jones Newswires

March 24, 2021 13:24 ET (17:24 GMT)





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https://www.finanzen.at/nachrichten/aktien/maerkte-europa-starke-pmi-und-abgesagter-lockdown-stuetzen-1030242399

MARKETS EUROPE Strong PMI canceled lockdown support

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