Status: March 29, 2021 4:21 p.m.
The bulls on the stock market continue to hold the scepter tight, negative factors are consistently ignored. Investors are particularly looking to America, from where the upswing is expected to come.
Nothing can really shake the stock market right now, it seems. The DAX marked another record high at 14,847 points in the afternoon, even if it was only a small jump from the old high (at 14,804 points). Overall, the fluctuations in the DAX are still manageable, the daily low was 14,756 points.
But what it is primarily about is the message – investors continue to rely entirely on a strong recovery after the end of the pandemic – even if this is currently getting worse, at least in Europe, than the all-clear can be given. After all, another strict lockdown is currently being discussed in this country in view of the sharp rise in the number of new corona infections.
“Inflation concerns, rising yields on the US bond market, the third wave of infections in Europe, all of this hardly seems to impress investors,” said Christian Henke from brokerage firm IG. US President Joe Biden’s economic stimulus program is particularly optimistic. After the massive aid to stimulate consumption in the US, Biden is planning another trillion-dollar economic stimulus program for the US infrastructure.
The USA is the economic engine
With these powerful stimulus injections and the dynamic vaccination campaign behind them, the Americans are sending a strong signal, which is also giving wings to the European markets. Even worries about inflation are receding, the yield on ten-year US government bonds has currently calmed down somewhat to 1.67 percent. In the previous week it was up to 1.75 percent, experts have already brought a return of up to 2.00 percent into play.
The Fed will initially tolerate this development, at least until the labor market regains momentum. Because in order to be able to really play the world economic locomotive, all that is missing is actually a boost on the job market.
Wall Street opens a little easier
In the early US business, the major stock indices are all slightly in the red, but the fluctuations are still small in New York. Economic data worth mentioning is not expected in the afternoon. By the way: Due to the time change in Germany on the weekend, Wall Street trading will take place again at the usual time – from 3:30 p.m. to 10:00 p.m.
Deutsche Bank suffers
In the DAX, shares in Deutsche Bank are now in reverse. The imbalance of a major US hedge fund is causing increasing uncertainty. The major Swiss bank announced on Monday that it failed to meet the margin requirements of Credit Suisse and some other banks last week.
Although it is still premature at this point in time to quantify the exact amount of the loss from this exit, it could be “very significant and material” for the results of the first quarter. The Japanese investment bank Nomura put its loss at two billion dollars.
Hwang is not a stranger
That puts the share prices of Nomura and Credit Suisse under massive pressure. Deutsche Bank papers also fall into their wake. According to circles, this should, however, have a significantly lower exposure to the hedge fund in question; the amount of money that Deutsche Bank could lose is therefore significantly less. So far, she is said to have not even suffered any losses.
According to various international financial media, the US hedge fund is Archegos Capital, which was founded by Bill Hwang. Hwang is notorious for the machinations at his former hedge fund Tiger Asia. In 2012, Hwang and Tiger Asia pleaded guilty to a double-digit million fine of selling short Chinese stocks and manipulating their prices. Against this background, the question inevitably arises as to why large banks like Credit Suisse or Deutsche Bank have entrusted their money to Hwang in the first place.
“Ever Given” is free
The container ship “Ever Given” has been completely exposed again in the Suez Canal. The rescue company Boskalis announced on Monday that the ship was made afloat in the afternoon and the channel was clear again. The Dutch company had supported Egypt in the recovery.
Suez Canal: “Ever Given” exposed – stock exchange cheers
Sebastian Schreiber, HR, March 29, 2021 3:05 p.m.
According to this, around 30,000 cubic meters of sand were dredged away to uncover the freighter. The sewer service provider Leth Agencies also reported on the successful recovery. Despite the end of the blockade, it could take six days or more for the entire queue to expire, according to the Danish shipping company Maersk. According to the canal authority, around 370 ships were waiting for passage on both sides of the canal.
Financial news service Bloomberg reported 450 ships stuck in traffic on Monday. Several shipping companies had already started sending their ships across the Cape of Good Hope in Africa. Accordingly, the oil prices drop in the afternoon.
Euro a little easier
The euro fell slightly in the afternoon to $ 1.1776. Last week the euro fell to its lowest level since early November at $ 1.1761. The euro has been under pressure from an appreciating dollar for some time. The reasons are rising growth expectations in the USA and the sluggish vaccination campaign in the EU.
Is Allianz going to step up again?
Allianz will be in the spotlight on Monday for DAX companies. According to a media report, the insurer is considering a counter offer for Hartford. The US company had previously turned down a $ 23.2 billion offer from rival Chubb. Strategically, the acquisition of Hartford by Allianz would make perfect sense because it would enable the Munich-based company to expand its US presence, said a stockbroker. The takeover could be very expensive.
IPO crash in the VW group
There is a dispute in the Volkswagen Group over a possible IPO of the sports car subsidiary Porsche. CEO Herbert Diess told the “Frankfurter Allgemeine Zeitung” (Saturday edition): “The issue of the Porsche IPO is currently not a high priority for me”. Even if only part of the sports car manufacturer’s shares were freely traded, VW would lose part of the high inflow of funds that Porsche generated for the group. “At the moment there is a lot to be said for using the money for our structural change,” said Diess. “You don’t want to give up a pearl like Porsche.
Bad news for the auto industry
According to a company spokeswoman, the damage caused by a fire in a chip factory of the Japanese Renesas group in the northeast of the country is greater than initially expected. This threatens to exacerbate the global chip bottleneck, which is already putting car and electronics manufacturers under pressure. Renesas has a world market share of 30 percent in microcontrollers for the automotive industry, and two thirds of the semiconductors produced in the factory concerned are destined for the automotive industry.
Commerzbank finds new chief controller
The former head of the DZ Bank supervisory board, Helmut Gottschalk, is to become Commerzbank’s new chief controller. He is to take over the post of Hans-Jörg Vetter, who had resigned due to illness, as the Commerzbank announced on Sunday evening. The supervisory board decided to propose Gottschalk as a new member to the general meeting and to appoint him as chairman immediately after the election.
Deutsche Beteiligungs AG raises forecast
After a forecast increase, papers of the SDAX-relegated Deutsche Beteiligungs AG are in demand. The company is forecasting a consolidated result of 70 to 80 instead of 40 to 45 million euros for the current financial year. Jefferies expert analyst Tom Mills then topped his price target to 47 euros.