01.10.2024

VW issues another profit warning + Fresenius relies on organic growth + Current share price targets

The renewed VW profit warning $VOW (-1.37%) pushed the shares down by 2.0 percent. Volkswagen is facing major challenges, including restructuring measures and margin pressure in both Europe and China, Metzler analysts noted. They also see the possibility of a considerable dividend cut. In the wake of the Volkswagen profit warning, major shareholder Porsche SE also had to withdraw its outlook for the year as a whole. The share lost 2.9 percent, Porsche AG $P911 (-0.98%) fell by 4.3 percent, Mercedes-Benz $MBG (-0.32%) and BMW $BMW (-0.45%) lost 2.4 percent each.

The CEO of the healthcare group Fresenius SE $FRE (-0.18%) Michael Sen, is focusing primarily on organic growth for the future. Sen did not rule out takeovers of competitors and start-ups in principle. "However, we can grow very well organically with our current portfolio - in other words, without investing a lot of capital. Because we are simultaneously deleveraging," said Sen in an interview with the Frankfurter Allgemeine Zeitung. Fresenius has not seen the organic growth rates in sales that it has seen in the last one and a half years, almost two years.

BARCLAYS RAISES TARGET FOR LUFTHANSA $LHA (-4.13%) TO EUR 9.50 (7.50) - 'OVERWEIGHT'

JPMORGAN CUTS MUNICH RE $MUV2 (-1.58%) TO 'NEUTRAL' (OVERWEIGHT) - TARGET 520 EUR

Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Fortum EUR 0.57

Telephone L.M.Ericsson (B) SEK 1.35

Air Products & Chemicals USD 1.77

State Street 0.76 USD

Quarterly figures / company dates USA / Asia

22:15 Nike Quarterly figures

Quarterly figures / company dates Europe

13:00 Traton Capital Markets Day | KPN Extraordinary General Meeting

19:00 Nokia Extraordinary General Meeting

No time specified: Biontech Innovation Series: AI Day

Stock exchange holiday in Hong Kong, China and South Korea

Economic data

• 09:45 IT: Purchasing Managers' Index/PMI manufacturing September FORECAST: 49.0 previous: 49.4
• 09:50 FR: Purchasing Managers' Index/PMI Manufacturing (2nd release) September FORECAST: 44.0 1st release: 44.0 PREV: 43.9
• 09:55 DE: Purchasing Managers' Index/PMI Manufacturing (2nd release) September FORECAST: 40.3 1st release: 40.3 previous: 42.4
• 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (2nd release) September FORECAST: 44.8 1st release: 44.8 Previous: 45.8
• 10:30 UK: Purchasing Managers' Index/PMI Manufacturing (2nd release) September FORECAST: 51.5 1st release: 51.5 previous: 52.5
• 11:00 EU: Euro-zone Consumer Prices (flash estimate) September Euro-zone PROGNOSE: 0.0%gg month/+1.8% yoy previous: +0.1%gg month/+2.2% yoy Core (excl. energy, food, alcohol, tobacco) PROGNOSE: +0.2%gg month/+2.8% yoy previous: +0.3%gg month/+2.8% yoy
• 15:45 US: Purchasing Managers' Index/PMI manufacturing (2nd release) September PROGNOSIS: n/a 1st release: 47.0 previous: 47.9
• 16:00 US: Construction Spending August PROGNOSE: +0.2% yoy previous: -0.3% yoy | ISM Manufacturing Index September FORECAST: 47.2 points previous: 47.2 points