12.09.2024

ECB interest rate decision today + Major insider buying at HelloFresh + Infineon reaches milestone + Gamestop to invest more with new share issue + Stubborn inflation puts investors in a buying mood + Technology stocks determine Nasdaq 100

Hellofresh $HFG (-5.04%) meanwhile, soared 14.7 percent. The main driver was a company announcement just before the close of trading the previous day, according to which CEO Dominik Richter had acquired Hellofresh shares worth around 10 million euros. Insider purchases by members of the Management Board are often seen on the stock market as a sign of management confidence in their own company.

The chip company Infineon $IFX (+0.2%) announced on Wednesday that it had achieved a potential milestone for the industry in the field of gallium nitride wafer production. Infineon described itself as the first company in the world to master 300-mm gallium nitride (GaN) wafer technology in an existing, scalable high-volume production facility. The company intends to use this to maximize capital efficiency in GaN production. According to Infineon, chip production on 300-millimeter wafers is technologically more advanced than on 200-millimeter wafers.

Gamestop $GME (-1.78%) share price fell more than 9% after the video game retailer announced it would issue more shares despite a drop in sales in the second quarter. The company, which became known as the focal point of the "meme stock" craze earlier in the decade, said it would use the proceeds from issuing up to 20 million new shares to fund "general corporate purposes," including potential "acquisitions and investments consistent with our investment policy."

Stubbornly high core inflation in the US did not go down well on the US stock markets on Wednesday. According to observers, this speaks more in favor of a "small" interest rate cut by the Fed in the coming week. The Dow Jones Industrial benchmark index lost 1.5 percent to 40,115 points and slipped to its lowest level since mid-August. The price losses were widespread and hardly any sector was able to escape the downward pressure. The core inflation rate, excluding energy and food prices, stood at 3.2 percent in August. "Housing costs have once again risen significantly, having already risen more sharply than expected in July," wrote Johannes Mayr, economist at asset manager Eyb & Wallwitz. Speculation in the meantime that the Fed would cut interest rates by 50 basis points had thus been significantly dampened.

Technology shares in the Nasdaq 100 fell less sharply by 0.5 percent to 18,729 points. Price gains by major chip manufacturers provided some support here. Shares from the renewable energy sector benefited on Wednesday from Kamala Harris' good performance in the TV debate with Republican presidential candidate Donald Trump. According to a stock market analyst, Harris' improved position is a positive prospect for companies in the renewable energy sector, as Trump is seen as an advocate of burning fossil fuels. Shares in photovoltaic companies First Solar and Solaredge gained 9 and 10 percent respectively. The fact that Trump was rather disappointing in the televised debate was also reflected in the 15% fall in the share price of Trump Media & Technology .

Thursday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

BHP Group AUD 0.74

Endeavour Mining 0.41 GBP

Quarterly figures / company dates USA / Asia

22:05 Adobe quarterly figures

Untimed: Moderna: Research and Development Day

Quarterly figures / Company dates Europe

07:00 Fraport traffic figures August

08:00 DFV Deutsche Familienversicherung Half-year figures

Untimed: Thyssenkrupp: Supervisory Board meeting, topic among others spin-off Thyssenkrupp Steel Europe

Economic data

• 08:00 DE: Wholesale prices August PROGNOSE: n.a. previous: +0.3% yoy /-0.1% yoy
• 14:15 EU: ECB, outcome of the Governing Council meeting Deposit rate PROGNOSE: 3.50% previous: 3.75%
• 14:30 US: Initial jobless claims (week) PROGNOSE: 225,000 previous: 227,000
• 14:30 US: Producer Prices August PROGNOSE: +0.2% yoy previous: +0.1% yoy Core (ex food and energy) PROGNOSE: +0.2% yoy previous: 0.0% yoy
• 14:45 EU: ECB, press conference after Governing Council meeting and staff projection for growth and inflation in the eurozone