05.08.2024 + Bitcoin falls 14% + Warren Buffed sells 50% of his Apple shares + Aurubis tailwind from copper + Tokyo stock market falls 10%, is the FED to blame?
The Bitcoin $BTC (+0.7%) lost a lot of ground on Monday due to increasing risk aversion on the financial markets. The price of the oldest and best-known cryptocurrency plummeted to 53,000 dollars in early trading. That is around 8,500 dollars or almost 14 percent less than late Friday evening. Bitcoin had already fallen sharply last week. With the drop on Monday, the Bitcoin price also fell back to the level seen at the end of February, after climbing to a record high of almost 74,000 dollars in mid-March.
The stock markets in East Asia and Australia started the week with heavy losses in some cases. The stock markets are thus following the renewed sharp falls on Wall Street on Friday. There, weak US labor market data had fueled concerns that the US Federal Reserve might have kept interest rates too high for too long to allow a "soft landing" of the US economy. Instead, heightened fears of recession put downward pressure on the stock markets. Added to this were geopolitical concerns and some disappointing figures from some heavyweights in the technology sector.
Berkshire Hathaway Inc. $BRK.B (-0.11%) sold its stake in Apple Inc. $AAPL (+2.87%) by almost 50 %. This is part of a massive selling spree in the second quarter that saw Warren Buffett's cash holdings rise to a record 276.9 billion dollars. https://www.bloomberg.com/news/videos/2024-08-05/warren-buffett-s-berkshire-hathaway-cuts-apple-stake-by-almost-half
Higher prices for copper and sulphuric acid have Aurubis $NDA (+2.93%) in the third quarter. The company also continued to benefit from lower energy prices. This was offset by high costs for a maintenance shutdown in Hamburg. With sales increasing by 13 percent to almost 4.7 billion euros, the operating pre-tax result multiplied year-on-year to 90 million euros in the three months to the end of June, as the MDax group announced on Monday. However, the previous year's profit was subsequently adjusted significantly downwards due to a distribution of metal shortfalls that became necessary as a result of cases of fraud and theft. The pre-tax profit for the first nine months amounted to 333 million euros. Analysts had expected a little more on average. Aurubis is still targeting 380 to 480 million euros for the full fiscal year.
Monday: Stock market dates, economic data, quarterly figures
Canadian stock exchange closed (Civic Day)
Quarterly figures / company dates USA / Asia
22:05 Adtran quarterly figures
Quarterly figures / company dates Europe
07:00 Aurubis | Bertrandt Quarterly figures
07:30 Infineon quarterly figures
08:00 Washtec half-year figures | Infineon PK
09:30 Infineon Analyst Conference
12:00 Biontech quarterly figures
14:00 Biontech analyst and press conference
Economic data
- 09:45 IT: Purchasing Managers' Index/PMI non-manufacturing July FORECAST: 53.0 previous: 53.7
- 09:50 FR: Purchasing Managers' Index/PMI non-manufacturing (2nd release) July PROGNOSE: 50.7 1st release: 50.7 PREV: 48.8 Total Purchasing Managers' Index (2nd release) PROGNOSE: 49.5 1st release: 49.5 PREV: 48.2
- 09:55 DE: Purchasing Managers' Index/PMI non-manufacturing (2nd release) July FORECAST: 52.0 1st release: 52.0 PREV: 53.1 Total Purchasing Managers' Index (2nd release) FORECAST: 48.7 1st release: 48.7 PREV: 50.4
- 10:00 EU: Purchasing Managers' Index/PMI non-manufacturing Eurozone (2nd release) July PROGNOSE: 51.9 1st release: 51.9 PREV: 52.8 Total Purchasing Managers' Index (2nd release) PROGNOSE: 50.1 1st release: 50.1 PREV: 50.9
- 10:30 UK: Purchasing Managers' Index/PMI non-manufacturing (2nd release) July FORECAST: 52.4 1st release: 52.4 Previous: 52.1
- 11:00 EU: Producer Prices June Eurozone FORECAST: +0.5% yoy/-3.3% yoy previously: -0.2% yoy/-4.2% yoy
- 15:45 US: Purchasing Managers' Index/PMI Service (2nd release) July FORECAST: 56.0 1st release: 56.0 previous: 55.3
- 16:00 US: ISM Non-Manufacturing Index July Forecast: 51.3 points Previous: 48.8 points
