Economy on 14.03.2024...

Dax celebrates figures from E.ON and Co. Bitcoin over $73,000 ⤵️

$BTC
Bitcoin over 73,000$. Who would have thought it? You always notice how sentiment towards stocks is when they are in the basement. Now you're constantly being asked whether it's still worth getting in. You can see how emotional most people are on the stock market. When it's low, everything always sucks, even though it's sometimes worth buying, and when it's rising, it's the best there is. Why not get in when the price is right? You don't just have to understand this in relation to BTC, but in general.

But why is there only ever talk of BTC? What about $ETH
Ethereum. It too has more than doubled in value in recent months. It's important to remember that BTC now has approved spot ETFs and ETH is only just being discussed. I could therefore very well imagine that ETH will outperform BTC at some point in the ongoing bull market (only if the spot ETF really comes, of course). Crypto has now taken up over 50% of my portfolio. However, profits will be left to run until the targets are reached and then the reallocation will take place. It remains very exciting to see what dimensions will be reached here. However, I also think that this will be the last strong bull market in the sector now that the large institutions will dominate it.

Yesterday there were again some figures from Germany and Europe. Let's just take a look at a few of them. The market certainly celebrated them!

$EOAN
E.ON achieves sales of €93.68 billion in 2023 (previous year: €115.66 billion), adjusted EBITDA of €9.37 billion (previous year: €8.05 billion, preliminary: €9.4 billion), adjusted EBIT of €6.38 billion (previous year: €5.19 billion), adjusted net profit of €3.06 billion (previous year: €2.7 billion, preliminary: €3.1 billion). For 2023, E.ON is proposing a dividend of €0.53 per share (previous year: €0.51 per share, analyst forecast: €0.53 per share). In its outlook for 2024, E.ON expects EBITDA (adjusted) of €8.8 to €9 billion (forecast: €8.6 billion), an adjusted net profit of €2.8 to €3.0 billion (forecast: €2.7 billion) and investments of €7.2 billion (forecast: €6.5 billion). In the years from 2024 to 2028, E.ON plans to invest €42 billion (forecast: €34.5 billion). For 2028, the Group is forecasting EBITDA (adjusted) of over €11 billion (forecast: €9.8 billion).

$ADS
adidas generates 2023 final sales of €21.4 billion (PY: €22.5 billion, preliminary: €21.4 billion), a final operating profit of €268 million (PY: €669 million, preliminary: €268 million) and a net result from continuing operations of -€58 million (PY: €254 million). Adidas proposes an unchanged dividend for 2023 unchanged dividend of €0.70 per share for 2023 (forecast: €0.52). Outlook confirmed, for 2024 further operating profit of around €500m and sales growth (ex FX) in the mid 1-digit percentage range expected.

$ZAL
Zalando will achieve a GMV of €14.6 billion in 2023 (previous year: €14.8 billion, forecast: €14.7 billion), sales of €10.1 billion (previous year: €10.34 billion, analyst forecast: €10.2 billion), EBIT (adjusted) of €349.9 million (previous year: €184.6 million, forecast: €280.2 million) and net profit of €83 million (previous year: €16.8 million, forecast: €98.55 million). The company's outlook for the period up to 2028 sees average sales growth of 5% to 10% and and GMV growth of +5% to +10% per year on average. For 2024, Zalando expects GMV growth of 0% to 5% (forecast: €15.3 billion), sales growth of 0% to 5% (forecast: €10.5 billion) and EBIT (adjusted) of €380 to €450 million (forecast: €381.2 million). In 2028, Zalando expects an EBIT margin (adjusted) of 6% to 8%.

$KCO
Klöckner achieves sales of €7.0 billion in 2023 (previous year: €8.3 billion, analyst forecast: €7.65 billion), EBITDA (adjusted) of €190 million (previous year: €355 million, company forecast: €170 to €200 million) and a net result of -€190 million. The dividend per share of €0.20 (previous year: €0.40, analyst forecast: €0.15) amounts to. In the outlook for the first quarter, the company expects an increase in adjusted EBITDA of €30 to €70 million compared to the previous quarter. In the outlook for 2024, Klöckner expects a "significant increase" in adjusted EBITDA compared to the previous year.

$FRA
Fraport 3.9 million passengers in Frankfurt in February, +12.9% compared to the previous year; -15% compared to February 2019. Cargo Frankfurt at 153,473 metric tons, +4.7% compared to the previous year.

$VOW
Volkswagen-Group achieves sales of €322.3 billion in 2023 (previous year: +15.5%), operating profit of €22.6 billion (previous year: +2%) and profit after tax of €17.9 billion (previous year: +13%, €15.8 billion). The dividend for 2023 is expected to amount to €9.06 per preference share.

$MOR
Morphosys generated sales of €238.3 million in 2023 (previous year: €278.3 million) and posted a loss of €189.7 million (previous year: -€151.1 million). Operating result of EUR -252.5 million in 2023 after EUR -220.7 million in the previous year Takeover by $NOVN Novartis expected to continue in the first half of 2024. The process is progressing steadily. Monjuvi sales at 85.0 million euros (previous year 84.9 million).

Economic data for today:

10:30

• DE: ECB Director Elderson, speech at the European Banking Federation Executive Committee meeting

12:00

• EU: ECB Director Schnabel, speech at ECB Money Market Contact Group meeting

13:30

• US: Retail Sales February FORECAST: +0.8% yoy previous: -0.8% yoy Retail Sales ex Motor Vehicles FORECAST: +0.4% yoy previous: -0.6% yoy
• US: Initial jobless claims (week) FORECAST: 218,000 previous: 217,000
• US: Producer Prices February PROGNOSE: +0.3% yoy previous: +0.3% yoy Core rate (excluding food and energy) PROGNOSE: +0.2% yoy previous: +0.5% yoy

15:00

• US: Inventories January FORECAST: +0.2% yoy previous: +0.4% yoy

Quarterly figures / company dates USA / Asia

08:30 Foxconn quarterly figures

21:05 Adobe quarterly figures

Quarterly figures / company dates Europe

07:00 K+S | Lanxess | RWE | Vitesco | Hamborner Reit

07:00 Meyer Burger | Swiss Life Annual results

07:10 Elmos Semiconductor detailed annual results

07:30 Rheinmetall | Hapag-Lloyd annual results

07:30 SAF-Holland

08:00 DFV Deutsche Familienversicherung

08:00 RTL Group

08:00 Verbund AG | Deliveroo

09:00 RTL Group PK

09:30 Lanxess BI-PK

10:00 RWE BI-PK

10:30 K+S BI-PK

13:00 Morphosys telephone press conference

13:00 RWE Analyst Conference

13:30 K+S Analyst Conference

Without time information:

Deutsche Bank | DWS Group | Munich Re | Teamviewer | Bilfinger Annual Report | Schott Pharma AGM

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#autodesk
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#adobe
#rwe
#munichre

Economy on 15.03.2023...

The 3rd day in a row a friendly Handelsstart⤵️

Today we start then for the 3rd time in a row with a friendly market. Compared to Thursday morning, we are, except in crypto, but still behind. I'm very curious to see how this then looks afterwards on a weekly basis and especially how we will end this week.

What's going on in the market? Yesterday, Alphabet comes around the corner with a declaration of war towards Microsoft. With a cloud-based AI, they want to offer parole to Microsoft's advance. With the AI, Alphabet wants to introduce an update for the use of a voice-generating technology in medical exams, but also better Internet searches through the support of AI. But not only should customers be able to find information more easily, app developers should be able to develop health apps more easily. This could be exciting.

Inflation in the US was in line with expectations and is falling slightly. So actually positive news for the market, but it was expected. The market is celebrating it as a success.

The crypto sector is currently also celebrating. There are already wild theories to read from analysts on the net. They go as far as: People are losing confidence in the FIAT system because the FED is slowly being forced to take actions that are more likely to harm the system. Everything is to be regarded very cautiously. This can all change very quickly.

Currently, the profits are also quickly taken off the table and capital is pulled out of the market. Investors are still very nervous. The next week will be very decisive. There I ask myself, however, what is currently already everything eingepreist. Is the market now generally already assumes a 0% step in March or are the theories true that interest rates will even be lowered again, or will we just shift the gear back again and stay at 25 basis points?

What else is going on today:

Economic data (abbreviated version)

08:00

• DE: Wholesale prices February | Household consumption expenditure 2022

10:00

• FR: International Energy Agency (IEA), monthly report on the oil market

10:30

• DE: Economic forecast of the ifo Institute PK with Ifo President Fuest, -Economy Director Wollmershäuser

11:00

• EU: Industrial production January Eurozone PROGNOSIS: +0.5% yoy/+0.6% yoy previous: -1.1% yoy/-1.7% yoy
• DE: Federal Government, Cabinet meeting, Berlin

11:30

• DE: Auction result of 1 billion euro increase in 0% federal bond maturing 2050
• DE: Auction result for 1.8% German government bond due 15.08.2053 over 1.5 billion euros

13:30

• US: Retail sales February PROGNOSIS: -0.4% yoy Previous: +3.0% yoy Retail sales ex motor vehicles PROGNOSIS: 0.0% yoy Previous: +2.3% yoy
• US: Producer prices February PROGNOSIS: +0.3% yoy previous: +0.7% yoy Core rate (excluding food and energy) PROGNOSIS: +0.4% yoy previous: +0.5% yoy
• US: Empire State Manufacturing Index March PROGNOSIS: -7.8 previously: -5.8

15:00

• US: Inventories January PROGNOSIS: 0.0% yoy previous: +0.3% yoy

15:30

• US: Crude oil inventory data (week) from the government's Energy Information Administration (EIA).

Untimed:

• UK: Chancellor of the Exchequer Hunt presents budget to parliament
• UK: Office for Budget Responsibility presents economic forecast

Quarterly figures / corporate dates USA / Asia

21:05 Adobe quarterly figures

Quarterly figures / company dates Europe

07:00 Eon | Lanxess Annual Results

07:30 BMW | Talanx | Inditex Annual Results

08:00 OHB Annual Results

08:00 Hennes & Mauritz sales 1Q

10:00 Volkswagen detailed annual results

and outlook of the core brand VW (BI-PK)

10:00 K+S AG, BI-PK and Annual Report

(1 p.m. analyst conference)

22:01 Morphosys annual results

#quartalszahlen
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