As every Sunday, the most important news of the last week and the dates of the coming week.
The dates of the coming week also as a video:
https://youtube.com/shorts/uNIsOOcy9J8?feature=share
Monday:
Manufacturing data from China 🇨🇳 comes in slightly better than expected, with a PMI of 49.3 instead of 49.2. However, the reading falls for the fourth month in a row. The value for services falls to the lowest this year. The Chinese economy is cooling down, but everyone is looking at the announced stimulus program.
https://www.cnbc.com/amp/2023/07/31/china-manufacturing-pmi-july-2023.html
Inflation in Europe falls further to 5.3%. This increases the probability that key interest rates in the euro zone have peaked. Experts had expected an inflation rate of 5.2%.
https://app.handelsblatt.com/finanzen/geldpolitik/verbraucherpreise-inflationsrate-im-euro-raum-sinkt-auf-5-3-prozent/29287546.html
Tuesday:
DHL Group's figures disappoint the markets. Revenue slumped by 16.4%. Quarterly earnings per share slump to 0.80 cents. The markets had expected 0.84 cents. Nevertheless, Deutsche Post raises the profit forecast for the full year a little.
https://app.handelsblatt.com/unternehmen/handel-konsumgueter/logistik-gewinn-der-dhl-group-bricht-um-ein-viertel-ein-/29289040.html
Teamviewer continues to deliver. The company is growing at a double-digit rate and is fully on track to reach the annual forecast. The return on sales is down a little to 41%, but that was expected.
https://www.n-tv.de/wirtschaft/der_boersen_tag/Teamviewer-waechst-prozentual-zweistellig-article24297300.html
Unemployment figures in Germany are rising again. This comes as less of a surprise, as the economic mood was already poor. Overall, there are 147,000 more unemployed than a year ago. The unemployment rate rose by 0.2 percentage points to 5.7%. At the same time, however, the number of employees subject to social insurance contributions rose to 34.7 million (+253,000). The increase is due solely to skilled workers from abroad. There are still 772,000 jobs advertised, but 108,000 fewer than a year ago.
https://www.handelsblatt.com/politik/konjunktur/nachrichten/arbeitsmarkt-zahl-der-arbeitslosen-steigt-auf-mehr-als-2-6-millionen/29289752.html
Wednesday:
Renewed forecast increase from $BOSS (+0.51%) Hugo Boss. The company is currently simply delivering and remains our biggest winner in the value portfolio. In 2023, sales are already expected to rise up to EUR 4.2 billion. Originally, sales of EUR 4 billion were expected by 2025!
https://app.handelsblatt.com/unternehmen/industrie/-geschaeftszahlen-im-newsblog-hugo-boss-wird-erneut-optimistischer-fuer-das-gesamtjahr/24098412.html
Also $FRE (-0.84%) Fresenius is also doing better than expected. Three percent more sales with a slightly smaller drop in earnings than expected. However, restructuring costs continue to be incurred.
https://app.handelsblatt.com/unternehmen/industrie/gesundheitskonzern-fresenius-kommt-im-kerngeschaeft-gut-voran-doch-die-kleinste-sparte-macht-probleme/29291552.html
Overall, however, the markets are down this morning. The reason is that the U.S. has lost its top rating. The rating agency Fitch has #usa given the new credit rating of AA+. The reason is the high debt, as well as regular dispute about the debt ceiling.
For the stock exchanges this is bad news, because the USA could possibly cut spending, which of course also affects companies. It also creates uncertainty in general.
https://amp.focus.de/finanzen/news/finanzen-fitch-entzieht-usa-top-kreditrating_id_200676789.html
Breakthrough for 1&1 and United Internet. $UTDI (-1.53%) United Internet. A cooperation agreement is signed with Vodafone. Customers will be able to use the Vodafone network in future. Previously, there was a framework agreement with Telefonica. However, this did not include access to 5G. Since the company's own rollout stalled, a new solution was needed. Founder Dommermuth has now delivered it.
https://app.handelsblatt.com/technik/it-internet/telekommunikation-5g-deal-mit-vodafone-1und1-gelingt-befreiungsschlag/29292468.html
Thursday:
$ZAL (-0.7%) Zalando was able to significantly increase profits in the 2nd quarter due to cost reductions. Sales declined somewhat, but adjusted EBIT was significantly above expectations.
Dow Jones
The $LHA (+1.28%) Lufthansa achieved a record profit. Earnings in a 2nd quarter have never been so high. The Group raises its forecast. Earnings before interest, taxes and one-off income of EUR 2.6 billion are now expected. The high ticket prices are making Lufthansa's cash register ring.
https://app.handelsblatt.com/unternehmen/handel-konsumgueter/airlines-lufthansa-erzielt-bei-hoeheren-ticketpreisen-rekordgewinn/29290714.html
Also $BEI (-0.06%) Beiersdorf also raises its forecast. The Consumer segment in particular is doing well. EBIT margin already improved to 17.3% in the 2nd quarter.
Dow Jones
Like the ECB and the Fed, the #BoE also raised interest rates further. Interest rates were also raised by a quarter percentage point. Exciting here is the vote, 6 voted for the quarter percentage point, 2 for half a percentage point and 1 vote went to a pause.
https://amp.cnn.com/cnn/2023/08/03/economy/bank-of-england-uk-interest-rate/index.html
$AMZN (+0.26%) Amazon with strong numbers, on Prime Day alone it turned over $12.7 billion, in Q2 it was $134.4 billion. In particular, the cloud result is convincing. The net profit of USD 6.7 billion was 100% above expectations.
https://amp2.handelsblatt.com/unternehmen/handel-konsumgueter/e-commerce-amazon-mit-starken-zahlen-und-optimistischem-ausblick/29297384.html
Also $AAPL (+1.34%) Apple exceeded expectations. Sales were USD 81.4 billion. The decline was less than expected.
https://app.handelsblatt.com/technik/it-internet/tech-konzern-apple-trotz-schwachem-iphone-absatz-mit-zahlen-ueber-erwartungen/29297404.html
Friday:
$VNA (+2.37%) Vonovia has to write down less on real estate than in the 1st quarter. The bottom line was a loss of EUR 2 billion. Operating profit from rental increased by 10.3% year-on-year.
https://app.handelsblatt.com/finanzen/immobilien/geschaeftszahlen-vonovia-muss-immobilien-weiter-abwerten/29298170.html
German industry surprised with a high increase in orders. A further decline was actually expected, but there was a 7% increase compared with the previous month.
https://app.handelsblatt.com/politik/konjunktur/konjunktur-deutsche-industrie-ueberrascht-mit-staerkstem-auftragsplus-seit-drei-jahren/29298444.html
Main dates of the coming week:
Monday: 8:00 Industrial production (DE)
Tuesday: 5:00 Trade Balance (China)
Wednesday: 3:30 Inflation data (China)
Thursday: 14:30 Inflation data (USA)
Friday: 14:30 Producer Prices (USA)
