Delivery Hero

19.11.2024

MicroStrategy buys Bitcoin for USD 4.6 billion + Another billion-dollar loss at Thyssenkrupp + Delvery Hero with details of Talabat IPO

No listed company holds more Bitcoin than MicroStrategy
$MSTR (+0.57%). Now Michael Saylor's company strikes again and buys 51,780 BTC. The BTC $BTC (+1.19%) price is moving towards an all-time high and MicroStrategy continues to buy more Bitcoin. The average price for the latest accumulation is 88,627 US dollars per Bitcoin. The money for the purchases comes from recent capital increases. On average, the BTC purchased by MicroStrategy now cost 49,874 US dollars.

https://www.btc-echo.de/schlagzeilen/microstrategy-kauft-bitcoin-fuer-4-6-milliarden-us-dollar-195426/

The industrial group Thyssenkrupp $TKA (-1.2%) once again recorded a billion euro loss in the past financial year. The bottom line for 2023/24 (as at the end of September) was a loss of 1.4 billion euros, following a loss of 2 billion euros in the previous year, as the company announced in Essen on Tuesday. Thyssenkrupp wrote down around one billion euros on the weakening steel business. There were further write-downs in steel trading and the automotive business. Falling demand and lower steel prices led to a drop in sales of seven percent to 35 billion euros. Incoming orders fell by eleven percent to 32.8 billion euros. In addition to weak business in the steel and trading divisions, the automotive business also recorded declines. Only the marine division was able to grow. Adjusted earnings before interest and taxes (EBIT) fell by almost a fifth to 567 million euros. The company thus achieved its recently lowered forecast.

Delivery Hero $DHER (+1.84%) has announced details of the planned IPO of Talabat. The price range for Talabar shares has been set at 1.50 to 1.60 dirhams. Approximately 3.5 billion shares will be offered to investors during the subscription period, which will begin on November 19, 2024 and is scheduled to end on November 28, 2024. Depending on the final offer price, the gross proceeds will be between 5.2 and 5.6 billion dirhams, or approximately 1.4 to 1.5 billion dollars. Delivery Hero lost 4 percent - shareholders may have hoped for a somewhat more ambitious valuation.

Tuesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

ENI USD 0.54

Quarterly figures / company dates USA / Asia

14:00 Walmart quarterly figures

20:00 Qualcomm Capital Markets Day

Quarterly figures / company dates Europe

07:00 Thyssenkrupp | Springer Nature Quarterly figures

07:30 SFC Energy quarterly figures

08:00 Imperial Brands | Medtronic quarterly figures

08:30 Nestle Capital Markets Day

10:00 Sto SE Quarterly Figures | Thyssenkrupp BI-PK

11:00 Swiss Re: Global Economic and Insurance Market Outlook 2025/26

12:00 Thyssenkrupp Analyst Conference

No time specified:

- Delivery Hero: Subsidiary Talabat - Publication of price range for the new shares to be issued as part of the IPO

- Rheinmetall: Capital Markets Day, Rome

Economic data

• 08:00 DE: Manufacturing order backlog and reach September | Hospitality sales October
• 11:00 EU: Consumer Prices October Eurozone FORECAST: +0.3%gg FM/+2.0% yoy PREVIEW: +0.3%gg FM/+2.0% yoy PREVIEW: -0.1%gg FM/+1.7% yoy Core (excluding energy, food, alcohol, tobacco) FORECAST: +0.2%gg FM/+2.7% yoy PREVIEW: +0.2%gg FM/+2.7% yoy PREVIEW: +0.1%gg FM/+2.7% yoy
• 14:30 US: Housing starts/permits October housing starts FORECAST: -1.0% yoy previous: -0.5% yoy Building Permits FORECAST: +0.8% yoy previous: -2.9% yoy
• 18:00 BR: Chancellor Scholz, statement at the end of the G20 summit in Rio de Janeiro

15.11.2024

Amazon competes with Temu and Shein with low prices + Burberry share price jumps after quarterly figures + Another damper - takeover rally at Evotec + UBS raises target for Delivery Hero to 56 euros - 'Buy'

Amazon $AMZN (+0.32%) no longer wants to let Chinese competitors such as Temu or the Singaporean retailer Shein take the butter off its bread in the low-price segment and is therefore launching the new Amazon Haul store, which is intended to attract buyers with particularly low prices. The launch is initially taking place as a beta in the USA.

https://www.computerbase.de/news/wirtschaft/amazon-haul-amazon-macht-temu-und-shein-mit-billigpreisen-konkurrenz.90292/

The shares of Burberry $BRBY (+3.45%) have reacted to the quarterly figures and the British luxury clothing manufacturer's new business strategy with a jump in the share price. In the late morning, the shares were up 15 percent at 841 pence. The loss was smaller than feared, UBS analyst Zuzanna Pusz said in an initial reaction. The new CEO Joshua Schulman wants to refocus on the origins of the Burberry brand before expanding into other areas, commented analyst Aarin Chiekrie from asset manager Hargreaves Lansdown. He is unlikely to want to make the same mistake as his predecessors by targeting Burberry's offering at a narrow base of luxury customers at the expense of a loyal fan base. With Thursday's jump in the share price, the shares continued their recent recovery, having cost less than 600 pence towards the end of September. At the start of 2024, it had been more than 1,400 pence. However, many luxury goods stocks then came under pressure, partly due to weakening demand in the important Chinese market.

Investors are focusing on Evotec $EVT (-0.78%) takeover fantasy, which had already emerged at the beginning of the week. The US company Halozyme Therapeutics is reportedly targeting the Hamburg-based drug researcher. The price offered is EUR 11 per share in cash. Evotec shares soared to 10.80 euros in pre-market trading, gaining around a quarter compared to the Xetra close. However, this is little consolation for investors, as they had started the year at over 21 euros. In initial reactions, analysts emphasized the high intrinsic value, which is now crystallizing somewhat better.

The major Swiss bank UBS has raised the price target for Delivery Hero $DHER (+1.84%) from 47 to 56 euros and left the rating at "Buy". The potential Talabat IPO puts the true value of the group in the spotlight, analyst Jo Barnet-Lamb wrote in his commentary on Friday. Such value creation could also pave the way for distributions to shareholders. Delivery Hero remains a one-year UBS favorite in the European internet sector.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Shell USD 0.69

Starbucks 0.61 USD

Corning 0.28 USD

Whirlpool USD 1.75

Quarterly figures / company dates USA / Asia

05:00 Lenovo quarterly figures

13:30 Alibaba quarterly figures

Quarterly figures / Company dates Europe

07:30 Assicurazioni Generali | Vallourec Quarterly figures

Untimed: AstraZeneca Investor Day

Economic data

02:30 CN: Retail sales October FORECAST: +3.7% yoy previous: +3.2% yoy

03:00 CN: Industrial production October FORECAST: +5.6% yoy previously: +5.4% yoy

08:00 UK: GDP (1st release) 3Q PROGNOSE: +0.2% yoy/+1.0% yoy Q2: +0.5% yoy/+0.7% yoy | GDP month September PROGNOSE: +0.1% yoy | Industrial production September PROGNOSE: 0.0% yoy/-1.2% yoy previous: +0.5% yoy/-1.6% yoy

14:30 US: Retail Sales October PROGNOSE: +0.3% yoy previous: +0.4% yoy Retail Sales ex Motor Vehicles PROGNOSE: +0.3% yoy previous: +0.5% yoy

14:30 US: Empire State Manufacturing Index November FORECAST: 0.0 previous: -11.9

14:30 US: Import and Export Prices October Import Prices PROGNOSE: -0.1% yoy previous: -0.4% yoy

15:15 US: Industrial Production and Capacity Utilization October Industrial Production PROGNOSE: -0.2% yoy previous: -0.3% yoy Capacity utilization PROGNOSE: 77.3% previous: 77.5%

16:00 US: Inventories September PROGNOSE: +0.2% yoy previous: +0.3% yoy

Delivery hero Q3 2024 $DHER (+1.84%)

Financial performance:

• Revenue growth: Segment revenue grew by 24% year-on-year in Q3 2024, outperforming gross merchandise volume (GMV) growth.
• Adjusted net profit: Increased 72% to USD 271 million in the nine-month period of 2024, representing 5% of GMV.

Balance sheet overview:

• Cash on hand: The company has solid liquidity with €1.65 billion in cash.
• Net position: A net cash position with no financial debt since the IPO represents a strong capital base.

Income structure:

• Adjusted EBITDA: Increased to USD 358 million for the first nine months of 2024, compared to USD 219 million in the previous year.

Cash flow overview:

• Free cash flow: Increased 68% year-over-year to $345 million for the first nine months of 2024, with a cash conversion rate of 96%.

Key ratios and profitability metrics:

• FCF margin: Increased to 6% of GMV in the third quarter of 2024, up from 4% in the third quarter of 2023.
• Adjusted EBITDA margin: Expected to increase to 6.5-7.0% of GMV for the full year 2024.

Segment information:

• Europe platform: Achieved positive adjusted EBITDA in the third quarter of 2024.
• Americas: Also achieved positive adjusted EBITDA in the third quarter of 2024 and in the second half of 2024.

Competitive position:

• Market growth: GMV outside Asia grew by 25% year-on-year, indicating a strong market presence outside traditional markets.

Forecasts and management comments:

• GMV growth: GMV growth of 22-23% year-on-year is forecast for 2023-2024.
• Sales growth: Sales growth of 28-30% is expected over the same period.

Risks and opportunities:

• Hyperinflation: Operations in hyperinflationary economies such as Argentina, Turkey and Ghana are affected by IAS 29 adjustments, which may impact key financial figures.

Summary of results:

Positives:

Strong year-on-year sales growth of 24% in the third quarter of 2024, indicating robust market conditions and efficient management.

Significant increase in adjusted net profit of 72% year-on-yearputting the company on a profitable growth path.

Positive adjusted EBITDA in Europe and the Americas demonstrates regional operational efficiency.

Robust growth in free cash flow of 68 % strengthens financial flexibility and enables investments and capital repayments.

Strong liquidity without financial debtwhich supports the company's long-term stability and strategic ability to act.

Negative aspects:

Macroeconomic challenges in Argentina, which entails additional financial burdens due to volatile economic conditions.

Impact of hyperinflation on key financial figures in certain regions, leading to volatility in the earnings situation.

Negative adjusted EBITDA margins in some segments, which may affect profitability.

Potential risks from currency fluctuations and hyperinflation, which could have a negative impact on sales growth and margins.

Dependence on market conditions and industry-specific knowledge, to meet forecasts and targets, which entails risks in the event of unforeseen market changes.

Prosus NV- The Tencent Play

Prosus NV is a Dutch technology investment company founded in 2019 through the spin-off from South African media group Naspers. The company focuses on investing in high-growth technology companies, with a particular focus on e-commerce, online classifieds, fintech and education technology.

Historical development

Prosus was born out of Naspers' strategic goal to bundle its international internet holdings into a stand-alone company. The IPO in 2019 on Euronext in Amsterdam catapulted Prosus to become the largest listed technology company in Europe.

Business model and core competencies

Prosus' business model is based on long-term investments in promising technology companies. The company's core competence lies in identifying, supporting and scaling innovative business models. In addition to capital, Prosus also provides its investments with expertise and access to a global network.

The most important investments include

• Tencent: Leading technology company in China
• Delivery Hero: Global provider of food delivery services
• PayU: Fintech company for payment solutions
• OLX Group: International platform for classified ads

(Here is a picture that Getquin does not want to accept)

Future prospects and strategic initiatives

Prosus continues to focus on high-growth markets, particularly in Asia and Latin America. The focus is on high-potential sectors such as e-commerce, fintech and edtech. A key strategic measure is the ongoing share buyback program, which aims to reduce the discount between the stock market value and the intrinsic value of the investments.

Market position and competition

As one of the world's largest technology investment companies, Prosus is in direct competition with other global technology giants such as $9984 (-0.24%) . However, the company has a clear competitive advantage due to its strong presence in emerging markets and its broad geographic focus.

Total Addressable Market (TAM)

Prosus' addressable market (TAM) is huge, as the company is active in various industries and regions. The global e-commerce market is expected to reach USD 16.6 trillion by 2027. The fintech industry is forecast to reach a market volume of 699 billion US dollars by 2030.

Share performance

Since its launch, the Prosus share has recorded a volatile but overall positive performance. In the last 12 months, the TR was 45%, while the TR over three years is 17.1%. .

Despite the growth, the share continues to trade at a significant discount to its net asset value. The current market capitalization of around €90 billion is approximately 20% below the value of the holdings, offering a potentially attractive opportunity for value investors.

For the development (company figures), a better view and more, check out the free blog : https://topicswithhead.beehiiv.com/p/prosus-nv-der-tencent-play

$PRX (-0.55%)
$700 (-1.17%)
$DHER (+1.84%)
$NPN

26.09.2024

Tilray: In the fast lane with HDD9 drinks + SMA Solar is cutting back - job cuts likely + SAP is being targeted by the US Department of Justice + 50,000 Wirecard shareholders can hope for a little cash + Delivery Hero rally continues - 12-month high

The US investment bank Jefferies has raised its rating for Tilray $TLRY (+0.08%) to "Buy" with a price target of 2.50 dollars. Based on the current share price, this corresponds to a potential return of 48%. In his current study, analyst Kaumil Gajrawala highlighted the launch of a new range of beverages containing hemp-derived Delta-9-THC (HDD9). These products are expected to be available in key US markets from October 2024.

https://de.investing.com/news/stock-market-news/tilray-mit-hdd9drinks-auf-die-uberholspur--jefferies-sieht-49-potenzial-2715190

The weakening inverter manufacturer SMA Solar $S92 (+1.37%) wants to make substantial savings due to the problems in the business with private and commercial solar systems and is also likely to cut jobs. The Managing Board intends to launch a restructuring and transformation program that is expected to result in cost savings of 150 to 200 million euros, as the SDax company announced late Wednesday evening in Niestetal, Hesse. The sales development in the Home Solutions and Commercial & Industrial Solutions segments continues to be significantly influenced by persistently high inventories at dealers and installers as well as a generally very challenging market environment, it said. The share price rose by two percent after the close of trading on the Tradegate trading platform compared to the Xetra close. "In order for SMA to remain an integral part of the global energy transition in the future, we must now position ourselves better and for the future," said CEO Jürgen Reinert according to the press release. He wants to use the cost-cutting program to stabilize the company financially in the short term and realign it on the market.

SAP $SAP (+0.37%) was under pressure to sell following a report that the company in the USA, as well as the US IT reseller Carahsoft, had been targeted by the US Department of Justice. Since at least 2022, lawyers have been investigating whether the German software group had entered into possible price agreements with Carahsoft in order to obtain excessive prices from the US Army and other US authorities. This is according to court documents filed, reported the news agency Bloomberg. An SAP spokesperson did not want to comment on this when asked by Dow Jones Newswires.

Following a new decision by the Munich Higher Regional Court, a good 50,000 Wirecard $WDI -shareholders can hope for compensation in the insolvency proceedings for the time being. The fifth senate of the Higher Regional Court has decided that Wirecard shareholders can file their claims in the insolvency proceedings. The lawsuit against the insolvency administrator Michael Jaffé was brought by the asset management company Union Investment, which had purchased Wirecard shares for 33 of its clients between 2015 and 2020. First reported by the "Süddeutsche Zeitung". The case is not yet closed. It is a so-called "interim judgment"; the judges in the case did not decide on the grounds or the amount of the claims for damages filed by Union Investment.

The mood of optimism among investors in Delivery Hero $DHER (+1.84%) continued on Wednesday. The shares continued their rapid recovery, which began at the beginning of August, with a 7.7 percent jump in price to EUR 34.53. This was the first time in more than a year that they had exceeded the EUR 34 mark. The old highs from November 2023 and April 2024 were recently close to this level, but the increase was recently put back into perspective to almost 5%. Recently, the prospect of an IPO of the rapidly growing Middle East and North Africa brand Talabat, among other things, has been arousing the imagination of investors, who have been used to a lot of grief since the record high from the coronavirus era. In January 2021, up to EUR 145 was paid when the pandemic lockdowns triggered hype around online services. In the spring of this year, the sell-off then ended at a level of just under EUR 15, from which there have only been temporary recovery rallies so far. In July and August, the shares came even closer to the low.

Thursday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

British American Tobacco 0.59 GBP

Philip Morris International 1.35 US

Quarterly figures / company dates USA / Asia

17:00 Intuit Investor Day

22:00 Costco Wholesale quarterly figures

Quarterly figures / Company dates Europe

07:00 KWS Saat detailed annual results + annual report

08:00 Verbio annual results and annual report | Hennes & Mauritz 9-month results

10:00 KWS Saat BI-PK

11:30 BASF Capital Markets Day, Day 1

14:00 Verbio Earnings-Call

Untimed: Thyssenkrupp: Supervisory Board meeting at Thyssenkrupp Steel

Economic data

• 08:00 DE: GfK consumer climate indicator September FORECAST: -21.3 points previously: -22.0 points
• 09:30 CH: Swiss National Bank (SNB), outcome of the Monetary Policy Council meeting
• 10:00 EU: ECB, M3 money supply and lending August M3 money supply FORECAST: +2.6% yoy previously: +2.3% yoy
• 14:30 US: New orders for durable goods August PROGNOSE: -3.0% yoy previous: +9.8% yoy
• 14:30 US: GDP (3rd release) 2Q annualized PROGNOSE: +3.0% yoy 2nd release: +3.0% yoy 1st quarter: +1.4% yoy GDP deflator PROGNOSE: +2.5% yoy 2nd release: +2.5% yoy 1st quarter: +3.1% yoy
• 14:30 US: Initial jobless claims (week) FORECAST: 223,000 Previous: 219,000

As every weekend, the most important news from the past week, as well as the dates for the coming week.

Also as a video:

https://youtube.com/shorts/IbYaScMMo60?si=ePaPjhlOHN8f9jxQ

Monday:

The ifo index falls again. The ifo business climate is considered the most important barometer for the economy in Germany. The value of 100 is the average of all statements made by managers on the economy in 2015. The index is currently well below the mood in 2015. The index fell to 86.6 points after 87.0 in the previous month.

https://www.handelsblatt.com/politik/konjunktur/konjunktur-ifo-index-sinkt-erneut/100063167.html

Tuesday:

The buying mood in Germany continues to fall. The consumer climate deteriorates to -22 points, 3.4 points less than in July. By comparison, before the coronavirus pandemic, the index was usually around +10 points. The index improved briefly during the European Championships, but the euphoria seems to have faded.

https://www.handelsblatt.com/politik/konjunktur/gfk-konsumklima-kauflaune-in-deutschland-gibt-im-august-deutlich-nach/100063482.html

The labor market is also continuing to cool down. The ifo employment barometer fell for the third month in a row. In April, 150,000 employees in industry were already on short-time working.

https://www.handelsblatt.com/politik/konjunktur/arbeitsmarkt-ifo-beschaeftigungsbarometer-sinkt-zum-dritten-mal-in-folge/100063542.html

Wednesday:

The Danish 🇩🇰 toy manufacturer Lego is growing again, leaving its US competitors $MATT (+0.3%) Mattel and $HAS (+0.14%) Hasbro behind it. In the first half of 2024, sales increased by double digits to more than 4 billion euros. Profit grew even faster than turnover to 800 million euros. Lego is benefiting in particular from investments in its own stores and factories.

https://www.handelsblatt.com/unternehmen/handel-konsumgueter/spielwaren-lego-waechst-sprunghaft-und-haengt-die-konkurrenz-ab/100061159.html

Björn Höcke makes anti-business statements. The AfD's top candidate in Thuringia wishes all companies that took part in the 'Made in Germany - Made by Vielfalt' campaign 'economic decline'. His reasoning was that the companies that took part in the campaign were responsible for deindustrialization through relocations abroad. However, this statement is really fictitious. 1. the deindustrialization mentioned does not really exist from a scientific point of view. 2. Trigema is also involved in the campaign. If any company does not relocate jobs abroad, it is Trigema.

https://www.handelsblatt.com/politik/deutschland/landtagswahl-thueringer-wirtschaft-und-afd-auf-konfrontationskurs/100060393.html

Thursday:

$DHER (+1.84%) Delivery Hero wants to list its fast-growing subsidiary Talabat on the stock exchange in Dubai. This would fill Delivery Hero's coffers. Talabat not only delivers food in the Middle East, but also everyday items.

https://www.deraktionaer.de/artikel/aktien/delivery-hero-ipo-dieser-tochter-geplant-aktie-schiesst-nach-oben-20365084.html

For the first time in three years, the inflation rate is below the ECB's 2.0% target. While prices rose by 2.3% in July compared to the previous year, in August it was only 1.9%. Real wages are also rising again in Germany. Nevertheless, the consumer mood is not really there yet.

https://m.bild.de/geld/wirtschaft/statistisches-bundesamt-inflation-sinkt-auf-1-9-prozent-66d0637b78f47027c38aa897?t_ref=https%3A%2F%2Fwww.bild.de%2Fgeld%2Fwirtschaft%2Fstatistisches-bundesamt-inflation-sinkt-auf-1-9-prozent-66d0637b78f47027c38aa897

Friday:

Growth in India 🇮🇳 is weakening somewhat; instead of 8 or 9 %, GDP grew less strongly at 6.7 % in Q2 compared to the same quarter of the previous year. A problem for the ruling Modi is that he has lost his absolute majority. This means that reforms can be implemented less quickly or not at all, which is hampering growth.

https://www.handelsblatt.com/politik/international/asien-warum-67-prozent-wachstum-modis-reformagenda-gefaehrdet/100063588.html

Key dates for the coming week:

Tuesday: 16:00 Manufacturing (USA)

Wednesday: 11:00 Producer prices (EU)

Wednesday: 15:45 Interest rate decision (Canada)

30.08.2024

Intel curbs expansion + Lululemon earns more than expected and lowers outlook + Apple prepares for AI sales push + Delivery Hero takes subsidiary Talabat public

Intel $INTC (+0%) examines various options with banks due to difficult situation.

Intel is also looking into spinning off production.

Intel could significantly scale back expansion plans such as the construction of new plants.

Apple $AAPL (+0.21%) rose 1.5% after the tech giant was seen ordering components for a much higher number of iPhones than last year, suggesting it is preparing for an artificial intelligence-driven sales surge.

Lululemon Athletica $LULU (-0.27%) is struggling with a further slowdown in its business in the Americas region. The sportswear manufacturer lowered its outlook for the year as a whole. The Group exceeded profit expectations in the second quarter. Lululemon now only expects sales of 10.38 to 10.48 billion US dollars instead of 10.7 to 10.8 billion dollars. Earnings per share are now expected to be between 13.95 and 14.15 dollars instead of 14.27 to 14.47 dollars. In the second quarter of the past financial year, profit rose from 342 million US dollars to 393 million US dollars. Earnings per share amounted to 3.15 dollars, exceeding analysts' expectations of 2.93 dollars. Turnover rose by 7 percent to 2.4 billion dollars. In the Americas region, sales rose by only 1 percent, while international sales climbed by 29 percent. Growth on a like-for-like basis amounted to 2 percent across the Group.

Delivery Hero $DHER (+1.84%) rose by 12.2 percent following quarterly figures and IPO plans for its subsidiary Talabat. The market hopes that the IPO will result in the individual parts being valued higher than the company as a whole. The delivery service wants to list Talabat, which is mainly active in countries in the Middle East and North Africa, on the stock exchange in Dubai this year, while retaining a majority stake.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

The Kraft Heinz Company 0.40 US

Estee Lauder Companies Registered (A) 0.66 US

Quarterly figures / company dates USA / Asia

/

Quarterly figures / Company dates Europe

09:00 PVA TePla AGM

Economic data

• 08:00 DE: Retail sales May seasonally adjusted real FORECAST: +0.1% yoy previous: -0.2% yoy
• 08:00 DE: Import/export prices July import prices FORECAST: +0.1% yoy/+1.4% yoy previously: +0.4% yoy/+0.7% yoy | Employment July
• 08:45 FR: Private consumption July FORECAST: +0.2% yoy/-0.9% yoy previously: -0.5% yoy/-1.0% yoy
• 08:45 FR: Consumer prices (preliminary) August PROGNOSE: +0.4% yoy/+1.9% yoy previous: +0.2% yoy/+2.3% yoy HICP PROGNOSE: +0.7% yoy/+2.3% yoy previous: +0.2% yoy/+2.7% yoy
• 09:55 DE: Labor market data August seasonally adjusted unemployment rate FORECAST: +16,000 yoy previous: +18,000 yoy Unemployment rate seasonally adjusted FORECAST: 6.0% previous: 6.0%
• 11:00 EU: Labor market data July Eurozone Unemployment rate FORECAST: 6.5% previously: 6.5%
• 11:00 EU: Eurozone consumer prices (flash estimate) August Eurozone FORECAST: +0.1%gg month/+2.2% yoy PREV: 0.0%gg month/+2.6% yoy Core rate (excluding energy, food, alcohol, tobacco) FORECAST: +0.3%gg month/+2.8% yoy PREV: -0.2%gg month/+2.9% yoy
• 11:00 IT: Consumer prices (preliminary) August FORECAST: +0.3% yoy/+1.2% yoy previously: +0.4% yoy/+1.3% yoy
• 14:30 US: Personal Spending and Income July Personal Spending PROGNOSE: +0.5% yoy previous: +0.3% yoy Personal income PROGNOSE: +0.2% yoy previous: +0.2% yoy PCE price index / core rate PROGNOSE: +0.2% yoy/+2.7% yoy previous: +0.2% yoy/+2.6% yoy
• 15:45 US: Chicago Purchasing Managers' Index August FORECAST: 45.6 PREV: 45.3
• 16:00 US: Index Consumer Sentiment Uni Michigan (2nd survey) August FORECAST: 68.0 1st survey: 67.8 PREVIOUS: 66.4

Pre-market news

$VOW (+0.57%) Volkswagen Vz. pre-market -0.85% +++ Media report on missed savings target

$LEG (+1.35%) LEG Immobilien pre-market -4% +++ Convertible bond burdened

$DHER (+1.84%) Delivery Hero pre-market +1.55% +++ JPMorgan brings mergers into play

$AT1 (+2.54%) Aroundtown pre-market +4.8% +++ After figures, outlook raised

Aroundtown generates revenue of €770.8m (previous year: €815.3m), net rental income of €587.6m (previous year: €596m), FFO 1 of €154.1m (previous year: €175.3m) and a net result of -€329.6m (previous year: -€1.3bn) in the first half of the year. In the outlook for 2024, the company now sees FFO1 of €290 to €320 million (previously: €280 to €310 million).

11.07.2024 +++ Consumer prices +++ PepsiCo quarterly figures +++ Real estate stocks with interest rate fantasy +++ Interest rate cut very likely in the second half of the year +++ (Update 14:00)

Interest rate winners and losers wanted

Stocks that had been punished in the previous days were particularly sought after. The real estate sector, for example, rose, with its pan-European index leading the list of winners with a plus of 2.1 percent.

In the DAX Vonovia $VNA (+1.21%) rose by 4.1 percent, while TAG $TEG (+1.35%) and Aroundtown $AT1 (+2.54%) were up 4.5 and 7.3 percent, respectively, while LEG Immobilien $LEG (+1.35%) by 3.4 percent. Delivery Hero $DHER (+1.84%) jumped by as much as 9.2 percent and Hellofresh $HFG (+0.53%) by 3.6 percent. Citi reiterated its buy recommendation for Hellofresh, while Morgan Stanley lowered its price target for Delivery, but left it well above the current price.

PepsiCo Inc. $PEP (-0.07%) beat analysts' estimates of $2.16 in the second quarter with earnings per share of $2.28. Sales of $22.5 billion below expectations of $22.66 billion.

Following the latest comments by Fed Chairman Jerome Powell, investors are again increasingly

are increasingly expecting easing in the USA in the near future. "Powell's comments fueled investors' hopes of a US interest rate cut in the second half of the year," wrote Commerzbank in the morning. As a result, the US stock markets had continued their record rally the previous evening

ex-dividend of individual stocks

voestalpine EUR 0.70

SDM EUR 0.10

Corporate events USA / Asia

12:00 Pepsico quarterly figures

Quarterly figures / Company dates Europe

07:00 Gerresheimer

07:00 Südzucker quarterly figures

07:00 Fraport traffic figures June

10:00 Fielmann AGM

15:00 BT Group AGM

Economic data

• 08:00 DE: Consumer prices (final) June PROGNOSE: +0.1% yoy/+2.2% yoy Preliminary: +0.1% yoy/+2.2% yoy Previous: +0.1% yoy/+2.4% yoy HICP PROGNOSE: +0.2% yoy/+2.5% yoy Preliminary: +0.2% yoy/+2.5% yoy Previous: +0.2% yoy/+2.8% yoy
• 08:00 UK: GDP April PROGNOSE: +0.2% yoy previous: 0.0% yoy Three-month rate PROGNOSE: +0.7% yoy previous: +0.7% yoy | Trade balance May PROGNOSE: GBP -16.8 bn previous: GBP -19.6 bn | Industrial production May PROGNOSE: +0.1% yoy/+0.6% yoy previous: -0.9% yoy/-0.4% yoy
• 14:30 US: Initial Jobless Claims (week) PROGNOSE: 236,000 previous: 238,000
• 14:30 US: Consumer prices June PROGNOSE: +0.1% yoy/+3.1% yoy previous: 0.0% yoy/+3.3% yoy Core consumer prices PROGNOSE: +0.2% yoy/+3.4% yoy previous: +0.2% yoy/+3.4% yoy