05.09.2024
AI hype subsides + Insider buying at Dermapharm in the 2-digit million range + German government wants to reduce stake in Commerzbank + Real estate stocks benefit from interest rate hopes
Investors in the technology sector continue to take profits at the beginning of the seasonally rather poor stock market month of September. The previous day, European sector stocks had already come under pressure in the wake of the New York Nasdaq stock exchange, where semiconductor stocks in particular were sold off. This trend continued in European trading on Wednesday. Chip stocks also corrected in Asia amid somewhat disillusioned hype surrounding artificial intelligence (AI). In New York, the semiconductor index SOX had slipped by almost eight percent the previous evening, which, according to one trader, was the biggest daily loss since the coronavirus outbreak in March 2020. The AI favorite alone, the Nvidia $NVDA (-0.26%) had lost a good 280 billion US dollars in value in one day on Tuesday.
The pharmaceutical manufacturer Dermapharm $DMP (+1.01%) recently had to contend with significant declines in sales in some cases after the coronavirus pandemic subsided. However, the outlook for the branded pharmaceuticals manufacturer's core operating business is now brightening again, as evidenced by recent insider purchases in the double-digit million euro range. Dermapharm is also attractively valued fundamentally with a P/E ratio26e of 13.4 and a dividend yield of 2.6 %.
The threat of a placement of shares by the German government has put the shares of Commerzbank $CBK (-2.3%) shares on Wednesday, particularly at the start of trading. In the first few minutes, the Frankfurt-based bank's shares lost up to 4.4% in a weak market environment. However, with the gradual recovery of the DAX, they ultimately reduced their price loss to less than half. The state is planning its exit and wants to reduce its stake in a first step, according to the Federal Finance Agency. According to informed circles, sales of initially 3 to 5 percent are being discussed, reports the news agency Bloomberg.
German real estate stocks were among the best performers in the weak market on Wednesday. In addition to increasing hopes of interest rate cuts following recent weak economic data, a positive sector study by Kepler Cheuvreux provided support. Vonovia $VNA (+4.6%) was one of the best performers in the leading Dax index thanks to a price increase of around 0.8 percent. In the MDax of medium-sized listed companies TAG Immobilien $TEG (+5.66%) topped the list of winners with a plus of 3.2 percent, followed by LEG Immobilien $LEG (+5.4%) and Aroundtown $AT1 (+5.16%). Patrizia $PAT (+1.28%) took the top spot in the small cap index SDax with an increase of around 2.5 percent.
Stock market dates, economic data, quarterly figures
ex-dividend of individual stocks
Qualcomm USD 0.85
Quarterly figures / company dates USA / Asia
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Quarterly figures / Company dates Europe
10:00 Volvo Car Corp Capital Markets Day
11:00 Compugroup Medical Capital Markets Day
Economic data
- 08:00 DE: New orders July seasonally adjusted FORECAST: -1.0% yoy previous: +3.9% yoy | Manufacturing turnover July FORECAST: n/a previous: -0.9% yoy
- 11:00 EU: Retail Sales July Eurozone FORECAST: +0.3% yoy previous: -0.3% yoy
- 14:15 US: ADP Labor Market Report August Private Sector Employment PROGNOSE: +140,000 jobs previous: +122,000 jobs
- 14:30 US: Initial jobless claims (week) FORECAST: 229,000 Previous: 231,000
- 14:30 US: Productivity ex-farm (2nd release) 2Q annualized PROGNOSE: +2.5% yoy 1st release: +2.3% yoy 1st quarter: +0.4% yoy Unit labor costs PROGNOSE: +0.8% yoy 1st release: +0.9% yoy 1st quarter: +3.8% yoy
- 15:45 US: Purchasing Managers' Index/PMI Service (2nd release) August FORECAST: 55.1 1st release: 55.2 previous: 55.0
- 16:00 US: ISM Non-Manufacturing Index August Forecast: 51.0 points Previous: 51.4 points
- 17:30 US: Presidential candidate Trump, speech at Economic Club of New York event
