As every Sunday, the news of the last week and the dates of the coming week.
Dates of the coming week as a video:
https://youtube.com/shorts/Pg-wOO_cmrA?feature=share
Monday:
Scandinavian bank $NDA FI (-1.35%) Nordea reported a further increase in its profit due to higher interest rates. After a significant increase in profits, Group CEO Frank Vang-Jensen raised the target for return on equity, as expected. He is aiming for a return of more than 15 percent in 2023, he announced Monday after the publication of the quarterly results of the bank, which is listed on the EuroStoxx 50. Previously, the target had been more than 13 percent. Vang-Jensen had already indicated he would like to set yield expectations slightly higher. Experts surveyed by Bloomberg were already looking at an average of 15.8 percent. In the second quarter, return on equity was just over 19 percent, up nearly five percentage points from a year earlier and well above the raised target. Net profit increased by a good quarter year-on-year to 1.34 billion euros. This result was mainly driven by a strong increase in net interest income, which rose by 40 percent to 1.8 billion euros. The result was thus slightly better than analysts had expected. Despite the positive gains, Vang-Jensen will continue to ensure that costs remain under control.
https://goldesel.de/Artikel/diese-bank-erhoeht-das-renditeziel
Questionable EU decision: After it came recently among other things by lobbying to no #Provisionsverbot within the EU, now comes the next questionable decision. The EU wants to partially ban the business model of neo-brokers. Whether TradeRepublic, Scalable or Smartbroker, the particularly low-cost neo-brokers have so far benefited from payment for order flow. In doing so, they receive commissions for trading business at an exchange. For consumers, this actually has only advantages during regular trading hours. At least that is how Stiftung Warentest and various studies see it. With the ban, the EU would not protect consumers, but established stock exchanges.Therefore, a more than questionable legislative project from our point of view.
https://m.bild.de/geld/wirtschaft/wirtschaft/eu-beschliesst-preis-hammer-fuer-millionen-kleinanleger-84602408.bildMobile.html
The economic engine #China 🇨🇳 is sputtering. Youth unemployment in the major cities is now 21.3%. GDP in Q2 managed to grow by 6.3% for the year. However, 7.1% was expected. The retail sector in particular is recovering only slowly. While there was still an increase of 12.7% in May, the figure was only 3.1% in June. China could thus miss its own targets of 5% growth this year. The 6.3% growth can be explained above all by a low comparative figure in the previous year.
https://app.handelsblatt.com/roundup-chinas-wirtschaftswachstum-verlangsamt-sich/29262450.html
Tuesday:
On Tuesday, Novartis recorded $NOVN (+2.13%) Novartis in early trading a significant increase. The pharmaceutical company was recently able to record a gain of 3.6 percent. This gave the stock a bit of a boost again, after a slight decline in recent weeks following the rise in March and April. The market reacted positively to the company's improved forecasts and better-than-expected figures. In addition, Novartis announced a new share buyback program of up to $15 billion.
dpa-AFX ProFeed
U.S. #retail sales came in slightly worse than expected at +0.2% (+0.5%). This highlights the slowly deteriorating consumer sentiment in the US 🇺🇸. Accordingly, the figures are not well received on the stock market.
dpa-AFX ProFeed
The bottom has not yet been reached, building permits continue to collapse. By 25.9% compared to the same month last year. The main reason for the decline remains rising construction costs, as well as worse financing conditions.
https://www.handelsblatt.com/politik/konjunktur/nachrichten/wohnungsbau-baugenehmigungen-fuer-wohnungen-brechen-erneut-stark-ein/29263846.html
Wednesday:
Real estate shares such as $VNA (+4.53%) Vonovia start the market stronger on Wednesday. The reason was data from Hypoport. The financial services provider recorded small growth in the last quarter.
https://www.handelsblatt.com/finanzen/maerkte/marktberichte/dax-aktuell-dax-klettert-richtung-rekordhoch-inflationsdaten-und-positive-nachrichten-aus-der-immobilienbranche-befluegeln/29266072.html?nlayer=Märkte_4214690
At $GS (+1.61%) Goldman is currently not doing so well. Recently, many employees were laid off. In the second quarter, profits shrank to 1.07 billion dollars. In the same period last year, it was still 2.79 billion dollars. The main reason for the slump were various write-offs.
https://app.handelsblatt.com/finanzen/banken-versicherungen/banken/banken-goldman-gewinn-halbiert-flaute-im-investmentbanking-und-abschreibungen/29266976.html
$TSLA (+4.56%) Tesla wants to further expand Gründheide. Currently, 500,000 cars can be produced there. Soon it should be 1,000,000 cars. That would make the car factory in Gründheide the largest in Germany. By comparison, the VW main plant in Wolfsburg can produce 800,000 cars per year.
https://www.berliner-zeitung.de/news/antrag-auf-pfahlgruendungen-autobauer-tesla-will-fabrik-ausbau-in-gruenheide-bei-berlin-vorantreiben-li.371016
$NFLX (+1.58%) Netflix profits from the account lock. It was able to gain new customers and grow its revenue by 2.7%. At USD 1.49 billion, profit was also higher than in the same quarter of the previous year.
https://app.handelsblatt.com/technik/it-internet/quartalszahlen-kundenzustrom-spuelt-netflix-geld-in-die-kasse-/29267880.html
$TSLA (+4.56%) Tesla exceeds analysts' expectations, less in revenue but more in profit. Revenue rises to just under $25 billion. Earnings per share were 91 cents, expected only 82 cents.
https://teslamag.de/news/tesla-geschaeftszahlen-q2-2023-umsatz-leicht-gewinn-merklich-ueber-analysten-erwartungen-59852/am
Thursday:
$HFG (+2.18%) Hellofresh's earnings are well above expectations, but the customer base is shrinking, and the company is disappointing here. The higher than expected profit can be explained by higher average orders. From our point of view, this is a sustainable development. The customers who came only because of promotions go, regular customers stay and buy more in the significantly expanded store. Apparently, shareholders currently growth is more important than profitability.
https://app.handelsblatt.com/unternehmen/industrie/-geschaeftszahlen-im-newsblog-hellofresh-mit-rekord-betriebsgewinn/24098412.html
China 🇨🇳 is not lowering its key interest rates any further. The main reason is likely to be that otherwise the US dollar will become increasingly attractive. China is thus protecting the yuan from further devaluation. However, this also increases the risk of deflation and a slower economic recovery. However, China has set itself the goal of replacing the U.S. dollar as the world's reserve currency in the long term. This decision is a good indication of this prioritization.
https://www.reuters.com/markets/rates-bonds/china-left-lending-benchmarks-unchanged-expected-2023-07-20/
Friday:
$SAP (+0.3%) SAP unfortunately does not deliver. Recently, the company wanted to focus more on the cloud business, but the revenues are disappointing. Only 19% growth was achieved in the cloud business. Nevertheless, SAP can increase profits because the traditional software business declined less strongly than expected. Soon, there will also be AI applications, so that SAP data can be used faster and easier.
https://app.handelsblatt.com/technik/it-internet/softwarekonzern-cloudgeschaeft-laeuft-bei-sap-schwaecher-als-erwartet/29270586.html
Japan 🇯🇵 still has negative interest rates. Inflation is now picking up there, while it is falling in other countries, albeit at a low level so far. Inflation rose to 3.3%. The interest rate decision in Japan is due next week.
https://www.handelsblatt.com/finanzen/geldpolitik/verbraucherpreise-kerninflation-in-japan-steigt-leicht-an-nun-steht-die-sitzung-der-notenbank-im-fokus/29271148.html
Saturday:
Last week, Fresenius $FRE (+1.39%) Fresenius gained rapidly in value. At first, the reason seemed unclear. There was speculation about chart-technical reasons or corporate restructuring. In fact, an environmental disaster in the U.S. was probably responsible for the increase. During a tornado, a Pfizer plant was destroyed, which is now down for weeks. The stock market expects Fresenius' pharmaceuticals subsidiary Kabi to benefit from this production stoppage.
https://app.handelsblatt.com/unternehmen/handel-konsumgueter/pharmakonzern-pfizer-erwartet-wochenlangen-ausfall-von-us-werk-wegen-tornado-schaeden/29272928.html
Key dates in the coming week:
Monday: 9:30 Trade data (DE)
Tuesday: 10:00 Credit data (EU)
Wednesday: 20:00 Fed rate decision (USA)
Thursday: 14:15 Interest rate decision (EU)
Friday: 5:00 Interest rate decision (Japan)
