As every Sunday, 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/VguA1e0JIig?si=OBfgag88jXTJk-XL
Monday:
45 projects in China 🇨🇳 that sold CO2 certificates are suspected of fraud. All projects are to be reversed.
$INTC (-7.3%) Intel stops the construction of the factory in Magdeburg for the time being. This not only shows how wrong a subsidy policy is in which the state simply gives away tax money to individual companies. It also shows that the framework conditions for investments are generally poor. Intel is not even building a plant, even though they would receive 10 billion euros for it.
Tuesday:
The ZEW economic expectations have deteriorated more than expected. "The ZEW survey speaks for a crash, crisis and powerlessness. Above all, the miserable assessment of the situation points to another lost quarter on the growth side," said Alexander Krüger, Chief Economist at Hauck Aufhäuser Lampe Privatbank
Wednesday:
We read a lot about China 🇨🇳 and how widespread electric cars are there. North America 🇺🇸🇨🇦 is less in the spotlight. There is hardly any demand for electric cars there and, above all, demand is already stagnating. The plans of $F (+6.36%) Ford and $GM (+3.46%) äGM to go all-electric have long since been canceled. Even in China, consumers are not always free to make the decision to switch to an electric car. In certain cities, for example, it is simply not possible to register a new combustion engine. Manufacturers such as Mercedes have also long since realized that although electric cars are desired by the state, consumer demand is not so great. Once again, the planned economy is not working. This makes other instruments such as a global CO2 price all the more important.
Germans distrust the financial sector. Out of 28 industries surveyed, the sector came in 24th place, which is no great surprise to us. There are few sectors where conflicts of interest can have such a blatantly negative impact on future life. Many Germans have had bad experiences with financial service providers. That is why it is so important to strengthen consumer education and, above all, financial knowledge. That way, if in doubt, you can do it yourself and distinguish between bad and good advice.
The Fed cuts the key interest rate by 50 basis points!
This means that the key interest rate in the USA 🇺🇸 is now in the range between 4.75 % and 5.0 %.
Thursday:
In August, 18.3% fewer cars were registered in Europe than in the previous year. The main reason for this is a slump in sales of electric cars. Demand for electric cars fell by 44%. This slump was particularly severe in Germany, where sales fell by 70%.
The BoE is taking a break from cutting interest rates for the time being and is leaving the prime rate at 5.0%. Inflation has not yet fallen sustainably enough.
After $BMW (+0.67%) BMW, Mercedes also cuts $MERC (+6.02%) Mercedes is also cutting its profit targets. Instead of 11 %, the return is to be 7.5 - 8.5 %. This means that Mercedes is also clearly missing its own strategy. A luxury provider with a single-digit margin is rather rare. The main reason for this is probably the development in China 🇨🇳, as well as lower sales of the S-Class.
Friday:
Big insider buy by Daniel Grieder at $BOSS (-0.1%) HUGO BOSS. The CEO buys shares for just under 400,000 euros. The company recently attracted attention with its cooperation with VFB Stuttgart.
While the other central banks are cutting interest rates, the Bank of Japan 🇯🇵 is raising its key interest rates. Today, however, it is pausing the increases for the time being, but is holding out the prospect of further interest rate hikes.
$QCOM (-0.49%) Qualcomm probably wants to $INTC (-7.3%) take over Intel. If the takeover goes ahead, it would be the largest ever in the technology sector. Intel is still valued at 90 billion euros.
Most important dates in the coming week:
Tuesday: 10:00 ifo Business Climate Index (DE)
Thursday: 15:20 Fed-Powell speech (USA)
Friday: 11:00 EU economic data (EU)
What other important dates can you think of?