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I think many of you have $VOW (+0,94 %)
$P911 (-0,15 %) invested. The hoped-for turnaround hasn’t materialized yet, and I no longer believe that anything fundamental will change in Germany 🇩🇪. I’m still most optimistic about $BMW (+1,68 %)

So I’m going to sell my shares.

What are your thoughts on this?

Tuesday:

In its IPO prospectus—parts of which have been made public—Anthropic warns of “existential risks to humanity” posed by its technology. At the same time, the prospectus reports losses in the billions.

https://www.spiegel.de/netzwelt/anthropic-warnt-investoren-vor-existenziellen-risiken-fuer-die-menschheit-a-7472bb27-7448-40fe-899e-02cfecca080d

Wednesday:

Inflation in Germany rises to 3.3%, its highest level in three years. The increase exceeds expectations. Due to expectations of rising key interest rates, yields on government bonds continue to climb.

https://www.handelsblatt.com/finanzen/geldpolitik/inflation-teuerung-in-deutschland-steigt-auf-33-prozent/100254616.html

Good news for the German auto industry ($VOW (+0,94 %) VW, $BMW (+1,68 %) BMW, $MBG (+0,67 %) Mercedes-Benz). In the future, electric cars may also be used as energy storage devices. This could further boost sales of electric cars.

https://www.handelsblatt.com/unternehmen/energie/stromspeicher-bundesnetzagentur-lenkt-ein-durchbruch-fuer-e-autos/100258299.html

Thursday:

The German government now forecasts 1.3% growth for 2026 and 1.1% growth for next year. Growth is not expected to decline noticeably again until 2028, when it is projected to drop to 0.6%. The question is how sustainable this growth will be, given that much of the government’s spending has been financed by debt. However, this growth is occurring despite the wars in Iran and Ukraine.

https://www.handelsblatt.com/politik/konjunktur/konjunktur-bundesregierung-hebt-wachstumsprognosen-kraeftig-an/100259096.html

As we do every week, here are the top news stories from the past week:

Monday:

CXMT made its stock market debut in China. The company instantly became the most valuable company in mainland China. The company produces DRAM (random-access memory) for smartphones and servers used in AI. As a result, its revenue surged by 700% in the first quarter.

https://www.tagesschau.de/wirtschaft/finanzen/marktbericht-boersengang-cxmt-100.html

Tuesday:

So far, AI has had no negative impact on $NEM (+1,74 %) Nemetschek. On the contrary, the software group is raising its forecast for 2026 by 6 percentage points due to the HCSS acquisition. Organic growth is still estimated at 14–15%.

https://www.wallstreet-online.de/nachricht/21161519-nemetschek-se-erhoeht-2026-ausblick-hcss-uebernahme-organisch-bestaetigt

$TMV (-1,62 %) TeamViewer confirms its full-year forecast and expects slight growth. On a currency-adjusted basis, revenue remained virtually flat in the second quarter. The enterprise business grew by 8%. The SME business continues to lose ground but expects to stabilize in the second half of the year.

https://www.onvista.de/news/2026/07-28-teamviewer-ausbruch-abwarten-40338625-19-26536886

Wednesday:

The Fed leaves the benchmark interest rate unchanged. Market expectations were mixed. Inflation in the U.S. is more than 1 percentage point away from the 2% target, and fuel costs are likely to rise further due to the war in Iran.

https://www.handelsblatt.com/finanzen/geldpolitik/us-notenbank-fed-laesst-zinsen-unveraendert/100242042.html

Thursday:

Germany’s economy grew in both the first and second quarters. GDP growth stood at 0.4% in the first quarter and 0.2% in the second quarter. The GDP growth of 0.2% exceeded experts’ expectations.

https://www.handelsblatt.com/politik/konjunktur/konjunktur-deutsche-wirtschaft-waechst-im-zweiten-quartal-leicht/100243747.html

At $BMW (+1,68 %) BMW, profits fell by over 30% in Q2 to 1.2 billion euros. The main reason for this development is China. While BMW sold more cars in Europe and the U.S., sales in China dropped significantly.

https://www.tagesschau.de/wirtschaft/unternehmen/ueberblick-autobauer-krise-probleme-sparmassnahmen-100.html

$ADS (+2,74 %) Adidas posted a loss despite record figures. Revenue reached a new record high of 6.74 billion euros. Even the World Cup finalists wore Adidas. However, marketing expenses also rose by 200 million euros to a total of 924 million euros. As a result, profits fell short of expectations.

https://m.bild.de/politik/trotz-rekordumsatz-und-trikot-boom-adidas-aktie-rauscht-17-prozent-runter-6a6b02a4b5b26399f0be0c70?t_ref=https%3A%2F%2Fwww.bild.de%2Fpolitik%2Ftrotz-rekordumsatz-und-trikot-boom-adidas-aktie-rauscht-17-prozent-runter-6a6b02a4b5b26399f0be0c70

$MC (+2,06 %)
$MBG (+0,67 %)
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$XOM (-3,99 %)
$CVX (-3,4 %)

$BMW (+1,68 %)

$BMW (+1,68 %)

Tuesday:

$BMW (+1,68 %) BMW lowers its forecast. Developments in the Middle East and China, in particular, are weighing on the company’s annual targets. In China, the auto market reportedly slumped by 20% overall in May. This is fueling further discount wars there, from which German automakers tend to stay out.

https://www.sueddeutsche.de/wirtschaft/bmw-muenchen-krise-gewinnwarnung-sparprogramm-li.3500059

Thursday:

In the Fed’s first interest rate decision under Kevin Warsh, the interest rate remains unchanged. For the first time in a long while, this decision was also unanimous. Warsh emphasizes, above all, the Fed’s role in keeping inflation in check.

https://www.tagesschau.de/wirtschaft/fed-leitzins-154.html

Friday:

The German defense contractor $RHM (-3,2 %) Rheinmetall is looking to enter the weapons production market in Japan and is exploring a potential investment. The plan is to potentially produce weapons for the Japanese domestic market as well as for export.

https://www.handelsblatt.com/unternehmen/industrie/expansion-rheinmetall-prueft-einstieg-in-die-waffenproduktion-in-japan/100234399.html

The German software company $TMV (-1,62 %) TeamViewer has once again received an award from Gartner for its AI platform, TeamViewer One. The platform combines remote access with AR. It also features an integrated AI agent named “Tia” that independently resolves IT issues. However, what will be particularly interesting is a look at the Q2 figures and whether this technological leadership can also be translated into growth.

https://www.finanztrends.de/news/teamviewer-aktie-0-3-prozent-guidance-bremst-kurs/

$BMW (+1,68 %)

📌 𝐖𝐢𝐜𝐡𝐭𝐢𝐠𝐬𝐭𝐞 𝐏𝐮𝐧𝐤𝐭𝐞

• A weaker Chinese auto market and increasing competitive pressure are weighing on operating performance

• The impact of the Middle East conflict is lasting longer than expected, driving up costs and causing consumer reluctance

• Additional structural and efficiency measures will result in one-time charges in the second half of 2026

⠀

🎯 𝐀𝐮𝐬𝐛𝐥𝐢𝐜𝐤

• Vehicle deliveries: slight decline expected (previously at prior-year level)

• Automotive EBIT margin: 1–3% (previously 4–6%)

• Automotive RoCE: 1–5% (previously 6–10%)

• Earnings before taxes: significant decline expected (previously moderate decline)

• Automotive free cash flow still expected to exceed €2.5B

⠀

💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭

• “We have strong product momentum with the NEW CLASS and will bring the strongest BMW portfolio in history to the road over the next two years.”

• “At the same time, we will adapt our structures and processes to the drastically tougher market conditions. It’s all about speed and efficiency.”