As we do every Sunday, here are the top news stories from the past week and the schedule for the coming week—also available as a video:
https://youtube.com/shorts/s9icpY6A1oo?si=QsXp6ZlISFxhfKGA
Monday:
Industrial production continued to decline in August, according to the Federal Statistical Office. Compared to the previous month, production fell by 0.2%.
Tuesday:
$KBC2 Kontron has secured two major orders from the aviation industry worth 100 million EUR.
Japan’s trade balance shows that the country continues to post an export surplus. The surplus tripled in August to more than 15 billion USD. One of the main reasons is falling prices for imported goods.
https://www.japantimes.co.jp/business/2023/10/10/economy/japan-current-account-surplus/
$1211 (-1,37 %) BYD is on the verge of $TSLA (-3,91 %) to unseat Tesla as the world’s largest manufacturer of electric cars.
https://teslamag.de/news/byd-keine-marktfuehrer-konkurrenz-tesla-keine-angst-eu-verfahren-61724/amp
$EH Ehang, a stock in our Growth Portfolio, has requested a trading halt. The request is likely related to an extraordinary announcement.
https://www.instagram.com/p/CyOFeDrOhkY/?igshid=MWZjMTM2ODFkZg==
Wednesday:
$NOVO B Novo Nordisk reports positive results with its antidiabetic drug in patients with chronic kidney disease. This weighs on the dialysis specialist $FME (+0,49 %) Fresenius Medical Care and also $FRE (-0,99 %) Fresenius. The study was terminated early due to proven efficacy. As a result, Fresenius Medical Care is likely to lose additional patients; it already lost many during the COVID-19 pandemic due to excess mortality.
$BIRK (-1,62 %) Birkenstock goes public at a price of 46 EUR. The company was prepared for the stock market by Bernard Arnault and debuts with a robust valuation of 8.6 billion USD.
Producer prices in the U.S. are rising more than expected. They rose by 2.2% compared to the same month last year. The expectation was around 1.6%. Producer prices are a leading indicator of inflation, so this is bad news.
https://www.handelsblatt.com/dpa/usa-erzeugerpreise-steigen-staerker-als-erwartet/29440252.html
Thursday:
The war between Israel and Hamas is now having a concrete impact on one asset class: cryptocurrencies. Apparently, cryptocurrencies were used primarily to finance terrorism. Israeli police have now frozen all crypto accounts that were used to publicly solicit donations. Most of the accounts were held on Binance. Binance has confirmed its cooperation with Israel. However, the SEC is also suing Binance, so these developments could have potential consequences for the world’s largest crypto exchange in the U.S. as well. $BTC (+1,78 %)
Inflation data from the U.S. is not being well received. The inflation rate remains at 3.7%. A decline had been expected.
Friday:
Inflation in China remains virtually nonexistent. Consumer prices stagnated again, while a slight increase had been expected. China’s foreign trade also continues to contract. Exports and imports each fell by 6.2% compared to the same period last year. Experts foresee a slow, temporary economic recovery toward the end of 2023.
VW $VOW3 (-1,84 %) VW also appears to be slowly stabilizing in China. In September, vehicle sales were still down 0.9% from the previous month. Globally, however, VW delivered 2.3 million vehicles in Q3, which is 7.4% more than in the same period last year. VW is able to offset its problems in China with significant growth in North America and Europe. This is a healthy development, as it reduces the company’s dependence on China. Electric cars already accounted for 7.9% of total sales so far in 2023, or about 530,000 cars. By comparison, Tesla sold only 1.3 million vehicles during the same period.
$EH Ehang receives major approval in China. The Civil Aviation Administration of China has approved the EH216-S, an unmanned drone with autopilot. This is the first certification of its kind worldwide and thus a true milestone. The approval process took two years and involved countless tests. Trading in the stock will resume shortly.
Monday: 11:00 a.m. Trade Balance (Eurozone)
Tuesday: 11:00 a.m. ZEW Survey (Germany)
Wednesday: 4:00 a.m. GDP Figures (China)
Thursday: 2:30 p.m. Unemployment Benefits (U.S.)
Friday: 8:00 a.m. Producer Prices (Germany)