$KDP (-2,14 %)
$7751 (-2,66 %)
$NXPI (-1,22 %)
$WM (-1,18 %)
$CDNS (+0,25 %)
$BN (-0,67 %)
$SOFI (-0,58 %)
$UNH (-1,96 %)
$AMT (-1,16 %)
$UPS (+0,53 %)
$BNP (-0,35 %)
$NVS (-0,47 %)
$DB1 (-0,74 %)
$MSCI (-5,02 %)
$ENPH (-2,94 %)
$BKNG (-6,19 %)
$LOGN (-2 %)
$V (-0,18 %)
$MDLZ (+4,47 %)
$PYPL (-3,47 %)
$000660
$MBG (+5,34 %)
$BAS (+1,09 %)
$UBSG (-1,43 %)
$SAN (+3,27 %)
$CVS (+1,46 %)
$OTLY (-1,52 %)
$GSK (+6,2 %)
$ETSY (-11,4 %)
$CAT (+12,52 %)
$KHC (-1,56 %)
$ADYEN (+6,39 %)
$ADS (-6,41 %)
$AIR (-0,5 %)
$SBUX (-1,27 %)
$CMG (+0,5 %)
$META (-0,9 %)
$KLAC (+3,5 %)
$MELI (-0,05 %)
$WOLF (+0,57 %)
$GOOGL (+0,42 %)
$EQIX (-1,51 %)
$MSFT (-0,78 %)
$CVNA (+0,31 %)
$EBAY (-0,78 %)
$005930
$6752 (-0,61 %)
$KOG (+0,84 %)
$VOW3 (+0,42 %)
$GLE (+1,75 %)
$LHA (+0,04 %)
$STLAM (-0,4 %)
$SPGI (-2,47 %)
$MA (-0,14 %)
$PUM (-3,54 %)
$AIXA (-0,35 %)
$FSLR (+1,95 %)
$AAPL (+1,07 %)
$REDDIT (+0,06 %)
$AMZN (-0,05 %)
$NET (+0,28 %)
$MSTR (-0,69 %)
$GDDY (-2,23 %)
$TWLO (-1,15 %)
$COIN (-1,5 %)
$066570
$CL (-1,15 %)
$ABBV (-0,1 %)
$XOM (+0,98 %)

Hello everyone,

I appreciate your feedback on my strategy.

I'm in my mid-50s and we currently put aside €2,900 every month. 1,900 goes into

$B161SX (-0,02 %) to build up reserves. Current annual return 1.9%.

The aim here is to reach €50k in the next 20 months in order to be able to make the upcoming investments in the house.

As soon as this is achieved, I will reduce the savings in favor of the ETF's and in the next 5 years we will have paid off all debts and the free amounts will also go into asset accumulation.

Dream goal at the start of retirement 500T€UR. 😉

50% of the remaining €1,000 will go into

$UETW (+0,16 %)

and 10% each in

$IS3R (+0,27 %)

$IEFM (+0,13 %)

$XMME (+0,51 %)

$RBOT (+1,06 %) and

$ISPY (-1,17 %)

I want to monitor the performance of the two momentum ETFs to see whether they outperform the MSCI World and the Eurostoxx600. Over the next 12-24 months, I will then switch depending on the results.

I am still holding on to the existing individual stocks in order to sell them at a (larger) profit and have no time pressure here, even with the stocks in the red.

My price target is

$AIR (-0,5 %) 240-250€

$CCL (+0,67 %) at 28-30€

$LHA (+0,04 %) at 9-10€

and the rest should bring 20-30% when I sell them.

This year I have still been working a lot with direct investments (currently +20% in 2025) but will continue to reduce this. The funds released will then go into the above-mentioned ETFs according to the above key.

I'm leaving out crypto, as the topic doesn't appeal to me, and commodities are too volatile for me, and gold is currently too expensive, even though many people are saying that we'll soon be at 5T€UR.

I look forward to your feedback or questions if something is unclear.

BG

Lufthansa receives approval to acquire stake in Air Baltic

The Federal Cartel Office has now given the green light for Lufthansa's $LHA (+0,04 %) in Air Baltic has now been given the green light. This is despite certain concerns regarding competition, as the two airlines are in direct competition with each other on several routes. In this segment in particular, alternative carriers are few and far between, which further complicates the situation. However, Andreas Mundt, Chairman of the Cartel Office, explained that the merger was accepted because the markets in question are so-called de minimis markets with very low turnover. In such cases, the authority refrains from intervening. For passengers, however, this could mean that they will have to prepare for higher ticket prices, especially for flights to the Baltic capitals of Riga, Tallinn and Vilnius. Despite the approval, Lufthansa emphasizes that Air Baltic will continue to operate as an independent company and remain autonomous.

René Benko and the money carousel

In the real estate industry, René Benko is a name that often causes a stir. This article, which deals with his business model, sheds light on the mechanisms behind his failed concept. Reference is made to a money carousel that is said to have played a central role in his financing strategies. However, specific methods or the possible consequences for Benko were not described in detail in the article. Given the sensitivity of the information and the ongoing proceedings, it remains to be seen what further revelations will come to light in this case. The reporting on Benko highlights the importance of transparency and a clear legal framework in the real estate sector in order to secure investor confidence and avoid future scandals.

Sources:

https://www.manager-magazin.de/unternehmen/industrie/lufthansa-kartellamt-genehmigt-einstieg-bei-air-baltic-trotz-bedenken-a-01f00bfb-4566-4f50-bb15-c655c1aea41c

https://www.manager-magazin.de/unternehmen/rene-benko-was-1000-seiten-ermittlungsakten-vom-system-benko-verraten-a-86f5c933-3b07-408c-a519-ad2394e92083

$LHA (+0,04 %) I've been carrying around -46% in my portfolio since Covid. Realize loss of book value?

Lufthansa: $LHA (+0,04 %)

- Q1 revenue: €8.13bn (expected: €8.04bn)

- Q1 adj. EBIT: € -722 million (expected: € -718 million)

- Passenger airlines weaker than expected.

- Forecast 2025 confirmed: Significantly higher adj. EBIT than 2024.

- Task force for rapid capacity adjustment in the event of weaker demand.

- North American traffic strong in Q1 (+25% US passengers in March).

HelloFresh: $HFG (-1,62 %)

- Q1 revenue: € 1.93 billion (-7%), adjusted EBITDA: € 58.1 million (+250%).

- Efficiency program bears fruit.

- 2025 forecast confirmed: Sales -3% to -8%, EBITDA € 450-500 million.

Novartis: $NOVN (-0,82 %)

- Q1 net profit: USD 3.6 bn (+33%).

- Forecast raised: Sales growth now expected in the high single-digit percentage range.

Mutares: $MUX (+0,18 %)

- Q1 revenue: €1.53bn (+13%), net result holding company: €29.5m.

- Exits planned for 2025 (>€200m gross proceeds expected).

- Partial sale of Steyr Motors generates € 74m.

Symrise: $SY1 (-2,65 %)

- Q1 organic growth: 4.2%, sales: € 1.32 bn.

- Full-year forecast confirmed: 5-7% organic growth, EBITDA margin ~21%.

DWS Group: $DWS (+4,46 %)

- Q1 revenues: €753m (+3%), net income: €199m (+13%).

- Record inflows: € 19.9 billion.

- Cooperation with Deutsche Bank in the Private Credit segment.

Deutsche Bank: $DBK (+6,33 %)

- Q1 pre-tax profit +39%, highest quarterly profit in 14 years.

- Revenue growth and cost reductions drive earnings above expectations.

Lufthansa starts the year with another high loss + Hellofresh suffers from sluggish demand for cooking boxes at the start of the year + Symrise on course for annual targets

Lufthansa $LHA (+0,04 %)starts the year with another high loss

• Despite significantly higher revenues, Lufthansa has once again started the year with figures in the deep red.
• While several strikes had had an expensive impact in the previous year, operating costs rose noticeably in the first quarter.
• In addition, Easter only fell in the second quarter this time.
• However, despite the customs dispute with the USA, the Group counted significantly more travelers from the United States in March than a year earlier, as it announced in Frankfurt on Tuesday.
• Bookings from the USA continued to increase.
• This is another reason why CEO Carsten Spohr is sticking to his goal of increasing profits in day-to-day business (adjusted EBIT) in the current year and "significantly" exceeding the previous year's figure of around 1.65 billion euros.
• In the first quarter, the Group's turnover rose by ten percent year-on-year to 8.1 billion euros.
• The operating loss adjusted for special items (adjusted EBIT) decreased by 15 percent to 722 million euros.
• In the passenger business, however, the loss widened to 934 million euros.
• At the bottom line, the Group's loss increased by more than a fifth to 885 million euros due to lower tax relief.

Hellofresh $HFG (-1,62 %)suffers from sluggish demand for cooking boxes at the start of the year

• Hellofresh suffered a decline in sales at the start of the year due to the continued sluggish business with cooking boxes.
• Revenues in the first quarter fell by around seven percent year-on-year to 1.93 billion euros, as the Berlin-based MDax company announced on Tuesday.
• In mid-March, the management had already predicted a difficult first quarter.
• While sales of cooking boxes shrank by 13.5 percent, the ready meals division grew by 10.5 percent.
• Hellofresh confirmed its forecast for the year.
• Adjusted for special effects, earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) soared by around 250 percent to 58.1 million euros due to the ongoing savings program.
• Savings in personnel costs and production were particularly noticeable in the cooking box business.
• Meanwhile, the growing ready meals business is still making an operating loss.
• The bottom line for shareholders was a loss of 123.8 million euros after 83.9 million in the same quarter of the previous year.
• Hellofresh continues to expect a decline in sales of three to eight percent in the current year.
• The adjusted operating profit is expected to be between 450 and 500 million euros and thus at least reach the level of two years ago.
• Back in March, the food delivery company announced a savings program: from 2026, a total of 300 million euros are to be saved annually.

Symrise $SY1 (-2,65 %)on course for annual targets

• Despite a slower start to the year, Symrise believes it is on track to achieve its annual targets.
• Sales in the first quarter rose by just under two percent year-on-year to around 1.32 billion euros, as the manufacturer of fragrances, flavors and food additives announced on Tuesday.
• Excluding exchange rate effects as well as acquisitions and disposals of parts of the company, the increase amounted to 4.2 percent.
• Business with additives for beverages and sweets as well as fragrances for expensive perfumes provided a tailwind, while the sunscreen business was slower due to very strong figures from the previous year.
• Group sales were roughly in line with market expectations, while organic growth was slightly higher.
• The company confirmed its annual targets.
• Accordingly, organic growth should continue to reach 5% to 7% in 2025.
• Earnings before interest, taxes, depreciation and amortization (EBITDA) are expected to account for around 21% of sales, which would continue the margin recovery of the previous year.
• Symrise will comment specifically on the profit trend when it publishes its half-year figures.

Tuesday: Stock market dates, economic data, quarterly figures

Japan stock exchange holiday

• ex-dividend of individual stocks
• Henkel VZ EUR 1.85
• Banco Santander EUR 0.11
• Henkel 2.02 EUR
• Vivendi 0.04 EUR
• Akzo Nobel EUR 1.54
• Inditex 0.84 EUR
• Signify 1.56 EUR

• Quarterly figures / company dates USA / Asia
• 12:00 Spotify | UPS quarterly figures
• 12:30 General Motors | Honeywell quarterly figures
• 12:45 Pfizer quarterly figures | Astrazeneca analyst conference
• 13:00 Coca-Cola | Kraft Heinz quarterly figures
• 13:15 Paypal quarterly figures
• 15:00 Citigroup | American Express AGM
• 19:00 IBM AGM
• 20:00 Meta AGM
• 22:00 Booking Holdings | Starbucks | Edison International | First Solar | Snap quarterly figures
• 22:05 Visa | Mondelez quarterly figures
• Without time information: Paccar | Universal Music | Corning | Jetblue Airways Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 Deutsche Bank | Lufthansa | Novartis | DWS | Hellofresh | HSBC
• 07:00 Banco Bilbao | Stratec | Capgemini | Volvo Car annual results
• 07:30 Adidas | Symrise | Mutares quarterly figures
• 08:00 Porsche AG | Astrazeneca | BP | AB Foods quarterly figures | Deutsche Bank PK
• 08:30 Hellofresh analyst and press conference
• 09:00 Flatexdegiro PK on the 1Q figures | Porsche AG PK
• 09:30 DWS | Banco Bilbao Analyst Conference
• 10:00 Lufthansa | Adidas PK
• 10:30 Hochtief AGM
• 11:00 Deutsche Bank | Symrise Analyst Conference
• 11:30 Lufthansa Analyst Conference
• 14:00 Novartis | BP Analyst Conference
• 14:00 Deutsche Börse Analyst and Investor Conference 1Q
• 15:00 Adidas Analyst Conference
• 18:00 ASM International quarterly figures
• 19:00 Telekom Austria quarterly figures
• 22:00 Logitech quarterly figures

• Economic data

08:00 DE: GfK Consumer Climate Indicator May FORECAST: -26.0 points previously: -24.5 points

09:00 DE: ECB Director Cipollone, speech on "Financial and trade fragmentation: risks and policy alternatives"

09:00 ES: GDP (1st release) 1Q FORECAST: +0.6% yoy/+3.1% yoy 4th quarter: +0.8% yoy/+3.4% yoy

09:00 ES: HICP and consumer prices (preliminary) April HICP FORECAST: +2.0% yoy previously: +2.2% yoy

09:40 DE: ECB Banking Supervisor Donnery, speech on the ECB's supervisory priorities for 2025

10:00 EU: ECB, M3 money supply and lending March M3 money supply FORECAST: +4.0% yoy previous: +4.0% yoy | ECB publication of consumer survey results

11:00 EU: Economic Sentiment Index April Eurozone Economic Sentiment Forecast: 94.5 Previous: 95.2 Eurozone Industrial Confidence Forecast: -10.3 Previous: -10.6 Eurozone Consumer Confidence Forecast: -16.7 Previous: -16.7 Previous: -14.5

11:00 EU: Eurozone Business Climate Index April

16:00 US: Consumer Confidence Index April FORECAST: 87.7 previous: 92.9

In July and August 2024, I bought Lufthansa shares because I had identified a bottom (the first tranche was at €6). After a rollercoaster ride in which the position was up over 40% at times, it is now almost back to plus minus 0. What has happened since then?

Positive developments

Lufthansa has 7.8 billion euros on kerosene in 2024 spent on kerosene. This makes kerosene the second largest cost item for Lufthansa, directly after personnel costs. In comparison: revenue amounted to 37 billion euros in 2024. Good news for Lufthansa is therefore that the oil price (on which the kerosene price also depends) has been on a downward trend since 2022 and has already fallen by more than 50% from its last peak.

Lufthansa is gradually taking over ITA Airways, strengthening its presence in the southern European market.

Due to Corona, the number of vacations in Germany has fallen significantly, but is well on the way to returning to pre-Corona levels.

And another little nice to know, surprisingly for me, there are still no declines in USA bookings despite the new US entry policy.

Negative developments

Since the Russia - Ukraine war Lufthansa no longer flies over Russia. A flight ticket is estimated to be 5-10 percent more expensive and the flight takes about 2 hours longer. Chinese airlines can fly via Russia and are competing strongly with Lufthansa's Asian business. In general, Lufthansa is in an intense price war, especially with low-cost airlines. intense price warwhich is putting pressure on margins.

Due to the tariff war will result in less trade between China, the USA and the EU in future, which means that Lufthansa will transport fewer goods. Lufthansa Cargo accounts for 10% of revenue. However, I do not expect any major losses here.

Lufthansa wants to cut jobs and reduce costs, among other things by transferring flights to cheaper subsidiaries such as City Airlines. This leads to a conflict of interest with VC (Vereinigung Cockpit), as experienced Lufthansa pilots are to be replaced by cheaper staff. VC is therefore repeatedly threatening to strike. However, VC must also pay attention to its image. I think large-scale strikes are very unlikely, but strike threats or 1-2 day warning strikes are possible. A one to two-day strike would cost Lufthansa around 100 million in revenue plus a loss of passenger confidence, depending on the extent, but even then I would expect a short-term drop in shares of a maximum of 5%.

Lufthansa is currently modernizing its long-haul fleet with new, more efficient aircraft, which is positive for the time being. At Airbus, but especially at Boeing, however, there are often supply chain problems. For example, Lufthansa ordered 20 Boeing 777-9s in 2013, which were due to be delivered in 2020. It is now clear that they cannot be delivered until 2026 at the earliest.

With a P/E ratio of 5.4, Lufthansa is a bargain. There are some risks, but they are manageable. Unlike many other companies, which have also fallen sharply in recent days, I don't think they will be hit too hard by the tariffs and could therefore recover quickly.

Sources

https://www.reuters.com/business/aerospace-defense/chinese-airline-competition-lowering-lufthansas-asia-profits-executive-says-2025-04-04/?

https://www.reuters.com/business/aerospace-defense/pilots-union-breaks-off-talks-over-lufthansas-cuts-plans-sources-say-2025-04-02/?

https://www.reuters.com/business/aerospace-defense/all-flights-into-europe-must-avoid-russia-fair-competition-lufthansa-says-2024-10-16/?

https://www.reuters.com/business/aerospace-defense/lufthansa-says-no-decline-us-bookings-despite-stricter-border-policy-2025-04-01/?

https://www.businessinsider.com/boeing-777x-first-delivery-lufthansa-delays-kelly-ortberg-2025-1?

https://de.statista.com/statistik/daten/studie/151947/umfrage/anzahl-der-urlaubsreisen-in-deutschland-seit-2005/

Lufthansa $LHA (+0,04 %) is facing a challenge: a ruling by the Cologne Regional Court has decided that the airline may no longer use certain CO₂ statements in its advertising. Deutsche Umwelthilfe has won an important victory in this case and the court has upheld the claim in full. Although the ruling is not yet final, the impact on Lufthansa's marketing strategies could be significant. Especially at a time when sustainability is becoming increasingly important to travelers, this could fundamentally change the way the airline presents its environmentally friendly offers and force it to find more creative approaches to appeal to its customers.

In Germany, the DAX $LYY7 (-0,37 %) is relatively stable on Tuesday. The leading German index is expected to rise slightly by 0.1 percent to around 22,874 points before the start of trading. Investors seem to be looking for a clear direction, while the Asian markets are developing unevenly. The Nikkei 225 in Tokyo is up 0.46 percent, while the Shanghai Composite is down 0.10 percent and the Hang Seng in Hong Kong is even down 2.25 percent. Market participants are keeping a close eye on current developments and are waiting for further impetus to make their decisions. It remains to be seen whether the markets will stabilize in the coming days or whether we will see further movements.

It will be exciting in the evening when GameStop $GME opens its books and presents its key figures for the past quarter. Analysts have high expectations for the figures, which could draw investors' attention to the share. Developments surrounding GameStop are always a hot topic and could also influence the general market situation. In other news, Hyundai is causing a stir with the announcement of a 21 billion dollar investment in the US, which could bring additional movement to the markets. At the same time, Heidelberg Materials and Jenoptik have announced that they will increase their dividends, which is a positive signal for investors and boosts confidence in the companies.

Sources:

https://www.spiegel.de/wirtschaft/lufthansa-gericht-verbietet-bestimmte-co-aussagen-in-werbung-a-b56dd3de-cccc-46ba-9ec3-b4d8e27ae0e4

https://www.finanzen.net/nachricht/aktien/10-vor-9-die-wichtigsten-10-fakten-fuer-anleger-am-dienstag-gamestop-vor-bilanzvorlage-14320872

Barclays turns Lufthansa from 'Overweight' to 'Underweight' + PUMA announces its outlook for 2025 + Rheinmetall targets further strong growth in the defense boom + VW subsidiary Porsche cuts medium-term forecast

Barclays downgrades Lufthansa $LHA (+0,04 %)from 'Overweight' to 'Underweight'

• The British investment bank Barclays has lowered its rating for Lufthansa shares by two notches from "Overweight" to "Underweight" and cut its target price from 10.50 to 6.50 euros.
• "We fear that the golden goose has been cooked," wrote analyst Andrew Lobbenberg in his reassessment of European airlines on Wednesday with a view to the important North Atlantic business.
• The US airlines justified their recent profit warnings with the domestic business.
• However, Lobbenberg fears that this will have a wider impact.
• Weaker consumer and business sentiment will not leave unimpressed the wealthy customers who have supported the airlines with their demand over the past two years.

PUMA $PUM (-3,54 %)announces its outlook for 2025

• For 2025, PUMA anticipates continued geopolitical tensions and economic challenges, particularly in terms of trade tensions and currency volatility.
• Against this backdrop, PUMA expects currency-adjusted sales growth in the low to mid single-digit percentage range.
• Due to the cost efficiency program nextlevel, PUMA expects one-time expenses of up to EUR 75 million in 2025.
• In return, the company expects to generate an additional EBIT of up to EUR 100 million in 2025 compared to 2024.
• The net contribution of the nextlevel cost efficiency program to EBIT in 2025 is expected to be up to EUR 25 million.
• To provide a reliable outlook on the underlying business development, the company publishes an outlook on adjusted EBIT for 2025 excluding one-time costs.
• PUMA expects adjusted EBIT for the financial year 2025 to be in the range of EUR 520 million to EUR 600 million (2024: EUR 622.0 million).
• Taking into account one-time expenses of up to EUR 75 million from the nextlevel program, EBIT in 2025 is expected to be between EUR 445 million and EUR 525 million (2024: EUR 622.0 million).
• For the first quarter, PUMA expects currency-adjusted sales growth in the low single-digit range below the previous year's level, mainly due to a weak business development in the US and China.
• Due to effects from the valuation of inventories in the previous year, a higher operating expense ratio and a different timing of marketing expenses, adjusted EBIT is expected to be around EUR 70 million.
• Including the one-off costs, EBIT in the first quarter is expected to be significantly below the previous year's level (Q1 2024: EUR 159.0 million).
• For the financial year 2024, the Management Board and the Supervisory Board of PUMA SE will propose a dividend distribution of EUR 0.61 to the Annual General Meeting on May 21, 2025, with consolidated net income of EUR 281.6 million and taking into account the share buyback of EUR 50 million.

Rheinmetall $RHM (-0,16 %)aims for further strong growth in the armaments boom

• In view of rising defense budgets across Europe, Rheinmetall expects business to continue to shine in the current year.
• Sales are expected to increase by between 25 and 30 percent in 2025, as Germany's largest defense company announced in Düsseldorf on Wednesday.
• Last year, sales rose by 36 percent year-on-year to 9.75 billion euros.
• Rheinmetall had forecast around 10 billion euros.
• The operating margin rose to 15.2 percent in 2024 after 12.8 percent in the previous year.
• Rheinmetall is aiming for a slight increase to around 15.5 percent in the current year.
• Last year, the operating result soared by 61% to €1.48 billion compared to 2023.
• After Rheinmetall was once again able to land many new orders, the order backlog is higher than ever before.
• Shareholders are to receive a dividend of 8.10 euros per share for 2024, previously 5.70 euros were paid out.

VW subsidiary Porsche $P911 (+0,63 %)cuts medium-term forecast but maintains dividend

• Sports car manufacturer Porsche AG is becoming more cautious due to the more difficult environment for the coming years.
• "In the long term, we are sticking to our fundamental ambition of a Group return on sales of more than 20 percent," said new CFO Jochen Breckner on Wednesday, according to a press release.
• "In the medium term, we are aiming for 15 to 17 percent due to the persistently challenging environment."
• Previously, the Stuttgart-based VW subsidiary had seen between 17 and 19 percent in this time horizon.
• Last year, the operating margin slipped from 18.0 to 14.1 percent because business in China in particular was weak.
• This year, as already announced, the margin is likely to be only 10 to 12 percent due to investments in new models and conversion costs.
• Sports car manufacturer Porsche AG intends to keep its dividend stable this year despite a slump in profits in the previous year and high investments.
• The Stuttgart-based VW subsidiary announced on Wednesday that it will pay 2.31 euros per Dax-listed preference share.

Wednesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Southwest Airlines USD 0.18
• HP 0.29 USD

• Quarterly figures / company dates USA / Asia
• 18:00 Starbucks AGM
• 21:05 Adobe quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 Grand City Properties | Brenntag | Wacker Chemie | Klöckner & Co | ABN Amro Annual results
• 07:30 Porsche AG | Rheinmetall | Inditex Annual results
• 08:00 Puma annual result
• 09:00 Porsche AG PK | Klöckner & Co BI-PK
• 10:00 Puma | Rheinmetall | Wacker Chemie | Brenntag BI-PK
• 15:00 Puma Analyst Conference
• 16:00 Brenntag Analyst Conference
• No time specified: Mercedes-Benz Group Annual Report

• Economic data

09:45 DE: ECB President Lagarde, speech at conference "The ECB and it's Watchers XXV" (including Governing Council members Villeroy de Galhau 10:30, Escrica 13:00, Nagel 14:45 and Lane 16:15)

13:30 US: Real Income February

13:30 US: Consumer prices February PROGNOSE: +0.3% yoy/+2.9% yoy previous: +0.5% yoy/+3.0% yoy Core consumer prices PROGNOSE: +0.3% yoy/+3.2% yoy previous: +0.4% yoy/+3.3% yoy

14:45 CA: Bank of Canada, results of the Monetary Policy Council FORECAST: n/a previous: 3.00%

15:30 US: Crude oil inventory data (week) from the government Energy Information Administration (EIA) previous week