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/cpIdQFYiLeY?si=gaKXoxc1Q7c_VbNC

Sunday:

Due to industrial overcapacity, deflation is depressing prices in China. Prices there fell by an average of 0.7% compared to the same month last year. The reason for the decline was probably a high basis for comparison from the previous year, as well as government programs to boost consumption.

https://www.handelsblatt.com/finanzen/geldpolitik/deflation-verbraucherpreise-in-china-sinken-nach-13-jahren-erstmals-deutlich/100112409.html

Monday:

$HFG (-6,83 %) Hellofresh shocks the markets with a sales warning, down more than 10%. Analysts at JP Morgan continue to see the price target at 15 euros. This is because EBITDA is expected to rise again. Hellofresh is dispensing with expensive marketing campaigns, which hurts sales but may increase profits.

https://www.deraktionaer.de/artikel/aktien/hellofresh-schockt-mit-umsatzprognose-aktie-rauscht-nach-unten-20376335.html

Tuesday:

$VOW3 (-4,37 %) Volkswagen is struggling with a drop in sales and profits. Overall, 2.3% fewer vehicles were sold. Sales for 2024 increased minimally by one percent to 324.7 billion euros. Profit fell from 17.8 to 12.3 billion euros.

https://m.bild.de/geld/wirtschaft/zahlen-fuer-2024-volkswagen-gewinn-bricht-um-30-6-prozent-ein-67cfda107831137d2727f9c3

Wednesday:

$P911 (-4,36 %) Porsche earns significantly less. Similar to VW, profits are down by around 30%. The dividend is to remain stable. Turnover is also expected to stagnate in 2025.

https://www.handelsblatt.com/unternehmen/industrie/porsche-gewinn-sinkt-um-30-prozent-dividende-bleibt-stabil/100111337.html

Not only is Rheinmetall's share price rising $RHM (-10,98 %) Rheinmetall is rising, sales are also increasing significantly. Rheinmetall could grow by 34% in 2024. Growth of 25-30% is also expected for 2025. Rheinmetall achieved sales of just under 10 billion euros in 2024. The order backlog grew to 55 billion euros. The dividend is set to rise from 5.70 to 8.10 euros per share.

https://www.handelsblatt.com/unternehmen/industrie/rheinmetall-ruestungskonzern-steigert-umsatz-um-36-prozent-dividende-erhoeht/100112608.html

$TMV (-2,63 %) Teamviewer is celebrating its 20th anniversary, which means the tech company from Göppingen has been around longer than the average lifespan of a German company (around 12 years). Click here for a summary of the company's history:

https://www.finanzen.at/nachrichten/aktien/teamviewer-konzerngeschichte-deutschlands-unsichtbarer-tech-champion-mit-globaler-reichweite-1034321282

US inflation data comes in lower than expected, market bounces back. Compared to the same month last year, prices rose by 2.8%. An increase of 2.9% was expected.

https://finanzmarktwelt.de/inflation-us-verbraucherpreise-niedriger-jetzt-wird-bestimmt-alles-gut-342006/

Thursday:

The fashion group $BOSS (-2,48 %) Hugo Boss from Metzingen wants to increase its dividend to 1.40 euros per share. At 4.31 billion euros, turnover was three percent above the previous year's figure and higher than ever before. Declining sales in China were a particular burden on the Group. Profit therefore fell by 17% to 217 million euros. In the coming year, turnover is expected to stagnate, but profitability is set to increase.

https://fashionunited.de/nachrichten/business/trotz-umsatzrekord-jahresgewinn-von-hugo-boss-sinkt-um-17-prozent/2025031360615

Companies such as $DTG (-5,57 %) Daimler Truck fell significantly after Donald Trump announced that he would relax the emissions regulations for trucks. Daimler in particular has invested billions of dollars in recent years to make its trucks environmentally friendly.

https://www.finanzen.net/amp/trump-im-fokus-daimler-truck-aktie-verliert-aufgrund-von-ergebnissorgen-zweistellig-14313701

With the inflation rate in the USA already below expectations, producer prices are also below expectations. This is particularly interesting, as producer prices are a leading indicator for inflation in the future.

https://www.ariva.de/amp/usa-erzeugerpreise-steigen-weniger-als-erwartet-11567717

Friday:

As with $VOW3 (-4,37 %) VW, BMW's profits are also on the decline. BMW achieved a profit of 7.7 billion euros, 37% less than a year ago. Turnover fell by 8.2% to 142 billion euros. China is the main problem for BMW.

https://www.saarbruecker-zeitung.de/nachrichten/wirtschaft/gewinn-bei-bmw-sackt-ab-die-ganz-fetten-jahre-sind-vorbei_aid-125213969

These are the most important dates for the coming week:

Wednesday: 04:00 Interest rate decision (Japan)

Wednesday: 19:00 Interest rate decision (USA)

Thursday: 12:00 Interest rate decision (BoE)

Can you think of any other dates? Write it in the comments 👇

#usa #interest #japan

Daimler Truck $DTG (-5,57 %) recently gave a deep insight into its current challenges. Sales fell by 3 percent to 54.1 billion euros due to the tense economic situation in Europe and Asia. This difficult situation was further exacerbated by high value adjustments of 591 million euros before interest and taxes. The profit for shareholders now stands at 2.9 billion euros - a fall of almost a quarter. Despite these sobering figures, the dividend remains stable at 1.90 euros per share, which offers investors a small ray of hope in this challenging phase.

Looking to the future, however, Daimler Truck has optimistic plans. The operating margin in the industrial business, excluding financial services, fell by one percentage point to 8.9 percent. The Group has set itself the target of increasing this margin to 8 to 10 percent in the coming year. One positive sign is the order intake in the last quarter, which rose by an impressive 15 percent to 124,046 vehicles despite a 2 percent decline for the year as a whole. This development could indicate an imminent recovery and give hope for the future.

In the USA, the discussion about looser climate regulations has weighed heavily on Daimler Truck's share price. While the shares of Traton and Volvo are also under pressure, the decline of Daimler Truck as the market leader in North America is particularly striking. The US Environmental Protection Agency (EPA) recently announced more than 30 relaxations of regulations, which also affect CO₂ reduction regulations for commercial vehicles. These developments could have far-reaching consequences for Daimler Truck's most important market, especially as the company has invested heavily in zero-emission drives under CEO Karin Rådström. The coming months will show how these factors will affect the business.

Sources:

https://www.manager-magazin.de/unternehmen/autoindustrie/gewinneinbruch-bei-daimler-truck-sparprogramm-in-europa-a-ce6523c9-55d5-4580-9b50-3fef52287d74

https://www.manager-magazin.de/unternehmen/autoindustrie/daimler-truck-aktie-mit-kursturz-diskussion-ueber-lockerere-us-klimavorschriften-a-947cfb67-bdc2-4aea-8e4a-f3a6a0cc4e0c

The EU Commission wants to make it easier for European car manufacturers to meet the climate targets for 2025. This was announced by EU Commission President Ursula von der Leyen (CDU) at a press conference on Monday. She had previously met with industry representatives in Brussels to discuss the current situation in the industry.

The solution is to be a so-called "quick fix" for the industry, which is to be presented as early as this month. According to this, the CO2 targets for 2025, 2026 and 2027 are to be combined into one compensation period. Achieving the targets on an annual basis is therefore off the table.

This caused a clear market reaction on the stock exchange. Shares in German car manufacturers benefited in particular, all of which rose by more than two percent. The shares of $DTG (-5,57 %) Daimler Truck and $VOW (-3,61 %) Volkswagen rose the most, each by more than five percent. Also $BMW (-5,51 %) BMW, $MBG (-5,9 %) Mercedes Benz and $P911 (-4,36 %) Porsche also participated with rising share prices.

On Wednesday, von der Leyen will officially present the action plan for the automotive industry, which was jointly developed in the Strategic Dialogue and will include further measures such as the expansion of the charging infrastructure. In addition, money is to be made available for a social leasing program via the Climate Social Fund.

Source (excerpt): Handelsblatt, 03.03.25 | Graphic: ChatGPT

The German commercial vehicle manufacturer Daimler Truck has secured the largest order for electric trucks in the company's history.

Amazon has ordered 200 heavy-duty Mercedes-Benz eActros 600 electric trucks, the online retailer announced on Monday. "This is an important milestone for us," Andreas Marschner, Vice President of Amazon Worldwide Operations Sustainability, told the Reuters news agency. "Decarbonizing heavy-duty transport is the most difficult part of transportation." The vehicles are to be used in Germany and the UK and will be integrated into the online retailer's network this year. According to Amazon, this is the largest order of electric trucks for the company to date. The 40-ton trucks are to be used in the medium-distance network between fulfillment centers, sorting centers and delivery bases.

The eActros 600 has a range of 500 kilometers and is therefore well suited to Amazon's delivery network, according to Marschner. To support the use of the trucks, Amazon is building a network of 360-kilowatt fast-charging stations at its locations. These can charge a truck from 20 to 80 percent in less than an hour, "which is also compatible with the legally prescribed breaks for drivers," explains Marschner. The order is part of Amazon's voluntary commitment to achieve net-zero emissions at all sites by 2040.

$AMZN (-3,47 %)
$DTG (-5,57 %)
$MBG (-5,9 %)

⬆️⬆️⬆️

- EXANE BNP raises the price target for ALLIANZ SE from EUR 271 to EUR 295. Underperform. $ALV (-8,43 %)

- BARCLAYS raises the target price for AIRBUS from EUR 166 to EUR 200. Overweight. $AIR (-8,31 %)

- UBS raises its price target for SAP from EUR 237 to EUR 283. Buy. $SAP (-5,31 %)

- BERENBERG raises the price target for LVMH from EUR 695 to EUR 720. Buy. $MC (-4,14 %)

- EXANE BNP raises the target price for MUNICH RE from EUR 550 to EUR 560. Outperform. $MUV2 (-6,68 %)

- RBC raises the target price for SIEMENS from EUR 205 to EUR 225. Outperform. $SIE (-7,45 %)

- CITIGROUP raises the price target for STELLANTIS from EUR 12.40 to EUR 13. Neutral. $STLA

- KEPLER CHEUVREUX raises the target price for DOUGLAS from 28.60 EUR to 29.90 EUR. Buy. $DOU (-3,38 %)

- CITIGROUP raises the target price for DWS from EUR 43 to EUR 44.70. Buy. $DWS (-10,75 %)

- CITIGROUP raises the price target for FRAPORT from EUR 62 to EUR 72. Buy. $FRA (-2,89 %)

- UBS upgrades AMADEUS IT from Neutral to Buy and raises target price from EUR 67 to EUR 80. $AMS (-7,46 %)

- DEUTSCHE BANK RESEARCH raises target price for PHILIPS from EUR 25 to EUR 26. Hold. $PHIA (-7,48 %)

- DEUTSCHE BANK RESEARCH raises the target price for MAN GROUP from GBP 2.65 to GBP 2.75. Buy.

- GOLDMAN raises the target price for RIO TINTO from GBP 67 to GBP 73. Buy. $RIO (-6,32 %)

- JEFFERIES raises the price target for SIEMENS ENERGY from EUR 31 to EUR 50. Hold. $ENR (-9,65 %)

- RBC raises the target price for SCHNEIDER ELECTRIC from EUR 195 to EUR 210. $SU (-8,15 %) Underperform.

- EXANE BNP upgrades HANNOVER RÜCK from Neutral to Outperform and raises target price from EUR 265 to EUR 285. $HNR1 (-5,85 %)

⬇️⬇️⬇️

- DEUTSCHE BANK RESEARCH lowers the price target for NOVO NORDISK from DKK 1000 to DKK 900. Buy. $NOVO B (-6,66 %)

- BOFA lowers the target price for RWE from EUR 44 to EUR 42. Buy. $RWE (-6,04 %)

- JPMORGAN lowers the price target for NETFLIX from USD 1010 to USD 1000. Overweight. $NFLX (-5,74 %)

- MORGAN STANLEY lowers the price target for SYMRISE from EUR 137 to EUR 130. Overweight. $SY1 (+0,31 %)

- KEPLER CHEUVREUX lowers the target price for REDCARE PHARMACY from EUR 145 to EUR 138. Hold. $RDC (-2,11 %)

- WARBURG RESEARCH lowers the target price for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (-4,33 %)

- STIFEL downgrades WACKER CHEMIE from Buy to Hold. $WCH (-7,57 %)

- RBC lowers the price target for DAIMLER TRUCK from EUR 55 to EUR 51. Outperform. $DTG (-5,57 %)

Analsyst updates, 08.11.

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- GOLDMAN upgrades BIONTECH from Neutral to Buy and raises price target from USD 90 to USD 137. $BNTX (-3,55 %)

- BOFA raises target price for UNDER ARMOUR from USD 9 to USD 13. Neutral. $UAA (-1,85 %)

- DEUTSCHE BANK RESEARCH raises the price target for DELIVERY HERO from EUR 29 to EUR 35. Hold. $DHE

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS from EUR 197 to EUR 200. Buy. $SIE (-7,45 %)

- JEFFERIES raises the price target for HOCHTIEF from EUR 135 to EUR 138. Buy. $HOT (-9,67 %)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS HEALTHINEERS from EUR 60 to EUR 62. Buy. $SHL (-5,55 %)

- DEUTSCHE BANK RESEARCH raises the price target for NORDEX from EUR 18 to EUR 19. Buy. $NDX1 (-7,2 %)

- DEUTSCHE BANK RESEARCH raises the price target for RATIONAL from 832 EUR to 841 EUR. Hold. $RAA (-6,26 %)

- DEUTSCHE BANK RESEARCH raises the target price for AXA from 37 EUR to 39 EUR. Buy. $CS (-5,89 %)

- WARBURG RESEARCH raises the price target for BASTEI LÜBBE from EUR 11.70 to EUR 12.20. Buy. $BST (-5,41 %)

- DEUTSCHE BANK RESEARCH raises the price target for ARCELORMITTAL from EUR 28 to EUR 29. Buy. $MT (-7,3 %)

- DZ BANK raises the price target for SWISS RE from CHF 130 to CHF 140. Buy. $SREN (-6,98 %)

- ODDO BHF raises the price target for HEIDELBERG MATERIALS from EUR 99 to EUR 110. Neutral. $HEI (-6,75 %)

- KEPLER CHEUVREUX raises the price target for DAIMLER TRUCK from EUR 35 to EUR 41. Hold. $DTG (-5,57 %)

- KEPLER CHEUVREUX upgrades REDCARE PHARMACY from Reduce to Hold. $RDC (-2,11 %)

- ODDO BHF raises the price target for HENKEL from EUR 67 to EUR 73. Neutral. $HEN (-3,1 %)

- ODDO BHF raises the price target for FREENET from EUR 27 to EUR 28. Neutral. $FNTN (-5,99 %)

- BARCLAYS raises the target price for ABOUT YOU from EUR 3.10 to EUR 3.40. Underweight. $YOU (-0,45 %)

- BARCLAYS raises the target price for NEMETSCHEK from EUR 108 to EUR 125. Overweight. $NEM (-5,47 %)

⬇️⬇️⬇️

- BOFA lowers the price target for PINTEREST from USD 45 to USD 39. Buy. $PINS

- WARBURG RESEARCH lowers the price target for DAIMLER TRUCK from EUR 56 to EUR 55. Buy. $DTG (-5,57 %)

- UBS lowers the price target for JCDECAUX from EUR 21.60 to EUR 18.50. Neutral. $DEC (-6,47 %)

- WARBURG RESEARCH lowers the price target for ADTRAN HOLDING from EUR 9.70 to EUR 9.30. Buy. $ADTN (-5,26 %)

- ODDO BHF lowers the price target for NORDEX from EUR 18 to EUR 17. Outperform. $NDX1 (-7,2 %)

- BARCLAYS lowers the target price for VESTAS from DKK 99 to DKK 80. Underweight. $VWS (-10,01 %)

- KEPLER CHEUVREUX lowers the price target for FRAPORT from EUR 62 to EUR 59. Buy. $FRA (-2,89 %)

- BARCLAYS lowers the target price for GSK from GBP 15.50 to GBP 14.50. Equal-Weight. $GSK

- BERENBERG lowers the price target for COMPUGROUP from EUR 23 to EUR 21. Buy. $COP (-1,79 %)

- BERENBERG lowers the price target for JUNGHEINRICH from EUR 41 to EUR 39. Buy. $JUN3 (-11,64 %)

- JEFFERIES lowers the target price for SUSS MICROTEC from EUR 87 to EUR 75. Buy. $SMHN (-4,06 %)

Summary Earnings, 07.11.

$MUV2 (-6,68 %)
| Munich Re Q3 24 Earnings

EPS EU7.02 (est EU6.67)

Sees FY Insurance Rev. About EU61B, Saw About EU59B

Sees FY Profit Above EU5B, Saw EU5B

$RHM (-10,98 %) | Rheinmetall AG Q3 24 Earnings

Sales EU2.45B (est EU2.42B)

Still Sees FY Sales About EU10B (est EU9.99B)

Sees FY Operating Margin At Upper End Of Guidance

Nissan Motor Q2 2024 Earnings $7201 (-4,87 %)

Q2 Operating Income 31.91B Yen (est 65.25B Yen)

Q2 Net Loss 9.34B Yen (est Profit 49.07B Yen)

Sees FY Oper Income 150.00B Yen, Saw 500.00B Yen

To Cut 9,000 Jobs Globally

To Reduce Global Production Capacity By 20%

To Sell Back Up To 10.02% Of Mitsubishi Motors Shares

Air France KLM Q3 24 Earnings $AF

EBITDA EU1.90B (est EU1.9B)

Rev EU8.98B (est EU8.88B)

Net Income EU780M (est EU874.3M)

Sees FY Capex EU3B, Saw Below EU3B

$TEF (-4,05 %) | Telefonica Q3 24 Earnings

REV. EU10.02B (est EU10B)

Adj. EBITDA EU3.26B (est EU3.26B)

Net Income EU10M (est EU357M)

To Book €314 Million Non-Cash Impairment For Peru

ArcelorMittal Q3 24 Earnings: $MT (-7,3 %)

- Sales $15.20B (est $15.23B)

- EBITDA $1.58B (est $1.47B)

- Still Sees FY CAPEX $4.5B To $5.0B

- Markets Conditions Are 'Unsustainable'

- Positive On Medium/Long Term Outlook

Daimler Truck Holdings Q3 24 Earnings: $DTG (-5,57 %)

- Rev EU13.14B (est EU12.98B)

- Adj EBIT EU1.19B (est EU1.13B)

- Still Sees FY Rev EU53B To EU55B (est EU53.45B)

Adyen disappoints with lower than expected sales growth and loses 13% on the stock market. $ADYEN (-5,35 %)

Lanxess-shares rise by 4.4% to 26.80 euros after a positive quarterly report, having previously fallen by 13%. The operating margin exceeds expectations, although prices weaken. $LXS (-9,26 %)

National Grid increased its adjusted operating profit by 14% to 2 billion pounds in the first half of the financial year and expects an increase of around 10% for the year as a whole. Higher fees in New York and higher revenues in the UK are supporting growth. $NG. (-5,58 %)

AMS-Osram increased its profitability in the third quarter despite a decline in sales, but expects business development to be subdued in the fourth quarter and early 2025. To ensure profitability, the company plans further cost reductions of 225 million euros by the end of 2026. $AMS

Suess Microtec is more optimistic after a strong third quarter and now expects to achieve its annual targets in the upper half of the forecast range. Sales are expected to reach 380 to 410 million euros, with an EBIT margin of 14 to 16 percent. $SMHN (-4,06 %)

The investment company Mutares slips into the red operationally in the third quarter with an adjusted EBITDA loss of EUR 16.5 million. However, sales increased by 14% to 3.9 billion euros. $MUX (-8,93 %)

Delivery Hero expects a free cash flow of EUR 50 to 100 million for 2024 and anticipates GMV growth at the upper end of the forecast of 7 to 9 percent. However, the Group expects adjusted EBITDA to be at the lower end of the range of EUR 725 to 775 million. $DHE

Deutz recorded an 80% drop in profits to EUR 7.2 million in the third quarter and slipped into the red with a bottom line of EUR 2 million. Turnover falls by 14.9% to 430.4 million euros due to a slump in demand. $DEZ (-10,44 %)

Compugroup Medical records a decline in EBITDA in the third quarter

EBITDA fell by 12% to 54.9 million euros in the third quarter, but slightly exceeded

analysts' expectations slightly. Turnover falls by 1% to 283.4 million euros

euros, and the company confirms its reduced forecast for 2024. $COP (-1,79 %)

Alzchem reports a jump in profits for the first nine months with

a 36% increase in EBITDA to EUR 76.8 million and increases the EBITDA margin to

EBITDA margin to 18.5 %. The Group is sticking to its profit target for 2024

but is aiming for the lower end of the sales forecast due to the discontinuation of low-margin

the lower end of the sales forecast. $ACT (-12,98 %)

Nordex is raising its forecast for the EBITDA margin for 2024 and

now expects it to be closer to the upper end of the range of three to four

percent. In the first nine months of the year, the company recorded

an increase in revenue of 14 percent to EUR 5.1 billion and an improved

improved EBITDA margin of 3.7 percent. $NDX1 (-7,2 %)

Nemetschek recorded an increase in revenue in the third quarter thanks to the

thanks to the GoCanvas acquisition, Nemetschek recorded a 15.1% increase in revenues to 253 million euros,

however, earnings remained slightly below expectations. The

The operating costs of the acquisition put pressure on profits, so that EBITDA

increases by 6.7 %. $NEM (-5,47 %)

Rational increases earnings before interest and taxes in the third quarter

taxes by 18% to just under 78 million euros, exceeding analysts'

analysts' expectations, while sales revenues grew by 8% to 294 million

euros. The company confirms its forecast for the year. $RAA (-6,26 %)

Withdrawal from the automotive sector now only missing $VOW3 (-4,37 %) and $MBG (-5,9 %) but I'm still hoping for a few percent 😅

18.09.2024

FED interest rate cut today + Tenders for onshore wind power pick up + Daimler Truck, weak demand in Europe + Tupperware files for bankruptcy in the US

The US Federal Reserve is expected to announce its interest rate turnaround this Wednesday. The tension is high. After all, it is still unclear how much it will cut key interest rates. According to a survey by the Bloomberg news agency, a majority of economists surveyed expect the interest rate spread to be reduced by 0.25 percentage points to between 5.0 and 5.25 percent. However, there are also a number of economists who believe a larger interest rate cut of 0.50 percentage points is likely. There has recently been increasing speculation on the financial markets about a larger interest rate hike. The US Federal Reserve has been holding on to the current interest rate for 14 months. Previously, it had quickly raised key interest rates in the fight against high inflation. A rate cut is now considered a foregone conclusion. After all, the inflation rate has been trending downwards in recent months and stood at 2.5 percent in August.

What do you think we can expect tonight? 0.25% or 0.5%. Will the market be disappointed by 0.25%, as 0.5% was expected? It remains exciting.

$NDX1 (-7,2 %) In the tenders for onshore wind turbines the Federal Network Agency has once again set a new record. On August 1, 230 bids with a volume of 2,723 megawatts were awarded, the agency announced. The tender was oversubscribed for the first time since February 2022, meaning that one bid was not accepted. The tender was for 2,709 megawatts. "This tender is a record. The volume of bids in this round is higher than ever before: the bid volume of almost 3 gigawatts significantly exceeds the volume of 2.5 gigawatts required to achieve the annual expansion target," said the President of the Federal Network Agency, Klaus Müller.

Daimler Truck $DTG (-5,57 %) is trying to cushion the weak demand for trucks in Europe, especially in Germany. "We are putting the brakes on costs in order to keep profitability at an acceptable level this year. For example, we imposed a spending freeze at the beginning of August," said CFO Eva Scherer. All costs that do not lead to sales, such as travel and events, are being reduced. "We are also avoiding new hires and replacing employees if it is not absolutely necessary." (Börsen-Zeitung)

The fresh food can specialist Tupperware $TUP has filed for bankruptcy in the USA after years of problems. At the same time, the company is seeking a sale and wants to continue operating. Proceedings under Chapter 11 of the US Bankruptcy Code protect the company from the claims of its creditors. Tupperware, a pioneer in household food containers, has been struggling with economic difficulties for some time. In recent months, negotiations have been underway with creditors, to whom Tupperware owes several hundred million dollars. A sale is now intended to protect the brand, according to a press release. At the same time, the aim is to drive forward the transformation into a primarily technology-based company.

Wednesday: Stock market dates, economic data, quarterly figures

Stock exchange holiday in Hong Kong and South Korea

ex-dividend of individual stocks

Salesforce USD 0.40

Quarterly figures / company dates USA / Asia

09:30 Alphabet Inc (Google Holding): EuG ruling on market abuse in online advertising

18:00 T-Mobile US Capital Markets Day

Economic data

• 08:00 DE: Manufacturing orders on hand and backlog July FORECAST: n/a previous: -0.2% yoy | Building Permits July
• 08:00 UK: Producer prices August output basis PROGNOSE: +0.0% yoy/+0.5% yoy previously: 0.0% yoy/+0.8% yoy | Consumer prices August PROGNOSE: +0.3% yoy/+2.2%
• 11:00 EU: August Eurozone consumer prices FORECAST: +0.2% yoy/+2.2% yoy PREVIEW: +0.2% yoy/+2.2% yoy PREVIEW: 0.0% yoy/+2.6% yoy Core (excl. energy, food, alcohol, tobacco) FORECAST: +0.3% yoy/+2.8% yoy PREVIEW: +0.3% yoy/+2.8% yoy PREVIEW: -0.2% yoy/+2.9% yoy
• 14:30 US: Housing starts/permits August housing starts FORECAST: +5.8% yoy previous: -6.8% yoy Building Permits FORECAST: +1.0% yoy previous: -4.0% yoy
• 20:00 US: Fed, outcome of FOMC meeting Fed funds target rate FORECAST: 5.00% to 5.25% previously: 5.25% to 5.50%
• 20:30 US: Press conference with Fed Chairman Powell

first tranche