getquin Daily Summary 28.06.2022

Hello getquin,

today's MarketNews is about the G7 summit, a raid on the largest Japanese car manufacturer in Luxembourg and Germany and a not pleasant forecast from Lufthansa.

Europe 🌍:

1. Raid at Hyundai and Kia in Germany and Luxembourg

The offices of carmaker Hyundai and its subsidiary Kia have been raided on suspicion of improperly modifying diesel vehicles. According to the public prosecutor's office in Frankfurt on Tuesday, eight buildings in Germany and Luxembourg were searched by about 140 criminal investigators. Suspicions of fraud and air pollution against managers of Hyundai and Kia as well as the supplier BorgWarner served as the background for the action.

The public prosecutor's office found that the South Korean carmaker is alleged to have sold more than 210,000 diesel vehicles by 2020, although illegal defeat devices were allegedly installed in the cars. These lead to a number of common scenarios in which the emission control devices are drastically reduced or turned off.

Thats the sound of the police 👮: https://bit.ly/3npzroY

🟩 $HYUD (-3,85 %) (🔼 +4.24 %)

America 🌏:

2. EY to pay $100m to settle US allegations of fraud in accountant audits

Big Four accounting firm Ernst & Young will pay $100 million to settle allegations by the US Securities and Exchange Commission (SEC) that its auditors cheated on Certified Public Accounting (CPA) exams and misled the agency's investigators.

The London-based auditor admitted to the allegations, the regulator said, and agreed to pay what the SEC said was the largest fine against an auditor.

The CPA is the key qualification for auditors in the United States.

More information here: https://reut.rs/3uvJIEn

World🗺️:

3. CEO Lufthansa does not expect end to flight chaos before winter

The CEO of Europe's largest airline group said in a letter to customers that the situation, characterised by staff shortages, parts shortages and restricted airspace, "is unlikely to improve in the near future". In Europe alone, the industry will hire several thousand new employees. But in the coming winter, this capacity expansion will only stabilise the situation. Spohr expressed regret on behalf of the organisation that the "ramp-up of the complicated air traffic system from practically zero to almost 90% again today" after the Corona disaster had not led to the expected reliability, punctuality and robustness. The management admitted that there are several places where the Lufthansa Group is also understaffed.

Are you planning to fly? https://bit.ly/3u5aPWA

🟩 $LHA (-1,3 %) (🔼🔽 +1.54%)

Spezial:

4. G7 - What will be discussed?

Tonight marks the end of the third and final day of the G7 Summit at Elmar Castle. As described in yesterday's MarketNews article, the 7 most important industrialised countries are discussing current global problems. The main topics of this year's G7 Summit were predictable. The current Ukraine war played a very important role in the meeting as it brings gas and food shortages. But it also makes other countries think about their security policies, like rearming the military. Another topic at the summit, as in previous years, was the COVID-19 pandemic and how to take faster action against pandemics in the future. The focus was also on climate change and the plans of the individual countries to counter climate policy.

General information on the G7 Summit here: https://www.g7germany.de/g7-de

Earnings Call:

Nike $NKE (+0,26 %)

EPS: 🟩 $0.81 expected vs $1.00 published; Difference: 22.99%.

Revenue: 🟩 $12.09bn expected vs $12.23bn published; difference: 1.16%.

Read more at Nike: https://swoo.sh/3HVAfeW

Stocks of the day:

🟩 TOP $TCOM (-3,52 %) 26.95 € (🔼 +15.91%)

🟥 FLOP $WISE (-0,68 %) , 3.72 € (🔽 -14.19%)

🟥Most searched $AMZN (+1,9 %) , 105.83 € (🔽 -1.48%)

🟩 Most traded $1211 (-1,07 %) , 39.79 € (🔼 +5.02 %)

🟩 S&P500, 3,904.84 (🔼 +0.12 %)

🟩 DAX, 13,303.45 (🔼 +0.89 %)

🟩 Bitcoin ₿, 19,803.69 € (🔼 +1.11 %)

𝗙𝘂𝗻 𝗙𝗮𝗰𝘁:

Did you know that paper money was first used among merchants in China in the 7th century? In the 11th century, due to a shortage of copper, not enough coins could be produced, which made paper money widespread. In Europe, notes did not appear until 500 years later. In 1661, Sweden was the first country to use paper money.