As every Sunday, the most important news of the last week and the dates of the coming week.
The dates also as a video:
https://youtube.com/shorts/gf5hX96rayE?si=kaGQFR-_beBX5VKX
Monday:
Employees of the asset management company of Chinese real estate developer $3333 Evergrande have been arrested. Evergrande is the world's most indebted real estate company and filed for creditor protection in the U.S. in August.
Building permits in Germany slump by a third. In July, 21,000 new apartments were still approved. A total of 156,200 apartments have been approved so far in 2023, 27.8% fewer than in the previous year. The target of 400,000 apartments per year is receding into the distance, and with the ECB's further interest rate hike, building permits are likely to slump further.
Despite recession worries, oil prices rise to a 10-month high, putting the brakes on the stock markets. The main reason is likely to be the shortage by producers Saudi Arabia and Russia.
https://www.tagesschau.de/wirtschaft/energie/oelpreise-anstieg-verbraucher-100.html
The new Bundesbank report warns against entanglements with China. In addition, there are currently no positive economic signals from either private households or industry. From the Bundesbank's perspective, inflation is continuing to fall, but will probably remain above the 2% target in the medium term.
Tuesday:
Sentiment among real estate financiers sinks to a record low. In the second quarter, the mood had brightened slightly. As a result of the fact that some project developers have slipped into insolvency, the mood sinks further.
The analyst firm Jeffries has upgraded $VOW3 (-4,33 %) Volkswagen from 'Underperform' to 'Buy' with a price target of EUR 150. One of the reasons is likely to be the EU investigation into China subsidies for e-cars. We have recently further increased our position in VW in our value portfolio.
Wednesday:
The FED does not raise interest rates further, but hints at a possible further increase.
Thursday:
The SNB also does not raise interest rates, which was not expected.
Friday:
Japan 🇯🇵 continues to keep interest rates low. This means that the turnaround in interest rates will not come in Japan this year, if it comes at all.
The Federal Statistical Office confirms the sharpest fall in prices on the real estate market since the start of the time series in 2000. Since the peak in Q2 2022, real estate prices have fallen by an average of 10%.
Monday: 10:00 ifo Business Climate Index (DE)
Tuesday: 16:00 Consumer Confidence (USA)
Wednesday: 08:00 Consumer Confidence (DE)
Thursday: 14:00 Inflation data (DE)
Friday: 11:00 Inflation data (EU)