30.09.2024

BAYWA - Banks keep quiet until the end of the year + Eurozone inflation falls slightly in September + China's stock markets take off

With Baywa $BYW6 (+3,3%) there are still no signs of a lasting solution to the current financial problems. Although the BayWa Group has been granted an extended "grace period" by the banks and its financial leeway has been extended by EUR 500 million, shareholders do not yet know how they will be asked to pay. By the end of the year, there should be clarity and a financing solution should be found by the end of 2027.

Inflation in the eurozone is moving steadily in the desired direction - downwards. In August, consumer prices rose at an annual rate of just 2.2% (July: 2.6%). However, the picture was clouded by the component that the ECB suspects will cause sustained inflationary pressure in the future - consumer prices in the service sector. They rose at an annual rate of 4.2 (4.0) percent. Analysts will also be paying particular attention to this component in the September publication. A decline to 1.8% is forecast for the overall inflation rate and an unchanged 2.8% for the core inflation rate.

"Since the announcements of monetary easing measures by the central bank on Tuesday, both the Hang Seng in Hong Kong and the Shanghai Stock Exchange have gained more than 12 percent, ending today the strongest trading week since 2008," writes Robomarkets. From a technical point of view, a sustained recovery could develop from this liberation from the months-long downward phase. "Liquidity is the fuel for the stock market and there is now more than enough of it in China. The hope of a change in sentiment and an economic upturn in China is also driving share prices around the world higher." Support for the stock markets is also coming from another source. After weak economic data from Europe in particular, but also from the USA in some cases, more aggressive interest rate cuts by the ECB and the US Federal Reserve are now being priced in than previously expected. The markets are now tending towards a further interest rate cut in the eurozone in October and are increasingly pricing in another major US move downwards of 50 basis points in November

Monday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Stryker USD 0.80

Deere 1.47 USD

Xerox Holdings USD 0.25

Mondelez International Registered (A) USD 0.47

US Bancorp USD 0.50

Quarterly figures / Company dates USA / Asia

No time specified: ResMed Investor Day

Quarterly figures / Company dates Europe

07:00 Adler Group annual results

Untimed: Roche Pharma Day 2024

Economic data

• 08:00 DE: Import/export prices August
• 08:00 UK: GDP (2nd release) 2Q
• 10:00 DE: Consumer prices North Rhine-Westphalia | Bavaria | Brandenburg | Hesse | Saxony | Baden-Württemberg September
• 11:00 IT: Consumer prices (preliminary) September
• 14:00 DE: Consumer prices (preliminary) September
• 15:45 US: Chicago Purchasing Managers Index September
• 16:30 US: Dallas Fed Manufacturing 9/24