05.07.2024 +++ AIXTRON lowers forecast +++ Varta negotiates with Porsche +++ VW and BMW fight for low import tariffs from China +++ Labor market data from the USA today
Over the course of the week so far, the DAX has gained over one percent so far this
beckons the third week of stabilization. The massive price correction from mid
June, it has largely made up for all but around 100 points, and can slowly
even slowly regain the May record of 18,892 points.
Impetus from Wall Street lacking, as there was no trading on July 4 due to Independence Day.
Day" there was no trading. This will be followed today by the US labor market report as the highlight of the week. This will follow the interest rate turnaround in Europe for signals as to whether the US Federal Reserve can soon follow suit.
Following the EU's official decision to impose provisional punitive tariffs on imported electric cars from China, German car manufacturers Volkswagen $VOW (-1,76%) and BMW $BMW (-0,59%)are planning to participate in the EU Commission's proceedings. The Handelsblatt has learned this from circles at both companies. According to this, the first documents for participation in the proceedings could be submitted to the authority as early as next week. The VW Group and BMW did not wish to comment directly on the information. The background to this is the Cupra Tavascan models from the VW Group and the Mini Cooper and Mini Aceman models belonging to the BMW Group. These are manufactured in China for European customers and were not yet on the market at the start of the EU investigation - which is why they are initially subject to the highest customs surcharge of 37.6 percent. The aim of the German side's participation in the proceedings is to reduce the duty to a lower level.
The battery manufacturer Varta $VAR1 (-8,19%) is negotiating with Porsche $P911 (-1,04%) about an investment by the sports car manufacturer in the large-format lithium-ion cell business. Porsche could acquire a majority stake in the Varta subsidiary V4Drive Battery GmbH, Varta AG announced. The two companies have already concluded a non-binding term sheet and are in the first phase of coordinating the documentation for such a transaction. In the run-up to the implementation of the possible Porsche involvement, the plan is to transfer Varta's V4Drive business to V4Drive Battery GmbH as a first step and then to involve Porsche via a capital increase. Whether Porsche will actually acquire a stake depends, among other things, on an ongoing due diligence by the Volkswagen subsidiary and the approval of certain stakeholders of the Varta Group and is currently still open. Varta announced in April that the ongoing restructuring of the company was encountering new hurdles and that the restructuring program was being evaluated. The company is still in the process of working out options with regard to potential recapitalization and financing measures, Varta added.
The chip industry supplier Aixtron $AIXA (-1,56%) has lowered its forecasts for the current year following a weak quarter. The MDax-listed company now only expects sales of between 620 million euros and 660 million euros. Previously, the company's forecast had been between 630 million euros and 720 million euros. The margin based on earnings before interest and taxes (EBIT) is now expected to be between 22 and 25 percent, as Aixtron announced in Herzogenrath. The company had previously forecast this figure at 24 percent to 26 percent. In the second quarter, sales and the operating margin fell surprisingly sharply. Incoming orders offer hope. After a weak start to the year, incoming orders increased and stabilized compared to the previous year.
Friday: Stock market dates, economic data, quarterly figures
ex-dividend of individual stocks
Bristol-Myers Squibb USD 0.60
Cisco Systems 0.40 USD
JPMorgan Chase USD 1.15
American Express USD 0.70
General Dynamics1.42 USD
Quarterly figures / company dates USA / Asia
01:30 Samsung Electronics quarterly figures
07:30 LG Electronics quarterly figures
Quarterly figures / company dates Europe
09:45 Deutsche Lufthansa analyst call on ITA entry
10:00 Hornbach Holding | Pfeiffer Vacuum AGM
14:00 DHL Group virtual press conference with Tobias Meyer, CEO of DHL Group, on the adoption of the new postal law
Economic data
- 08:00 DE: Production in the manufacturing sector May seasonally adjusted FORECAST: -0.2% yoy previous: -0.1% yoy
- 08:45 FR: Industrial production May PROGNOSE: -0.5% yoy previous: +0.4% yoy
- 09:00 DE: ECB Governing Council member Nagel, speech on "The digital euro and the protection of privacy"
- 11:00 EU: Retail Sales May Eurozone FORECAST: +0.2% yoy previous: -0.5% yoy
- 11:40 IN: New York Fed President Williams, lecture at the Reserve Bank of India
- 14:15 UK: ECB Director Elderson, speech on "Embedding data culture in supervision"
- 14:30 US: Labor market data June employment ex-farm PROGNOSE: +200,000 yoy previous: +272,000 yoy Unemployment rate PROGNOSE: 4.0% previous: 4.0% Average hourly earnings PROGNOSE: +0.3% yoy/+3.9% yoy previous: +0.4% yoy/+4.1% yoy
- 19:15 FR: ECB President Lagarde, conversation with Nobel Prize winner Tirole
