02.12.2024
GameStop closes German stores + LogiTech to become an "iconic" brand + 4 important dates this week + Head of Opel parent company Stellantis resigns
The 69 German stores of the video game retailer Gamestop $GME (+0,38%) are to be closed by January 31, 2025. This was reported by the industry portal "Gameswirtschaft". The American company's German headquarters could not be reached for comment. However, store employees confirmed the plans to the Frankfurter Allgemeine Zeitung (FAZ) by telephone. They had been informed internally. Pre-orders will no longer be accepted and vouchers will no longer be sold. "Gameswirtschaft" refers to information from the retailer's suppliers, which coincides with reports from employees. (FAZ)
The CEO of the computer accessories manufacturer, Hanneke Faber, wants out of Logitech $LOGN (-0,25%) into an "iconic brand". Sales are to double by 2031. The brand's many fans are a good starting point. "Now we have to take the brand to the next level so that people really love it," the SonntagsZeitung quotes from a meeting with Faber in Zurich. It needs a "wow" factor like Apple. Faber also wants to make gains in hybrid work and artificial intelligence. Meanwhile, Logitech needs to improve again in China. Faber believes he is well prepared for possible US tariffs on Chinese imports. "We used to be dependent on China, now we have a broadly diversified global supply chain." (SoZ, p. 40)
4 dates that will be important this week:
- Details on US labor market developments in October
The results of the Job Openings and Labor Turnover Survey (Jolts) for October provide insights into the tendency of employers and employees to lay off and the number of vacancies on the US labour market. The month under review was heavily influenced by Hurricanes Helen and Milton.
>>> Tuesday, 03.12.2024; 16:00
- German incoming orders fall in October
Incoming orders in German industry are likely to have fallen in October. Economists surveyed by Dow Jones Newswires expect them to have fallen by 2.0 percent compared to the previous month, after rising by 4.2 percent in September. Overall, there is a slight recovery trend in orders. In the second and third quarters, it had already moved away somewhat from the low recorded in the first quarter of the year.
>>> Thursday, 05.12.2024; 08:00
- German production increases in October
Production in Germany's manufacturing sector was as weak in the third quarter as it had been during the coronavirus lockdowns. But while companies wanted to produce back then but were unable to do so, the opposite is true today. The cushion of orders has melted away and economists fear that the situation on the labor market could soon deteriorate. For October, the economists surveyed by Dow Jones Newswires expect production to have risen by 1.0 percent compared to the previous month.
>>> Friday, 06.12..2024; 08:00
- US employment figures rise more strongly again in November
The number of people employed in the US economy is likely to have risen more sharply again in November. According to the Factset consensus, analysts expect it to have risen by 210,000 compared to the previous month, after increasing by just 12,000 in September. The weak September figure was caused by hurricanes Helen and Milton. The unchanged very low unemployment rate of 4.1 percent showed that there was probably nothing more to it. An increase to 4.2 percent is expected for October and a monthly increase of 0.3 percent for wages, which means an annual increase of 3.9 percent. After years of fighting inflation, the US Federal Reserve is now focusing more strongly on the labor market.
>>> Friday, 06.12..2024; 14:30
Suffering from problems in the important US market and a weak industry situation, car manufacturer Stellantis $STLAM (-0,34%) must look for a new boss sooner than expected. The Board of Directors has accepted the resignation of Carlos Tavares, the multi-brand group (including Peugeot, Citroen, Fiat, Chrysler, Jeep, Alfa Romeo) announced on Sunday evening. The Volkswagen rival had already announced in October that the search for a successor to Tavares was underway, as he would not be renewing his contract, which expires in 2026. A new boss is now to be found in the first half of 2025, the company said on Sunday. Until then, a management committee will be formed under Chairman of the Board of Directors John Elkann. Tavares led Stellanti's formation of the car giant through the mega merger of PSA and Fiat Chrysler in 2021. The manager only had to lower the profit outlook for 2024 at the end of September this year. The car manufacturer usually makes the lion's share of its profits in the North American market with large SUVs and pick-ups. However, there are currently too many unsold cars in dealers' yards, which is reducing sales prices. The situation on the car markets in other countries is also bleak overall. The company confirmed its lowered outlook for the year on Sunday.
https://www.handelsblatt.com/unternehmen/industrie/stellantis-tavares-tritt-bei-opel-mutter-stellantis-ueberraschend-zurueck/100091996.html
Monday: Stock market dates, economic data, quarterly figures
ex-dividend of individual stocks
LVMH Moet Hennessy Louis Vuitton EUR 5.50
Christian Dior EUR 5.50
Lockheed Martin 3.30 USD
McDonald's USD 1.77
Nike 0.38 USD
Quarterly figures / company dates Europe
07:00 Prosus 1H results
16:00 Prosus analyst conference
No time specified: Schneider Electric Investor Day
Economic data
- 09:45 IT: Purchasing Managers' Index/PMI manufacturing November PROGNOSIS: 46.0 previous: 46.9
- 09:50 FR: Purchasing Managers' Index/PMI Manufacturing (2nd release) November FORECAST: 43.2 1st release: 43.2 previous: 44.5
- 09:55 DE: Purchasing Managers' Index/PMI Manufacturing (2nd release) November FORECAST: 43.2 1st release: 43.2 Previous: 43.0
- 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (2nd release) November FORECAST: 45.2 1st release: 45.2 Previous: 46.0
- 10:00 DE: VDMA, Incoming orders mechanical and plant engineering October
- 10:30 UK: Purchasing Managers' Index/PMI manufacturing (2nd release) November PROGNOSIS: n.a. 1st release: 48.6 previous: 49.9
- 11:00 EU: Labor Market Data October Eurozone Unemployment Rate PROGNOSE: 6.3% PREVIOUS: 6.3%
- 15:45 US: Purchasing Managers' Index/PMI Manufacturing (2nd release) November Forecast: 48.8 1st release: 48.8 Previous: 48.5
- 16:00 US: Construction Spending October FORECAST: -0.1% yoy previous: +0.1% yoy
- 16:00 US: ISM Manufacturing Index November FORECAST: 48.0 points previous: 46.5 points
