2023-11-03 13:39:47
Ahead of the new US labor market data, the stock markets in Europe rose on Friday. The DAX advanced by 0.3 percent to 15,185 points in the morning. The Euro Stoxx 50 was slightly up at 4173 points.
Investors were hoping that the US government’s labor market report this afternoon (1:30 p.m. CET) would provide further evidence of an end to the Fed’s interest rate hikes. The monetary authorities took another interest rate break at their last meeting. The subsequent statements by Fed Chairman Jerome Powell fueled hopes that monetary policy tightening would finally end.
This triggered a rally on the stock markets. The US job data is the “pivot of the last trading day of this week and a test of the sustainability of the recent price gains,” said analyst Jürgen Molnar from broker RoboMarkets. The Fed is trying to curb high inflation and cool down the hot job market by raising interest rates.
The yield on ten-year US bonds, which had fallen sharply from a 16-year high of more than five percent following the Fed’s decision, stagnated at 4.664 percent. The experts at the Australian banking group ANZ urged caution. “As logical as this is, Powell has warned that feared high bond yields must remain high to prevent another rate hike, and you can’t have it both ways.”
Balance sheet season continues
The prospect of initially remaining constant interest rates depressed the US currency. The dollar index fell 0.2 percent to 105.952 points. In return, the euro advanced by 0.2 percent to 1.0642 dollars.
The accounting season continued for companies. Vonovia, among others, was in demand in the Dax with a price jump of 3.5 percent. The real estate giant will also be burdened by the consequences of high interest rates in the coming year. However, CEO Rolf Buch said that Vonovia was able to manage its debt without a capital increase. The Munich car manufacturer BMW achieved more sales in the past quarter. The share rose by almost three percent.
The shares of the US technology giant Apple, listed in Frankfurt, were also in the spotlight, losing a good two percent after a disappointing forecast. The securities traded in the USA lost around three percent in after-hours trading on Wall Street. On Thursday evening, the company only announced total revenues at the previous year’s level for the current quarter with the important Christmas business, thereby causing disappointment in the market. Analysts had forecast an average increase of almost five percent to $122.98 billion.
Maersk and Lenzing under pressure
Maersk, on the other hand, flew out of the depots. The titles of the world’s second largest container shipping company after the Swiss MSC slipped by almost eleven percent. The group felt the effects of the weak economy in the third quarter. Since freight rates have shrunk sharply after the records in the previous Corona years, earnings before taxes, interest, depreciation and amortization (Ebitda) collapsed to $1.9 billion from $10.9 billion a year ago.
Winand von Petersdorff, Washington Published/Updated: Recommendations: 4 Published/Updated: Recommendations: 29 Roland Lindner Published/Updated: Recommendations: 87
In Vienna, Lenzing came under pressure. The Austrian fiber manufacturer’s papers lost around six percent. The company is making losses due to high costs and weak demand and now wants to cut 500 jobs worldwide.
Shares in Siemens Healthineers rose by up to 4.7 percent to 49.62 euros, reaching their highest level in three months. According to an insider, Siemens’ medical technology subsidiary is thinking about the future of its diagnostics division.
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