DAX significantly higher: New confidence


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market report

Status: 03/29/2023 10:11 p.m

In the middle of the week, stock markets were able to successfully supplant the banking crisis. On both sides of the Atlantic, news from the chip industry lifted spirits.

There were no new crisis signals from the banking sector on Wednesday either. This attracted many investors back to the stock markets. With the chip industry, a booming sector also came into focus again.

Thanks to an optimistic quarterly forecast by memory chip manufacturer Micron, the Nasdaq 100 technology index rose by 1.87 percent. The main reason for the high demand for chips is the boom in products in the field of artificial intelligence.

The standard values ​​also increased significantly. The Dow Jones ended 1.0 percent higher.

DAX in good shape

The German stock market was also able to increase significantly in view of the generally positive company news. The DAX ended the trading day 1.2 percent higher. With the jump over a much-noticed price resistance at around 15,250 points, the technical situation has also brightened up significantly.

However, the new risk appetite could be premature given the ongoing high level of market tension following the recent banking turmoil. Experts continue to warn that investors should expect more bad news.

German national debt at record high

The German government debt is as a result of the massive spending in the context of the corona pandemic and the energy crisis rose to a record high. At the end of 2022, the federal, state, municipal and municipal associations as well as social insurance, including all extra budgets, reported a debt of 2,367.3 billion euros, as reported by the Federal Statistical Office. That was 2.0 percent or 46.1 billion euros more than in December 2021.

Slight improvement in consumer sentiment

The mood of consumers in Germany has changed improved for the sixth consecutive month. “However, the momentum is noticeably reduced compared to the previous months,” said the market research company GfK in Nuremberg in the morning. GfK forecasts minus 29.5 points for the consumer climate in April and thus 1.1 points more than in March. From February to March, the index rose by 3.3 points.

Euro is not progressing

Despite the increasing willingness to take risks, the euro was hardly able to make up any more ground against the dollar, which is considered the crisis currency. Late in the evening, the European common currency is trading at $1.0840.

Oil prices fall back

Despite a surprise drop in US oil reserves, oil prices fell again into the evening. Inventories of crude oil fell by 7.5 million to 473.7 million barrels (159 liters) compared to the previous week, the US Department of Energy said. A barrel of North Sea Brent cost $78.20 late in the evening, down 0.9 percent on Tuesday. The closing of an oil pipeline from Iraq to Turkey had previously supported the quotations.

Infineon the lone leader in the DAX

The strongest DAX stock was Infineon. The chip group had raised the forecast on Tuesday evening due to good business with car manufacturers and the industry. “A clearly positive and nice surprise,” said a dealer. In the second quarter of the 2022/23 fiscal year, which ends on September 30, Infineon now expects sales of more than four billion euros. The margin should now be close to 30 percent instead of 25 percent.

SMA increases forecast for the year

After a surprisingly strong start to the new year, SMA Solar is raising its forecast for 2023. For the now ending first quarter, sales of 340 to 350 million euros are expected after 221 million in the same period last year, the solar technology group announced in the evening. The operating result (Ebitda) should climb to between 50 and 60 (previous year: 15) million euros. For the year as a whole, the Executive Board now expects sales of EUR 1.45 to 1.6 billion. So far, the management had promised 1.35 to 1.5 billion. The Ebitda should reach 135 to 175 million euros after previously forecast 100 to 140 million euros. The manufacturer of inverters intends to invest more in the further course of the year in order to benefit from the continuing good market environment. As a result, the good profitability of the first quarter will probably not be able to be extrapolated linearly.

Bitter day for Leoni shareholders

The Austrian entrepreneur Stefan Pierer wants to save the badly hit car supplier Leoni from bankruptcy. According to the restructuring concept presented today, the previous major shareholder will become the sole owner of the Nuremberg company, the other shareholders will lose everything in the planned capital cut. From the point of view of the board of directors, this is “the only remaining restructuring solution,” said Leoni. Pierer wants to provide Leoni with 150 million euros of fresh capital. Banks and promissory note creditors are to participate in Leoni’s later profits and thus have the chance to get back at least part of the 708 million euros that they are supposed to forego for the time being.

Kuwait sells Mercedes package

The weakest DAX title was Mercedes-Benz. The Kuwaiti state has reduced its stake in the carmaker. The Kuwait Investment Authority (KIA) announced that the sale of around 20 million shares was part of an investment diversification strategy. The sales price was EUR 69.27, a good three and a half percent below the closing price on Tuesday. After the sale of the shares, KIA still holds around 53 million papers and thus almost five percent.

Adidas rows back in the brand dispute

Adidas initially took action at the American Patent and Trademark Office against the use of the stripe design logo of a central foundation of the US Black Lives Matter movement. Today there was a reversal. “We are already in the process of withdrawing the opposition to the Black Lives Matter Global Network Foundation trademark application,” said a company spokeswoman. The foundation was established in 2013. She had registered her trademark design with three stripes in November 2020.

TUI share suffers from capital increase

The travel group’s capital increase, which is expected to run until April 17, again weighed on the TUI share. Analyst Oliver Wojahn from Alster Research spoke yesterday of a “good buying opportunity”. The deductions would have more technical reasons. The world’s largest travel provider wants to use the capital increase to fully repay the Corona aid granted by the Economic Stabilization Fund (WSF).

United Internet keeps dividend stable

Network expansion and marketing costs slowed United Internet’s earnings growth last year. Earnings before interest, taxes, depreciation and amortization (Ebitda) increased by 0.7 percent to 1.272 billion euros, the Internet provider announced in the evening. Due to a weaker financial result, however, net profit fell to EUR 2.00 from EUR 2.11 per share. Sales increased by 4.8 percent to 5.915 billion euros and the number of customer contracts by 730,000 to 27.46 million. Revenues and the operating result were within the scope of the company’s targets. The costs also dampened the result at the mobile subsidiary 1&1. However, both companies promised unchanged dividends. For 2023, United Internet is targeting sales of EUR 6.2 billion and EBITDA at the 2022 level.

Basler announces decline in sales

Image processing specialist Basler anticipates a significant drop in sales as a result of reduced demand. In 2023, sales should only be between 235 and 265 million euros, the SDAX company announced in the evening. That would be less than in the previous year (EUR 272.2 million) and also below the analyst consensus. Only five to eight percent of this should remain as pre-tax profit at Basler. The company’s management has meanwhile confirmed the medium-term targets. In order to be able to achieve the return target, Basler decreed a savings program.

Kontron asked for numbers

An increased business forecast caused the share of the IT service provider Kontron to rise significantly. With its final annual figures for 2022, the SDAX company also raised its profit outlook for the current year. A stockbroker also spoke of a solid balance sheet and praised the dividend, which was higher than expected.

PNE Wind disappointed with the view

The wind farm developer PNE Wind expects an operating result (Ebitda) of between 30 and 40 million euros for the current year. According to traders, this is less than the previous market expectation. The earnings outlook is quite a disappointment, also against the background of the upcoming investments. Industry competitor Encavis announced yesterday that no dividends would be paid for the past year in favor of business expansion. Like PNE Wind shares, Encavis shares were also listed in the red.

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