MARKETS EUROPE/Little changed – Fresenius very firm with Elliott | news

MARKETS EUROPE/Little changed – Fresenius very firm with Elliott |  news

FRANKFURT (Dow Jones) — Europe’s stock exchanges showed little change on Wednesday afternoon. In trading, hopes of a bottoming out on the stock exchanges are increasing with an emerging inflation peak. The reporting season has also gone well so far, according to QC Partners. The lower gas price makes it easier for energy-intensive companies and households. The DAX loses 0.4 percent to 12,716 points, the slump in Sartorius shares is a bit of a drag, as is Merck’s weakness. The Euro Stoxx 50 is practically unchanged at 3,463 points.

The approaching small options expiry on the futures market on Friday is an additional impetus, which supports buying cover before the due date. Nevertheless, a pause for breath in the DAX after rising by almost 1,000 points within just a few trading days should not come as a surprise, according to Holger Struck from hs-livetrading.

Sartorius break in by numbers

Fresenius (+5.6%) and FMC (+2.1%) are reacting to the activist investor Elliott’s alleged entry into Fresenius with strong price increases. This is reported by the Bloomberg news agency. A market participant can gain a lot from the speculation. Fresenius’ valuation is attractive. The upward movement is also supported by short coverings.

Sartorius (-16.3%) presented the figures for the third quarter. The laboratory outfitter was again able to increase sales and profits, but slightly missed market expectations. For the year as a whole, the group is becoming a little more cautious and is now expecting a sales increase in the lower half of the previous forecast range, but confirmed the margin forecast. As a growth stock, the stock is highly valued on the stock market, so the numbers are taken as a disappointment.

RWE shares are down 3.2 percent. The analysts at Citi see the trigger in reports according to which Germany plans to skim off excessive electricity profits with a tax rate of 90 percent and may want to levy this tax retrospectively for the period from March 1st to November 30th, 2022.

Merck lose 5.8 percent. The judiciary in France has opened further investigations against the French branch of the German pharmaceutical company for “serious deception” in connection with the formula change of the thyroid drug Levothyrox.

Stratec lose 1.5 percent after the lowered sales forecast. Profitability is already pointing up again, and a dip is more than priced in with the halving, the trader said. Krones, on the other hand, will increase by 1.5 percent after a forecast increase.

But there was also data from Europe from the reporting season. One market participant speaks of “strong numbers” with regard to ASML, the share is increasing by 4.2 percent. The equipment supplier to the semiconductor industry turned over more and earned significantly more in the third quarter than expected. ASML expects the gross margin to drop to around 49 percent in the fourth quarter. “But at 51.8 percent it was very high in the third quarter,” said the market participant. In addition, the gross margin is usually slightly declining in the fourth quarter.

Royal Unibrew profit warning weighs on sector

The stock fell 13.4 percent after Royal Unibrew’s profit warning. But the stocks of competitors such as Carlsberg (-3%), Heineken (-2.5%) and AB Inbev (-1.4%) are also under selling pressure. The stock market is currently asking itself whether this is a company-specific problem or whether the sector is affected by the development.

The Swiss consumer goods group Nestle (-0.7%) passed on higher costs to consumers in the first nine months and increased sales significantly. For the year as a whole, the company was somewhat more optimistic than before. According to the announcement, organic sales are expected to increase by around 8 percent in 2022. So far, an increase of 7 to 8 percent has been promised. Nestle expects the adjusted operating profit margin to remain at around 17.0 percent.

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Stock index last +/-% absolute +/-% YTD

Euro-Stoxx-50 3.462,50 -0,0% -1,33 -19,5%

Stoxx 50 3,413.32 -0.0% -1.38 -10.6%

DAX 12.715,62 -0,4% -49,99 -20,0%

MDAX 22,948.41 -1.3% -300.49 -34.7%

TecDAX 2.718,81 -2,9% -81,74 -30,7%

SDAX 10,778.73 -0.9% -95.83 -34.3%

FTSE 6.915,06 -0,3% -21,68 -6,1%

CAC 6.049,92 -0,3% -17,08 -15,4%

Fixed income market last absolute +/- YTD

German ten-year return 2.34 +0.06 +2.52

US 10-year yield 4.09 +0.08 +2.58

FOREX last +/- % Wed, 8:31 am Tue, 5:02 pm % YTD

EUR/USD 0,9772 -0,9% 0,9837 0,9846 -14,1%

EUR/JPY 146.38 -0.5% 146.93 146.85 +11.8%

EUR/CHF 0.9816 +0.1% 0.9804 1.0050 -5.4%

EUR/GBP 0,8697 -0,1% 0,8705 0,8704 +3,5%

USD/JPY 149,76 +0,4% 149,35 149,13 +30,1%

GBP/USD 1,1237 -0,8% 1,1303 1,1314 -17,0%

USD/CNH (Offshore) 7,2689 +0,7% 7,2384 7,2267 +14,4%

Bitcoin

BTC/USD 19.119,47 -1,0% 19.266,20 19.417,58 -58,6%

ROHOEL last VT-Settlem. +/- % +/- USD % YTD

WTI/Nymex 83,70 82,82 +1,1% +0,88 +18,9%

Brent/ICE 90,33 90,03 +0,3% +0,30 +22,8%

GAS VT-Settlem. +/- EUR

Dutch TTF 108,76 113,22 -3,9% -4,46 +72,7%

METALS last day before +/- % +/- USD % YTD

Gold (Spot) 1.632,59 1.652,30 -1,2% -19,71 -10,8%

Silver (Spot) 18.38 18.78 -2.1% -0.39 -21.2%

Platinum (Spot) 895.40 910.00 -1.6% -14.60 -7.7%

Kupfer-Future 3,35 3,38 -1,1% -0,04 -24,4%

YTD relative to previous day’s close

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Contact to the author: manuel.priego-thimmel@wsj.com

DJG/mpt/cln

(END) Dow Jones Newswires

October 19, 2022 10:03 AM ET (2:03 GMT)

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