Düsseldorf The Dax started the new stock market half year with losses, but the leading German index is expected to be more friendly again on Thursday morning. On off-exchange trading platforms, the Frankfurt stock exchange barometer is around 0.8 percent up.
The corona crisis in the USA is returning with full force: In the US state of Arizona, almost 4900 infections with the Sars-CoV-2 virus were discovered on Wednesday alone, and 88 new deaths. There were more than 6,500 new infections in Florida. While that is less than the approximately 9,000 that were registered over several days in the past week, it is still alarmingly high.
Rising numbers in the south and west have fueled concerns about a second wave in other US states that thought the pandemic had already been overcome. In Colorado, Virginia, Delaware and New Jersey, planned reopening of bars and restaurants has been put on hold or withdrawn. The New York Mayor Bill de Blasio announced that the interior of restaurants will not be reopened for the time being.
But there were also encouraging signals: After the wave of layoffs in US companies in the wake of the corona crisis, job creation recently got going again. The bottom line was that 2.36 million jobs were created in June, according to the monthly survey published by the personnel service provider ADP on Wednesday.
The Federal Reserve had released its minutes of the June rate meeting on Wednesday evening. This shows that the monetary authorities want to move all levers against the corona crisis and are also discussing a control of the yield curve. The pros and cons of such a model, which is practiced in Japan and Australia, for example, would be discussed in detail.
Thanks to the continued high of the share, Tesla rose to the automaker with the world‘s highest stock market value on Wednesday evening. The electric car pioneer’s papers temporarily rose by a good five percent to a record high of $ 1,135.33. The Elon Musk company achieved a market capitalization of $ 206.5 billion.
The most profitable car maker and leader to date Toyota only comes to around $ 201 billion. German rivals BMW, Daimler and Volkswagen are valued at just $ 112 billion on the stock exchange.
1 – Requirements from the USA
Advances in the development of a coronavirus vaccine gave encouragement to US investors on Wednesday. On Wall Street, the technology-heavy Nasdaq advanced 1.0 percent to 10,154 points, while the broad S&P 500 rose 0.5 percent to 3,115 points. However, the pandemic, which is still not under control, dampened the buying mood of investors. The standard value index Dow Jones lost 0.3 percent to 25,734 points.
2 – Trade in Asia
The Tokyo Stock Exchange followed Wall Street’s positive guidelines on Thursday. The 225-value Nikkei index gained 0.65 percent to 22,266 points. The broader Topix index climbed 0.8 percent to 1,550 points.
3 – Latest developments in the corona crisis
The corona virus continues to advance in the southern United States. According to a Reuters count, there were almost 50,000 new infections on Wednesday – more than ever since the pandemic started. The virus has spread west and south from the northeastern United States. It is now particularly prevalent in California, Texas, Florida and Arizona. Almost 48,000 new infections had already been registered on Tuesday.
Some US states are therefore taking back easing. Bars, cinemas and museums were closed in California. Distance rules should be checked more.
According to a survey in the United States, citizens’ concerns about the coronavirus pandemic have increased again. In a Reuters / Ipsos survey published on Wednesday, 81 percent said they were very or somewhat concerned. Such a large proportion of respondents who are afraid of the virus were last identified in a similar survey on May 11th and 12th.
4 – US government announces June unemployment rate
The US government announced the June unemployment rate on Thursday (2:30 p.m. CEST). Given the nationwide easing of containment measures in the corona pandemic, analysts expect a further decline to around 12.5 percent. In May the rate was 13.3 percent. A rate of 14.7 percent was recorded in April – a sharp increase of ten percentage points compared to March.
The corona pandemic has hit the US economy hard. More than 45 million people have lost their jobs at least temporarily since mid-March – more than ever before in such a short time. As a result of the gradual relaxation of exit restrictions, the number of new weekly applications for unemployment benefits has recently declined – but remains at a high level.
The unemployment rate in the world‘s largest economy was still 3.5 percent in February, the lowest level in decades. The government hopes that the labor market will stabilize again in the second half of the year. However, experts believe that part of the job losses could be permanent.
5 – Corona compensation: Package travelers should choose between vouchers and money
This Thursday (3:50 p.m.) the Bundestag wants to vote on a voucher solution for package travelers in the corona crisis. The federal government’s bill provides for this possibility, but travelers can also request their money back.
According to the draft, package travelers should be able to get their money back if the holiday is canceled due to the coronavirus pandemic. An originally planned voucher obligation, which should help to avoid bankruptcies in the travel industry, should not exist. It failed due to opposition from the Brussels EU Commission. However, consumers who booked their package tour before March 8 can voluntarily choose a voucher, the value of which is guaranteed by the state even if providers go bankrupt.
6 – Primark parent company provides figures
The British retail group Associated British Foods ABF publishes preliminary results for the past quarter in the morning. Due to the corona pandemic, the branches of the textile discount store Primark remained closed for weeks in many countries. The British textile chain has so far stayed out of online retail. This was a major disadvantage of the state-owned, week-long lockdown compared to the large online platforms such as Amazon and Zalando.
Investors now expect indications of how quickly Primark’s brick-and-mortar business starts up again. The food business of the parent company AB Foods should also have performed better, since many customers had stocked up at the beginning of the store closings. The British group also includes sugar manufacturers, the Twinings tea brand and Ovomaltine.
7 – DIHK presents survey on the situation on the training market
Against the background of the corona crisis, the German Chamber of Commerce and Industry will present the results of a survey on the situation on the training market on Thursday (10 a.m.). More than 15,000 companies were surveyed. In view of the severe economic consequences of the corona crisis, there are fears that fewer companies will train. However, this could exacerbate the shortage of skilled workers in certain professions.
The federal cabinet had launched “trainee bonuses” for companies that got into difficulties in the corona crisis and still train. Small and medium-sized companies that are struggling with large drops in sales and short-time work, but who are maintaining or even expanding their training positions, should therefore receive government premiums of up to EUR 3,000 per training position.
Company dates on July 2
- 8:00 a.m. Germany: Grenke, Q2 sales
- 8:00 a.m. UK: Associated British Foods, Q3 Trading Update
- 10:00 a.m. Germany: Berentzen Group, Annual General Meeting (online)
- 10:00 a.m. Germany: Cenit AG, Annual General Meeting (online)
- 10:00 a.m. Germany: KfW Telefon-Pk for the “Start-up Monitor 2020”
- 10:00 am Germany: Announcement of a decision in the legal dispute between Helaba and Société Générale regarding liability in “cum-ex” share transactions
- 1:00 p.m. Germany: BMW boss Oliver Zipse and Bavaria’s Prime Minister Markus Söder open BMW competence center for electric drive production
Dates economic activity on July 2nd
- 8:30 a.m. Switzerland: consumer prices 06/20
- 9:00 a.m. Spain: unemployment figures 06/20
- 11:00 am EU: producer prices 05/20
- 11:00 am EU: unemployment rate 05/20
- 2:30 pm USA: Trade Balance 05/20
- 2:30 p.m. USA: Initial applications for unemployment benefit (week)
- 2:30 p.m. USA: Labor market report 06/20
- 4:00 p.m. USA: Order intake industry 05/20
Other dates on July 2
- Germany: Air freight industry talk 2020 of the Federal Association of German Industry (BDI), the Federal Association of the German Aviation Industry (BDL) and the Federal Association of Forwarding and Logistics (DSLV)
Germany: German EU Council Presidency: Chancellor Angela Merkel and the EU Commission discuss work program
4.30 p.m .: Joint Pk between Chancellor Angela Merkel and EU Commission President Ursula von der Leyen (via video conference)
Germany: Germany takes over the chairmanship of the Baltic Sea Protection Commission from July 1st
9.30 a.m .: Speech by Federal Environment Minister Svenja Schulze
- 9:30 a.m. Luxembourg: ECJ report on information exchange in tax matters
- 10:00 a.m. Germany: Annual Pk of the German Society for International Cooperation (GIZ)
- Germany: Study by the Bertelsmann Stiftung on the development of the low-wage sector in Germany
4:30 p.m. Germany: Federal Minister of Health Jens Spahn (CDU) discusses with citizens about the future of the health system via live stream
Note: US bond market – shortened trading (until 8 p.m.)
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