Tesla: The analysis house Jefferies increases the price target to 2500 dollars. On Wednesday the Nasdaq 100 reached a record high of 11,800 points - the buying panic at Tesla is one of the main drivers
Photo: imago stock / imago / imagebrokerThe German stock market shook off its initial losses on Wednesday and posted moderate gains. The Dax was listed in the afternoon 0.51 percent higher at 13,127.85 points. The MDax gained 0.50 percent to 27,740.86 points. The EuroStoxx 50, the leading index for the Eurozone, rose by around 0.3 percent to around 3340 points. The US tech stocks developed significantly more dynamics on Wednesday afternoon - the Nasdaq 100 stormed to a new record high.
Investors are already focusing on the high-level annual central bank meeting that begins on Thursday and is taking place online for the first time due to the corona pandemic. According to experts , US Federal Reserve Chairman Jerome Powell (67) could announce important changes in the Fed's catalog of targets. It is expected that the Fed will no longer aim for a specific inflation rate, but rather an average value. From today's perspective, this would result in an even longer phase of extremely low US interest rates and possibly even more securities purchases by the Fed.
Infineon, SAP and BMW in demand
The continued strong investor demand for tech stocks pulled Infineon's shares at the top of the Dax by 2.4 percent. This means they are close to the highest level since June 2018. The corona crash in February and March has long been ticked off. The day before, the technology-heavy Nasdaq 100 had once again overshadowed the standard values on Wall Street.
The shares of SAP benefited with plus 1.4 percent from strong quarterly figures and a more optimistic annual outlook of the US competitor Salesforce. The US company benefited from robust demand from corporate customers for its cloud software during the Corona crisis. Salesforce shares soared in after-hours US trading by more than 13 percent. They will move up in the US leading index Dow Jones Industrial next week.
According to an optimistic study by the investment bank Mainfirst on BMW, the shares advanced by 1.8 percent to 59 euros. You are thus approaching the 200-day line. This is currently at 60 euros and is an indicator of the longer-term trend. The papers of the auto company are a defensive exception in an otherwise not exactly low-risk industry, wrote analyst Daniel Schwarz. The Munich-based shares are currently valued "unsustainably low" and in the event of a sluggish recovery in the industry or another corona lockdown, the competition will clearly outpace them.
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Nasdaq at record high, Salesforce and Nasdaq with price jump
On Wall Street, investors access after a forecast increase at SAP competitor Salesforce. Shares in the US group rose by more than 14 percent. Salesforce, which dominates the market for customer management software (CRM), has raised the targets that were initially scaled back during the Corona crisis. The group benefits from the trend towards home offices. Salesforce moves up to the US Dow Jones index after Apple's stock split at the end of August .
The Nasdaq 100 tech index hit another record high in early US trading on Wednesday. It is now just below the 11,800 point mark. Only a few weeks ago it had passed the 11,000 mark. One of the biggest winners on the Nasdaq was once again the Tesla share: The electric car maker's share rose by around 5 percent and reached another record high at 2111 US dollars. The renowned analyst firm Jefferies continued to heat Tesla's price rally, which has been going on for months: Analyst Philippe Houchois raised the price target for Tesla to 2500 US dollars. Although the US electrical engineering company's competitive edge could soon diminish, Tesla is still ahead in many areas, such as the software used, battery capacity and production efficiency.
Even before the start of trading, the half-year figures from the fashion retailer Urban Outfitters were well received, which were convincing with a view to the most important indicators of sales and profit. The papers increased accordingly by 17 percent.
Jefferies raises Tesla price target to $ 2,500
A study by the analysis company Jefferies could also help Tesla's shares to make further profits. Before the trading session it was up 0.7 percent. Analyst Philippe Houchois raised the price target for from 1200 to 2500 US dollars and reiterated his buy recommendation. Although the US electrical engineering company's competitive edge could soon diminish, Tesla is still ahead in many areas, such as the software used, battery capacity and production efficiency. After the quarterly figures, the expert also revised his operating earnings estimate (EBIT) and raised it significantly for 2020.
Euro rate is falling
The euro fell on Wednesday in a rather impulsive trade. At noon, the common currency cost 1.1810 US dollars, a little less than on Wednesday night. The European Central Bank (ECB) set the reference rate on Tuesday afternoon at $ 1.1814.
The euro was put under pressure by the somewhat stronger US dollar. Traders cited the more subdued mood on the stock markets as the reason. The dollar was therefore in somewhat greater demand again as a world reserve currency.
Market-moving economic data were not published in the morning. The consumer climate in France remained stable in August, but it is still below its level from before the Corona crisis. In the afternoon, figures on the company's incoming orders are on the agenda in the USA. The data give an indication of the companies' willingness to invest and are therefore given a lot of attention.
Oil prices remain at a high level
Oil prices barely changed on Wednesday. The price of US crude oil remained just below its highest level in five months, which was reached on Tuesday. The oil prices are supported by the tropical cyclone "Laura", which has recently gained strength and threatens oil industry facilities on the south coast of the USA.
A barrel (159 liters) of North Sea Brent cost 45.79 US dollars at noon. That was seven cents less than the day before. The price of a barrel of US West Texas Intermediate (WTI) dropped one cent to $ 43.32. On Tuesday, the price of US oil temporarily rose to $ 43.57, the highest level since April, when the corona crisis and a price war among leading oil countries led to a drastic collapse in oil prices.
Hurricane Laura is currently moving towards the US coast on the Gulf of Mexico. He continues to gain strength along the way. According to experts, the hurricane could grow to category four and thus the second highest category. "Almost all oil and gas production in the Gulf of Mexico has already been closed, as is a large part of the refineries on the coast," said Eugen Weinberg, raw materials expert at Commerzbank, explaining the significant increases in oil prices the day before. The impact on the price of crude oil is likely to be temporary, however, while the price of oil products such as gasoline could remain high for longer.
On Tuesday evening, it became known that the American Petroleum Institute (API) had recorded a decline in crude oil inventories of 4.52 million barrels in the past week. The official US government camp data is expected in the afternoon. They can provide new impetus for the oil market.
cr / mg / dpa-afx / Reuters
