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Fed
Chairman
Jerome Powell:
On Wednesday, the US Federal Reserve will discuss its further interest rate policy.
An interest rate decision is expected around 8 p.m. CEST
Photo: Rod Lamkey - cnp / dpa
European investors reacted with relief to a deal between the ailing real estate group China Evergrande and its bond creditors. Dax and EuroStoxx 50 each gained about one percent on Wednesday to 15,506 and 4,145 points, respectively. The MDax of the medium-sized stock market values was also friendly with a plus of 0.7 percent to 35,206.43 points. The share of the Chinese real estate giant Evergrande, which had previously plummeted to Pennystock levels, gained around 40 percent on Wednesday.
In the US, the Dow Jones and Nasdaq also rose. The broader S&P 500 was quoted 1.18 percent more firmly in Europe at the close of trading. On the technology exchange, the Nasdaq 100 improved by around one percent to 15,178 points. The Fed is expected to make a decision on its future monetary policy in the evening (8 p.m. CEST). Stockbrokers are counting on the Fed to take at least the end of the year before reducing their monthly bond purchases. If the Fed starts tapering now, this is likely to result in price losses on the stock exchanges.
"Fed chairman Jerome Powell is likely to clearly admit to throttling securities purchases before the end of the year, but be stingy with statements about the speed and other details," forecast the analysts at Bank Unicredit.
This would coincide with what he said at the central banker symposium at the end of August.
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Concerns about the collapse threatened Chinese real estate group Evergrande hardly weighed on the courses on Wednesday. The real estate giant, which is in debt with a total of USD 305 billion, announced that it had found a solution for the interest payment due on Thursday for a yuan bond that runs until 2025 with the help of "private negotiations". But it remains unclear what exactly this means, complained the experts at Rabobank. The company may also have agreed with the bondholders on a deferred payment, a rebate, or installment payments. "The question also remains whether the company will make the $ 83.5 million interest payment on a dollar bond, also due on Thursday."According to the independent analyst Robin Bhar, the government in Beijing will not drop Evergrande. "It will not allow the economy to be disrupted."
Raw material prices are rising again
A relief rally could also be observed on the raw materials market.
With a plus of up to 3.8 percent to 9314 dollars per ton, copper headed for the largest daily gain in more than half a year.
The fear of an end to numerous construction projects in the event of a collapse of Evergrande had affected the metal required for power lines and water pipes in the past few days.
Deutsche Bank asked, Zalando and Hellofresh lose
Across Europe, paper from the commodities and banking sectors, which were the biggest losers at the beginning of the week, picked up again on Wednesday.
In the Dax,
Deutsche Bank
gained 3.7 percent as a top value.
The index newcomers
Zalando
and
Hellofresh
, which are
focused on online orders,
left a
lot of
feathers with discounts of 2.2 to 2.9 percent.
Deutsche Post shares recently fell 1.5 percent after US competitor Fedex failed to meet market expectations with its profit the previous evening and lowered its forecast.
Siemens shares from Siemens Energy gained around 3.4 percent as one of the strongest DAX values.
At the top of the MDax, Ströer was 4.5 percent more expensive.
JPMorgan analyst Marcus Diebel remains optimistic about the out-of-home advertising sector, which should benefit from rising passenger traffic at airports and train stations as well as revitalized city centers.
The Lufthansa papers were traded ex-subscription rights on Wednesday in the course of the capital increase.
In the small cap index SDax, the stocks of the biofuel manufacturer Verbio slipped by more than 13 percent after a disappointing outlook according to traders.
Bitcoin with slight losses
The cryptocurrency Bitcoin was quoted lower than the day before.
On Wednesday morning, the price of the oldest and best-known digital currency on the Bitstamp trading platform was 1.5 percent weaker at 42,500 US dollars.
Two weeks ago, the largest crypto investment by market value had cost a good $ 10,000 more.
Oil prices are recovering from the slide
Oil prices rose moderately on Wednesday thanks to lower US inventories.
The price of Brent from the North Sea climbed 1.4 percent to $ 75.38 a barrel.
The price of a barrel of the American West Texas Intermediate (WTI) rose by a similar rate to $ 71.59 per barrel.
According to weekly data from the private provider American Petroleum Institute (API), US inventories fell by 6.1 million barrels, more than expected.
During the course of the day, the official data from the energy authority EIA are due.
Investors are also waiting for the Fed's interest rate decision in the evening.
Given many supporting factors, its prolonged price declines are currently unlikely, said Jeffrey Halley, an analyst at brokerage firm Oanda.
In addition, the supply is likely to remain scarce as a result of the oil production in the Gulf of Mexico, which was impaired by hurricanes.
In addition, according to insiders, some producing countries of the OPEC cartel and their allies are currently having difficulties in ramping up production in line with demand.
Among other things, Angola, Nigeria and Kazakhstan are short of things.
The reasons are too low investments over the years and major maintenance work that was put on hold because of the pandemic.
With dpa-afx and reuters