Home News XETRA-MITTAG/Knapp claims – stress test without stimulus

XETRA-MITTAG/Knapp claims – stress test without stimulus


2010-07-26_Mittag FRANKFURT (Dow Jones) – Light in the red , the German stock market shows on Monday afternoon. The DAX lost 12.55 to clock 0.2% or 13 points to 6153 and thus can not defend the gains seen at the opening . Despite good U.S. requirements, the restraint outweigh the impending flood of numbers . (Photo : Dt. Börse)

About a third of the DAX companies will this week publish quarterly results. No great importance is attached to the results of the banking stress tests. According to analysts , it lacks the test of reasonableness. That the total capital requirement of the sector with EUR 3.5 billion would agree given , as thoughtful as the fact that all regional banks have passed the test. It is an irritant that the deductions were made on government bonds in the crisis scenario, only on stocks in the trading books . As the UniCredit stresses are only 20 % of the stock in trade books , the rest in the bank books . Such an approach – whether spoken mild – not really stressful , so the analysts.
The authorities want to maintain the appearance that there will be no payment failure by governments . Credit markets see things very differently – here is priced in a probability of 50 % that there will be a bankrupt state of Greece in the next five years.
The bank values respond inconsistently : Commerzbank to rise by 1.4% to 6.53 EUR , while German bank yield by 1.3 % to 49.13 EUR . However, here are the results for the second Quarter on Tuesday in focus. "The competitors have delivered in investment banking no convincing figures, "said one dealer. This could make the German bank. Postbank to increase by 2.1% to 23.79 EUR . Before the release of the stress test results, the location of the Postbank was seen critically. This has now , with a core capital ratio ( Tier 1) overcome the hurdle of 6.6 % .
Collect revenue , the shares of Lufthansa up 0.9 % to 12.60 EUR and Air Berlin with an increase of 0.2% to 3.50 EUR . The federal government wants to change the plans for their air travel tax. Accordingly, should now be collected for short 9 EUR , to middle distances 2500-6000 km 25 EUR 40 EUR and for long distance . The first draft was still a two-stage differentiation of 13 EUR and 26 EUR for short-haul long distance . From taxation are to freight , transit and private flights are excluded.
The other DAX stocks rather write with random courses. While Siemens , Volkswagen and Daimler to increase by 0.2%, 0.6% and give BASF K + S to 1%. Dealers attribute this to lack momentum and low turnover.
EADS to give 0.9% to 17.85 EUR . As stressful proves here , an article in La Tribune that the development program for the A350 is one year behind schedule. Last week, EADS CEO Louis Gallois had said that there were no delays in the process. Neither Airbus EADS still had short term to reach for comment. Convincing business numbers can grow ProSieben by 8.0% to 13.42 EUR .
Wacker Neuson rallies by 8.1 % to 11.19 EUR . The figures presented in the morning will be penalized in trade is very positive. The SDAX- listed manufacturer of construction equipment could increase its order backlog at the end of June from the previous year by 350 %. The TecDAX, SmartRack set at 3.4 % surcharge on the top and increase to 14.40 EUR .

DJG / mod / cln / voi