Tag Archives: german stock market

ISE Stock Exchange German press into the red in 4Q

FRANKFURT (Dow Jones) – High depreciation of the U.S. derivatives subsidiary, International Securities Exchange (ISE) led the German Stock Exchange in the fourth quarter as expected in the red.

As the Dow Group announced on Tuesday evening in Frankfurt, while sales rose to 518.4 million from EUR 505 million, while had expected Dow Jones Newswires poll of analysts of 528 million EUR turnover. At the same time the net loss after tax rose to 61.2 million from third parties, and EUR 33 million last year. Here, analysts had expected minus EUR 83 million. In the third quarter, the German stock market was in the black.

Again, the derivatives exchange caused quite a quarterly loss of DAX-listed company. Exactly one year ago, the German stock market to EUR 420 million already had been written originally purchased for EUR 2.8 billion U.S. subsidiary. As previously announced, the ISE, the parent company is now forced to income to around EUR 453.3 million depreciation, of which 220 million EUR.
Background to the recent book losses are still pending approvals for certain functions and the restrained market development. The U.S. derivatives subsidiary ISE is struggling, some American options exchanges that promote the business through high incentives to their customers. In addition, competitors such as belonging to the NYSE € Next Amex market participants as owners have brought on board. These direct order flow to the Amex to now. Even last summer, a U.S. court also ruled that only the Chicago Board Options Exchange (CBOE) lucrative options on the S & P may offer 500th
The prevailing low interest rate environment also impacted the quarterly results in the securities clearing. Net interest income in the banking business of the subsidiary were to Clearstream to 16.9 million, from EUR 17.7 million and met so that the market expectation.
EBIT of the Group was in the last quarter of minus EUR 219.3 million compared to minus EUR 166 million. Thus, it was below the forecast of analysts minus EUR 233 million. Basic earnings per share was EUR 0.33 EUR 0.18 EUR minus a year earlier.

Deutsche Börse shares in negative territory

HB FRANKFURT. A threat of further depreciation of the U.S. equity options exchange ISE has overshadowed solid quarterly results of the German stock market and sent the shares of the stock exchange operator into the red. The title fell on Thursday against the market trend, just under one percent to 50.82 euros and were the second biggest loser on the Dax. The probability of a renewed depreciation have increased, the German stock exchange had announced on Wednesday night. Should the long-term business prospects will not improve the Eurex daughter was in the fourth quarter to expect a reduction in value.

"The imminent depreciation of tangible assets of ISE is clearly a big disappointment for us," said LBBW analyst Martin Peter. In mid-May have emphasized the management problems, the growth scenario for ISE is completely intact. A 20 percent drop in market share is fully priced in the first ISE amortization in the fourth quarter of 2009.

A real surprise is the announcement for many experts not. Even before some analysts had thought that the misery is endured not because of falling trade volumes in the U.S. options exchange. The summary of the derivatives exchange Eurex ISE, the only major acquisition in recent years the German stock exchange loses, has long been market share to rivals such as Nasdaq OMX, NYSE Euronext € CBOE. They dig the ISE with fee reductions ever the water. There are also regulatory hurdles.

It is not clear yet how much the stock market still has to write off. The still recognized intangible assets of ISE are according to analysts at 850 million euros. They expect, however, no depreciation in full, first estimates range from 250 to 500 million euros. In the fourth quarter of 2009, the German stock market has already written off 420 million euros on the ISE, and was therefore the first time in its history slipped into the red.

The operations of the German stock exchange group with business lines Xetra, Eurex and Clearstream were in the third quarter, despite Wall summer months in total slightly better than expected by analysts: A slight increase in revenue from one percent to 504.3 million euros and the strict austerity measures were the operating result (EBIT) before restructuring costs by seven percent to 257.4 million euros increase. The adjusted surplus rose by nine percent to 171 million euros. Analysts had expected only with a turnover of 502 million euros. Adjusted EBIT they had expected 240 million euros, 139 million euros in surplus.

The recovery of the global economy have had the volumes in the cash and futures markets, despite the less pronounced fluctuations slightly increase, said the stock market. However, the momentum slowed in the second quarter compared to the more lively again.

Now everything has to run around

HB FRANKFURT / DUESSELDORF. The chances for another record attempt on the German stock market are in the new week is not bad, although the Dax went out on Friday in late trading of steam and some investors tended to short-term profit taking. Most analysts see the Dax in the new week of trading further upside due to rising corporate profits and the prospect of cheap money from the U.S. Federal Reserve. "In addition to ample liquidity and the moderate assessments should also be positive impetus from the increasing takeover activity and the successful launch in the U.S. reporting season," we read in a market commentary of Landesbank Berlin.

It looks like year-end rally

From a technical perspective the market Dax has left the band established sideways for weeks now to the top. More investors jump on the moving train are raised, the chances for a lasting record attempt on the German stock market well. The DAX reached on Friday already with 6508 points, a two-year high and has won it since the start of around nine percent. "The financial markets begin to normalize, but that is not arrived at the stock market", market analyst Ralf Grönemeyer Silvia Quandt Research convinced. "It all looks so after a year-end rally, we could still see the 7000 Points in Dax."

All Eyes on the Fed

Similarly, many investors see this. Measured by Dax sentiment, the proportion of optimists is as high as in the recent boom in 2006. Exactly these expectations of investors could easily go up for the Dax but a problem. Given the most optimistic projections – the U.S. central bank manages an economic recovery, the mood in the company stock remains at peak levels and the company’s results to keep the high dynamics – increases the risk of negative surprises.

The main focus of investors should be in the next few trading days on the U.S. Federal Reserve. They will tap the testimony of the Fed for clues to what extent it will engage with a further easing of monetary policy of the U.S. economy under the arms. Solely for the Tuesday previous five public appearances leading U.S. central bankers have been announced. On Wednesday, followed by the "Beige Book" of the Fed to aid economic development.

However, the bet on the Fed is quite risky: So the U.S. central bank can, at best, a renewed crash the U.S. economy avoid recession in the. A positive growth outlook is not so, however, given. The result: Looking to the medium-term earnings expectations built up with considerable potential disappointment.

In the opinion of CommerzbankJörg Krämer, chief economist at the Fed will increase if only because of the weakening labor market in early November its purchase program for bonds. Analysts expect a volume of 500 billion to one trillion dollars. Also, U.S. economic data would likely be tapped for monetary policy according to their impact, on Monday that industrial production in September and on Friday the economic index of the Fed of Philadelphia (Philly Fed Index ") and the leading indicators for September.

The Fed has been estimated by market analyst Ralf Grönemeyer but under no pressure just because of the economic situation. "The central bank must stand ready to support and therefore, because the banks have opened new problems in securitized mortgages," explains the analyst.

Banks in focus

Against the background of the suspended foreclosures of homes is likely the banking week on Wall Street and from legal tense. On Tuesday, Goldman Sachs and do Bank of America present their quarterly balance sheets. Morgan Stanley tags will follow.

ZEW – and Ifo index to rise again

Beyond the banking sector, the U.S. balance season continues in full swing. Analysts expect that will surpass, as in the past week, many companies are expected. In Europe, the record season outside Germany continues to gain momentum. With Peugeot (Wednesday) L’Oreal (Thursday) and Volvo (Friday) submit competitors DAX companies numbers.

Information on the situation of the German economy expect participants from the ZEW index on Tuesday and the Ifo index on Friday. PostbankEconomist Fabienne Riefer credited as the key indicator for Europe’s largest economy force Ifo index although with diminishing expectations, but a continued good assessment of the situation.

XETRA-MITTAG/Knapp claims – banks under pressure

2010-09-29_mittag FRANKFURT (Dow Jones) – The prices on the German stock market tend noon on Wednesday claimed scarce. Against 12.55 clock BST loses the DAX 0.2% or 15 points to 6261 points. At the start of trading recorded , the index a small increase , fell then back , however, and acted in the day’s low 0.8% lighter at 6223 points. (Photo : German Stock Exchange)

" There is probably as in the past few weeks, the decisive impetus for a breakout up or down , as will be discussed in the broker comments for weeks , "said one trader.
" drop The volume and the volatility increases , "says another dealer . Obviously , investors reluctant to take on the now are increasingly gone on for three weeks of sideways movement at a high level of returns from the business. short and medium term interpret the technical analysis points to an extension of the suspended game.
Among the losers are on Wednesday afternoon the banks . For the German bank is about 2.6% down to 39.17 EUR . For a dealer to refer to the current capital increase and the large supply of shares. It should give negative comments to the banking sector and the concern about the consequences of increasing bank regulation reflected in the courses. Commerzbank fall 1.3% to 6.01 EUR .
RWE lost 1.3% to 49.59 EUR . The analysts at UBS have started their coverage of RWE again , however, two steps lower at "Sell" . The target price has cut the bank to 47 of before 68 EUR .
On the winning side, however, BMW displayed price premiums by 1.5 % to 51.46 EUR . The Chief Executive Officer Norbert Reithofer said the FAZ, which be would the savings target of 6 billion, EUR surpassing 2012. Daimler set 0.7% to goes to 46.53 EUR for MAN is 1.3% up to 81.83 EUR . Among the winners also are Fresenius, down the 2.1 % to 60.42 EUR .
Infineon rise by 0.9 % to 4.91 EUR . Dealers talk about a good mood for chip manufacturers in the face of a positive ranked outlook, the U.S. computer company Hewlett -Packard. also good Specifications are for technology stocks of the Asian exchanges.
In the second row of the German stock market rise MTU Aero Engines by 1.8 % to 43.12 EUR after Morgan Stanley its target price has raised for the stock by 5 EUR to 50 EUR . TUI expand the gains of Tuesday by a further 5 % to 9.40 EUR .
The TecDAX , the shares of Q -Cells’ 16.2% act easier at 4.13 EUR . The stock is to the right of option shares -adjusted from a capital increase .

DJG / mgo / bek / cln / sh

XETRA-MITTAG/Kaum changed – adidas expand profits