market report
Wall Street inserted the reverse gear at the time of the week. Customs threats from President Trump, but also new economic data have unsettled investors.
On Wall Street, the large stock indices at the time of the week all went out of sale with losses. After a hesitant opening, the taxes expanded in the course, with the Nasdaq technology agency in particular being affected. The composite index in the end gave in 1.36 percent, the Nasdaq 100 selection index slipped by 1.3 percent.
The leading index Dow Jones also gave up 0.99 percent to 44,303 points, the market width S&P-500 index lost 0.9 percent to 6,025.
New economy elections drew a rather unclear picture, but in the end hoped hopes for a quick interest rate of the central bank Federal Reserve (Fed). New statements by President Trump on customs and trade policy also added the market as well as the weaker than expected, unusual view of the tech giant Amazon from the previous evening.
As always, the central topic was the latest data from the labor market that was mixed, but damped interest -cut hopes.
Specifically, only 143,000 new jobs outside of agriculture were added in January. Interested economists had expected 170,000, after surprising, 307,000 (originally 256,000) in the previous month. However, the unemployment rate determined separately fell in January – to 4.0 out of 4.1 percent in December. This is the second decline in a row and the lowest rate since May last year. Analysts had expected an average stagnation at 4.1 percent. In addition, the consumer mood determined by the Michigan University.
According to the market observer Thomas Altmann from the asset manager QC Partners, the job data from the USA are difficult to interpret, because the number of newly created positions disappears. However, the increase in December was revised and the unemployment rate had fallen into a row for the second month.
Overall, in the course of the trade, after a second glance at the data, the view that the US labor market was still in good shape, the central bank should therefore not have a hurry with the turning point. A knowledge that some market participants do not necessarily want to hear.
The latest news from US trade policy also caused a bad mood. President Trump wants to announce against duties for many countries next week. The Republican said in a speech in the White House alongside the Japanese Prime Minister Shigeru Ishiba. This would redeem his election campaign promise to prove imports with tariffs that correspond to the tariffs that their trading partners raise to American exports. According to a report by the Financial Times, the European Union wants to offer lower tariffs in US cars.
“Welcome to Trump 2.0. It is just like Trump 1.0: Every day there is a new headline and every day there are fluctuating courses on the market,” commented Thomas Hayes, chairman of the private equity company Great Hill Capital.
The US Federal Reserve Fed recently had a waiting attitude to see how inflation-lively the measures will be. “The common opinion that tariffs actually lead to inflation is not undisputed,” said the strategists of Marcard, Stein & Co.
The US tech giant Amazon also disappointed the stock exchange with its forecast for the current quarter. The share, which had already come under pressure in the after-board US trade the evening before, lost four percent to $ 229.15 in the end. Amazon predicted sales between $ 151 and $ 155.5 billion for the current quarter. Analysts had assumed an average of over $ 158 billion.
Meanwhile, Amazon wants to invest around $ 100 billion in infrastructure this year – mostly to the expansion of data centers for artificial intelligence. The demand from IT customers for resources for this is so great that the Cloud division AWS meets capacity bottlenecks, said Amazon boss Andy Jassy when presenting the quarterly figures. Amazon is not only the world's largest online retailer, but also the leading provider of cloud infrastructure.
The US bonds published in the afternoon also strain noticeably, the return of ten years of ten bonds rose to 4.48 percent in return.
“This is once again a solid figure,” commented Thomas Gitzel, chief economist of VP Bank. “The better it is about the US economy, the longer the interest remains at a high level,” writes Gitzel. “The FED could even be forced to put the thumb screws back on.”
At the end of the week, many domestic investors still smooth their positions and braked the latest record run of the German leading index. The DAX started in the morning with a new record at 21,945 points, but did not advance afterwards and thus remained below the 22,000 points.
In the end, the index closed at 21,787 points by 0.53 percent lower. This is also because of the Wall Street after the new, robust data from the labor market did not come from the labor market. The MDAX of the medium -sized values was in the end by 0.31 percent.
Nevertheless, the index showed amazing tender qualities this week. Because despite the US customs shock at the start of the week, which pressed the Dax up to 21,252 points, the leading index proved to be surprisingly robust in the wake and not only caught up the losses almost completely, but also marked a number of new record stands. In the week comparison, there is a slight profit of 0.25 percent.
This means that the 22,000 points mark remains in their sights, even if the new US President Donald Trump can come at any time. Investors have been afraid for a long time that Trump also targets the European Union in terms of tariffs.
“The DAX shows investors these days that not politics is not moving the courses, but the profits of the companies,” said CMC markets expert Jochen Stanzl. “Be inside to win – according to this motto, the investors apparently now to deal with Trump again later,” he added.
The euro fell back to the US data on the foreign exchange market and was last traded in US trading at $ 1.0331. In the daily low it was down to $ 1.0300 downhill. Experts rate the US Jobreport, despite the decline at the start of the year, still very robust, which dampens the opportunities for the central bank's interest rate.
“The number of new bodies misses the consensus estimate, but the previous month's value has been significantly revised. The labor market is therefore unchanged in a good condition and the US Federal Reserve should continue to position itself carefully and cautiously with regard to possible interest rate cuts. The interest reduction expectations are damped” , comments Ralf circulation from Helaba.
In general, labor market data play an important role in interest decisions by the US Federal Reserve and could therefore move the courses on the foreign exchange market. The Fed had kept the key interest stable last week. The European Central Bank set the reference course to $ 1.0377 (Thursday: 1.0360).
Mixed news came from the German economic front in the morning. In December, production in German industry fell by 2.4 percent in the month comparison and thus significantly stronger than expected. Analysts had expected an average of 0.7 percent. It was also the strongest production dampers since last July. The industry remains “the largest economic weak point in the German economy,” sums up Commerzbank economist Ralph Solveen.
In the case of German exports, on the other hand, the trend in December surprisingly pointed up: at the end of the year, exports grew by 2.9 percent compared to the previous month. Economists had expected an average of 0.6 percent.
Oil prices rose at the end of the week, but remain under pressure this week. According to analysts, this goes back primarily to the customs policy of US President Trump. The crude oil variety Brent from the North Sea recently increased by $ 74.59 per barrel (159 liters). Since Trump's taking office on January 20, the World Market Prize for Crude Oil in the Brent variety has collapsed by more than eight percent.
The gold price today attracted $ 2,870 per troy ounce, most recently it was $ 2,861. The yellow precious metal remains within reach of its record high set up at $ 2,882 this week.
Porsche AG's share was today the largest loser in the Dax with a minus of over seven percent. The Stuttgart sports car manufacturer puts on a savings and investment program after a slump in profits and accepts further losses in results of around 800 million euros this year. Among other things, more Porsche models are to be equipped and built with combustion or plug-in hybrid engines after the electric sports car shop runs slowly.
On the other hand, the Rheinmetall share with an increase of almost two percent was on the Dax top. The armaments group has received a new order to digitize the Bundeswehr and concluded a framework contract with the federal government to re -procure soldier systems. The systems network soldiers, for example, to tanks who serve as communication nodes. The framework contract has a maximum volume of 3.1 billion euros.
Adidas in the Dax and Puma SE in the Dax had to springs in the course of a disappointing view from the US shoe manufacturer Skecher. Adidas recently lost around 2.2 percent, Puma dropped a good 4.6 percent in the MDAX.
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