The European stock market was flooded with blood. Economies are in danger of freezing

Other major European stock exchanges also lost ground during Thursday’s trading. The main index of the Paris Stock Exchange CAC 40 today fell by 2.1 percent to 4837.42 points. The DAX index of the Frankfurt Stock Exchange fell by 2.5 percent to 12,703.75 points and the index of the Milan FTSE / MIB fell even by 2.8 percent to 19,065.44 points. The London Stock Exchange also lost ground. According to the FTSE 100 index, it lost 1.7 percent to 5,832.52 points.

“Restrictions are already approaching the local closure of economies. The spread of the disease is accelerating despite this effort, so not only investors are obviously worried about what will happen next, “says Patria Finance analyst Tomáš Vlk. At the same time, the future is even less bright than during the first wave of the pandemic, as central bankers and politicians have already used most of the support tools for economies during the spring and summer.

“The economic policy help with which the markets managed the second American wave without major problems is now lacking,” adds Vlk. The level of market concerns, measured, for example, by the European fear index in Stoxx, for example, rose from 23 to more than 27 points in Thursday alone, by almost a fifth. Investor neurosis is growing hand in hand with the form of introduced restrictions. Negative signals range from the introduction of a night curfew in major French cities and a state of emergency in the country, or to a ban on visits to London.

“All these measures mainly affect the services sector, but also indirectly the entire economy. That is why the shares react negatively, “says Pavel Ryska, an analyst at J&T Banka. Along with the pandemic threat, a split among American politicians over another spending program to support the overseas economy also hit European stock markets at the most inopportune moment. “The stock market expected an agreement to be reached, but this is still not being fulfilled and the chances are declining with the upcoming elections,” Ryska emphasizes. However, there is also fear of the starting results season for the third quarter, or of the failure of the developed coronavirus vaccines.

Stock bets are said to be even more uncertain in the coming weeks. “Trading will continue to be very nervous and volatile,” says Komerční banka analyst Bohumil Trampota, and as Tomáš Vlk points out, stock exchanges are not cheap. “The shares are still relatively high and the risks have increased, which in my opinion speaks more for a decline,” says Vlk. At the same time, European stock exchanges, unlike America, were far from able to shake off the first wave of the pandemic. While Wall Street was heading for a new peak, continental stock markets had stagnated in early June, about 15 percent below their pre-crisis high, where they have remained until now.

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Börse Express – ROUNDUP: Bayer reports significant progress with glyphosate comparisons in the USA

Bayer is making headway in dealing with its glyphosate legal conflicts in the USA, according to its own statements. At a hearing on Thursday (local time), the Leverkusen-based pharmaceutical and agrochemical company reported to the federal court in San Francisco, which is responsible for tens of thousands of lawsuits, of significant progress in the negotiations on a “holistic settlement”.

The disputes over the alleged cancer risks of the weed killer Roundup with the active ingredient glyphosate were held up by Bayer with the acquisition of the US seed giant Monsanto in 2018. The company would like to get rid of the many US lawsuits in one fell swoop with a major settlement.

At the end of June it had already looked as if this had largely been achieved. However, a compromise negotiated with the plaintiff’s attorneys was classified by the judge as problematic on one essential point and must be revised. The aim is to clarify how possible future glyphosate lawsuits will be handled.

In order to be able to negotiate in peace, the parties to the dispute at the court hearing spoke out in favor of extending the suspension of the ongoing glyphosate proceedings until November. It is not uncommon for it to take months to complete a comparison of this dimension, which involves a number of different law firms, said a US spokesman for Bayer.

The up to 10.9 billion dollars (9.3 billion euros) expensive glyphosate comparison package from the end of June included 8.8 to 9.6 billion dollars for ongoing proceedings and 1.25 billion dollars for future cases. This part – which was objected to by the judge – is of great importance for Bayer in order to have legal certainty in the event of possible new lawsuits in the USA

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AXC0034 2020-09-25/06:00

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BACKGROUND / 31 stocks in the DAX for one day – Siemens benefits | 23.09.20

From Herbert Rude

FRANKFURT (Dow Jones) – It is not a premiere when the DAX and the Euro-Stoxx-50 are each calculated with an additional share on September 28th. The reason is the spin-off of the Siemens energy division. Siemens Energy will then be included in the two blue-chip indices for one day. The DAX will then contain 31 stocks, the Euro-Stoxx-50 accordingly 51 stocks.

In the past, this had already been the case at Osram, Uniper and Lanxess, for example. The reason for this is the set of rules for the two indices that provide for this method in the event of a spin-off.

According to the index operator Stoxx, the inclusion of Siemens Energy in the DAX for one day ensures that the index can be represented by investors. Inclusion in the index occurs with a price of zero. The free float factor and the number of shares with which Siemens Energy AG will be included in the index are determined by the Siemens AG share in the index and the spin-off ratio.

However, the spin-off mainly offers the spin-off company, in this case Siemens AG. The exchange-traded DAX funds (ETF) will sell the shares of Siemens Energy as passive investors on Monday evening at the closing price. These will then initially no longer be included in any index because they will only appear on the Deutsche Börse ranking lists for the indices after 30 trading days and only then can they qualify for inclusion in the index. The DAX ETFs will reinvest the sales proceeds in the shares of the parent company, in this case in Siemens shares. This creates additional demand.

However, this is only of a temporary nature. Because on December 18, the DAX will be re-chained to the closing price, i.e. the weights of the individual members will be adjusted again. Then Siemens is reset to the weight without Siemens Energy, so to speak. The ETFs will therefore also surrender their “surplus” Siemens shares.

In the Euro-Stoxx-50 everyone benefits from the reset to 50 titles

Commerzbank Technical Analysis and Index Research points out that the handling in the Euro-Stoxx-50 differs from that in the DAX. Should the spin-off title be in the first 40 places in the ranking on the evening of the first day of trading, it would replace the smallest company in the Euro-Stoxx-50. But that is usually not the case.

When the spin-off index was withdrawn on the evening of the first day of trading, ETFs then sold the spin-off as in the DAX. They then invested the money not only in the shares of the parent company, but also proportionally in all remaining Euro-Stoxx-50 members according to their index weighting.

DJG / game / gos

(END) Dow Jones Newswires

September 23, 2020 05:27 ET (09:27 GMT)

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Share prices plummeting: Fear of the virus causes Dax to slide into the basement

The fear of a new lockdown is causing the Dax to rush into the depths in Frankfurt. At the start of the week, the leading index lost a good 4.4 percent. In addition to the fear of a pandemic, Deutsche Bank is also making negative headlines.

The fear of the rising wave of corona infections has seriously affected the Dax at the start of the week. In the end, the leading index narrowly escaped its biggest daily loss since mid-March, when the virus crash was still going on. From trading it went 4.37 percent lower at 12,542.44 points. Shortly before, it had fallen close to 12,500 points, to a low since early August.

Dax 12.642,97

According to market analyst Milan Cutkovic from the trading house AxiTrader, the increasing number of infections in Europe became the next disruptive factor in the stock rally that has recently stalled. The MDax also went down a lot. The index of medium-sized stock market stocks lost 3.68 percent to 26,499.95 points. In Germany, the number of new infections reported on Friday reached a high for almost five months, while in some neighboring countries there is an even higher incidence of infections. The British Minister of Health Matt Hancock did not rule out another lockdown in a BBC interview. In this case, stockbrokers fear catastrophic effects on the economy.

Leak puts pressure on Deutsche Bank

There were only losers in the Dax. At the end of the index, Deutsche Bank’s paper slumped 8.8 percent. The financial sector also suffered severe losses across Europe. The reason for this was a leak in confidential money laundering reports from the US Treasury Department about dubious payment flows, the so-called “FinCEN files”. Deutsche Bank is one of the banks explicitly mentioned in the report. Even if a few questions had to be clarified, the files in any case increased the regulatory and sanction risks for the industry, said market analyst Neil Wilson of Markets.com. The fact that the Frankfurt bank should be on a takeover wish list from Swiss UBS did not help in this environment.

Deutsche Bank
Deutsche Bank 6,96

Among the German small caps, the escalating dispute with the Spanish Telefonica group dealt the shareholders of United Internet and 1 & 1 Drillisch a powerful blow. After it became known that both had to cut their goals for this year due to rising costs of access to the O2 network, United shares collapsed by almost a quarter and 1 & 1 by almost 28 percent. Telefonica Deutschland’s shares followed the overall market by around four percent.

Investors seek refuge in the dollar

Across Europe, travel figures were once again hit particularly hard by investors’ fears. The papers of Lufthansa slipped in the MDax by 9.5 percent. That fit the message in the afternoon that the airline wants to make even deeper cuts in the fleet and staff due to the virus. The clouded prospects in the Dax brought the shares of the aircraft industry supplier MTU a minus of eight percent. The few positive rays of hope in the Dax index family were the shares of Hornbach, Shop Apotheke, Zooplus and Hellofresh, which have already been celebrated as Corona winners in the past few months, which are listed in the MDax or SDax and between 0.7 and 6.7 percent there won.

Lufthansa
Lufthansa 7,56

The stock exchanges across Europe also went downhill. In the end, the EuroStoxx lost 3.74 percent to 3160.95 points. The French Cac 40 was similarly downhill, while the British FTSE 100 lost around 3.4 percent. The downward trend was also evident in New York, where the Dow Jones Industrial lost around three percent at the close of trading here.

The euro also came under pressure as investors sought refuge in the US dollar. Most recently, $ 1.1742 was paid for the common currency. The European Central Bank (ECB) had meanwhile set the reference rate at 1.1787 (Friday: 1.1833) dollars. The dollar cost 0.8484 (0.8451) euros. On the bond market, the current yield fell from minus 0.50 percent on Friday to minus 0.52 percent. The Rex bond index rose by 0.08 percent to 145.73 points. The Bund future rose 0.34 percent to 174.66 points.

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Börse Express – Oil prices are falling slightly

Oil prices fell slightly on Thursday, surrendering a small part of their premiums from the previous day. At noon, a barrel (159 liters) of the North Sea Brent cost 42.09 US dollars. That was 13 cents less than on Wednesday. The price of a barrel of US West Texas Intermediate (WTI) fell 15 cents to $ 40.01.

Crude oil prices were primarily impacted by the stronger US dollar, which, however, lost some of its buoyancy over the course of the day. As a world reserve currency, the dollar profited from the predominantly weak stock markets. A strong US currency makes crude oil more expensive for investors outside of the dollar area and thus weighs on oil demand.

During the course of the day, attention is directed to the Opec + oil network, which advises on its production policy. A high-ranking committee meets that is responsible for checking the agreed funding limits. These production limits are intended to stabilize oil prices in the Corona crisis. However, they have been eased somewhat since the beginning of August.

The commodity experts at Commerzbank refer in a comment to the increasing oil production in the USA. The shale oil industry has increased its production step by step over the past few weeks. “Those who are said to be dead live longer,” one might think of the American Fracker. The shale oil producers suffered particularly from the corona-induced collapse in oil prices in March and April./bgf/jsl/stk

AXC0179 2020-09-17 / 12:16

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Börse Express – TESLA IN FOCUS: Earning money with electric cars

Was Tesla -Chef Elon Musk also does – the PR professional is sure to attract attention. Recently he ran open doors with a visit to the German elite from politics and business, after all, he wants to build hundreds of thousands of electric cars soon outside the gates of Berlin and almost within sight of the assembled German car competition. However, the recent screeching halt for tech stocks on the stock exchange has also brought the rush of his company’s papers to a sudden standstill. What’s going on at Tesla, how analysts assess the stock and what the course has done.

THAT’S ON AT TESLA:

While the major German car maker Volkswagen ,
Daimler and BMW In the Corona crisis in many regions of the world, having trouble getting their cars to customers, Musk can almost rub his hands together – because the demand for electric cars has hardly suffered during the crisis. Funding programs like those in Germany even help alternative drives in Europe to achieve the long-awaited upswing. Overall, deliveries by the Americans in the second quarter were only 5 percent below the previous year’s figure due to the strong demand for the 3 and Y models.

But even Tesla is not exempt from the restrictions of the corona pandemic – Musk had a bizarre argument with the local authorities in California at the height of the lockdown in the USA. Despite everything, Tesla plans to deliver more than 500,000 cars this year. In 2019 there were around 367 500.

Tesla is trying to create additional production capacities around the world. In Grünheide just outside Berlin, Tesla is currently building its first European “Gigafactory”, in which the Model Y compact SUV will initially roll off the production line from summer 2021. 500,000 vehicles annually are planned for the plant so far. While thousands of jobs are threatened in the German auto industry, Tesla is desperately looking for skilled workers for the Berlin plant.

Tesla had built a plant in Shanghai in record time and delivered the first vehicles around the turn of the year 2019/20. In the USA, a second car factory is to be built in Texas in addition to the main plant in Fremont (California).

And Tesla can also show some stability in the business figures. The fourth quarterly profit in a row was achieved in the second quarter of the year – this is the first twelve-month profit streak in the company’s 17-year history. At the inclusion in the S&P 500 share index, which is highly regarded worldwide
Tesla recently just missed, four profit quarters in a row are a prerequisite for this.

In any case, Musk cannot sit back and relax trying to remain the world’s largest electric car manufacturer in the future. These days, the car giant Volkswagen is starting delivery of its ID.3, which should bring the Wolfsburg-based company in the electric age similar successes as the Golf with combustion engines. BMW will soon do it with its first fully electric SUV iX3, the competitors of Mercedes (EQC) and Audi (E-Tron) after. And there is also a threat of competition with trucks: Tesla wants to score points here with the semi-electric truck – recently formed with the US auto giant General Motors
and the start-up Nikola is a well-known opponent.

WHAT ANALYSTS SAY:

Of the 37 analysts who Bloomberg lists as observers of Tesla shares, only six currently recommend the title as a buy because of the price development in recent months. 18 are a draw, 13 advise to sell. The average target price is just under $ 300, while the stock currently costs a good $ 370. The spectrum is wide: the optimists estimate the potential to be $ 566, pessimists go down to less than $ 20.

UBS analyst Patrick Hummel believes that Battery Day, which has been announced for September 22nd, will be an important event for investors. It should be about a new battery technology. However, Hummel initially sees a phase of consolidation for the share given the current fundamentals. He doubled his price target for the paper from $ 160 to $ 325.

Goldman Sachs analyst Mark Delaney was somewhat surprised by the timing of the recent $ 5 billion capital increase. In view of the recent capital increases by the car manufacturer and the investment plans, these are not unexpected.

The change in the auto industry is still at an early stage, but the competitive advantage of the US electrical manufacturer could soon decrease, wrote analyst Philippe Houchois of Jefferies. However, Tesla continues to stand out from the competition in areas such as the software used, the battery capacity and production efficiency. According to the figures for the second quarter, he also raised his estimate for the operating profit in the current year by 50 percent.

WHAT DOES THE SHARE DO:

Tesla stock has seen an almost unprecedented rally this year. While the ratings of other carmakers have not just been in the basement since the Corona crisis, Musk set one course record after another with his company. In fact, the stock became so expensive that it threatened to get out of financial reach for ordinary investors. Tesla announced a stock split without further ado, and four new ones were simply added for an existing paper.

However, the path for Tesla was not without potholes: If the share price adjusted for the share split more than doubled by the end of February, it went down even faster with the Corona crash. The share fell to a good $ 70 by mid-March, when the panic on the markets slowly subsided. The Tesla paper then picked up again, in June it went over the $ 200 mark for the first time. On September 1, the price then screwed up to the previous record high of $ 502.49.

With the correction in tech stocks, the missed entry into the broad Wall Street benchmark index S&P 500 and the announced competition from GM and Nikola, the Tesla share then fell back to a good $ 370.

What the still high prices mean only becomes clear in the context of other car manufacturers. Tesla is currently worth around 346 billion dollars on the stock exchange, almost twice as much as the three German car companies Volkswagen, Daimler and BMW combined.

The US auto companies General Motors, Ford and Fiat Chrysler are downright market dwarfs against Tesla. Also the formerly most expensive car company in the world Toyota
only sees Tesla’s taillights: The Japanese are valued at around $ 214 billion.

For investors in the traditional auto heavyweights, it will be crucial who in the world can still make money from electric drives in the future: Two of the major auto markets, China and Europe, are tightening their environmental guidelines to such an extent that manufacturers have little other option than a large one To sell part of their fleet with electric motors in the future. After long doubts, Tesla has recently proven that it can make money with e-cars. That stands for VW & Co still out./men/eas/jha/

 ISIN  DE0005190003  US37045V1008  DE0007100000  DE0007664039  US88160R1014

AXC0082 2020-09-14/08:35

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Börse Express – ROUNDUP: Strong typhoon approaches South Korea

Typhoon “Haishen” caused power outages, broken trees and flooded roads in southern Japan and the Korean peninsula. Dozens of people were injured in Japan and hundreds of thousands of households were temporarily without electricity, local media reported on Monday.

In South Korea, according to the civil protection agency, more than 17,600 houses were temporarily without electricity. The tenth hurricane of the season and the second within a week struck both southern Japan and neighboring countries South and North Korea. There was heavy rain and gusts.

“Haishen” had moved from Japan to South Korea, where he briefly landed in the southeast in the morning (local time). The weather office said he later moved to North Korea off the east coast. The typhoon had already weakened on its way out of Japan.

In Japan and South Korea, hundreds of flights were canceled due to concerns about strong squalls and rain. In South Korea, around 160 ferries have been in port since Sunday. In the city of Samcheok on the east coast, a middle-aged man was reported missing on Monday, the national news agency Yonhap reported. He was probably carried away by a river. In the south-eastern coastal metropolis of Busan, numerous trees have fallen.

Authorities on Japan’s main southwest island of Kyushu had called on millions of people to seek safety from the forces of nature. Almost the entire island was hit by squalls.

North Korea also came under the influence of the typhoon. The state media reported flooded streets and broken telephone lines./dg/ln/DP/eas

 ISIN  CH0126881561  DE0008404005  DE0008430026  DE0008402215

AXC0097 2020-09-07 / 10: 18

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Bonds: Flourishing Green Bonds ()

Germany’s first eco-bond was sold extremely well, and Daimler’s green bond was oversubscribed several times. Adidas successfully issues two conventional bonds. When it comes to trading corporate bonds, the focus is on Stada, BMW, Sixt, Preos and Ferratum.


September 4, 2020. FRANKFURT (Frankfurt Stock Exchange). Demand for the federal government’s first eco-bond was huge. Instead of the desired 4 billion, the state raised 6.5 billion euros over a ten-year bond and pays investors no interest for it. “There were orders in the books amounting to around 35 billion euros,” says Arthur Brunner. Because the interest was so great, according to the dealer at ICF Bank, the yield is currently 0.1 percent lower than that of a conventional bond with the same term. More green bonds are to follow later this year. Among other things, the finance agency is planning to issue a five-year paper of this type in the fourth quarter.

“The money will be used to finance environmental projects.” The five sectors that will receive proceeds from the bond include transport, natural landscapes and biodiversity, international cooperation, research, industry, agriculture and forestry, as well as innovation and awareness-raising.

Car manufacturers also collect “green money”

While Volkswagen announced last week that it would raise more than 1 billion euros via a green bond in September, Daimler is already active. The Stuttgart carmaker yesterday successfully issued a ten-year green bond (WKN A289QR) with a coupon of 0.75 percent and thus borrowed 1 billion euros. “The demand was good, orders of over 4 billion euros were received,” says Brunner.

Arthur brunner

Brunner

According to Daimler, the proceeds from green financing instruments will be used, for example, for the development and production of emission-free vehicles with battery and fuel cell electric drives. A Green Finance Investor Report provides regular information on the use of the proceeds and the climate effects of the projects.

Sustainable bonds are booming

Bloomberg sees ESG bonds – the abbreviation stands for Environment, Social and Governance – heading for a record year. The emissions currently totaled 105 billion euros and were thus just below the previous high of 2019. Many states would have received money through these bonds for measures in the fight against the corona pandemic.

Adidas taps into the capital market

About two new conventional bonds with terms of four (WKN A3H2X0) and 15 years (WKN A3H2X1) According to Brunner, Adidas refinanced itself without any problems through the capital market with a total volume of 1 billion euros. The former offers a coupon of 0 percent and started with a negative return at an issue price of 100.321 percent. Adidas pays nominal interest of 0.625 percent annually for the paper, which runs until 2035. Both bonds are traded in pieces of 100,000 euros. “The sporting goods manufacturer only received state aid in the spring.” Adidas wants to repay these loans as quickly as possible.

Stada, BWW and Sixt move the mind

In trading with existing corporate bonds, Gregor Daniel from Walter Ludwig Wertpapierhandelsbank sees considerable sales with predominantly purchases in a Stada bond (WKN A14KJP). The value due in 2022 with a coupon of 1.75 percent is currently 101 percent, after a good 100 percent at the beginning of the week.

Daniel

Also mostly in the custody accounts is a popular bond from BMW (WKN A18Z75) with a coupon of 0.75 percent. The 750 million euro value currently costs 102.61 percent and thus pays off by zero percent.

A Sixt leasing bond due in February 2021 (WKN A2DADR) with a coupon of 1.125 percent, the bottom line is that investors parted ways.

Asked Preos and Ferratum

Most of the time, Brunner booked purchases in a bond from Ferratum (WKN A2TSDS) with a volume of 100 million euros. Since Monday, the value has risen from 83.25 to 87.50 percent and thus brings a return of 11.48 percent.

Brunner is generating lively demand on the buy and sell side in a Preos Real Estate AG convertible bond due in December 2024 (WKN A254NA) with a coupon of 7.5 percent. The bond is currently trading at 99 percent.

by: Iris Merker

September 4, 2020, © Deutsche Börse AG

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RTL gets out of the MDax – nothing changes in the Dax

There were already two changes to the Dax this year: Lufthansa was relegated in June and the insolvent Wirecard Group in August. Initially, the composition of the leading index will not change any further, but that of the MDax.

In the first stock exchange league Dax there after the recent exchange of the insolvent Wirecard WIRECARD AG share through the delivery service Delivery Hero DELIVERY HERO SE NA O.N. Aktie no further changes in September.

The plastics manufacturer Covestro COVESTRO AG ON Stock was able to defend his Dax place. As the German Stock Exchange announced on Thursday evening in Frankfurt, but there are numerous changes in the second and third row.

RTL has to leave MDax

Im MDax MDAX PERFORMANCE-INDEX Index there are several changes: The media group RTL RTL GROUP share must leave the index of medium-sized stocks. The company, which also owns the TV station of the same name, was promoted to the MDax in September 2013.

Because of the collapsed advertising market as a result of the Corona-Krise also gave the Share price strong after. This determines the market value, one of two criteria for inclusion in an index of the Dax family.

The real estate financier Aareal Bank is also increasing AAREAL BANK AG Share into the SDax. The shop pharmacy succeeded in advancing from the SDax SHOP APOTHEKE EUROPE INH.  share as a corona crisis winner and, as expected, the specialty chemicals manufacturer Wacker Chemie WACKER CHEMIE ON share.

These companies are promoted to the SDax

There are also changes below the MDax. The furniture dealer Steinhoff STEINHOFF INT.HLDG.EO-, 50 Shares, the engineering service provider Bertrandt, which is primarily geared towards the automotive industry BERTRANDT AG ON Aktie and the human resource management software provider Atoss ATOSS SOFTWARE AG Share must have their seats in the SDax SDAX P-IN. Index vacate.

The newcomers are the specialty pharmaceutical manufacturer Medios MEDIOS AG ON Aktie, the online fashion retailer Global Fashion Group founded by Rocket Internet among others GLOBAL FASHION GRP EO-, 01 Stock and the Essen IT company Secunet Security SECUNET SECURITY AG O.N. Aktie.

That is why changes in the Dax are important

The changes will be implemented on Monday, September 21. Changes are especially important for index funds, too ETFs called.

A computer algorithm forms one of these Stock index to. So investors invest in all stocks that are listed in the index. In the ETF, changes in the index must be made accordingly, which can affect the share price.

In addition, a stock index can also be a question of prestige. As the top German stock market league, the Dax particularly attracts the interest of investors from Germany and abroad.

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5.30 percent chance: Dax with a 16 percent discount

The Dax is already approaching its highs of February 2020. With discount certificates, investors can generate positive returns even if the Dax does not continue to rise at the rate of the past few months.

Contrary to many expert opinions, who granted the Dax only limited recovery potential after the crash in March to up to 8255 points, the index was able to recover almost the entire price loss within just five months.

Dax 13.033,20

After even stubborn skeptics had to take note of the V-recovery of the stock exchanges, it now seems only a question of time for many market participants when the index will return to its old highs of February 2020.

The investment idea

Although the mood on the German stock market is currently good, there is a likelihood of a decline in the Dax in the next few months. If you want to swap the risk and chance of a direct index investment for a predefined return, you could consider investing in discount certificates on the Dax.

With selected discount certificates on the index, investors can achieve high returns over the next few months even if the index is trading well below its current level in June 2021.

How it works

If the Dax is quoted at or above the cap on the certificate’s valuation day, which defines the certificate’s highest payout amount, the discount certificate will be repaid with its maximum amount of 120 euros.

The key data

The JPMorgan Discount Certificate (ISIN: DE000JM4NHQ0) has a cap of 12,000 points and a subscription ratio of 0.01. The valuation date is June 18, 2021, the certificate will be repaid on June 25, 2021. At the Dax stand of 13,176 points, investors could buy the certificate for 113.95 euros. The certificate is therefore 15.63 percent cheaper (hence the discount certificate) than the Dax index.

The chance

Since investors can currently purchase the certificate for 113.95 euros, it enables a gross return of 5.30 percent (6.60 percent per year) over the next ten months if the index does not compare to 8.92 percent on the valuation date its current value in the minus. In the case of Discount Certificates, in contrast to Bonus Certificates, only the closing price relevant on the valuation date is of importance for the investment result.

The risks

If the Dax is listed below the cap of 12,000 points on the valuation day, the certificate will be repaid in accordance with the subscription ratio of 0.01 at one hundredth of the closing price of the Dax determined on the valuation day. If the index then trades below the purchase price of the certificate, i.e. below 11,395 points, then the investment – before expenses – will yield a loss.

This article does not constitute a recommendation to buy or sell the Dax or investment products on the index. No liability is assumed for the accuracy of the data.

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