Companies: HSBC allowed the fraudulent transfer of millions of dollars

The british bank allowed millions of dollars to be transferred around the world fraudulently even after it became aware of the hoax, according to leaked secret documents, the BBC reports.

The bank, the largest in the , moved the money through its business in the United States to HSBC accounts in Hong Kong in 2013 and 2014, according to the confidential file.

The documents were leaked to the Buzzfeed portal and shared with the International Consortium of Investigative Journalists while the British investigative program Panorama led the investigation for the BBC public channel.

That chain indicated today that the uncovered files detail what the role of that bank was in an investment fraud valued at 62 million pounds (US $ 80 million).

HSBC has always maintained that it complied with its legal obligations when reporting such activity.

The documents also show that the investment scam – known as the Ponzi scheme – began shortly after the British bank was sanctioned with a fine of 1.4 billion pounds (US $ 1.9 billion) in the United States for money laundering operations. and since then he had committed to eradicating such practices.

According to , lawyers for some of the investors who were duped in these operations considered that the entity should have taken steps earlier to close the accounts of the fraudsters.

The FinCEN files are 2,657 documents, including 2,100 Suspicious Activity Reports (or SARs), which include information on transactions that raise suspicions in the banks themselves.

They send these reports to the relevant authorities if they suspect that their clients are engaging in illicit activities and if they have evidence of criminal activity practices they should stop moving their money.

The leak shows how money was laundered by some of the world’s largest banks and how criminals used anonymous British companies to hide the money.

Fergus Shiel, part of that consortium, indicated that the files provide knowledge about “what the banks know about the vast flows of dirty money that circulates around the globe.”

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Bonds: gentlemen’s agreement begins between Bank of America-HSBC and the financial world

The first and most important will be that starting today. They will seek that the international financial market complies with the implicit “gentlemen’s agreement” that always exists in mega-operations such as the one that ends today with the placement of Argentine debt. Whenever sovereign debt is restructured on a voluntary basis or a large company goes on the market a few days later, the large financial operators holding those papers hold the price or make it grow neatly, but there are never selling avalanches that make the investment start your life with bad signs in your first days. Even more so if the underwriters are entities of the club of the greats of the world financial market, such as Bank of America and HSBC. It is a common and normal strategy of good arts of the international financial system, so that the price of the bonds in a recent restructuring do not collapse.

They are unwritten and gentlemen’s agreements that are executed by injecting new debt very slowly into the markets, where the instrumentation comes from the underwriters, but which should be accompanied by all the large international colleague banks (JPMorgan, UBS, Santander , BBVA, Barclays, Citi, ING, Credit Suisse, Commerzbank, Itau, BNP and similar). The large investment funds that restructured the debt in default should also intervene, and among which are BlackRock, PIMCO, Templeton, Monarch, Ashmore, Contrarian, Fidelity, Greylock and the rest of the large investment houses that finally accepted the proposal. of the Government of Alberto Fernández. Everyone will avoid quickly reselling their new bonds, avoiding quickly losing value of the new Globals, causing the new debt to have a bad debut.

As this newspaper commented, in general, the strategy of investment funds is to sustain their holdings over time, waiting for a stabilization in the price of Argentine debt, with the hope that in a few months the economy local begins to show serious signs of recovery and Minister Martín Guzmán shows his medium and long-term plans. However, this agreement / strategy has an expiration date. If the next year has already started, there are no serious signs of recovery, if there is no news of an agreement with the IMF or if the fiscal, monetary and inflationary promises are not fulfilled, sales could accelerate. And the Bank of America or HSBC will no longer be there to parley.

According to FinGuru specialist Sebastian Maril, “The price of new bonds should not be based on a successful restructuring. Like any asset that is listed on the markets, prices respond to a set of variables that end up forming the value of the asset. The new Argentine bonds, until the country does not make structural reforms that help the economy grow or at least until the economic activity shows clear signs of growth, they will not experience a marked and prolonged upward trend ”.

The second task of the debt issuing banks will be to finish contacting the holders of the 1% of Par bonds that did not enter the swap and develop an institutional and legal strategy so that they can join. As this newspaper announced yesterday, it will be a joint work that the two entities must carry out with the law firm that represents the country, Claery Gotlieb Steen & Hamilton (CGS & H); who must implement the necessary legal movements for the Security and Exchange Commission (SEC) to accept that these creditors can enter. According to the certainty that exists both in the Government of Alberto Fernández and in the law firm and among the issuing banks, that 1% (about 653 million dollars) is in the power of small private investors who could not execute their income on time and form, but not by rejecting the exchange.

As the Finance Secretary told this newspaper yesterday, Diego BastourreThey are holders of bonds of between 10,000 and 15,000 dollars to be exchanged, which the banks that manage their accounts did not contact. The official also acknowledged that to settle these series, the application of the Rughts Upon Future Offers (RUFO) clause must also be taken into account, which prevents the recognition of 100% of the Paired bonds, without applying the same criteria to those that they did enter the call. The final task of Bank of America and HSBC will be to develop with Cleary a financial strategy, obviously endorsed by the Ministry of Economy of Martín Guzmán so that the holders of this debt can enter the exchange under the same conditions as the rest of the holders of issued debt during the kirchnersimo in the swaps of 2005 and 2010. And thus complete 100% of the debt restructuring.

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Oil dealer scandal in Singapore hits European banks

Bangkok Lim Oon Kuin worked on his raw material empire for more than half a century, which made him one of the most important oil traders in Singapore. Given the crash in the oil markets, a few weeks were enough to bring his company down. What remains are investigations by Singapore’s law enforcement officers and a mountain of debt of almost four billion dollars with several international banks – including the one German bank.

Hin Leong is the name of Lim’s company that became the first major victim of the oil crisis in Asia. Translated, the company name means “prosperity”. But there seems to be little left of the billion dollars Lim used to juggle the oil market and recently bet against a drop in prices.

Hin Leong filed for bankruptcy protection at the end of last week after the banks asked for the loans to be repaid. Now the auditing and consulting firm PwC should take control of the group during the debt restructuring talks, as the local newspaper “Straits Times” reported on Thursday, citing insiders.

The credit institutions threaten to remain on a large part of their claims. The remaining oil traders in the Southeast Asian financial metropolis are also facing a severe crisis: In response to the turbulence at Hin Leong, the banks are cutting their credit lines. The industry is now afraid of massive liquidity shortages. “Banks cancel their positions wherever possible,” commented industry consultant Jean-Francois Lambert. Singapore’s central bank was forced to warn the financial industry of a complete lending to the oil sector.

Hidden losses

The loss of confidence is also responsible for the impending credit crunch: Lim Oon Kuin, known in Singapore as O.K. Lim, admitted in an affidavit that he had hidden losses of $ 800 million. “I told the finance department not to let the losses show up in the books,” Lim wrote in the court document, according to the Bloomberg news agency.

The balance sheet for 2019 thus showed a profit of $ 78 million. “In truth, the company hasn’t made a profit in the past few years,” said Lim, whose assets the US magazine “Forbes” estimated in early April at $ 1.3 billion. The 76-year-old founder also admitted to having secretly sold millions of barrels of oil, which he guaranteed to the banks as collateral.

With the admission, Lim may be trying to avert harm from relatives who are also involved in the family business. His son, Evan Lim, who runs the Ocean Tankers spin-off with a fleet of around 100 oil tankers, said they hadn’t known about the events. As announced on Monday, Singapore’s police opened an investigation into Hin Leong.

The company’s approximately $ 4 billion in debt was only offset by assets of $ 700 million recently, the company reportedly told creditors. The losses at the 23 banks that loaned Hin Leong money could total $ 3.3 billion.

HSBC most affected

The UK Bank HSBC, which owes the company $ 600 million, is hardest hit. ABN Amro and the Rabobank from the Netherlands and the French Société Générale and the British Standard Chartered Bank has loaned Hin Leong between $ 200 million and $ 300 million each. Three local banks from Singapore collectively have claims of nearly $ 700 million.

Deutsche Bank and DZ Bank were also reportedly involved in the business with Hin Leong – with relatively low amounts. According to Reuters, Deutsche Bank is about $ 70 million and DZ Bank is about $ 40 million. Both banks did not want to comment on this on request.

Hin Leong was one of the largest suppliers of marine fuel in Singapore and played an important role in Southeast Asian gasoline trading. The group also owns a stake in a huge fuel depot. Sales talks with the Chinese company are now reportedly under way Sinopec.

More: How the Saudi Crown Prince gambles in the oil price war

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Hope for stimulus packages boost Asian stock markets

Tokyo

Reflections on a display board of the Tokyo Stock Exchange.

(Photo: AFP)

Washington / Sydney Asian equity markets rose on Thursday. The combination of a recovery in crude oil prices from historic lows and the promise of further US government aid to cushion the coronavirus-affected economy calmed investors’ concerns. The U.S. House of Representatives is expected to launch a fourth coronavirus package on Thursday, which has already been unanimously approved by Congress. The rescue package would total almost three trillion dollars. Analysts therefore believe that after the price falls, the low point has been reached.

Still, the recent recovery has been tightly focused on the big tech companies, said Seema Shah, chief strategist at Principal Global Investors. However, Shah believes market positioning could now drive markets upwards, supported by solid political momentum around the world. “Investors have built sensible cash positions that indicate that senseless selling has ended, but that investors have enough funds to take advantage of attractively valued risk assets.”

Look at the indices:

The Tokyo stock exchange was initially stronger on Thursday. The Nikkei index, comprising 225 values, was 0.7 percent higher over the course of the year at 19,266 points. The broader Topix index rose by 0.5 percent and stood at 1414 points.

The Shanghai stock exchange remained unchanged. The index of the most important companies in Shanghai and Shenzhen lost 0.1 percent. The MSCI index for Asian stocks outside of Japan rose 0.9 percent.

In Asian currency trading, the dollar remained almost unchanged at 107.76 yen and stagnated at 7.0842 yuan. On the Swiss currency, it was 0.1 percent higher at 0.9723 francs. At the same time, the euro fell 0.1 percent to $ 1.0808 and hardly changed at CHF 1.0511. The pound stagnated at $ 1.2330.

More: Read all current developments regarding the corona pandemic here.

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Puma also needs money from the state

Björn Gulden

At the end of February, Puma boss Gulden had hoped for a strong year, now he has to apply for government aid.

Munich Up until a few weeks ago it worked puma As good as never before. Last year, sales increased by almost a fifth, and profits rose by as much as 40 percent. “This achievement reflects the international potential of the brand,” emphasized CEO Björn Gulden at the end of February.

With the corona crisis, however, the outlook for the sports brand has deteriorated extremely. The big leap that the manager had promised for this year is unlikely to become anything.

Instead, the former professional soccer player has to save and take out loans to make ends meet. The company, which is listed in the MDax, works with its bank consortium, which provides additional financing, the company affirmed.

These institutes in turn would use the state development bank KfW to be able to provide more money. “This is about liquidity at customary financing terms,” ​​said a Puma spokesman.

Puma is taking the same path as the local rival Adidas, albeit at a significantly lower level. While Adidas collects three billion euros from the banks, it is likely to be only a three-digit million amount at Puma.

The group does not officially state a sum. The sneaker manufacturer Adidas listed in the Dax is four times the size of Puma.

Same costs with less sales

Both sports groups, however, have the same problem as the big US competitors Nike and Under Armor: You only get a fraction of your normal sales. Shops in large parts of the world are closed, retailers cannot or do not want to pay for goods that have already been delivered.

However, the costs remain almost unchanged. For the brands, this essentially means staff and rent for offices and shops. The factories are not owned by them. However, there are purchase obligations for ordered items.

At the end of February, Gulden was still hoping for a strong year. The goal for 2020 is an increase in sales of ten percent and a significantly higher operating profit, said the manager.

At 5.5 billion euros, the sneaker manufacturer had the highest sales ever. The operating profit had climbed to 440 million euros, the bottom line was 262 million. Gulden even slightly exceeded his forecast, which had been increased twice in the past year.

It is not to be expected this year that he will have to correct his forecast, on the contrary. In addition, Gulden has decided to wait and see with the latest results. Instead of April 30, as planned, he now wants to present the quarterly figures on May 7. The Annual General Meeting in Herzogenaurach should also take place on the same day – due to Corona, however, without visitors on site.

Analysts see Puma facing difficult months. So the British bank HSBC the price target for the next twelve months has been significantly reduced from 90 to 67 euros.

In the long term, however, the situation remains promising, analyst Erwan Rambourg said. In addition: Since the beginning of the year, the papers have already lost around 15 percent in value.

Long-term investors remain comforted: the price has more than doubled in the past five years.

More: Adidas is getting three billion euros from the development bank and major banks. Two-thirds of the remuneration of the Board of Management is deleted, and the dividend is also canceled.

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Dax closes almost four percent in the red

Dusseldorf The German Leading index Dax ended trading on Wednesday with a minus of 3.9 percent at 10,279 points. After an increase of 14 percent in just five trading days on Wednesday, the German stock market started to reverse again.

Sold today Wednesday apparently many foreign investors bought German shares. Because the Dax increased its minus significantly from midday trading to the opening of the US stock exchange, at the same time the euro slipped to $ 1.0918 during this period. Almost all Dax values ​​went out of the market with a minus.

Weak economic data in the US unsettled investors and also weighed on Wall Street prices. The Dow Jones already opened 2.2 percent in the red and then fell even further.

Investors were in the mood for news that the US industry cut production more in March than it had in 1946. The companies produced 6.3 percent less goods than in the previous month, as the central bank (Fed) announced in Washington on Wednesday. Overall production – to which utilities and mining also contribute – shrank by 5.4 percent.

US retailers’ sales also fell 8.7 percent in March from the previous month due to the corona crisis, the Department of Commerce said in Washington on Wednesday.

And last but not least, the US banks are suffering from the corona crisis: Due to provisions in the billions due to bad loans, the profits of Goldman Sachs, Bank of America and Citigroup almost halved.

In Germany, in addition to the weak US data, speculation that the German government was not in such a hurry to relax contact restrictions in the virus crisis caused the Dax to slide ever deeper into the red. And after having won almost 30 percent since the corona crash low in mid-March.

Just yesterday, the prices of some stocks had made investors forget that the world was in the middle of an economic crisis. So the course of the Tesla-Share more than doubled since mid-March. The Dax 30 values ​​could be about Wirecard have increased by around 35 percent in the past four weeks.

“The current crisis is like an accelerator of trends that have worked before,” says Jochen Stanzl from online broker CMC Markets. It was used as an excuse and pretext by companies that had previously had problems to carry out restructuring that was long overdue. And it is the reason for the crisis winners to expand even faster.

However, there are many crisis losers. For example, the engine manufacturer MTU, which was down 6.9 percent on Wednesday at the Frankfurt trading venue at the close of the stock exchange. The growing number of canceled orders from the US rival Boeing does too airbus– investors nervous. The shares of the European aircraft manufacturer lost around 8.7 percent.

After all: The new infections with the Covid 19 virus appear to be stabilizing or decrease. That is why there is talk in many, but not all, countries of easing contact barriers. Governments and central banks are throwing huge support packages on the market and pledging to do more when in doubt. So are you okay?

“I’m afraid the real reality check could still come,” says CommerzbankForeign exchange analyst Antje Praefcke. The market had put up with the previous “shockers” like the US labor market figures relatively well. So far, however, they would not have reflected the full extent of the effects of the “century recession”.

Many questions would remain unanswered: Are the production and supply chains really recovering quickly? Does consumer behavior change permanently? What about the recovery of the economy? “The big end could still come and give the market another cold shower,” says the analyst.

Investor sentiment also expects a sell-off on the German market, even if this may no longer push the Dax towards the 8200 point mark. “Investors should not run after the rising prices,” advises Stephan Heibel after evaluating the Handelsblatt survey Dax-Sentiment.

Meanwhile, there are increasing voices that the stock market lows from the end of March will be tested again. Should such a correction set in, there is a risk of a loss of 20 percent or more, depending on the market.

The problem with such forecasts: If a unanimous opinion has formed, it usually turns out differently. As a result, a full-fledged bear market is threatened with new lows, or the bear market is already behind us.

Look at the individual values

Varta: The battery manufacturer’s share, which traded almost nine percent lower on Wednesday at the close of trading, is moving into the focus of hedge funds that are betting on falling prices. The five participating funds have increased this speculation to 6.31 percent of all freely tradable shares in the past few days – a comparatively high ratio.

Such a short sale, as it is called in the technical language, consists of two different trading activities. For one thing, a hedge fund borrows from you Varta-Shareholder (for example, a mutual fund) share certificates and sells the papers.

Apparently that has happened in the past. On March 31 and April 8, for example, the Varta price fell in the meantime by a double-digit percentage – and this with a high trading volume. Last month, the average volume was around 272,000 pieces per day. On March 31, however, almost 750,000 Varta papers were traded, and on April 8, more than 484,000 pieces.

On April 9, the hedge fund Maplelane Capital reported that it had reached a short sale rate of 0.5 percent. Quotas below 0.5 percent do not have to be reported to the Bafin financial regulator.

But now the second trading activity is pending. The hedge funds must buy back the shares as cheaply as possible and return them to the lender. Not an easy task, as a small calculation example shows.

Because a short sale rate of 6.31 percent means: 2.55 million shares have to be bought back. With an average daily volume of 272,000 shares, this buy-back must be carefully dosed so that the Varta price does not rise rapidly and puts the hedge funds under pressure. Because they want to buy back cheaply.

Adidas: The addition of a billion dollar government loan does not help the share either. Although the paper had been 1.3 percent higher in pre-exchange trading, the shares dropped 4.7 percent from regular trading. The sporting goods group raised three billion euros from the development bank and major banks. Two-thirds of the remuneration of the Board of Management is deleted, and the dividend is also canceled.

Adidas suffers from the fact that practically all of its own stores in the western world have been closed for four weeks – including those of independent sports retailers. The stock had lost almost 50 percent since mid-February, but has risen by around 25 percent in the course of the stock market recovery in four weeks.

Fraport: The travel restrictions to curb the corona pandemic have at the Frankfurt airport operator Fraport led to a slump in business. The number of passengers fell by 62 percent to 2.1 million in March alone. The development continued in April: In the first two weeks, the passenger volume fell by over 95 percent. At the close of trading on Wednesday, the paper was down 4.8 percent.

Kuka: The Augsburg-based supplier has a large order for 5,000 robots for the car manufacturer BMW pulled ashore. This news initially caused the share to rise by 1.4 percent, but by the close of the stock market it had slipped significantly again and was 3.9 percent weaker from trading.

The systems and other technologies for the automation of production are to be delivered to BMW plants worldwide in the next few years, where they will be used primarily in body construction Kuka With. The two groups did not comment on the order value and the delivery period.

Oil prices are slipping

Brent oil from the North Sea is heading for its 18-year low from late March ($ 21.65): It fell 6.6 percent to $ 27.62 a barrel. The prices had already dropped significantly yesterday.

After all, according to the International Energy Agency (IEA), global oil demand will be weaker in April than it has been in a quarter of a century. It will drop by an average of 29 million barrels (159 liters each) a day, the IEA predicted in its monthly report on Wednesday.

“April could be the worst month – it could go down in history as black April,” said IEA chief Fatih Birol. A drop in demand of 9.3 million barrels a day is forecast for 2020. Such a sharp drop in demand cannot be compensated for by a reduction in the oil supply, the organization emphasized.

What the chart technique says

Even if the chart technique gives the Dax potential up to 11,030 points: In the short term, the indicators signal falling prices. Because the leading German index is considered overbought after an increase of 14 percent in the last five trading days before Wednesday alone, so it rose too quickly too quickly.

“At least in the short term, the downward risk seems to be higher than the upward chance, especially since the steep, almost four-month upward trend should not last too long,” say the chart technicians at Düsseldorfer Bank HSBC.

The structural picture of the individual Dax 30 values ​​has not yet brightened. All shares are listed below the 200-day line, which signals the long-term trend and underscores the still dominating, overall downward trend.

“When planning wealth, the rule is: never get out completely!”

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database.

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Dax slips significantly – shortsellers target Varta stock

Dax curve

View of the Dax curve in the Frankfurt trading hall.


(Photo: dpa)

Dusseldorf The German stock market continues to widen its losses in the course of trading: listed in the afternoon the Dax 3.4 percent minus 10,331 points.

On Tuesday, the index rose 1.3 percent to 10,696 points after a four-hour technical downtime in Xetra trading. At the same time, the leading index reached a new monthly high of 10,820.

Sell ​​today apparently many foreign investors bought German shares. Because the Dax has increased its minus significantly since noon until the opening of the US stock exchange, at the same time the euro slipped significantly during this period by one percent to $ 1.0874.

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Dax closes more than one percent in the plus

Dax curve

View of the Dax curve in the Frankfurt trading hall.


(Photo: dpa)

Dusseldorf The leading German index rose by almost 1.3 percent from trading and closed the day at 10,696 counts. So that is the Dax currently not to brake

However, there was no trading on the Xetra platform for more than four hours. The reason for the interruption was a technical problem with the electronic trading system T7, said a spokesman for the German stock exchange. “An error in the internal communication of the trading system triggered the problem.”

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Dax is heading towards 11,000 points

Dusseldorf The leading German index is currently unstoppable. In the first hour of trading the Dax 1.3 percent increase and is traded at 10,703 points.

The German leading index has risen by more than 2,500 points since mid-March. You can marvel at this rally and believe in a renewed sell-off wave. But the fact is also: According to chart technology, the situation has eased significantly.

According to many technical analysts, the significant price gains in the past are more than just a bear market rally, an intermediate recovery in the intact downward trend, but a sustained upward trend.

“As a result, the DAX should continue to rise, with the area around 11,025 / 11,032 points representing massive resistance,” say the technical analysts at Düsseldorfer Bank HSBC in her morning comment today.

Investor sentiment remains with a critical assessment of the situation. Investors should continue to sell positions that they would not keep in a new sell-off wave, advises Stephan Heibel after evaluating the current Handelsblatt survey Dax-Sentiment. “I wouldn’t run after the courses because the courses now reflect a lot of hope,” he says. Reality should be gradually presented in the coming weeks through company figures.

Positive trading data from China spur the market on Tuesday. Exports shrank in March, but not nearly as much as feared. The People’s Republic had recently relaxed the massive restrictions on public life.

Should China now come with a comparatively small economic loss from the pandemic, that would be positive for the global economy, said Thomas Altmann, portfolio manager at QC Partners.

Hopes of the peak of the coronavirus epidemic hitting Asian equity markets skyrocketed on Tuesday. The Nikkei even rose 2.8 percent.
But the crucial data for future stock market developments come from the United States.

At midday in Central Europe, the US banks JP Morgan and Well Fargo as well as the pharmaceutical and consumer goods manufacturers Johnson & Johnson new business figures. The banks’ prospects in particular are likely to influence the Dax curve.

Because not only the disastrous economic development in the US, but also the key rate cut by the US Federal Reserve is a burden for US banks.

The US standard values ​​started yesterday’s Easter Monday with losses in the new week. But the US futures contracts signal a trade opening at 3:30 p.m. Central European 1.7 percent higher.

Above all, the bank stocks there are benefiting from the economic easing in neighboring Austria. The Bawag– and the Raiffeisen papers increase by more than six percent at the opening of the trade, leading the European banking index. Erste Group’s stocks rose by more than three percent, as did the Austrian selection index ATX.

Look at other asset classes

The euro is rising. In the morning, the common currency was trading at $ 1.0944 after just a little above $ 1.09 last night.
This rise has more to do with the friendly mood on the stock markets than with the Eurogroup’s agreement last Thursday on the corona crisis.

It was a compromise that didn’t make either side happy. The supporters of corona bonds did not because they were not decided. And not the opponents, because they were not excluded in bulk.

“This is how Europe squandered every chance to establish the euro as a” safe haven currency “”, the currency analysts of the Commerzbank.

Oil prices hardly react the decision to cut oil production in the 20 largest industrialized countries.

A barrel (159 liters) of the North Sea type Brent costs $ 32.20, up 1.4 percent. The price of a barrel of American WTI for May rose 0.8 percent to $ 22.60.

Because the weak demand continues. Accordingly, market observers do not expect a sustained recovery in oil prices. According to estimates, the slump in demand as a result of corona virus containment restrictions could reach up to 35 million barrels a day.

Look at the individual values

Eon: The share is one of the few losers in the Dax with a minus of almost two percent. According to traders, they were created by the experts at the US investment bank Goldman Sachs downgraded to “Sell” from “Neutral”.

Wirecard: The paper from the online payment service provider tops the Dax list of winners with a plus of four percent. The share certificate has come comparatively well through the stock market crash. The price has risen by around 25 percent in the past four weeks, since the beginning of the year the minus has been only 0.65 percent.

“When planning wealth, the rule is: never get out completely!”

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database.

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Fed corona aids support the Dax

Dax curve

View of the Dax curve in the Frankfurt trading hall.


(Photo: dpa)

Dusseldorf The upward trend on the German stock market continues – supported by impulses from the USA. Before the Easter holidays the Dax with a plus of just over 2.2 percent for 10,565 meters from the trade. The stock market barometer had initially given up the profits of the morning.

In the afternoon things went up after the US Federal Reserve announced new measures. The Fed plans to provide additional $ 2.3 trillion in emergency aid to support the hard-hit US economy.

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