100% effective vaccine? The odds are “not great”

The chances of a vaccine being 100% effective are “not excellent” according to the leading figure in the fight against COVID-19 in the United States, Dr. Anthony Fauci, director of the National Institute of Allergy and Disease infectious diseases (NIH).

• READ ALSO: Encouraging results for Moderna’s vaccine

• READ ALSO: COVID-19: Trump believes in vaccine production ahead of presidential election

“We do not yet know how effective the vaccine will be,” said the US public health official on Friday as part of a webinar from Brown University (Rhode Island) – comments relayed by Sky News.

“We don’t know if it will be 50% or 60% effective. I would like it to be 75% or more, “said Dr Fauci, warning that the preventive health approach should” never be abandoned “in the probable event that the development of a vaccine that is 98% or more effective is. impossible.

Donald Trump’s administration on Wednesday announced a new $ 1 billion investment in drug company Johnson & Johnson’s COVID-19 vaccine project, pushing total investments to more than $ 9 billion.

Johnson & Johnson, via its subsidiary Janssen, had already received $ 456 million at the end of March. The new billion will fund a demonstration project of large-scale manufacturing of its experimental vaccine, with the promised delivery of 100 million doses, if the vaccine proves effective. The parties provide for a possible amendment of 200 million additional doses.

The check raises U.S. public investment to at least $ 9.4 billion in vaccine projects, including supply contracts signed with five companies to deliver at least 700 million doses, according to a tally of AFP.

Provided the vaccines are licensed, the United States could theoretically get 100 million doses from four groups (Johnson & Johnson, Novavax, Pfizer / BioNTech, Sanofi / GSK) and 300 million doses from Oxford / AstraZeneca, this last alliance having also signed or being in negotiations with other countries, in particular 400 million doses for the European Union.

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DAX outlook: mood barometer cloudy outlook

Frankfurt In the past weeks there have been repeated attempts to recover the course, on some days one could believe that the corona pandemic has already been overcome. But on Friday, disillusionment returned – the collapsed ifo business climate index made the whole dilemma clear.

The course of the mood barometer looks like a “Highway to Hell”, was the analysis of the VP Bank. The index is now significantly below the values ​​of the crisis year 2009. The simple message for the future was: “Massive income losses are imminent. We will all get poorer. This applies not only to Germany, but to all economies. ”Sometimes it is better to hear the unvarnished truth.

Other analysts and experts are also skeptical about the weekly outlook. Cautious savings by consumers and companies create a completely different economic and inflation environment than one knows from the post-war period, the analysts at MFS Investment Management believe.

They expect the earnings recovery to be weaker than the market and point to the possible dilution of earnings through capital increases. They particularly highlight 2008 as a comparison.

“When the extreme risk of the international financial crisis subsided, companies were no longer concerned with distributions, but with recapitalization. To this end, new shares were issued – at the expense of existing shareholders, whose capital was heavily diluted, ”said the investment professionals. The new wave of recapitalization has probably just started. In the past few weeks, leisure companies and service providers in the United States and Europe have already offered new shares.

Warning to bargain hunters

The BLI – Banque de Luxembourg Investments is also cautious. “The financial markets are currently giving the impression that they are underestimating the extent of the economic damage and are counting on a rapid recovery as soon as the containment measures are reversed,” is the BLI’s assessment.

Many investors are conditioned to view any decline as an opportunity to buy. However, the analysts recall that while the fall in share prices in February / March was dramatic, the valuations were also very high. As a result, the markets today are anything but cheap, especially after the recent price recovery.

Quality companies with a very solid balance sheet, one or more sustainable competitive advantages and the ability to self-finance should be preferred. The main factor that will continue to speak for stocks remains the low interest rate level and thus the lack of alternatives. At the same time, gold will become an “indispensable part of a balanced portfolio because of the inflation risks.”

After the significant recovery since mid-March, the European stock market has recently lost some momentum, the Weberbank experts believe. In addition, the balance sheet season that is already underway shows significant impacts on corporate balance sheets due to the global “lockdowns”.

Correspondingly, the analysts have also significantly lowered their profit expectations for industrial companies, but also for the banking and energy sectors. Due to the economic slump, banks faced increased write-downs on their credit books and the massive drop in yields clouded interest income. Most recently, they also negatively impacted the rating agency Standard & Poor’s (S&P).

The Deutsche Bank and the Commerzbank were therefore particularly under pressure on Friday “We continue to distance ourselves from these sectors and prefer creditworthy pharmaceuticals or companies from the non-cyclical consumption. In addition, titles from the technology sector are promising in our eyes, ”said the Weberbank experts.

Central banks meet worldwide

If the economic situation continues to be poor, the states and central banks will have to take further support measures. Robert Greil, chief strategist at Merck Finck Privatbankiers, sees an opportunity for this next week because the European Central Bank, the US Federal Reserve and the Bank of Japan are meeting.

“As a result of the unprecedented economic downturn caused by the Covid 19 consequences, all central banks will reaffirm their willingness to support,” says Greil. The economic downturn left neither governments nor central banks a choice but to take further measures to support and recover the economy.

The gross domestic product for the first quarter of 2020 will be published in the euro area on Thursday, and new growth figures will come in the US on Wednesday. Further important economic data in Germany are the preliminary inflation figures and the labor market report for April.

According to DZ Bank, the next quarter should bring an improvement in the economy, but there does not have to be a “V” or “I” recovery. This is not ignored on the stock market, many stocks are up to 80 percent down.

A large number of “mega-caps” hold up against this, mainly in the USA. Amazon, Google, Microsoft, Netflix and Facebook, but also Adobe or Comcast, be stable on the way. Things are also going well for the great values ​​of the “old economy”, including Pepsico, Johnson & Johnson, Procter & Gamble, Home depot and Pfizer. The German Leading index Dax the strategists from DZ Bank see 11,200 points by the end of the year, and the S & P-500 for US equities at 2,800. This would at least stabilize in the medium term.

More: Yield in Corona times: With which investments you can still make money

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Finding the Corona vaccine is a race against time

Frankfurt Without broad immunization of the population against the causative agent of Covid 19 disease, there will be no return to normal. This conviction is becoming increasingly popular both among virologists and in politics.

The development of a vaccine is thus the linchpin in the fight against the corona crisis. In the opinion of the American infection specialist Mark Denison, a kind of “Manhattan” project, as was once the case with the development of the American atomic bomb, is ultimately necessary to clean up the threat from Sars-CoV-2 and possible other corona viruses – a large-scale, concerted research project.

No such centrally controlled initiative is in sight. Vaccine development is now in full swing. After all, more than 80 vaccine projects have already been initiated worldwide. More than a dozen product candidates are likely to go into clinical trials this year or have already started. This increases confidence among many observers that the first vaccines may be available in 2021.

Mainz-based Biontech and its US partner Pfizerwho have now received approval for the first clinical tests are moving alongside competitors such as the US companies Moderna and Inovio as well as two Chinese companies – at the forefront in the fight against Covid-19.

According to experts, the largest possible number of projects is urgently required in view of the great need for vaccines and the many imponderables. “Nobody can say at the moment which type of vaccine will be the most successful and which technology will lead to approval fastest,” says Rolf Hömke, research spokesman for the pharmaceutical association VFA.

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According to previous experience, new vaccine developments sometimes take decades. The approval for an Ebola vaccine four years after the start of research is already very quick. There is therefore no shortage of skeptical voices warning of excessive expectations regarding vaccine development.

Severin Schwan, the boss of the Swiss pharmaceutical giant Roche For example, it sees a likely scenario that no vaccine should be available before the end of 2021. And Geoffrey Porges, pharma expert at investment bank SVB Leering, even estimates that it will be possible to launch a mass-market vaccine in two to three years at the earliest. And even after that, it would still take years to generate herd immunity with a vaccination campaign.

The biotech companies Moderna and Biontech, on the other hand, are demonstrating much greater confidence. Both rely on a completely new vaccine technology based on messenger nucleic acids, the so-called messenger RNA (mRNA).

Technology is at an early stage

The basis for this is the function of RNA as an intermediate link between genes and proteins. In principle, mRNA can be used to reprogram body cells to produce certain proteins. The RNA specialists are trying to use this effect to develop both medicines and vaccines. The key challenge is to prepare the artificially produced mRNA so that it cannot be rejected by the immune system before it works in the cells.

The technology is still relatively early in development. So far, there is no approval for drugs or vaccines made from mRNA. Work on Covid-19 vaccines, however, offers companies an opportunity to help their technology break through in a particularly important field. This has also given the RNA pioneers a boost on the capital market.

No one can say at the moment which type of vaccine will be the most successful. Rolf Hömke, research spokesman VFA

Moderna is now valued at around $ 16 billion. Biontech weighs in at just under eleven billion dollars after the price rose by around twelve percent on Tuesday. The Mainz-based company, which is still half owned by the Strüngmann family, is the highest-rated German biotech company.

Biontech went to the US technology exchange Nasdaq last fall with an initial valuation of just under $ 4 billion. A listing in Germany was considered hopeless at the time.

Faster and cheaper

Compared to conventional vaccines, which are based on killed or modified viruses as well as fragments of viruses, the method offers the advantage that product candidates can be generated much faster. On the other hand, the development can theoretically be expanded faster and cheaper if successful.

The first Moderna product candidate entered clinical tests in March. Biontech is now following with four product candidates, which are initially to be tested in parallel on around 200 patients. In a second stage of the tests, Biontech and Pfizer want to add 500 further probants to the study, including older and particularly vulnerable people. Further clinical trials are planned in the United States and China, where Biontech is cooperating with the Chinese pharmaceutical manufacturer Fosun.

The Mainz-based company specializes in cancer therapy and has already clinically tested mRNA products as therapeutic vaccines in more than 400 patients in this area. Like its US competitor, Biontech therefore already has clinical experience with this type of active ingredient.

Company boss and founder Ugur Sahin is accordingly confident that even in the fight against Covid-19, strong immune reactions can be stimulated with mRNA vaccines.

Biontech and Pfizer start testing possible corona vaccine

Biontech is testing the four product candidates in doses between one and 100 micrograms – indirectly signaling that it is hoped that very low doses will produce strong protective effects. This quality is relatively important in view of the capacity expansion for the production of large quantities of vaccines. The lower the dosage, the cheaper and faster it will be to produce large quantities of vaccine for mass use.

Compared to the US competitor Moderna, which is testing its product candidates in doses of 25 to 250 micrograms, this indicates a certain technical advantage for the Mainz company. However, clinical studies in the next few months are unlikely to show whether this is confirmed.

Regardless, Pfizer and Biontech have announced plans to build capacity for “millions of vaccine doses” for the European and American markets by the end of the year. For 2021, “rapid expansion of the capacity to manufacture hundreds of millions of cans” is targeted. Production is to take place in both Biontech and Pfizer plants.

The two companies back their ambitions with high investments. To this end, Pfizer will initially pay $ 185 million to Biontech as part of the alliance, of which $ 72 million in advance and 113 million euros in the form of a capital participation. Depending on certain development successes, the Mainz biotech company is also entitled to further payments of up to 563 million euros.

The corona alliance of the two companies is one of the largest deals in the field to date. Biontech has also entered into a similar alliance with Pfizer with the Chinese company Fosun.

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Similar to Biontech, that of SAPFounder Dietmar Hopp financed Curevac in Tübingen on an RNA-based vaccine. The start of clinical trials is planned for early summer here. The Belgian RNA research company Etheris meanwhile plans to go into clinical tests later this year with an RNA vaccine administered as a nasal spray.

In addition to the projects of the RNA specialists, several products based on established vaccine technologies have already started the clinical tests. Similar to the medication sector, these are candidates for whom certain development steps had already taken place before the new corona virus even appeared.

In particular, this includes vaccine projects against Sars and Mers infections, which are also caused by coronaviruses. Typical examples of this are the projects of Oxford University and the German Center for Infection Research. The US group Johnson & Johnson focuses on experience in developing an Ebola vaccine with his major project.

Viral vectors

These vaccines are mainly based on so-called viral vectors, i.e. modified viruses that carry individual components of the Covid-19 pathogen. The challenge for these products is, among other things, that the production is more complex than for RNA products. Because the viruses first have to be propagated in cell cultures. The same applies to protein-based vaccines that are generated using genetically modified microorganisms.

The target for the vaccines, including the products from Moderna and Biontech, is practically the same target, the so-called spike protein on the shell of the coronavirus. The approximately 100 protein bumps on the surface of the pathogen give it its typical appearance and are considered crucial for its ability to penetrate cells.

Specifically, almost all vaccine projects aim to prophylactically activate the immune defense against these spike proteins and thus prevent viruses from entering the cells and multiplying.

More: New technologies are stirring up the vaccine market

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Despite surge in medical technology: Philips cancels annual targets

Frankfurt A sharp decline in the business with household appliances and consumer products due to the corona crisis has occurred in the Dutch PhilipsGroup slump in profit in the first quarter. In medical technology, however, the pandemic led to higher sales of ventilators and monitoring monitors for patients and ventilators, among other things. The demand for IT solutions for the healthcare industry and telemedical offerings also increased.

CEO Frans van Houten withdrew the annual targets still issued at the end of January, according to which sales should increase between four and six percent. Now the Philips CEO only expects a modest increase in sales and a similar improvement in the margin.

“Given the uncertainties and volatility, we cannot give a more specific outlook for 2020 at this point,” said van Houten. The company anticipates a further decline in business in the second quarter as the pandemic has spread worldwide since March. The company boss hopes for a recovery in the second half of the year.

The bottom line, the Philips boss sees the corona crisis as a confirmation of the corporate strategy of the past few years, in which the company has focused heavily on digital technologies. “We have always said that health IT and cloud-based solutions have to play a greater role in order to network providers with each other and with the patient.

The demand for such offers is now accelerating due to this crisis, ”said van Houten in an interview with the Handelsblatt. Among other things, Philips has developed a smartphone app that makes it easier for doctors to remotely care for Covid patients.

Nevertheless, medical technology was unable to compensate for the weak business with consumer products at Philips: Overall, sales in the first quarter remained almost stable at 4.2 billion euros. Calculated on a comparable basis – i.e. without currency effects and purchases and sales – sales shrank by two percent. Net profit decreased from € 162 million in the prior-year quarter to € 39 million.

Order intake increases by 23 percent

The first quarter results were below analysts’ expectations. Still, many stuck to their recommendations. Philips’ position as a manufacturer of urgently needed medical products will help the company to survive the crisis without major damage, say the analysts of the Commerzbank.

Positive news from Philips includes that order intake rose 23 percent in the first quarter. The company also adheres to the planned dividend payment of 0.85 cents, which is now to be paid out in shares.

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At the Euronext in Paris, Philips’ shares temporarily rose by more than seven percent. The titles of other medical technology companies such as Drägerwerk and Siemens Healthineers won.

The fact that the corona crisis brings medical technology companies an order boost does not apply to all companies in the industry. Because the pandemic is delaying some predictable operations, which has negative effects on manufacturers of artificial joints and surgical equipment.

The US company, for example, had last week Johnson & Johnson significantly reduced its sales forecast for the medical technology division. The family-owned company B. Braun, whose subsidiary Aesculap manufactures artificial joints and surgical devices, also expects demand in this business area to decline temporarily in the regions affected by the Corona crisis.

Philips also feels that these predictable, so-called elective interventions are being postponed. Especially in the cardiovascular area. Many cardiovascular surgeries that are supported with Philips imaging technology are being put on hold.

Frans Van Houten believes the impact on imaging techniques is quite large. For this reason, Philips expects sales in the Diagnostics & Treatment business areas to decline overall. “We expect these patients to come back in the third quarter when the situation normalizes,” says van Houten.

Production capacity is greatly expanded

In order to meet the significantly increased need for ventilators and patient monitoring systems, Philips is investing more than 100 million euros in expanding production capacities in the USA and also at the German location in Böblingen.

For example, the production of clinical ventilators is expected to increase fourfold by the third quarter. Among other things, Philips wants to serve a major order from the US government for 43,000 respiratory advisors and at the same time supply other regions with the urgently needed medical equipment.

Despite its corona crisis, Philips is sticking to its plan to split off the household appliances division. The company announced in January that it was parting from the 2.3 billion euro business with coffee machines, deep fryers and vacuum cleaners because it does not fit the company’s medical technology focus.

“We are making progress with the preparations to split off the household appliances division. We said the process takes 12 to 18 months. We are on target. ”Although the division saw double-digit sales losses in the first quarter, Houten does not believe that this will have a negative impact on price negotiations in a possible sales process.

“The household products business is a strong business. We know from previous crises like the SARS pandemic or the economic crisis how quickly business is recovering. We have a strong brand, ”the Philips boss is confident.

More: Philips CEO: “There will be no Google model in the health sector”

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Wall Street starts profitably in reporting season

I.n New York saw the Dow Jones Industrial pick up again on Tuesday after its weak start to the week. The Wall Street Index gained 2.6 percent to 24,011 points in the first hour. Export data from China, which turned out to be better than expected, caused optimism.

The broader S&P 500 advanced 2.87 percent to 2840.86 points. The technology-heavy selection index Nasdaq 100, which had presented itself nicely the previous day, rose by 3.4 percent to 8,618 points. Amazon papers hit a record high.

The starting reporting season of American companies with figures from the bank JP Morgan and the pharmaceutical company Johnson & Johnson is more in focus on Tuesday. The rampant coronavirus pandemic continues to cause uncertainty.

On Tuesday, Johnson & Johnson’s papers rose 4.7 percent to $ 146.44 on a quarterly basis topping the top American index, the Dow Jones Industrial. Analyst Matt Miksic from the Swiss bank Credit Suisse spoke of an impressive first quarter of the health and consumer goods group. He left his stock rating “outperform” with a target price of $ 155. It is just above the record high of $ 154.50 in early February.

By the end of March, the stock had dropped to $ 109.16 in the wake of the global stock market crash due to the coronavirus outbreak. In the meantime, they have clearly moved upwards again and performed a classic V-shaped recovery. That Tuesday they peaked at $ 147.42, stalking back to their all-time high.

Due to the virus crisis, the pharmaceutical company now expects sales and profits to decline in the current year and is increasingly spending money on developing its own vaccine candidate against Covid-19 lung disease. Shareholders can look forward to an increased dividend despite the crisis. The quarterly payout will be increased from $ 0.95 in the previous year to $ 1.01, it said.

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Wall Street opens almost two percent more

Dusseldorf Slightly declining corona deaths and speculation that corona virus restrictions are easing are boosting the US stock markets. The Dow Jones index of standard values ​​opens around 1.8 percent stronger at 23,805 points. The broader S&P 500 wins 1.8 percent to 2811 points. The index of the technology exchange Nasdaq advanced by almost 1.9 percent to 8487 positions.

Last Friday, the highest known international record of newly recorded corona deaths was registered in the United States: within 24 hours, according to data from the American Johns Hopkins University, more than 2,000 people had died from a corona virus infection.

But since then, the numbers in the US have been going down for several days. However, it is unclear whether a longer-term trend reversal has already been initiated. The United States is currently the world’s worst-hit corona pandemic by absolute statistics.

Export data from China, which turned out to be better than expected, also caused optimism among investors.

On Easter Monday, the US standard values ​​had to accept losses because investors expect weaker results due to the corona crisis in the upcoming balance sheets.

Focus on individual values

The US banks suffer massively from the corona crisis. Started on Tuesday JP Morgan the quarter season, together with Wells Fargo. Follow on Wednesday Goldman Sachs, Bank of America and Citi. Morgan Stanley presents numbers on Thursday.

The largest US bank JP Morgan has put a lot of money on bad loans because of the corona crisis and suffered a slump in profits. Earnings fell approximately 70 percent year-over-year to $ 2.9 billion in the first quarter, JP Morgan said on Tuesday.

Because of the likelihood of a severe recession, it was necessary to postpone $ 6.8 billion for bad loans, bringing the total loan cost to $ 8.3 billion, said CEO Jamie Dimon. That is around five and a half times more than a year earlier. The bank’s papers are slightly up.

Also at Wells Fargo billion-dollar loan loss provisions in the corona crisis plummeted profits. In the first quarter, according to Tuesday’s announcement, the money house only earned $ 653 million, after $ 5.9 billion in the same period last year. The bank set aside $ 3.1 billion in financial reserves as a contingency plan. The stock is currently up almost two percent.

America’s banks suffer three times in the corona crisis: from the slump in the economy, which has practically come to a standstill in large parts. Among credit defaults and high provisions that they have to cover for future defaults. Under the key rate that the Federal Reserve (Fed) set back in the first quarter in an emergency measure back to the 0 to 0.25 percent range to support the economy as much as possible.

The shares of Car manufacturer Tesla rise almost 12 percent after that Credit Suisse has upgraded the company for electric cars, whose stock has plummeted since the delivery report for the first quarter.

The crisis triggered by the corona virus pandemic has given Tesla an edge over traditional automakers, Credit Suisse analyst Dan Levy said in a report Tuesday that he raised his rating to the equivalent of a hold.

Market movements related to the corona virus caused Tesla stocks to drop up to 61 percent from their record high of February 19. Since the company reported better-than-expected deliveries for the first quarter on April 2, the stock has risen steadily and has returned to the level at the beginning of March.

Of the US pharmaceutical company Johnson & Johnson now expects sales and profits to decline due to the corona crisis. Revenue is expected to be $ 77.5 to $ 80.5 billion this year, the company said in New Brunswick on Tuesday. Previously, management had targeted revenue of $ 85.4 billion to $ 86.2 billion, compared to a good $ 82 billion a year earlier.

Johnson & Johnson is increasingly spending money on developing its own vaccine candidate for the lung disease Covid-19. The share gained around four percent. Shareholders can look forward to an increased dividend despite the crisis. The quarterly payout will be increased from $ 0.95 in the previous year to $ 1.01 in the previous year. For the full year, the dividend is expected to increase from $ 3.80 to $ 4.04.

The shares of Airlines like American or United Airlines with course gains of up to six percent. According to insiders, the industry hit particularly hard by travel restrictions is on the verge of reaching an agreement with the U.S. government on a $ 25 billion aid package.

Mark a record high Amazon papers, they are more than ten percent higher. Amazon benefits from Corona-related store closings, which increases demand for online retail. Earlier this week, Amazon announced that the company would hire another 75,000 people to meet the surge in demand. The company has already filled 100,000 previously announced temporary and full-time positions.

More: Read also how the German stock market developed on Tuesday.

With agency material.

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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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Börse Express – WEEKLY PREVIEW: Appointments until April 20, 2020

Economic and financial dates until Monday, the
20th of April:

TUESDAY, APRIL 7, 2020

COMPANY DATES

07:00 DEU: Fraport, traffic figures 14 KW

10:00 DEU: DekaBank, Bilanz-Pk, Frankfurt

DATES COMPANY WITHOUT TIME

CHE: Straumann, Annual General Meeting

CHE: Tecan, general meeting

DEU: Home24, annual figures (detailed)

GBR: Asos, half-yearly figures

DNK: Vestas, general meeting

DEADLINE CONJUNCTURE

06:30 NLD: consumer prices 03/20

07:00 JPN: leading indicators 02/20 (provisional)

07:00 SPA: consumer prices 03/20

08:00 DEU: industrial production 02/20

08:00 DEU: Destatis: Passengers and air freight from Germans
Airports, February 2020

08:45 FRA: trade balance 02/20

10:00 ITA: retail sales 02/20

21:00 USA: consumer credit 02/20

22:30 USA: API oil report, week

OTHER DATES

BEL: Third round of EU-UK negotiations
about future relationships

WEDNESDAY, APRIL 8, 2020

COMPANY DATES

06:00 CHE: Bossard, Q1 sales

06:45 CHE: Givaudan, Q1 sales (11 a.m. Annual Investor Conference)

07:30 AUT: OMV, Q1 Trading Update

08:00 GBR: Tesco, years

10:30 DEU: Boehringer Ingelheim, annual figures (Pk via webcast)

DATES COMPANY WITHOUT TIME

DEU: Dermapharm Holding, annual figures (detailed)

GBR: Asos, Q2 numbers

NLD: Ahold Delhaize, Annual General Meeting (virtual)

DEADLINE CONJUNCTURE

01:50 JPN: core machine orders 02/20

01:50 JPN: BoJ current account 02/20

07:45 CHE: Seco labor market data 03/20

08:00 DEU: Destatis: building permits 01/20

09:00 HUN: consumer prices 03/20

11:30 DEU: bond / term: 10 years / volume: EUR 4 billion

4:30 p.m. USA: EIA Department of Energy, Oil Report (Week)

8:00 p.m. USA: FOMC Minutes 18.3.

PLD: Central Bank of Poland, announcement of loan interest

THURSDAY, APRIL 9, 2020

COMPANY DATES

07:00 DEU: Gerresheimer, Q1 numbers (10.00 h call)

07:00 DEU: Bauer, annual figures (10.00 h call)

DATES COMPANY WITHOUT TIME

FRA: Sodexo, half-yearly figures

NLD: Takeaway.com, Q1 Trading Update

DEADLINE CONJUNCTURE

08:00 DEU: trade balance 02/20

08:00 DEU: current account 02/20

08:00 DEU: Destatis: Building prices for residential buildings 02/20

08:00 DEU: Destatis: construction industry (turnover and employees) 01/20

10:00 DEU: Ifo Institute Web-PK “How is the economy developing?
in Germany in times of Corona? “

10:00 ITA: industrial production 02/20

10:00 BGR: retail sales 02/20

10:30 GBR: industrial production 02/20

10:30 GBR: trade balance non-EU 02/20

11:00 GRC: industrial production 02/20

13:30 EUR: ECB minutes of the meeting 12.3.20

14:30 USA: producer prices 03/20

2:30 p.m. USA: Initial jobless claims (week)

4:00 p.m. USA: Wholesale Inventories 02/20 (final)

16:00 USA: University of Michigan consumer confidence 04/20 (provisional)

NOTE

USA: Shortened trading in the US bond market (until 8:00 p.m.)

FRIDAY, APRIL 10, 2020

DEADLINE CONJUNCTURE

01:50 JPN: producer prices 03/20

03:30 CHN: producer prices 03/0

03:30 CHN: consumer prices 03/20

08:45 FRA: industrial production 02/20

11:00 GRC: consumer prices 03/20

14:30 USA: consumer prices 03/20

14:30 USA: real income 03/20

EUR: S&P rating result Poland

EUR: Moody’s rating result Bulgaria, Albania

EUR: Fitch rating result Latvia

NOTE

Good Friday holiday

A, CH, D, F, E, GB, HK, I, NL, PL, USA stock exchanges closed

Japan, Russia, China and Korea stock exchanges open

MONDAY, APRIL 13, 2020

DEADLINE CONJUNCTURE

NOTE

Holiday “Easter Monday”

A, CH, D, F, E, GB, HK, I, NL, PL, stock exchanges closed

Japan, China, Korea, Russia and the United States open

TUESDAY, APRIL 14, 2020

COMPANY DATES

12:45 USA: J.P. Morgan Chase & Co, Q1 numbers

12:30 USA: Johnson & Johnson, Q1 numbers

13:00 USA: Wells Fargo, Q1 numbers

13:00 USA: Fastenal, Q1 numbers

DEADLINE CONJUNCTURE

CHN: trade balance 03/20

07:00 FIN: consumer prices 03/20

08:00 DNK: consumer prices 03/20

09:00 CZE: consumer prices 03/20

14:30 USA: International Monetary Fund (IMF) and
World Bank (virtual) – Pk for the World Economic Outlook

14:30 USA: import and export prices 03/20

5:30 p.m. USA: International Monetary Fund (IMF) and World Bank
(virtual) – Pk for the Global Financial Stability Report

22:30 USA: API oil report (week)

WEDNESDAY, APRIL 15, 2020

COMPANY DATES

07:00 DEU: Fraport, traffic figures 03/20

07:00 NLD: ASML Holding, Q1 figures and general meeting

07:30 NLD: TomTom, Q1 numbers

12:00 USA: UnitedHealth Group, Q1 numbers

12:45 USA: Bank of America, Q1 numbers

13:30 USA: Goldman Sachs, Q1 numbers

14:00 USA: Citigroup Inc, Q1 numbers

14:30 CHE: Georg Fischer, Annual General Meeting

DATES COMPANY WITHOUT TIME

CHE: Kudelski, general meeting

CHE: Sulzer, Annual General Meeting

CHE: Temenos Group, Q1 numbers

USA: PNC Financial Services, Q1 numbers

USA: Bed Bath & Beyond, Q4 numbers

USA: U.S. Bancorp, Q1 numbers

DEADLINE CONJUNCTURE

DEU: Federal Ministry of Economics monthly report 04/20

08:45 FRA: consumer prices 03/20 (final)

09:00 ESP: consumer prices 03/20 (final)

10:00 POL: consumer prices 03/20 (final)

10:00 ITA: consumer prices 03/20 (final)

11:30 DEU: bond / maturity: 30 years / volume: EUR 1 billion

14:30 USA: retail sales 03/20 (preliminary)

2:30 p.m. USA: Empire State Index 04/20

15:15 USA: industrial production 03/20

15:15 USA: capacity utilization 03/20

4:00 p.m. USA: Inventories 02/20

16:00 USA: NAHB index 04/20

4:30 p.m. USA: EIA Department of Energy Oil Report (Week)

8:00 p.m. USA: Fed Beige Book

OTHER DATES

10:00 DEU: continued settlement negotiations between the country
North Rhine-Westphalia and German environmental aid
Clean air plan for Wuppertal, Münster

THURSDAY, APRIL 16, 2020

COMPANY DATES

07:00 CHE: Zur Rose, Q1 sales

07:00 CHE: Sulzer, Q1 sales

07:00 CHE: Barry Callebaut, half-yearly figures

07:00 DEU: Zalando, Q1 sales

12:30 USA: Bank of New York Mellon, Q1 numbers

13:30 USA: Abbott Laboratories, Q1 numbers

13:30 NLD: Airbus, general meeting

18:00 FRA: L’Oréal, Q1 sales

18:00 FRA: LVMH, Q1 sales

DEADLINE CONJUNCTURE

06:30 NLD: unemployment rate 03/20

08:00 DEU: consumer prices 03/20 (final)

11:00 EUR: industrial production 02/20

14:30 USA: start of construction and permits 03/20

2:30 p.m. USA: Philly Fed Index 04/20

2:30 p.m. USA: Initial jobless claims (week)

4:30 p.m. USA: EIA Department of Energy, Oil Report (Week)

FRIDAY, APRIL 17, 2020

COMPANY DATES

07:00 FRA: Schneider Electric, Q1 sales

13:00 USA: Schlumberger, Q1 numbers

DATES COMPANY WITHOUT TIME

CHE: Swiss Re, Annual General Meeting

GBR: Rio Tinto, Q1 Operation Report

DEU: Volkswagen, group sales Q1 / 20

DEADLINE CONJUNCTURE

04:00 CHN: GDP Q1 / 20

04:00 CHN: industrial production 03/20

04:00 CHN: retail sales 03/20

06:30 JPN: industrial production 02/20 (final)

06:30 JPN: Service index 02/20

06:30 JPN: capacity utilization 02/20

08:00 EUR: Acea, new vehicle registrations 03/20

09:00 AUT: consumer prices 03/20

10:00 ITA: trade balance 02/20

11:00 EUR: consumer prices 03/20 (final)

16:00 USA: leading indicator 03/20

EUR: Moody’s rating result Great Britain

MONDAY, APRIL 20, 2020

COMPANY DATES

07:00 NLD: Philips, Q1 numbers

11:30 SWE: Sandvik, Q1 numbers

13:30 USA: Ally Financial, Q1 numbers

DATES COMPANY WITHOUT TIME

USA: Halliburton, Q1 numbers

USA: IBM, Q1 numbers

DATES CONJUNCTUTR

08:00 DEU: producer prices 03/20

10:00 ITA: current account 02/20

10:00 EUR: current account 02/20

11:00 EUR: trade balance 02/20

14:30 USA: CFNA index 03/20

OTHER DATES

possibly: 11:00 DEU: negotiation of a claim for damages by the Hamburg
Privatbank Warburg against Deutsche Bank in the “Cum-Ex” complex,
Frankfurt

All data has been researched with the utmost care. Yet
dpa-AFX Wirtschaftsnachrichten GmbH assumes no liability for
the accuracy. All times are given in CEST / bwi

AXC0043 2020-04-07 / 06: 05

Copyright dpa-AFX Wirtschaftsnachrichten GmbH. All rights reserved. Redistribution, republication or permanent storage without the express prior consent of dpa-AFX is not permitted.

.

The New Corona Dictatorship – Morning Briefing

Good morning dear readers,

for a few hours, since midnight Hungary a democratic zombie state of the European Union. With Corona, everything can be justified these days, including the introduction of one autocracy, as you can see from the example of Budapest. Prime minister Viktor Orbán Parliament had previously passed an emergency law with the vast majority of its Fidesz party and other right-wing groups. Now neo-orbanism includes governing by decree and criminal law for the critical journalism, everything indefinitely.

The spreading of “false and twisted news”, from which the government feels hindered, is now subject to severe punishment. So with supposed health care, freedom of expression is abolished, according to a method that Montesquieu has described: “A government only has to leave indefinite what is treachery and it becomes despotism.” The EU Commission has only one objection against this authorization law Urgent procedure before the European Court of Justice.

Jaroslaw Kaczynski plans to hold the May presidential election despite the pandemic of Corona.

(Photo: VIA REUTERS)

The next fall is in Poland, another former communist satellite state. The ultra-conservative clique of power is holding on there Jaroslaw Kaczynski despite corona restrictions on presidential election on 10th of May firmly – and finally deformed the electoral law in a rush procedure. Now older citizens over the age of 60 and everyone who is in quarantine may only use Postal vote choose. It is actually not permitted to change the electoral law in the six months before the ballot. Incidentally, the government party’s notables PiS to be admired continuously on public television, which is in fact the same – the others have to campaign in their home office.

The policies of the Eastern European autocrats are a lot worse than the problem of Corona itself. Apparently, the virus catastrophe also confuses the sociologist’s picture of the paradigm shift Andreas Reckwitz has recently developed. He saw, shortly before the “outbreak”, a “regulative” in the future “Embedding liberalism” arise in response to an over-dynamic, excessive liberalism, who in turn – after the Reagan-Thatcher incision – followed the old “social corporatism”. Liberal is no longer in Hungary and Poland, but a lot is corporateist.

Anyone looking at protection from Covid-19 Virologists holds, has a selection problem. Take, for example, the permanent topic Mouthguard. Should he do it with the World Health Organization WHO keep their representatives Mike Ryan stresses that there is no specific evidence of benefit from wearing masks in general? On the contrary, improper use can even cause damage. Or should you prefer the German podcast luminaries Christian Drosten and Alexander Kekulé follow who absolutely recommend mouth protection? If you ask three scientists, you get four opinions, including on the question of all questions – which does not prevent Jena and Austria from prescribing facial protection when shopping.

As uncertain as the virologists are in detail, it is as certain Supply melee around the protective material. There is a “wild west mentality” on the market, revealed Markus Söder, first health defender in Bavaria and currently “role model” in Germany. He calls for “national emergency plans” for the procurement and even organized a weekly ration of one million protective masks from Siemens; BMW now produces 10,000 masks a day. But much more is needed throughout Germany: 115 million simple pieces, almost 47 million of the higher and 7.5 million of the highest quality level. That NRW Prime Minister Armin Laschet wearing a mask over your mouth, but not over your nose, is one of the fun topics on the net. Söder counters Laschet’s wish for an early exit from the corona shutdown with a date: April 19. This is how long the new going-out limits apply in Bavaria, as in Saarland.

The five have the strength of the poison at business location D “Economics” examined in a special report. Since there is nothing certain about the virus spread and the emerging health problems, the inclined reader has to decide between scenarios: minus 2.8 percent after five weeks of contact blocking, minus 5.4 percent after seven weeks. Worst-case calculations of 20 percent (Ifo Institute) keep the economy Volker Wieland for exaggerated: “We are not at war, after which the capital stock would have been bombed afterwards and the workers are at the front.” The front of today is called home office.

It has 800 free evils Filmmakers from Berlin and Brandenburg Caught. You should be involved in two important Hollywood productions that were due to be shot in Germany in 2020. It is a matter of “Matrix 4” and “Uncharted”. Supposedly instructed representatives of the US studios Warner Bros. and Sony Pictures the German colleagues at the studio Babelsberg AGto give everyone notice: “Fire them all.” A Babelsberg subsidiary also acted in this way for the temporary employment contracts, which is why there is now a legal dispute. 90 permanent employees continue to take care of the infrastructure in the hope that Hollywood will return “the day after tomorrow”.

Sparkassen President Helmut Schleweis supports the state’s loan guarantees.

After the republic scraped past the “technical recession” as if by a statistical miracle, the factual recession now no way around. How bad it gets depends on the efficiency of the government’s billion-dollar aid. Sparkasse President Helmut Schleweis expressed concern in the Handelsblatt conversation: “Some companies will not be able to help with the existing support programs.” KfW State Bank loan program Only companies that are expected to get a loan within five years could repay – but this is currently not the case for many companies from sectors such as transport, logistics, tourism and aviation, says Schleweis. The man from the Sparkasse advocates direct grants or credit guarantees of the state.

There is positive news in Italy, where the number of new infections only increased by 4050, the lowest increase since March 17. France in contrast, with 418 deaths in one day, the highest mortality rate. Meanwhile around the world 785,000 cases registered, more than 37,000 people died.

Hope in the fight against Corona brings two US medical companies. So announce Johnson & Johnson to develop a serum that may be available in the first months of 2021. Cooperate with the US government and invest a billion dollars in the fabric. Tests on people are scheduled to start in September, explains the world market leader. Abbott Laboratories again a quick test starts, which takes five minutes and for which you need a portable device the size of a toaster. The innovations for the recovery of mankind rewarded the exchange with striking price gains.

Greek Prime Minister Kyriakos Mitsotakis plans to waive his salary for the next two months.

And then there’s the Greek prime minister Kyriakos Mitsotakiswho will donate half of his salary to an anti-corona fund over the next two months. That’s what the boss of the Nea Dimokratia also from members of his government and other parties: “We are all equally at risk for our health. But in the fight against it, everyone has to contribute as much as they can Lionel Messi and the other stars of the FC Barcelona. The Argentine turned sharply against reports that were apparently controlled from the club headquarters, according to which the professionals initially opposed the Pay cut would have fought. According to Messi, some in the club tried to “put pressure on us to do something we wanted to do anyway”.

I wish you a successful day when you really do what you want to do. To laugh, we recommend the Loriot sketch “After Work”, the Hebrew version of which all of Israel is currently laughing at. “Hermann”, agitated by his wife “Berta” working in the kitchen, just wants to enjoy the silence in the armchair. Again and again the man with the bulbous nose produces his mantra: “I just want to sit here.” Until he roars at the end – which proves that life is sometimes screamingly funny.

Greetings to you as always

Hans-Jürgen Jakobs
Senior editor

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