A shortage of 1.9 billion euros in the accounts of Wirecard led to the collapse of its value in five times

Auditors EY warned that the accounts of one of the leaders of German Finance ‒ Wirecard is not enough 1.9 billion euros. Shares of intercompany, which is part of the Dax-30, the highest stock index on the Frankfurt stock exchange, collapsed Thursday, June 18, at the auction of more than 60% following these news. In 2018 the company’s market capitalization amounted to 24 billion euros, now it is estimated at less than 5 billion Euro, reports The Financial Times. Bonds for 500 million euros issued in June, on Thursday quoted below 40 cents on the Euro.

The last half of the year the company, which is based in the suburbs of Munich and annually handles tens of billions of euros in credit and debit transactions, have tried to prove the purity of their accounting practices. In 2019, the company commissioned a special audit by KPMG after having doubts about the veracity of her statements. During a six-month special audit experts KPMG are unable to trace the transactions underlying net profit Wirecard between 2016 and 2018, the Results of this audit, the newspaper was published at the end of April 2020, After the auditors EY announced a shortage of funds in the accounts, Wirecard will not be able to publish its audited results 2019 Wirecard three times postponed publication of its results for the 2019 March, stating to investors that it expects the independent auditor’s report. If the company does not publish audited results up to 19 June inclusive, it will violate Treaty obligations in the amount of 1.75 billion Euro revolving line of credit, organized by Commerzbank, ING, ABN Amro and LBBW and the other lenders. Banks will be able to terminate the loan deals of almost 2 billion euros.

Wirecard has always denied any wrongdoing. Wirecard in a statement released on 18 June, says the company is “working intensively together with the auditor in the direction of clarify the situation”. She also announced that chief operating officer were suspended from posts with the possibility to recall him from this post till June 30. CEO Markus Braun said that “previously issued confirmation banks were no longer recognized by the auditor” and added that “at present it is unclear whether there has been fraudulent transactions to the detriment of the Wirecard”. The largest asset Manager of German company DWS, one of the largest shareholders of Wirecard, said that estimates legal steps against the company. Head of sustainable development and corporate management Deka Investment, one of the largest shareholders of Wirecard, Ingo Speich said, “We look at the situation with distrust. More than ever, you need to start a new job in management”. Spic earlier called for the dismissal of brown.

In October, The Financial Times reported that employees of Wirecard, apparently, joined the conspiracy the fraudulent overstatement of sales and profits in the subsidiaries Wirecard in Dubai and Dublin and misled EY, auditor of the group for decades. Then in December, the FT reported that the so-called Deposit accounts, controlled on behalf of Wirecard and some of the Trustees were used to increase cash balances of the group. Wirecard has filed a lawsuit against FT for the publication of his statements, claiming that the newspaper violated a trade secret. At the end of September 2019 at Wirecard was € 1.8 billion of outstanding debt, while the Munich Bank that it controls, holding 1.7 billion euros in deposits of customers.

.

Dax current: Dax oscillates around the zero line – gold price in euros at a new record high

The gold price is unstoppable. There are currently many reasons why precious metals are attractive to investors as a stable investment. .

Dax current: Dax closes in the profit zone – Wirecard more than eleven percent up

The leading German index continues to rise. Investors mainly rely on Wirecard. According to news of the manipulation allegations, the payment service provider’s stock benefited. .

Dax current: Dax remains in the red – gold price in euros at a new record high

The gold price is unstoppable. There are currently many reasons why precious metals are attractive to investors as a stable investment. .

Dax current: Dax remains in the red – Wirecard shares rise by more than five percent

There are increasing voices that share prices will soon collapse again. The numbers in the “Big Five” stocks may be causing new turmoil. .

Dax current: Dax increases its losses – Wirecard shares increase by more than five percent

There are increasing voices that share prices will soon collapse again. The numbers in the “Big Five” stocks may be causing new turmoil. .

The end of the special stage is postponed again

Munich / Frankfurt The completion of the special audit at Wirecard shifts again. “Wirecard AG was recently informed by the auditing firm KPMG that KPMG will present the results of the ongoing special investigation on Monday, April 27, 2020,” the group said on Wednesday evening.

“In the remaining days, incoming data should be processed and taken into account,” is the official reason for the postponement. From an investor’s perspective, it was particularly important: “No evidence was found for the publicly alleged manipulation of the balance sheet,” the group continued.

Specifically, in the four business areas covered by the audit order, third-party partner business, pre-financing of receivables and the activities in India and Singapore, “there have been no substantial findings that would have required correction for the annual financial statements in the 2016, 2017 and 2018 investigation period.”

KPMG has been checking the balance sheets of the payment service provider from Aschheim near Munich since October 2019. This was preceded by a year-long debate on Wirecard’s business practices. For the final report now announced for Monday, Wirecard again promises to make it available on the homepage.

Serious allegations

Numerous serious allegations prompted the special audit. Since January 2019, the British business newspaper Financial Times (FT) has published a series of articles on opaque contracts and dubious partners of the group. Above all, the inconsistencies in the important Asian business raised bad suspicions: Has Wirecard manipulated its balance sheet?

After the pressure had risen for months, Wirecard attempted the exemption in October – and commissioned KPMG’s auditors to carry out a special audit of the balance sheets from 2016 to 2018. Today’s postponement represents the second extension of the audit period.

The group had already presented a partial report of the test results at a late hour on March 12. At that time, however, the auditors only achieved partial information about the accounting methods at Wirecard.

They only brought light into three of the four sub-areas examined. The auditors made initial relief statements on two company acquisitions in India in 2015, on financial irregularities at the Asian headquarters in Singapore and on the area of ​​pre-financing of receivables, also known as “Merchant Cash Advance” (MCA). The group defines MCA as loans to small retailers who use the Wirecard platform for their payment transactions.

“From today’s perspective, these parts of the special investigation did not result in any substantive findings in these investigation areas, which would lead to the need for correction for the annual financial statements in the investigation period 2016, 2017 and 2018”, Wirecard had announced in March.

Problematic third parties

At that time, the auditors did not allow themselves to make any statements regarding the particularly important fourth point: the controversial third-party business – i.e. the question of which parts of Wirecard’s sales were generated with the help of external companies.

In October, the FT had posted clear doubts about cash flows via partners in Dubai and Ireland in a ten-page article. The report was enriched by internal and external documents. The focus was on Wirecard’s partner Al Alam from Dubai. This is a so-called “third party acquirer”, which handles the payment transactions in countries where Wirecard does not have its own licenses.

The essence of the allegations: According to FT, Al Alam should have generated around half of its consolidated earnings before interest, taxes and depreciation in 2016. According to the newspaper, the company from Dubai was responsible for sales of EUR 265 million and an “Ebitda effect” of EUR 173 million, according to internal documents.

According to the FT, the business of 34 key Wirecard customers was processed through Al Alam in 2016. They came from the United States, Europe, the Middle East, Russia and Japan.

As a result, the newspaper said it had tried to contact all of these business partners. Accordingly, 15 of them had never heard of the Al Alam name, six did not answer, five could not be identified, and eight of them had already stopped doing business.

Wirecard boss Markus Braun had always denied all these allegations. Now he should feel confirmed by the statement approved by KPMG that no “evidence of balance sheet manipulation” was found in the third-party business either. The mood in the group is good, reports a Wirecard manager. But KPMG wanted to be very precise.

Time-consuming examination

The special test was carried out with great effort. In the meantime, around 40 auditors rummaged through the balance sheets. These had already been approved by the long-standing group auditor EY, whose care, however, was in doubt. The audit is tricky for KPMG: Society knows that its reputation is now at stake.

Today’s “Day X” was planned for Wednesday, the moment of truth. Management hoped to finally draw a line under the accusations of the past with the publication of the test report. The fact that the publication is now postponed a second time shortly before the end after half a year of the exam shows how high the stakes are – and how far the Dax-Newcomer Wirecard is still far from the standard of other large corporations.

Why the relocation? According to insiders, KPMG also checked incoming numbers from third parties earlier this week. Wirecard now officially justifies the extension. According to groups of companies, the data with a probability bordering on certainty did not contain any greater risk for the balance sheet – nevertheless, they are not irrelevant and must be checked by KPMG.

Apparently, it is not only late-arrival data sets that cause problems. According to insiders, Wirecard is also struggling with KPMG to clarify the wording of the test report. There is relief in the most important – on the balance sheet – points, such as the allegation of so-called roundtripping, the invention of sales. Nevertheless, the auditors had made numerous negative findings, for example regarding compliance and internal processes.

Now the question is how serious the corresponding complaints in the test report were. The KPMG auditors formulated significantly more negative than expected, it is said from corporate circles. The corresponding talks continued.

Change in the supervisory board

Wirecard’s new Chairman of the Supervisory Board, Thomas Eichelmann, oversees the review. According to two people familiar with the matter, there is a change on his committee. The previous supervisory board member Susana Quintana-Plaza is promoted to the operational board of the Portuguese oil and gas group Galp Energia and leaves the Wirecard committee at the request of the Galp owner family.

The successor is apparently already certain: A “very well-known personality” should therefore take the place of Quintana-Plaza and strengthen the competence in the control committee. First, the “Wirtschaftswoche” reported on the possible exit. This should not be related to the special test.

With the coming Monday there is now a new end date for the KPMG audit. However, a third extension of the review period is hardly possible: Wirecard plans to publish its 2019 annual balance sheet on April 30. And the group auditor EY apparently does not want to test this without the final KPMG assessment for the special audit.

The payment processor can no longer afford to make mistakes. The KPMG report is sure to attract the keen attention of investors, analysts and regulators. According to insiders, he is also being studied closely by the financial regulator Bafin.

More: Alleged balance sheet fraud, dubious partner: Wirecard has been at the center of criticism for over a year.

.

Dax on a recovery course despite further oil price turmoil

Dusseldorf The German stock market starts trading nicely. In the first trading hour, the index was up 1.1 percent at 10,357 points.

The oil price has dominated the market for the second day in a row. The renewed sell-off on the oil market shows that the historic collapse late Monday evening, which temporarily pushed the price of US crude oil down to minus $ 38 a barrel, was not a singular event, not a one-time market failure. It was only the preliminary climax of a crisis that the oil market has never experienced before.

The answer to the question is crucial: If the June futures contract falls on the US variety WTI as well as the May future below zero dollars in the coming weeks?

The price of a barrel (159 liters) of the US grade WTI for delivery in June has dropped to $ 10.30 today, a drop of more than ten percent. The Brent crude price reached $ 15.98 a barrel, the lowest since June 1999.

Netflix’s strong numbers are reassuring on the stock markets. Due to the corona crisis, the streaming service has reached the record number of 15.8 million new subscribers worldwide in just three months. The cautious outlook sent the stock Although one percent in the aftermarket in the US markets, it could have been worse. On the German stock market, the paper rose 3.2 percent at the opening.

The requirements from overseas are mixed. The US markets have given in significantly, but were able to reduce their losses slightly after the market closed in Germany. The futures contracts on the US stock exchanges signal an increase of 0.2 to 0.5 percent at the start of trading. The prices of the shares on the Tokyo stock exchange fell for the second day in succession after the US crude oil slump, and the Chinese indices rose.

Dates today

The most important number comes from the USA: Because of the oversupply of tank farm capacities, which are apparently almost exhausted worldwide, investors are paying attention to the figures for the US inventory in the afternoon of Central European Time.

On Wednesday, however, company figures are also in focus. Among other things, pose AT&T, Roche and the US tech exchange Nasdaq released their quarterly figures. Chip manufacturer STMicro and US laboratory supplier Thermo Fisher also wrote their books. The latter wants the German competitor Qiagen take over for a good ten billion dollars.
Main focus on the impact of the coronavirus pandemic on business, Börsianer said

Look at individual values

Wirecard: The “Day X”, the moment of truth is there for the online payment service provider: The final KPMG report is due to be published today – in full, how Wirecard has promised. Management hopes to finally draw a line under the debates of the past. At the opening of the stock exchange, the Wirecard share rose by 2.8 percent.

In the run-up to the publication of the quarterly figures, hedge funds had increased their speculation on falling prices at Wirecard. This quota is now 4.28 percent of all freely tradable shares, i.e. 45.27 million shares. (As of April 20)

Further rising prices are likely to put hedge funds under pressure. Because such a short sale, a speculation on falling prices, follows the following principle: So far, the hedge funds have borrowed and sold the 45.27 million shares of Wirecard shareholders such as investment funds.

But in order to return these shares, you have to buy them again beforehand. Of course, if possible at a lower rate.

With an average trading volume of around 1.65 million shares per day this buyback of 45.27 million is not easy to implement.
In the past four weeks, the Wirecard share has increased by more than 40 percent, almost 14 percent since the beginning of the year.

STMicroelectronics: Europe’s largest chip manufacturer expects a decline in sales as a result of the collapse in demand in the auto industry due to corona virus. A minus of around ten percent is expected in the second quarter. However, the share price increases by 4.3 percent. The German competitor also benefits from this Infineon. Infineon paper increases by 2.7 percent.

What the chart technique says

There is currently a lot at stake with the leading German index, the German “blue chips” have a lot to lose. If the break in core support proves to be sustainable at around 10,300 to 10,000 meters, according to chart technology, investors must assume that it has a “second pillar”. Specifically, that means: The Dax should drop again towards 8255 points and in extreme cases even undercut the mark.

The closing price on Tuesday was already below the important mark at 10,279 points. The leading index started its rally of 10,279 points in December 2018, which lasted until a record high in February 2020. The brand was “confirmed” on Tuesday last week because the index had ended trading there.

Despite the friendly start on Wednesday, investors should look south. In the course of the upward recovery, two so-called upward price gaps have remained open since mid-March. With such gaps there was no price position during Dax trading, the lowest price on a trading day was higher than the highest price on the previous day. Such upward price gaps are an important resistance, according to chart technology.

The first gap is closed when the 10,097 points are reached, the second at 9,627 points.

At 11,025 meters there is an important resistance on the top. There is the so-called 50 percent correction of the overarching trend, at which counter-movements very often end. Currently related to the Dax, this means that the downward trend has so far been from the record high in mid-February at 13,795 points to the low point in mid-March at 8255 points.

The 50 percent mark is accordingly at 11,025 points, i.e. exactly in the middle between record high and low point. With the increase to 10,820 points last Tuesday, the index of this brand had already approached. But the focus is currently on the lower price brands.

“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.

.

A woman’s shadow lies over SAP – Morning Briefing

Good morning dear readers,

if Germany can show something with pride in the battle of the big digital corporations, it is SAP from Walldorf, the invention of five ex-IBM forces 48 years ago. So it borders on self-harm that after only six months co-CEO Jennifer Morgan already logged out again. So forget all the great portraits of the first boss in the Dax, delete the hymns of praise of the chairman of the board and co-founder Hasso Plattner. According to our knowledge, the implosion at the top is also the result of an internal power struggle. Co-boss Christian Klein carries out a strong standardization and centralization, the American wanted the subsidiaries more independence to let. Even the PR candle from Walldorf cannot hide the dispute between vanities, according to which clarity and determination are necessary in the Corona period. Aristotle thought that to hide a mistake with a lie was to replace a spot with a hole.

In the beginning it advised Robert Koch Institute refraining from autopsying Covid 19 dead, it is too dangerous. From Basel in Switzerland, where there were fewer concerns, the first results of an examination of 20 coronavirus deaths are now coming. They suffered from high blood pressure and Overweight, but above all there was a serious disturbance of the Microcirculation the lungs – the oxygen exchange no longer worked. The Hamburg medical examiner Klaus Püschel also had 100 virus victims examined, according to a report by NDR, WDR and “Süddeutscher Zeitung”. Similar to Basel is also here none of the dead without previous illnesses been.

New York futurologist Amy Webb speaks this week in the “Handelsblatt Disrupt” podcast.

(Photo: Getty Images)

Has become a trend researcher Amy Webb made a name worldwide. This week the New York professor speaks for Strategic future planning in the podcast “Handelsblatt Disrupt” with my colleague Sebastian Matthes. In the interview, Webb predicts the division of the world into two: in part with the People’s Republic of China and its partners, who used a digital surveillance infrastructure, as well as the rest of the other countries. China is using the crisis to expand the Artificial intelligenceto collect even more data, believes Webb. But data are like Algorithms the weapons of the future. And so it does Futurologist in the end worries “that the global pandemic will trigger an economic-technological war that we have never seen before”.

The days of rest in the Dax group Wirecard are over: Today, the final special report of KPMG’s auditors is to be published – on allegations dubious contracts and partners who have been featured in a Financial Times (FT) series. Bafin boss Felix Hufeld wants to study the work of the auditors carefully: “Payment service providers, like banks, must adhere to a comprehensive set of rules.” Bafin’s own investigations into who is involved strategic sales benefited from Wirecard shares prior to the release of “FT” items have been completed. The investigation by the Munich public prosecutor’s office, which uses the Bafin work, continues. According to our information, the German auditing agency for accounting has meanwhile also an investigation of the Wirecard balance sheet check initiated. So this company will soon be as open as an oyster after consumption.

Series hits like “Tiger King”: Netflix increases the number of paid subscriptions.

(Photo: AFP)

Corona time is Netflix-Time. You follow “social distancing”, stay at home and watch series after series, film after film. There is nothing else to be inferred from the most recent figures, the Streaming primus announced last night. After that, the number of paid subscriptions rose in the first quarter by 15.8 million to almost 183 million – which exceeded both the own forecasts and the expectations of the analysts. Series hits like “Tiger King” around Joe Exotic and its big cat zoo are so well received that Netflix is ​​expecting 7.5 million new customers worldwide this quarter. Since the profit has also doubled at the moment, the share is growing again. The company of Reed Hastings is now worth more than the big rival Disney.

The Germans decided to end the season prematurely Handball player – and selected it THW Kiel according to an elaborated calculation model to master. in the Soccer After the Belgian league, the Dutch league also decided to end the season due to the corona restrictions. And in Scotland there is also an end in sight – that of the European association Uefa, contrary to what was announced, will not be punished with the exclusion of clubs from competitions. New regulations that take the corona virus into account are to be presented tomorrow, Thursday. That day, too German soccer Bundesliga decide that ghost games should continue in May. This is the only way to secure a rate of EUR 230 million from Sky for broadcasting rights – and many clubs first before broke rescue.

And then there’s the world performance artist Marina Abramovicwho first silenced her for years Online campaigns breaks against them. “Can’t you stop doing that?” Asks Abramovic, “don’t you see, that’s the art I’ve been doing for 50 years?” She really isn’t a “satanist” – a suspicion that her opponents have been stirring up since becoming one “Spirit Cooking” dinner loaded. Recently, ongoing anonymous online protests have resulted in Microsoft a work with Abramovic, who promoted digital technologies, removed from the YouTube platform after 24,000 dislikes. She is looking for a positive way out of the matter, says the native Serb, “anxiety is the worst human emotion ”.

I wish you a positive, completely fear-free day. And if it consoles you: in 2020 we will experience art and performances again in the museum.

Greetings to you warmly

Hans-Jürgen Jakobs
Senior editor

Here you can subscribe to the morning briefing.

Morning briefing: Alexa

.

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.

.