Apr 30, 2012

Strong corporate figures from Europe and the U.S. worked for the Euro Stoxx 50 upward.

With strong price gains have been Europe's stock markets on Wednesday approved the trade. Strong corporate figures from Europe and the U.S. worked for the Euro Stoxx 50 upward. The price drop on Monday was thus even more than made up. The returns of the EU's emerging markets fell, also reported from Iran conciliatory voices to the ongoing nuclear program. The euro hovered before the meeting of the Federal Reserve in the evening at $ 1.32, but fell below this level, after the Federal Reserve had confirmed their low interest rate policy.

The impetus for the rally had been excellent quarterly results of the technology giant Apple. The iPhone maker had doubled in the fiscal second quarter, its profit almost. "It is surprising that Apple has achieved thanks to good sales of almost the result of the holiday season," said one market participant. The Euro Stoxx 50 rose 1.7 percent to 2323 meters, while the DAX in 6705 by 1.7 percent points. In Milan, it was thanks to strong banking shares as much as 2.9 percent up.

Fed sticks to low interest rate policy - Italy and Spain returns down

The accompanying commentary on the interest rate decision by the U.S. central bank contained at first glance, nothing new. Central message was that the Federal Reserve will hold until the end of 2014 its policy of extremely low interest rates.

The auction 30-year German bunds met relatively little interest. in Germany at a glance. The targeted issue volume of EUR 3 billion was achieved only with the support of the Bundesbank. The market but this is not disturbed, even though the rate of return of 2.41 percent, the lowest that has ever been paid for such bonds. This is simply not attractive enough for investors, it said in the trade.

Otherwise, there was relaxation of the interest rate front: Spanish yields fell to 5.75 percent, well below the dreaded 6-percent mark, Italian fell to 5.61 percent. In France, the yield dropped to just under 3 percent. The shares of the banks helped to strong price gains.

Course fireworks at banks

Banks were among the leading course winners. In the sector, especially the shares of French and Italian banks rose by up to about 6 percent. In addition to the sharp decline in yields on government bonds from the periphery of the Euro zone and positive numbers drove the Spanish BBVA., Whose price rose by 2.2 percent, the analysts at Nomura called it "solid". Well, the increase in core capital ratio to 10.7 percent liked. Among other things, designed in Italy Unicredit to 6.7 percent in France, Societe Generale and Credit Agricole down 6.3 percent to 5.9 percent. In Germany, Commerzbank jumped by 5.2 percent and 2.1 percent German bank. At Deutsche Bank, have only the restraint before the numbers slowed down a bit on Thursday, it said. The banking sector rose by 1.7 percent.

Good corporate data from the U.S. and Europe - cars daily winner

In addition to Apple, companies shone from "traditional" industries with their financial results and earnings expectations. "The market was the economic slowdown perhaps overrated," said one trader. Among other Caterpillar and Boeing increased their forecasts in the U.S., Europe, Air Liquide and put the auto parts supplier Valeo highlights. Air Liquide moved up 2.5 percent to 98.08 euros, the German rival Linde 3.4 percent to 128.35 euros. "The numbers are strong. Both total turnover and the turnover in the main gas & Services division are on the highest analyst estimates," one trader said of Air Liquide.

Valeo ensured a good atmosphere in the auto sector and made it with 2.9 percent for daily winners. Particularly attracted to France title, then Peugeot-Citroen and Renault down 4.6 percent to 2.1 percent. Valeo jumped 8.6 percent to 37.61 euros. The auto sector rose by 2.9 percent, capital goods manufacturer to an average of 1.5 percent. A profit forecast of flat ones because Siemens does not bother: With 5.2 to 5.4 billion euros is the expectation of profit for the current year, well below the previously avisierten 6 billion euros. The industrial group with the new estimate, however, was reached only when the forecasts of analysts were already - had this not a surprise effect.

Tractors and fertilizer run in the U.S.

Better than expected seems to be the agricultural industry to run: So Fiat jumped from 7 percent to 8.31 Industrial €. "By increasing the positive statements of Mosaic to the increase in farm income in the U.S., the sales probabilities for agricultural machinery," said one trader. The fertilizer maker Mosaic in the United States had expressed very positive about the outlook for the U.S. agricultural industry. Fiat Industrial stored appropriately so, good numbers of its U.S. branch CNH Global.

The division was formed from the merger of the agricultural machinery manufacturer, Fiat, Case and New Holland and is one of the leading tractor manufacturers in the world. CNH in the first quarter net profits almost double, and reported 22 percent more sales. In addition, they also see the market for farm and construction machinery positive in the current year. The German fertilizer maker K + S benefited and grew 4.4 percent.

Worried about the € heavyweight Spain have set the European single currency beginning of the week again under pressure.


Worried about the € heavyweight Spain have set the European single currency beginning of the week again under pressure.
In the low of the euro fell on Monday to 1.2993 U.S. dollars, for the first time since mid-February under the mark of $ 1.30. Until the late afternoon, the euro recovered significantly but at $ 1.3060. The European Central Bank (ECB) had the exchange rate at noon at 1.3024 (Friday: 1.3148) dollars. The dollar cost to 0.7678 (0.7606) €.

Earnings were primarily the euro through the development of the Spanish financial markets. On the market for government bonds, the situation again. In the landmark ten-year returns for Spanish government bonds climbed for the first time this year on the threshold of six percent. Quite as bad as in November 2011, the situation is not yet: At the time, were also important core European countries like France have been captured by the turbulence. Sustainable calm before the ECB was able to provide, as they flooded the financial sector with two massive injections of money, a total of one trillion euros.

The effect of this flood of liquidity seems to subside now. In this context, recent statements from the Federal Reserve had taken care of much confusion. Obviously there is in the Governing Council is currently no consensus as to whether the currently dormant bond purchases should be resumed. In the past week, the ECB kept silent, as figures showed the central bank on Monday.

Despite the recent unfavorable development expert warned Marc Castle home of the BayernLB panic. "I would put the current developments both in the foreign exchange market as well as in the Spanish bond market should not be overestimated," said Castle home, head of foreign exchange at the Bavarian state bank. Thus, the trade between the euro-dollar is still much thinner than before the Easter holidays, which favors fluctuations. "In addition, trading on the Spanish bond market is currently very nervous. That should not continue on this scale. "

EUR / USD USD1 0.32 to 0, 07%


The Euro has continued against the U.S. dollar, its friendly tendency on Friday afternoon. Finally, the European single currency traded near its daily highs of $ 1.3257, $ 1.3229 for the current reference value of the European Central Bank (ECB). Even the British pound the euro was in positive territory, against the Japanese yen and Swiss francs, he claimed tended scarce.

Dealers pointed to the explanation for the friendly Euro / dollar exchange rate on sale of interests in the dollar as a result of weaker-than-expected growth figures for the first quarter. The U.S. gross domestic product (GDP) in the three-month period was, according to first estimate the Commerce Department to an annual rate of 2.2 percent decline. Analysts, however, had a more moderate decline of 2.5 percent expected.

In some places, it also highlighted the friendly atmosphere of the stock markets as a support for the euro / dollar exchange rate. Good corporate data recorded during the stock market had heaved into the profit zone after they had suffered in the early morning under the rating gradation of Spain.

MARKETS EUROPE / recession in Spain and weak U.S. data load

MARKETS EUROPE / recession in Spain and weak U.S. data load
FTSE 100 Index 5738.00 -0.68%
EURO STOXX 50 2305.50 -1.77%
Ibex 7011.00 -1.89%
CAC 40 3212.80 -1.64%
SMI 6096.34 -0.33%
Dow 6761.19 -0.59%
FTSE 796.73 0.66%
MDAX 10828.20 -0.75%
Gold 1664.25 0.10%
EUR / USD 1.3231 -0.06%
EUR / CHF 1.2013 0.01%
EUR / GBP 0.8152 0.20%
EUR / JPY 105.5880 -0.70%
USD / CHF 0.9078 0.07%
USD / JPY 79.7700 -0.68%
AEX 308.30 -0.80%
Dow Jones Stoxx50 2417.50 -0.30%

The recession in Spain and weak economic data from the U.S. has pressed the European stock markets into the red. After the stock markets were the last area of ​​conflict between a good company reporting season and unsettling news from the euro area, dragged hither and thither, on Monday lacked the positive news of the earnings season. Alone adidas surprised with good company results. While the broad Euro Stoxx 50 was down by 1.6 percent to 2306 points, the German DAX lost 0.6 percent.

Spain slips into recession

Once again, there was bad news from Spain. Although the local gross domestic product shrank by 0.3 percent over the previous quarter, slightly less than feared. At the same time but it was officially confirmed that the fourth largest economy in the euro area lies in a recession.

The data also underlined that Spain is still far from an economic recovery. The austerity of the state's growth slows, which makes the government more difficult to meet the ambitious targets to balance the budget. The returns of the Spanish government bonds were, however, hardly impressed and came back to the previous day even slightly. The common currency came under selling pressure in the short term could, however, recovered slightly in the course. Against the dollar, the euro is adopted, with courses at $ 1.3230 from the European business.

Disappointing regional purchasing managers' indices are casting dark shadows

Disappointing afternoon fell from the Purchasing Managers Index of the Chicago area. With 56.2 for April, he missed the forecast significantly from 60.9. While the employment component convinced disappointed orders. "Thus, the indications for the important ISM mixed," it said in the House of Helaba. On balance, probably on 1 May for the upcoming publication of the ISM index to yield slightly, but still significantly higher in the expansion zone.

Adidas sets record

For a La-Ola-wave in the trading rooms provided the adidas-business figures. The sporting goods company has beaten all expectations. Especially in China and Japan, it was for the group better than expected. And in Europe, where the rival Puma last reported a weak trend, climbing from adidas revenues. In addition, adidas has raised its forecast for the current year. The analyst said Bank of the Baader-affirm an "impressive start" in the year 2012 and its buy recommendation. The stock rose 5.3 percent to 63.00 euros, before the DAX stock traded at 63.75 euros at an all time high.

Situation in tense - Nokia sells gold plaque

When Nokia does not break the bad news. A possible sale of the luxury brand Vertu show how the Finns were struck, traders say. The "Financial Times" reported that the brand could be 200 million euros in Nokia's flush fund. Nokia Vertu was established in 1998 to enter the lucrative market for luxury mobile phones. The hand-made devices can reach prices of more than 200,000 British pounds sterling. The independently owned brand is due to the ongoing demand of wealthy clients, especially from Russia and the Gulf region to the more successful businesses in the Nokia group of companies. At the end of the day after Nokia reported 1 percent to 2.71 euros.

EUR / USD there remain opportunities



Ralf circulation, currency expert at Helaba calls, important brands for today's trade with the euro (EUR / USD).

In the course of Friday to have the euro recovered and so were the chances of an upward movement observed. The technical indicators are constructive, although a significant impulse movement should be awaited. The expected trading range for today is befinde 1.3158 to 1.3295 U.S. dollars. With the support of the Euro at 1.3158 could be expected at 1.3060 and 1.2995 at. Resistance to bump the single currency at 1.3244, 1.3265 and 1.3295 in U.S. dollars.

For more information about dates, please use the links in the text. A detailed overview of the data of the present day as well as past publications can be found in the date-topic.
Forex - EUR / USD rose during the U. S. session
Forexpros - The euro was against the U.S. dollar today (Friday) higher.EUR / USD was trading at 1.3215 and rose to the time of publication of this article to 0.59%.
The pair was found at 1.2996 (Monday low) support, and at 1.3224 (today high) resistance.Meanwhile, the euro rose against the British pound and Japanese yen, with a 0.20% gain of the EUR / GBP, which reached 0.8200 and a 0.55% rise in EUR / JPY, which reached 107.80.

Euro fell - Reference Price: $ 1.3214

Euro fell - Reference Price: $ 1.3214


The euro fell on Monday. The European Central Bank (ECB) set the reference rate at 1.3214 (Friday: 1.3229) dollars. The dollar cost to 0.7568 (0.7559) €.

Among other key currencies, the ECB reference rates for a fixed € to 0.81295 (0.81530), British pound, 105.85 (106.75) Japanese yen and 1.2018 (1.2014) Swiss francs. / Akn / DP / jkr

U.S. growth last Friday very disappointed, analysts Cognitrend in the current edition of "FX-day outlook" of Deutsche Bank.

There may have been the market participants about the U.S. growth last Friday very disappointed, analysts Cognitrend in the current edition of "FX-day outlook" of Deutsche Bank.

Nevertheless, whether at the end of the GDP increased by 2.2 percent after all, been the realization that it was due, above all, consumer spending, this figure had turned out even worse. Because government spending had declined significantly at the same time. Not only because it had been in decline at all levels of government spending money that could boost the economy. Rather, this trend has long-term impact when you consider that the lower expenditure due to staff cuts would have affected about a third of them during the past few years alone teachers.

Meanwhile, the European worries have diminished, at least in the perception of the actors not. Whether you look now at the upcoming auctions in Spain or even the outcome of the French presidential elections. Being easily forgotten in the latter, that France would befinde in the election year and in June would be held more elections to the National Assembly.

And while in the euro-zone adjusting to the fact that saving is out, and growth, one should also not be overlooked, was how broken just in the Netherlands, this trend despite resigning a week before government with an approved multi-party cost-cutting program. At the end of the euro is likely, however, the nose against the U.S. dollar have slightly ahead of what analysts have emphasized that recently received purchase strategy with price target of 1.3350 and a slightly increased risk limit 1.3140. (30.04.2012/ac/a/m)

U.S. Federal Reserve's concerns grow over the situation in the euro zone

Within the U.S. Federal Reserve's concerns grow over the situation in the euro zone. "I am very concerned about the risk of a renewed worsening of the debt situation in the European countries and the European financial system. The worst is not over yet."
Within the U.S. Federal Reserve's concerns grow over the situation in the euro zone. "I am very concerned about the risk of a renewed tightening in the debt situation of European States and the European financial system. The worst is not over yet," said John Williams, a member of the Monetary Policy Committee of the U.S. central bank and head of the largest Federal Reserve branch in San Francisco, the "Handelsblatt" (Monday edition).

He was skeptical that the austerity budgets in many European countries the right way to resolve the crisis. "I will not tell other countries what they should do. But when the economy is weak, while saving too many countries, it is for the states with severe problems to get back to normal economic performance," said Williams. And that makes it even harder to tackle budget deficits and debt. We must find the right balance.

The position of the U.S. economy has improved after Williams' last opinion. Therefore he sees no reason for the time being also, again to raise the money printing machine. Although there were risks, such as the situation in Europe. "But still there is no need for new monetary policy measures," said Williams. This could change if, for example, the unemployment rate is stagnating or climb significantly.

Euro debt crisis persists, despite over U.S. $ 1.32




The euro has been able to maintain stable the week beginning on the mark of 1.32 U.S. dollars. Market watchers said the bank holiday before 1 May from a relatively quiet trade without a particularly strong impetus. On Monday afternoon, the euro cost $ 1.3234, thus slightly less than in the morning. At its peak, the euro hit $ 1.3268, almost the highest level since the beginning of the month. The European Central Bank (ECB) had the exchange rate at noon at 1.3214 (Friday: 1.3229) dollars.

Economic data from Spain, which now officially confirm that the fourth-largest economy is €-arrived in the opening quarter the recession all caused a slight strain on the euro. However, the numbers put on the market as no surprise. "The government and the central bank in Madrid had already indicated that for the second decline in overall economic performance occurs as a result," said currency expert Ralf circulation by Landesbank Hessen-Thüringen.

More significant pressure on the single currency had since been able to develop the new figures from the ECB to credit and money supply. Thus, the volume of loans in March for the second month in a row had been declining. "The sluggish lending process, however, is more consequence than the cause of the economic weakness of the euro area," said Postbank expert Thilo Heidrich. The data also show that the massive injections of money the central bank of a total of one billion euros largely not yet reached the real economy.

Among other key currencies, the ECB had set the reference rates for the euro to 0.81295 (0.81530), British pound, 105.85 (106.75) Japanese yen and 1.2018 (1.2014) Swiss francs. In London, the price of the ounce of gold in the afternoon with 1651.25 (Friday: 1663.5) was fixed U.S. dollars. One kilogram of gold was 39700.00 (39500.00) €.

Energy-hungry Brazil is expected to be rapid growth of the gas market

The energy company Eon is considering the production of gas in Brazil. In addition to the agreed construction of power plants with the Brazilian entrepreneur Eike Batista, check the provider to enter into the joint gas exploration. "We will look at the invitation of Eike Batista, if we can come together on this field as a complementary activity," said Eon chief John Teyssen the "Financial Times Germany" (Monday). In northern Brazil, significant deposits were discovered. Eon has been building years from the domestic production of gas as Russia.

In the energy-hungry Brazil is expected to be rapid growth of the gas market. The energy from the northern gas fields could be expected to generate electricity directly from a local power plant operator, according to Teyssens, Eon and the MPX - a subsidiary of the holding company EBX Batista - currently set up. Each page holds half the shares. The contracts signed Teyssen and the South American Group founder last week in Dusseldorf.

Eon will be expected to invest an average yearly until further hundreds of millions in Brazil, said Teyssen. First returns from the joint venture with Batista expects the Eon chief until 2014. "At the moment it comes to us primarily organic, based on competence growth in a very dynamic market." Acquisitions are also possible: "We have the eyes open in all directions.

German market

Equinet, the classification for BASF by numbers and the confirmation of the company's outlook to "buy" with a target price of 80.00 €. The chemical company had provided excellent results for the first quarter, an analyst Nadezhda Demidova wrote in a study on Friday. Also, the generated cash flow is failed convincingly. The view maintained all along the line corresponds to their expectations.

WestLB has raised its price target for BASF to figures from 69.00 € to 73.00 and the classification to "Add" to leave. At first glance, the chemical company has laid a strong first quarter, an analyst Michael Gorny wrote in a study on Friday. Revenues and adjusted operating profit would have exceeded market expectations by ten percent each.

The U.S. bank JPMorgan, the classification according to figures for BASF to "neutral". The operating profit of the chemical company had exceeded its forecasts and estimates the average market significantly, an analyst Neil Tyler wrote in a study on Friday. On the positive side, the expert pointed out that the group of oil and gas and chemicals for agriculture in the first three months was more deserving.
Barclays, the classification for Bayer after quarterly results on "Equal Weight" with a target price of 56,00 €. The CropScience division was particularly well run, analyst Mark Purcell wrote in a study on Friday. Material Science division was however again been burdened by higher costs. The health care business is in the first quarter was only a sideshow.

Nomura, the classification according to figures for Bayer to "neutral" with a target price of € 66.00. The first quarter was due to a strong year-offs failed CropScience division of the better than expected, an analyst Jean de Watteville wrote in a study on Friday. The shares, however, offer less upside potential than the sector.
The German bank has raised its price target for Beiersdorf before numbers of 48,00 to 51,00 Euro and the classification to "hold" to leave. He expects a strong first quarter of the consumer goods manufacturer, an analyst Harold Thompson wrote in a study on Friday. The outgoing CEO Thomas Quaas I can lay no better foundation for his successor.
Barclays, the classification for BMW to "Overweight". The analysts of the British bank pull the stock of the Munich carmaker is still before the Stuttgart-based Daimler competitors, such as from a study on Friday shows. The car of the BMW Group's margins would be significantly higher than those of Daimler..
Equinet, the classification according to figures for Daimler to "buy" with a target price of 57.00 (Price: 42.230) is left €. The automotive group has produced good results for its first quarter 2012 and beaten expectations, analyst Tim Schuldt wrote in a study on Friday. The company confirmed on view make it an increasingly conservative impression.Barclays, the classification for Daimler's first-quarter figures to "Underweight" with a target price of 42.00 €. It is disappointing that the margins at Mercedes-Benz, despite a 9 percent increase in sales had fallen by 0.9 percent, the analysts wrote in a study on Friday. The automaker is still lagging well behind the competition and stand in front of structural challenges. The Barclays experts continue to favor the stock from BMW.


Swiss bank UBS has lowered its price target for German bank by number of 43.00 to 40.00 euros, but the classification to "buy" to leave. The results were solid, an analyst Philipp Zieschang wrote in a study on Friday. Excluding some non-recurring items included in the forecasts, profit before taxes was up to expectations in some. In anticipation of rising costs, he got his earnings per share estimate for 2012 and 2013, respectively, reduced by six percent. The bank enjoys but a strong balance sheet and good liquidity.- French bank Societe Generale, the classification of German bank after quarterly results on "Hold" with a target price of 38.00 €. The profits of the German market leader, had stayed behind at the start of the expectations, it said in a study published on Friday.Nomura, the classification of German bank after first-quarter figures to "reduce" with a target price of 40.00 €. In trading, the Institute has exceeded expectations, while the asset management and private client business would cut off weaker, analyst Jon Peace, wrote in a study on Friday. The consensus estimates for 2012 are expected to fall. The U.S. bank JPMorgan has cut its price target for the German Stock Exchange (German Stock Exchange), according to figures from 51.00 to 49.00 euros and the rating to "neutral" to leave. The first quarter of the stock exchange operator have been in line with expectations, analyst Paul Measday wrote in a study on Friday. He therefore only minor corrections to its forecasts and expects from the consensus estimates not major adjustments. On the basis of the expected 2012 earnings, the stock, although not highly valued, but some risks rather speak for falling prices.Swiss bank UBS, the classification of German Stock Exchange (German Stock Exchange) for numbers to "buy" with a target price of 58.00 euros. The start of the exchange operator remained without any major surprises, analyst Arnaud Giblat wrote in a study on Friday. In the near future, he sees through an enhanced trading activity and decreasing regulation further upside for the shares. High return cash to shareholders should also help, as the early edition of a new cost-cutting program.
The U.S. investment bank Morgan Stanley (MS) has a price target for Volkswagen's preference shares (Volkswagen ss) increased after quarterly results from 180.00 € to 200.00 and the classification to "Overweight" to leave. If you must have a car-share, then it was the VW, analyst Stuart Pearson wrote in a study on Friday. Only a few titles from this industry would offer an upside potential of 50 percent, and even fewer companies to be able to increase their profits from their own power by half. VW has succeeded in spite of the difficult market environment in China, a record profit. The expert considers the stock undervalued therefore fundamental.
The German bank has lowered its target price of 50.00 for Wincor Nixdorf to 43.00 euros, but the classification to "buy" to leave. The recently issued profit warning was a disappointment, but there are certainly grounds for a constructive attitude, an analyst Uwe Schupp wrote in a study on Friday. Wincor Nixdorf will now reduce the cost even more drastic. In addition, the Cashier and ATM manufacturers have for some time again for the first time talk of a return to growth in the domestic German market. Jot down the stock at historical lows, be rated very attractive and interesting to value investors.

Updates to Adidas, Apple, Lufthansa, SAP and Siemens


Barclays Capital has Adidas (Adidas) provided figures for the first quarter to "Equal Weight" left with a target price of 60.00 €. The strong revenue growth at the Adidas brand may have been partly offset by a weak performance at Reebok, an analyst Julian Easthope wrote in a study on Wednesday. It must however be viewed in comparison to the very high prior-year levels. The gross margin is likely to be due to higher raw material costs and wage growth has fallen slightly. The bottom line should be but the earnings per share increased by twelve percent to 1.12 euros.

Equinet, the classification for Adidas (Adidas) provided figures to "buy" with a target price of 80.00 €. He expects a good first quarter of the sporting goods company, analyst Ingbert Faust wrote in a study on Wednesday. To greater price fluctuations, it would not come.

The U.S. investment bank Morgan Stanley has raised its price target for Air Liquide of 100.00 to 107.00 euros and the classification to "equal weight" to leave. The industrial gas industry still offers structural opportunities for growth, analyst Peter Mackey wrote in a sector study on Wednesday. However, this is already priced into the valuations of the European seller. Of the two largest European companies in the industry he now prefer the Air Liquide share the lime-paper (Linde) before.
Kepler has kept Air Liquide in first-quarter figures on "Hold" with a target price of € 107.00. Given the surprisingly high growth segment of the Large Industries are the results on a second look even better than expected, an analyst Markus Mayer wrote in a study on Wednesday. Since the industrial gas producer in the current year is expected to grow slightly faster than Linde, Air Liquide präferiere he compared to the shares of German competitor.


Commerzbank, the classification for Air Liquide in sales figures for the first quarter on the "Add" with a target price of € 104.00. The consolidated revenues have exceeded its forecast and the average market expectation, an analyst Stephan wrote dump in a study on Wednesday. This is an encouraging sign of the industrial gas adjuster of the decline in the fourth quarter of 2011. Due to continued structural weaknesses of existent Air Liquide, but he still preferred the shares of German competitor Linde.

Berenberg Bank has left Apple after first-quarter figures to "buy" with a target price of 750.00 U.S. dollars. The smartphone and PC makers have presented excellent results, analyst Adnaan Ahmad wrote in a study on Wednesday. The market for medium-to high-quality smart phones should be controlled for at least 18 months of the duopoly Apple and Samsung (Samsung Electronics). Competitors such as Nokia and Research In Motion should continue to lose significance. This scratch Apple in some markets currently just at the surface. In addition, the Group has a huge potential in the corporate banking business.

The German bank has raised its price target for Apple to figures of 600.00 to 650.00 U.S. dollars and the classification to "buy" to leave. Revenue and earnings per share would have exceeded his expectations, analyst Chris Whitmore wrote in a study on Wednesday. The iPhone sales and the China business are the driving forces behind this development. The expert raised its estimates for 2012 and 2013.

Kepler Comdirect (comdirect) left after first-quarter figures on "Hold" with a target price of 7.50 €. With a pre-tax profit of 29.2 million € have the direct bank exceeded its expectations and the market, analyst Dirk Becker wrote in a study on Wednesday. The expert estimated the system wallpaper is a positive change, but also pointed to the high valuation of the shares. Therefore, the upside potential is limited.


WestLB, the classification for Credit Suisse (Credit Suisse Group (CS Group) (N)) for numbers to "buy" with a target price of 32.00 francs. The bank is a good start to the year 2012, an analyst Georg Kanders wrote in a study on Wednesday. The Institute has reported a surplus of 44 million francs, while he had expected a loss of 220 million.

Commerzbank, the classification for Credit Suisse (Credit Suisse Group (CS Group) (N)) after first-quarter figures on "Hold" with a target price of 28.00 francs. The net result of the Swiss bank was better than he had expected failed, wrote analyst Michael Dunst in a study on Wednesday. The earnings quality had deteriorated. 'm Disappointed the asset management segment.

Kepler Credit Suisse (Credit Suisse Group (CS Group) (N)) is left after first-quarter figures to "reduce" with a target price of 24.00 francs. With a surplus of 44 million francs have the Swiss bank, the general expectations but exceeded analyst Dirk Becker wrote in a study on Wednesday. On an adjusted basis, earnings impress but less. The vote on loud "Reduce", because the pressure on profitability in private banking at Swiss banks is permanent. Moreover, even the expensive settlement of the dispute stands out because of cross-border U.S. operations.

HSBC, the classification of German Stock Exchange (German Stock Exchange) have figures to "Overweight" with a target price of 61.00 €. The first quarter should show a mixed picture, an analyst Johannes Thormann wrote in an industry study on Wednesday. Overall, the figures but should acknowledge his positive assessment of the German stock exchange operator.



Commerzbank, the classification for Dialog Semiconductor for high numbers of iPhone maker Apple to "buy" with a target price of 18.50 €. The unexpectedly high iPhone sales in the first quarter, signaling that Apple's suppliers will end up dialogue with its key figures at the upper end of its outlook for the first quarter, analyst Thomas Becker wrote in a study on Wednesday. In this respect he had to revise its higher-than-consensus forecast for 2012 is estimated dialog nothing.

The National Bank has raised its price target for Duerr (Duerr) Key data for the first quarter of 47.50 to 50.00 €, but the classification to "hold" to leave. Given the very positive indicators he had revised the price target, analyst Manfred Jaisfeld wrote in a study on Wednesday. The very strong start to the year leave the overall outlook for the manufacturer of paint again appear conservative, so that this could be increased despite the overall slowdown in order momentum during the year.
Kepler has raised its price target for shares of GEA Group (GEA), according to preliminary figures for the first quarter of 22.00 to 24.00 €, but the classification to "hold" to leave. Due to the surprisingly good job and revenue development, he had increased the corresponding forecasts for 2012 and 2013, analyst Stefan Augustin wrote in a study on Wednesday. Furthermore, the assessment is based now on the multipliers for 2013. The "hold" vote, it has remained since the fall of a market estimate of adjusted earnings before interest and tax margin of 10.6 percent this year, given the one-time costs and the restructuring of the sector Food Systems could.

Swiss bank UBS has lowered its target price for GEA Group (GEA), according to preliminary figures for the first quarter of 31.00 to 28.00 euros, but the classification to "buy" to leave. The plant engineer was cut off in orders better than expected, an analyst Sven Weier wrote in a study on Wednesday. However, the problems are with the daughter of CFS as well as in the segment and refrigeration heat exchanger (HX) continue to exist. He had therefore its profit forecasts for three to four percent. The stock is rated but still attractive.
Kepler Jenoptik (JENOPTIK) evaluated in an initial assessment with a "buy" rating and target price of 7.80 €. The shares of the technology company were rated significantly lower than those of competitors, an analyst Ulrich Scholz wrote in a study on Wednesday. The high order backlog at Jenoptik support the sales divisions of Traffic Solutions and Defense & Civil Systems. In addition, the contracts developed by the semiconductor equipment better than him nor expected earlier in the year.


Swiss bank UBS has raised its price target for Germany Cable 42.75 to € 47.00, but the rating to "neutral" to leave. The cable operator is expected to invest more in the future to accelerate its growth, an analyst Polo Tang wrote in a study on Wednesday. It has increased its sales and earnings forecasts for fiscal years 2012/13 to 2014/15. Since the stock was last run well and compared to the industry in the short term is not exactly cheap, either stay with the neutral vote.

Equinet, the classification according to figures for Kontron to "Accumulate" with a target price of 7.00 €. The turnover was in the first quarter with 131.5 million euros, almost stagnant, but so located on its estimates, analyst Adrian Pehl wrote in a study on Wednesday. With regard to the profitability of small computer manufacturers but disappointed again. Pehl presented a review of its pricing model in sight.

Commerzbank, the classification for Kontron after first-quarter figures on "Hold" with a target price of 6.00 €. Sales of mini-computer manufacturer had exceeded its forecast and the consensus estimate slightly, the operating profit (EBIT), however, remained significantly lower, an analyst Yasmin Moschitz wrote in a study on Wednesday. In addition, Kontron have in terms of EBIT guidance for the full year 2012 expressed cautious than before. This should also forecast the profitability of the market and also his estimate to be too ambitious.

The private bank Berenberg has upgraded Kuka after an analyst conference on "hold" to "buy" and raised its target price of 18.00 to 20.00 €. The Board of the industrial robot manufacturer has signaled a continued strong order momentum, analyst Stephan Klepp wrote in a study on Wednesday. This, and a favorable product mix should be reflected in the operating margin for the first quarter. He believes that both the corporate objectives and the average analyst forecasts for 2012 are too low.
The U.S. investment bank Morgan Stanley has stepped Linde from "equal-weight" to "Underweight", but raised its target price of 120.00 to 130.00 euros. The industrial gas industry still offers structural opportunities for growth, analyst Peter Mackey wrote in a sector study on Wednesday. However, this is already priced into the valuations of the European seller. Of the two largest European companies in the industry prefer it now, the Air Liquide share before the lime-paper.

The U.S. investment bank Morgan Stanley has raised its price target for Lufthansa (German Airlines) from 14.25 to 14,35 € and the classification to "Overweight" to leave. At the same time share in the "Best Idea" list by Morgan Stanley was taken. After the heavy traffic figures for the first quarter, it increased its passenger forecast for the full year 2012, an analyst Penelope Butcher wrote in a study on Wednesday. Your estimate of the operating result lies with 601 million euros over the average market expectation of 573 million euros. Lufthansa is among the traditional airlines best positioned and most attractive investment.

The German bank has lowered its price target for Metro provided figures for the first quarter from 45.00 to 38.00 €, but the classification to "hold" to leave. Well probably the key features of the retail group hardly fail, analyst James Collins said in a study on Wednesday. Collins expects a 60 percent to 56 million Euro drop in operating profit (EBIT). The view of the actual profit potential and value of Metro remains clouded.

WestLB, the classification for MTU (MTU) after first-quarter figures on the "Add" with a target price of 70.00 (price: 61.38) is left €. The engine manufacturers have in adjusted net earnings and adjusted earnings per share significantly outperformed the market and he expects analyst Wolfgang Fickus wrote in a study on Wednesday. However, this would have been possible because of a higher capitalization in research and development in the wake of the launch of many new engine programs. In this respect, the numbers would then again not impressed.

Kepler MTU (MTU) after first-quarter figures on "Buy" to leave with a target price of 63.00 euros. Due to delays in the engine business, as well as spare parts revenue was unchanged revenue missed market expectations, analyst Christophe Menard wrote in a study on Wednesday. Thanks to a surprisingly high margins of profit before interest and taxes would have been better than expected. The full-year targets of the company are not at risk because the engine deliveries were simply moved to the next quarter.
WestLB, the classification for MTU (MTU) after first-quarter figures on the "Add" with a target price of 70.00 €. The engine manufacturers have in adjusted net earnings and adjusted earnings per share significantly outperformed the market and he expects analyst Wolfgang Fickus wrote in a study on Wednesday. However, this would have been possible because of a higher capitalization in research and development in the wake of the launch of many new engine programs. In this respect, the numbers would then again not impressed.


Equinet, the classification for MTU (MTU) for numbers to "Accumulate" with a target price of 65.00 €. The engine manufacturer had a solid first quarter behind it, analyst Adrian Pehl wrote in a study on Wednesday. Delays in Boeing (Boeing) 787 were more than offset by strong maintenance business.

The HSBC has included the observation of the shares of Norma with "overweight" and a target price of 25.00 €. The growth profile of the connection technology specialist is attractive, analyst Joerg-Andre Finke wrote in a study on Wednesday. At the same time the assessment was not expensive.

The Landesbank Baden-Wuerttemberg (LBBW), the classification for Puma (PUMA SE) numbers after the "Buy" with a target price of 292.00 (price: 265,50) is left €. The first quarter of the sports goods manufacturer, had been depressed by weak sales in Europe, an analyst Bernd garbage wrote in a study on Wednesday. The gross margin was against this background, declined faster than expected.

Equinet, the classification for Puma (PUMA SE) by number to "hold" with a target price of 250,00 €. The sports and lifestyle company in the first quarter was worse off than him, and expected by the market, an analyst Ingbert Faust wrote in a study on Wednesday. After the conference he would not take a detailed, so thumb.

- Berenberg Bank has left SAP to final figures for the first quarter to "buy" with a target price of 61.00 €. The well-known basic data had been confirmed, an analyst Daud Khan wrote in a study on Wednesday. It maintain that the software giant would have to prove in the current second quarter of its ability to grow.



The DZ Bank, SAP for final figures on "Buy" with a fair value of 61.00 (Exchange rate: 49.415) is left €. Following the previously announced preliminary results for the first quarter of the final data are still no major surprises, analyst Oliver Finger wrote in a study on Wednesday. All key performance indicators (KPIs) have been confirmed.

Kepler has left SAP to final figures for the first quarter to "buy" with a target price of 55.00 €. The preliminary results of the well-known software company had confirmed and its earnings per share estimate has been reached, an analyst Laurent Daure wrote in a study on Wednesday. He would not reduce its full-year forecasts likely. However, the market could absorb the weak sales of the database Hana negative, as many analysts and investors in this regard for 2012, more than he expected.

JP Morgan has raised its target price for Scania of 160.00 to 166.00 Swedish crowns and the classification to "Overweight" to leave. In view of improved sales and price outlook, he has increased the profit expectations for 2012 and 2013, an analyst Nico Dil wrote in a study on Wednesday.


WestLB has upgraded the stock from Siemens to figures for the second quarter from "neutral" to "Add" and the price target to 80.00 (price: 70.58) € set. Incoming orders have the electric company disappointed, analyst Thomas Langer wrote in a study on Wednesday. The better-than-expected sales across all sectors but brought higher profits.


Commerzbank has upgraded Siemens to numbers and a conference call from "hold" to "buy" and raised its target price of 75.00 to 82.00 €. After the valuation of the stock market and the expectations for the business would have reduced that he reconsidered his cautious assessment of the electric company, analyst Ingo-Martin Schachel wrote in an updated study on Wednesday. He must now recognize that the assessment is increasingly attractive, and much of the negative judgment already priced. Irrespective of various cyclical and business risks, Siemens is a company with good margins, a strong balance sheet and ample liquidity returns.

- Commerzbank has downgraded United Internet on "Add" to "buy" and raised its target price of 16.00 to 19.00 €. The current price level is an excellent opportunity to invest in the stock, an analyst Heike Paul wrote in a study on Wednesday. The Internet service provider is likely due to new investments to expand the profit growth in the period 2012 to 2015 annual average of 21 percent.
Swiss bank UBS has graduated from Wacker Chemie "buy" to "neutral" and lowered its target price of 95.00 to 61.00 €. It specializes in the solar industry, chemical companies have to contend with unexpectedly low polysilicon prices and additional impairment at the subsidiary Siltronic, analyst Jean-Francois Meymandi wrote in a study on Wednesday. In addition, Wacker would depreciate faster and harder because of the competition's assets. This will dampen earnings in the long term. He had therefore its profit forecasts for the years 2012 and 2013 is 47 percent.

The German index, the new trading week begins weak

The German index, the new trading week begins weak ...

... and in light of tomorrow's public holiday under low trading volumes. Currently the Dow is trading at 6782 points, which is 0.3 percent weaker than at the close of trading last Friday.
The focus of investors and analysts of the numbers of German retail sales were also the Chicago purchasing managers index, which was published this afternoon. The German retail sales for March were a positive surprise, and put 1.3 percent compared to the previous month of February. A shock from a cyclical point of view came in the afternoon with the Chicago purchasing managers index from the U.S.. The index traded at 56.2 points in April. Expects a value of 60.5 points.
On the business side of sports goods manufacturer Adidas surprised with ambiguous messages. On the one hand could provide very positive results for Adidas, the first quarter of 2012, whereupon investors with Adidas spending spree papers and heard the stock at around 5 percent increase in the Topwerten in Dax. Smack the top result was offset by the announcement from Adidas that accounting irregularities at its subsidiary Reebok India Company were noticed.

The European single currency is presented to week beginning on the important mark of 1.32 U.S. dollars and is currently trading at 1.3234 U.S. dollars, almost unchanged from the previous close last Friday.
Author: Tobias Reichert, IG Markets analyst

Analysts at IG Markets twice a day to inform promptly about the current development and their backgrounds in the capital markets.

The above text reflects the opinions of the columnists. The finanzen.net GmbH assumes no responsibility for its accuracy and disclaims any recourse.