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Ukraine news: Russia apparently buys ammunition in North Korea

by archyde

live ticker Ukraine war

Russia apparently buys ammunition from North Korea

Status: 09:30 a.m | Reading time: 3 minutes

This is how the Germans should be relieved in the future

In an overnight session, the traffic light government agreed on a new package to support people in the face of rising prices. The Chancellor emphasized: “Germany stands together.”

Due to western sanctions, Russia has to get the ammunition for the war against Ukraine elsewhere. The Russian state-owned company Gazprom is using flimsy arguments to shift responsibility for Nord Stream 1 to Siemens Energy. More in the live ticker.

RAccording to US sources, Russia wants to stock up on weapons from North Korea on a large scale for its war against Ukraine. The Defense Ministry in Moscow is about to buy millions of rockets and grenades from the internationally isolated country, a US official said, citing findings from American intelligence agencies. The level of secrecy of the information had only recently been lowered. That Moscow is now turning to Pyongyang indicates that the Russian military is struggling with ongoing and severe supply shortages, in part due to export controls and sanctions imposed on Russia.

US intelligence officials assume that Moscow could buy additional military equipment from Pyongyang in the future, it said. The New York Times first reported on the new findings.

North Korea has long sought closer ties with Russia and has blamed the US for the current crisis. According to Pyongyang, the Russian action in Ukraine is self-defense and justified by a Western “hegemonic policy”. Most recently, the communist leadership indicated that it would send workers to pro-Russian separatist regions for reconstruction projects.

Separatists have controlled parts of Luhansk and Donetsk since 2014. Kremlin chief Vladimir Putin recognized the territories as independent shortly before Russia’s invasion of Ukraine on February 24. Since then, only the Moscow-backed government of Syria and, most recently, North Korea have done so. In response, the government in Kyiv severed diplomatic relations with Pyongyang.

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All developments in the live ticker:

8:53 a.m. – FDP continues to push for extension of the service life for nuclear power plants

FDP parliamentary group leader Christian Dürr has reiterated his party’s demand to leave all three German nuclear power plants still in operation online. This is “certainly correct” so that “more volume comes onto the market,” said Dürr in the ZDF “Morgenmagazin”. “More quantity means lower prices”. The costs, especially for electricity, are “explosive,” Dürr said. No company or private household can afford these high electricity prices.

07:40 – More people are leaving Russia

According to the Russian statistical authority, 419,000 people left Russia in the first half of the year. That is more than twice as many as in the same period last year, as reported by the RBC news agency. This is the first time in recent Russian history that more people have emigrated than immigrated (322,000 people).

5:43 a.m .: Gazprom transfers responsibility for Nord Stream 1 to Siemens Energy

The Russian gas pipeline Nord Stream 1 will only resume deliveries to Germany after Siemens Energy has repaired the faulty plant, according to Gazprom’s deputy chairman of the board. “You should ask Siemens, they have to repair the system first,” said the deputy head of the Russian state-owned company, Vitaly Markelov, when asked on the fringes of the Eastern Economic Forum in Vladivostok when the pipeline would be able to pump gas again.

5:08 a.m.: Report on the situation at the Zaporizhia nuclear power plant

After another emergency shutdown of the Zaporizhia nuclear power plant in Ukraine, which was occupied by Russian forces, the situation there remains extremely tense. Ukrainian President Volodymyr Zelenskyy accused Moscow that Europe’s largest nuclear power plant was “just one step away from a nuclear catastrophe” for the second time because of Russian provocations. The International Atomic Energy Agency (IAEA) plans to report on Tuesday on the results of its fact-finding mission to Zaporizhia.

Tuesday marks the 195th day of Ukraine’s defense against the Russian invasion. One of Ukraine’s most vocal supporters, British Prime Minister Boris Johnson, will hand over office to Liz Truss – the new leader of the Conservative Party.

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Dax remains in the plus – first hopes of bottoming out
Economy

Dax remains in the plus – first hopes of bottoming out

by archyde

Düsseldorf After two trading days with a sell-off mood, the situation on the German stock market calmed down somewhat on Tuesday. The Dax closed unchanged at 12,831 points in a more friendly market environment.

In the meantime, the leading index went back above the 13,100 point mark. However, the Dax was unable to maintain its gains as oil prices rose again significantly. At least the losses were limited this time. The rising commodity prices had temporarily caused the price to fall by more than 1000 points in the past two days.

The maximum and minimum were also far apart in Tuesday trading: at around 430 points, after more than 700 points on Monday. The latest development gives rise to hope that the Dax is now forming an initial bottom. The course of trading gives the first indications that the number of sellers who simply throw their shares on the market without regard to losses or valuations is gradually decreasing.

For example, the low for the year of 12,438 reached the day before was no longer undercut. This level is relevant on the downside: any break below would be a sign of weakness and could trigger another sell-off.

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On the upside is Monday’s daily high of 13,150 points. As a result, the Dax did not quite make it back to this level, but at least close. Even a short-term rise above this mark would be surprising and would make some short sellers who have bet on falling Dax prices ponder.

Looking back at major bottom formations in the past, such a process takes a few trading days. During the corona crash in mid-March 2020, the absolute low point was 8255 points on March 16th. This level was tested for five more trading days with high fluctuations, but without falling below it. The trend reversal did not follow until March 24, 2020, with prices above 9000 points being sustainable again. At that time, the leading index ended the trading day at 9,700 points.

The last major correction before the Ukraine war, which took place at the end of October/beginning of November 2020, ended similarly. Shortly before the US presidential election and the announcement of the first corona vaccine, the leading index slipped to 11,457 points. This brand was the measure of all things for three trading days. On the third day, the index even fell further, with suddenly 11,450 points, further price losses were even likely. But it was the start of an unabated rally until the end of 2021.

Both bottom formations and the current situation in the Ukraine war have one important thing in common: a sell-off mood among investors. The indicators of the Handelsblatt survey Dax-Sentiment are currently at an extremely negative level, which as counter-indicators signal an impending bottoming out. The five-week sentiment has already fallen below the value at the end of October 2020, but is still above the values ​​​​during the corona crash.

For the technical analysts at HSBC Germany, too, the current market phase is not just dominated by psychology. “The Dax may now be in an exaggeration phase,” judge the experts. However, they do not expect any short-term countermovement. “Rather, it is initially about finding a new market balance,” says Jörg Scherer from HSBC Germany.

Oil prices rise significantly

The US ban on Russian oil imports is accelerating the rise in the price of Brent and WTI grades. A barrel (159 liters) of North Sea Brent costs around 132 dollars on Tuesday evening, an increase of 7.4 percent. The US variety WTI also rose by more than seven percent to over 128 dollars. However, both varieties no longer reach their multi-year highs from the previous day.

On Monday, Brent oil was more than $139, its highest in 13 years. This was followed by an ascent and descent. WTI has since risen to $130.50.

Most experts expect prices to continue rising in the near term. “If the war doesn’t stop, Brent prices could go up to $156-$185 a barrel,” says Kedia Commodities analyst Ajay Kedia.

London Metal Exchange suspends trading in nickel

The price of nickel escaped any control on Tuesday. The metal needed to make steel posted a record price jump of 111 percent and was more expensive than ever at $101,365 a ton. Commerzbank analyst Daniel Briesemann made a so-called short squeeze responsible for this in addition to speculation about supply bottlenecks. Some investors who had bet on falling prices were apparently caught on the wrong foot by the Ukraine war. The metal exchange LME suspended trading in nickel for the time being.

Because of Russia’s war against Ukraine, more and more investors are seeking refuge in the “safe haven” of gold. The precious metal gained more than 3 percent to hit $2,064. That was the highest rate in a year and a half.

Are hedge funds buying back global fashion stocks?

The insurance and banking stocks, which were weak at the beginning of the week, were at the forefront of the market recovery: With a plus of more than five percent, Munich Re was the second strongest Dax stock after Siemens Energy. Allianz and Deutsche Bank gained more than 2.5 percent. In the MDax, Commerzbank and Hannover Re each gained four percent. Other European financial institutions were also in demand.

As on the previous day, stocks from the renewable energies sector were far ahead in the small-cap index SDax: SMA Solar, Encavis, Nordex and the Verbio share, which was still weak on Monday, gained between 7.3 and 15 percent.

SDax leader was the online fashion retailer Global Fashion Group, which posted a brilliant recovery rally with a price increase of more than 22 percent to almost two euros and at least more than ironed out the previous day’s loss. Since the record high in early 2021, the losses still add up to almost 90 percent. Despite an increase in sales, the company slipped deeper into the red last year and does not have any concrete prospects for 2022 due to the war in Ukraine.

This rally may also have been a signal for hedge funds to take profits. Because recently three hedge funds speculated on falling prices at the online fashion retailer. Your so-called short sale rate was recently around two percent of freely tradable shares.

These hedge funds, also known as short sellers, bet on falling prices with “short sales”. To do this, they borrow shares for a fee and sell them in the hope of being able to buy them back at a lower price before the return date. The difference is the profit. If the stock rises unexpectedly, the hedge funds make a loss.

Look at the individual values

Dax curve

The leading German index had reached several new record highs in the last stock market year.

(Foto: Bloomberg Creative/Getty Images [M])

Schaeffler: The automotive and industrial supplier is not making a forecast because of the war in Ukraine. The company announced on Tuesday that it was currently not possible to make a well-founded forecast for the 2022 financial year. Schaeffler will closely monitor further developments and the direct and indirect effects and provide an outlook as soon as possible. However, the share rose by 7.6 percent.

Uniper: In view of the Russian invasion of Ukraine, the Düsseldorf-based energy group Uniper is making a U-turn in its Russian business. Uniper will not make any new investments in Russia. No funds would be transferred to the Russian power plant subsidiary Unipro for the time being. The process to sell Unipro, which was initiated at the end of last year, will be stopped for the time being and will be resumed as soon as possible. In addition, Uniper will write down its loans to Nord Stream 2 AG in the amount of EUR 987 million. The stock temporarily rose by almost seven percent and gave up its gains again during the day.

BASF: The share rose by two percent. Deutsche Bank has downgraded the BASF paper from “buy” to “hold” and lowered the price target from 90 to 64 euros. Even if the shares of the chemical company are very valuable, the headwind is increasing and at the same time there are no price drivers for the next twelve months.

Here is the page with that Dax coursehere there are current tops & flops in the Dax.

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Entertainment

The EU cannot achieve its climate goals without green gas power plants

by archyde

The EU taxonomy is currently the subject of much discussion. Although it basically came into force at the beginning of this year, its specific form is the subject of heated debate. The focus of the debate is the proposal and the delegated legal act that has now been presented by the European Commission to classify nuclear power and natural gas as sustainable technologies. However, the facts must be taken into account and one fact is: we will not achieve the climate targets set with the expansion of renewable energies alone.

Climate change is one of the greatest challenges facing humanity. With the “Fit for 55” package, the European Union has defined ambitious goals: by 2030, the EU should reduce its CO2 emissions by at least 55 percent compared to 1990 and be climate-neutral by 2050. In its opening statement on climate protection, the new federal government also emphasized that the speed of emission reduction must be tripled in order to achieve the climate targets by 2030. It is a Herculean task that poses enormous challenges, especially for industry.

Investments in the trillions will be necessary worldwide to replace outdated and climate-damaging technologies with lower-emission alternatives. The public sector cannot cover these costs alone, a large part has to be raised by private investors. The EU taxonomy plays a crucial role here. With it, a strict and uniform set of rules is presented for the first time within the EU, which defines the conditions under which economic activities of companies are to be assessed as sustainable.

This gives investors more transparency to make targeted investments in companies and projects that make a contribution to the energy transition. What sounds good on paper poses great challenges for many companies. The specifications for the application of the criteria in reporting, for example, are in part highly complex, and the implementation deadlines are tight. It is necessary to link financial and non-financial criteria in order to carry out the so-called tagging of the key figures and to create reliable reports on this basis.

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Auditors must certify the key figures

In addition, auditors must certify the key figures of the EU taxonomy. The interaction of many departments in the company is required for the successful implementation. And not all detailed questions have been clarified yet, in some places it still has to be specified how the criteria of the taxonomy are to be interpreted. However, with the plans now presented by the European Commission to define natural gas and nuclear power as “sustainable” bridging technologies for a transitional period, a crucial gap in the design of the taxonomy has been closed.

The political debate shows how far the assessment of sustainable technologies differs. This is already illustrated by the different energy mix that the various EU countries rely on. While France still gets around 70 percent of its electricity needs from nuclear energy, Germany will phase out nuclear power by the end of 2022. The phase-out of coal-fired power generation announced by the end of 2038 at the latest is already in full swing.

While the demand for electricity is steadily increasing, the expansion of renewable energies in Germany is not progressing fast enough to ensure long-term security of supply. Bureaucratic approval processes take too long. Intermediate solutions are therefore needed on the way to climate neutrality. And gas plays a crucial role in this.

With gas-fired power plants, the security of supply can be guaranteed even when energy demand increases – they step in when there are not enough renewable energies available, i.e. the sun is not shining or the wind is not blowing. While there are many reservations about the use of natural gas. Compared to coal, however, gas saves around two thirds of CO2 emissions. It is therefore important that the EU Commission recognizes natural gas as a “sustainable” bridging fuel for a transitional period.

The EU taxonomy ensures more transparency

Germany will not achieve its climate goals without investments in gas-fired power plants. It is already technologically possible today to operate gas-fired power plants with hydrogen admixture and, if there is sufficient availability of regeneratively produced hydrogen, to use them CO2-free in the long term. However, the political decision-makers must design the investment conditions in such a way that the carbon-neutral operation of gas-fired power plants also pays off.

There is no question: on the way to climate neutrality we need new, innovative technologies. We should see the EU taxonomy as an opportunity. With the transparent assessment of whether economic activities are sustainable, companies have to put their entire portfolio to the test. In the future, it will be easier for banks and investors to assess a company’s commitment to climate protection. It can be expected that companies with worse carbon footprints will find it more difficult to obtain cheap financing.

For example, which projects are subsidized by public funds and which loans are granted by banks – all these decisions will be made in the EU on the basis of the taxonomy in the future. Companies must also consider the criteria of the taxonomy when allocating their resources and introducing new technologies.

Interest in long-term value creation is increasing

The fact is: Today there is significantly more money available for research and development than a few years ago – on the one hand through government funding programs that promote sustainable projects based on green hydrogen, for example. On the other hand, there is more venture capital that investors are providing to develop climate-efficient technologies such as carbon storage. Nevertheless, we need additional incentives to promote sustainable technologies in order to make them scalable on an industrial scale and thus profitable in the long term.

It can be clearly seen that more and more private investors have a greater interest in long-term value creation rather than short-term profit optimization. Everyone must play their part so that the energy transition benefits our companies, our economies and, above all, our societies. The industrialized countries must lead the way. Innovations, sustainable financing and cross-sectoral cooperation should be enabled and promoted.

From the point of view of globally active companies, it would definitely be desirable if, in the long term, uniform taxonomy standards prevail not only in the European Union but worldwide.

The author: Maria Ferraro is CFO of Siemens Energy AG

More: The taxonomy is just the beginning

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Entertainment

Siemens Gamesa boss Nauen under a lot of pressure

by archyde
Wind turbine from Siemens Gamesa

Above all, the business with onshore systems on land is causing problems.


(Photo: dpa)

Munich After the profit warning from Siemens Gamesa, the leadership around CEO Andreas Nauen came under a lot of pressure. The renewed bad news from the listed wind power subsidiary would have consequences, the Handelsblatt learned from Siemens Energy circles.

This could also have consequences for Siemens Gamesa CEO Nauen. He had only taken over the management of Siemens Gamesa a year and a half ago when Markus Tacke had to go after several profit warnings. However, no official decisions have yet been made by the Siemens Gamesa Board of Directors.

Siemens Energy boss Christian Bruch appreciates Nauen as a person and as a manager, according to those around him. Nauen has initiated the right measures. But what caused lasting irritation in Munich was that the forecast for the current 2021/22 financial year (September 30) was lowered again just a few months after it was made, according to company circles. A fresh start at Siemens Gamesa is probably necessary.

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Technology

The future depends on technological breakthroughs

by archyde

Disruption

Ten trends in technology, careers, and finance are set to change our lives fundamentally.

(Photo: Thomas Kuhlenbeck)

  • Virtual worlds, cells modified with the help of AI and high-tech against climate change: We show how new technologies and life merge.
  • Downward wage spiral, virtual offices, hardly any hierarchies – how the changes in our working world are accelerating.
  • Hardly any interest rates, insecure pensions, inflation: Germans are increasingly discovering shares as an antidote – and young people are shaping a new investment culture.

Without new ideas and inventions, we will not be able to fight climate change effectively. And the way out of the corona pandemic also leads through innovations – or into a dead end. The future of the world has not been so dependent on technological breakthroughs for a long time as it was in the decade that has just dawned.

The good news is: these breakthroughs are already emerging. As perhaps not since the beginning of the industrial revolution, scientists and entrepreneurs around the world are celebrating innovations that enable completely new dimensions of progress.

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Economy

Dax remains close to a record high – five indicators signal a rally continuation

by archyde

Today’s Monday could be the third day in a row on which the Dax closes above this psychologically important level. This shows that the situation is changing for the better and willingness to buy has increased. After the last quotations above 16,000 points in August of this year, the Frankfurt benchmark always ran out of air, and a higher willingness to sell quickly sent the index below this mark.

Even if Monday could become a consolidation day, the upward trend on the German stock market remains intact. According to the evaluation of the current Handelsblatt survey Dax-Sentiment, sentiment expert Stephan Heibel says: “There is no reason to leave this stock market party.”

Many indicators signal that the year-end rally is not over yet. These are the five most important:

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1. There are signs of relaxation in the supply chain problem

Delivery bottlenecks are one of the greatest obstacles in the stock market. The result: There is a lack of goods and services, production cutbacks – and even downtimes. Germany is particularly affected by this because the manufacturing industry in this country is comparatively large with a share of 20 percent compared to other countries.

But there is a meaningful indicator that signals an end to these problems. This is the Baltic Dry Index, which shows the development of the prices for freight rates of container ships. This index has more than halved since October and has fallen to its lowest level since the beginning of June.

This decline in freight rates indicates greater transport capacities and should have another side effect. In the long term, companies will no longer be able to pass on their higher costs to customers to the extent that they are currently.

In terms of freight rates for containers, there is still no sign of the drop in prices. But there, too, prices have stopped rising for three months.

2. The best months for the stock market are ahead

The stock market year 2021 has so far followed the classic pattern: the Dax had a brilliant rally by the end of March, which only lost momentum in April and May. In June, July and August the index barely reached new highs, but that was no longer a rally.

There was the greatest decline in October, even if it was comparatively small at minus seven percent. But this setback should suffice as a springboard for the current year-end rally, which in many cases then turns into a spring rally.

It is unlikely that there will be a bigger setback in November than in October. Because the current month is usually one of the most successful stock market months of the entire year, along with December and March.

Investors are wrong to believe that after a successful first ten months of a stock market year, there will be no more year-end rally. Exactly the opposite is the case.

Sven Lehmann, fund manager at HQ Trust, has calculated: “There are year-end rallies for stocks – but only in good stock market years. In bad ones, the negative performance continues on average in December. “

But the final rally of a year is rarely as straightforward as investors imagine. There has always been consolidation in the meantime. A correction, a minus of ten percent, is very unlikely this year. The rally motto is still valid: “Buy the dips”, buy in the event of setbacks.

3. The corona pandemic is drawing to a close

While Germany is thinking about new stricter rules in the fight against the pandemic, completely different signals are coming from the USA. Scott Gottlieb, loosely formulated by Christian Drosten on the other side of the Atlantic, said in an interview with CNBC: “The end of the pandemic in the US is in sight.”

The current infection numbers here in Germany don’t give that, but the stock exchanges are looking at the world in six to nine months anyway. The development in the past trading week clearly shows that investors are betting on an end to the pandemic.

Because the stocks that have suffered from Corona have risen significantly. Above all the Lufthansa paper with a plus of 20 percent, followed by the airport operator Fraport and the car rental company Sixt, each with an increase in value of ten percent. The share of the ticket marketer CTS Eventim also gained 14 percent.

4. Falling commodity prices benefit the US Federal Reserve

The oil price rally is apparently over. The price of a barrel (159 liters) of North Sea Brent has now fallen by more than seven percent from its multi-year high at the end of October. In the case of other raw materials such as coal, natural gas and industrial metals, the falling prices are also sending signals of relaxation.

For Robert Halver, capital market strategist at Baader Bank, the current strong demand should level out again when the supply is weak, as soon as the current process of replenishing stocks has been completed. That, in turn, should lead to lower inflation and thus reduce the pressure on the US Federal Reserve to raise interest rates quickly.

Halver believes that a maximum of two key rate hikes in the USA are possible in the coming year. “We are not talking about a hard turnaround in interest rates, but a mild interest rate turnaround “, says the strategist.

5. Falling yields provide tailwind

The lower pressure on the central banks to raise interest rates is already evident in the bond market. The value for a ten-year US government bond has now slipped to 1.4845 percent; on October 21, this number was around 1.7 percent.

The ten-year federal bond was also unable to escape this trend and is now trading at a yield of minus 0.262 percent. On November 1 of this year there seemed to be signs of a trend reversal when this value was 0.07 percent. But the hopes for positive interest rates have not been fulfilled.

Attentive readers of the stock market reports know the influence of interest rate developments on the various sectors in the stock market. In simple terms: cyclical industrial stocks or bank stocks benefit from rising interest rates, while falling yields cause growth stocks to rise. So if interest rates continue to fall, that should give a boost to many tech stocks.

However, investors should not simply bet on a growth stock and / or have money in the backhand for acquisitions. Because the titles are highly rated, and the examples Teamviewer in the past few weeks and Biontech last Friday are good warnings.

The software company has cut its forecast, the share crashed by up to 70 percent. And the success announcement of the company Pfizer, which has developed a pill against Corona, caused the shares of the vaccine manufacturer Biontech to slide 20 percent on Friday.

In addition, in the opinion of Thomas Altmann from the investment house QC Partners, the US indices are as overbought as they were in September of last year. At that time, the Nasdaq 100 technology index fell 14 percent within a short period of time. “History doesn’t have to repeat itself,” says Altmann. “But a clear setback should not surprise anyone in this environment.”

Look at individual values

Volkswagen: After a negative analyst comment, the shares slide into the red. The automaker’s papers are now losing around two percent. The experts at the Jefferies investment bank have downgraded the stocks to “Underperform” and cut the target price from 270 to 170 euros.

Henkel: The consumer goods group is more pessimistic about the full year 2021 due to high raw material and transport costs. The Düsseldorf Dax group only expects a result at the lower end of its forecast. The manufacturer of Persil, Pattex and Pritt announced this on Monday morning. This news left its mark, the share temporarily fell by more than six percent.

Covestro: The plastics manufacturer Covestro is increasing its forecast for the year after a leap in earnings in the third quarter. The share nevertheless fell by 1.5 percent at times.

Siemens Gamesa: Investors react to the figures from Siemens Gamesa with relief. The shares of the wind turbine manufacturer rose in Madrid by more than nine percent in the course of trading, after having crashed a good 18 percent in the previous days. After the disappointing results of the rival Vestas, investors were prepared for a weak result, writes analyst Simon Toennessen of the investment bank Jefferies. The surprisingly strong debt reduction is also positive. In the slipstream of the Gamesa rally, the parent company Siemens Energy won 4.8 percent and the competitor Nordex 5.7 percent.

Click here to go to the page with the Dax course, here are the current tops & flops in the Dax.

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