European market moves sideways

European market moves sideways

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The European stock markets show no great rashes at the weekend. The focus was on the speech of Fed CEO Janet Yellen and the IFO Index. The Dax threatens a tough last week in August. On Friday, the Dax closed slightly by 0.02 percent lower at 12,178.98 points. The MDax, in which the shares of medium-sized German companies are represented, recorded a slight increase of 0.08 percent, at 24,762.63 points. The Ifo Index, the most important barometer for the German economy, remained close to its record level in August. The prospects for the coming six months have not been as good as they have been since the beginning of 2014.

The consolidated index of the largest enterprises of the region Stoxx Europe 600 lost 0.12% and amounted to 374.07 points, but finished in positive territory for the second week in a row. The British FTSE 100 dropped 0.08% and the French CAC 40 fell 0.17%.

In Amsterdam, Ahold Delhaize fell by 7.3 per cent, and they were as cheap as they had been for two and a half years at 15.26 euros. Following the takeover of Whole Foods, the online retailer Amazon has announced prices for certain foods. This is likely to put rivals under pressure. The Dutch-Belgian supermarket operator Ahold operates the “Food Lion” chain in the USA.

In the emissions scandal, a US court sentenced a Volkswagen engineer James Robert Liang to a 40-month imprisonment and a fine of $200,000.

The robot maker Kuka, controlled by the Chinese Midea Group, wants to be the number one in China in the coming years. The acquisition of the Chinese household appliance group Kuka had opened up a gigantic market, said CEO Till Reuter. Kuka now wants to increase its market share in the People’s Republic from 15 to 25 percent.

The retailer specialized in furniture and furnishings Big Lots increased its profit estimates for the full year to a range of 4.15 to 4.25 US dollars per share (previously: 4.05 – 4.20 USD) after a strong quarter.

Samsung’s Lee Jae Yong has been sentenced to five years imprisonment for corruption. The district court in Seoul had found the vice president of Samsung Electronics guilty of bribery and infidelity, it said.

The catering service provider Chefs’ Warehouse acquires the meat manufacturers Fells Point Wholesale Meats. Financial details were not disclosed.

The Italian-American Fiat Chrysler is according to own data so far not contacted by possible buyers.

The shares of the specialist for network solutions, Broadcom, came under pressure despite better than expected numbers and a higher sales target. Market participants had hoped for some better figures.

The pharmaceutical producer Merck KGaA can report a success with a drug against relapsive multiple sclerosis (MS) with high disease activity. The European Commission has approved the product for distribution in Europe. Cladribine is the first for orally administered treatments, the company said.

The financial investors Bain Capital and Cinven want to take the final control over the pharmaceutical group after the takeover of the majority in Stada and are aiming for a domination and profit transfer agreement (75% participation possible). The Stada management was open for discussion. Bain and Cinven have secured 63.85 percent of the shares. It remains unclear what the investor Paul Singer has with his Stada share.

Singer has direct and indirect access to current 12.56 percent of the voting rights. The takeover by the financial investors has personnel consequences for the Supervisory Board. The Chairman of the Board, Carl Ferdinand Oetker, and other members (Rolf Hoffmann, Birgit Kudlek, Tina Muller and Gunnar Riemann) will leave their positions with effect from 25 September.

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I cover technology, utilities and biotechnology for Markets Morning, and I help out occasionally with other industry sectors. I've written about investment and personal finance topics for more than 20 years from a lowly copywriter to editor-in-chief, so I've done a little bit of everything. For what it's worth, I have a BA from Duke University and an MBA from Rollins College. I'm married with one daughter, and that's worth more than everything else put together.

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