On the New York Stock Exchange, the downward trend continued at the end of last week. The Dow Jones Industrial closed -0.45% lower at 30,822.42 points, resulting in a loss of -4.1% for the week. The S&P 500 declined -0.72% to 3,873.33 points on Friday. On the Nasdaq, the indices lost about -0.5%. In addition to the expected further monetary tightening of the Federal Reserve, a profit warning from FedEx also increased the economic concerns of investors. Due to its important role in global supply chains, the American parcel delivery service and logistics group is regarded as a barometer for the world economy. As a result, the share price slumped by more than -20%. On the bond market, the yield on ten-year US government bonds briefly reached its highest level in around three months at 3.48% on Friday and is now trading at 3.45%.
The majority of stocks in the Asia-Pacific region fell on Monday ahead of the Fed interest rate decision. In Hong Kong, the Hang Seng Index fell by about -1% and the Hang Seng Tech Index fell by about -2%. The South Korean Kospi lost about -1.2%. In mainland China, the Shanghai Composite lost about -0.2% and the Shenzhen Component slipped about -0.25%. Meanwhile, China's central bank lowered its 14-day reverse repo rate. MSCI's broadest index of Asia-Pacific stocks outside Japan fell about -0.5%. In Tokyo, the stock exchanges remained closed for a holiday.
According to a resolution of the Board of Management and Supervisory Board of the Volkswagen Group, Porsche is to go public on September 29. From then on, the Volkswagen subsidiary will likely have some of its preferred shares freely traded on the financial market. The sports car manufacturer is expected to have a market capitalization of EUR 70 to 75 billion. The subscription period is expected to start on September 20 and run until September 28.
Inflation in the euro countries accelerated further in August at a high level. At +9.1%, the inflation rate also reached a new record level. In the previous month, consumer prices had risen by +8.9% year-on-year. The main driver remains energy prices, which have risen by almost +39% over the year. However, food prices also increased sharply, rising by +10.6% year-on-year. Excluding energy and food prices, the core rate was +4.3% (previous month +4.0%).
In Italy, the cost of living increased more than expected in August, with the annual inflation rate climbing to +9.1% from +9.0% in July, according to the Istat statistics office in Rome. Compared with the previous month, consumer prices rose by +0.9%, driven by higher energy and food prices.
|16:00||US||NAHB Immobilienmarktindex (September)||+49|
|SZ||Emmi||Capital Market Day|
Publisher: LGT Bank (Switzerland) Ltd., Glärnischstrasse 36, CH-8027 Zurich
Editor: Alessandro Fezzi, E-Mail: firstname.lastname@example.org
Source: LGT Bank (Switzerland) Ltd.
Risk Disclosure (Disclaimer)
This publication is an advertising material / marketing communication. This publication is intended only for your information purposes. It is not intended as an offer, solicitation of an offer, or public advertisement or recommendation to buy or sell any investment or other specific product. The publication addresses solely the recipient and may not be multiplied or published to third parties in electronic or any other form. The content of this publication has been developed by the staff of LGT and is based on sources of information we consider to be reliable. However, we cannot provide any confirmation or guarantee as to its correctness, completeness and up-to-date nature. The circumstances and principles to which the information contained in this publication relates may change at any time. Once published information is therefore not to be interpreted in a manner implying that since its publication no changes have taken place or that the information is still up to date. The information in this publication does not constitute an aid for decision-making in relation to financial, legal, tax or other matters of consultation, nor should any investment decisions or other decisions be made solely on the basis of this information. Advice from a qualified expert is recommended. Investors should be aware of the fact that the value of investments can decrease as well as increase. Therefore, a positive performance in the past is no reliable indicator of a positive performance in the future. The risk of exchange rate and foreign currency losses due to an unfavorable exchange rate development for the investor cannot be excluded. There is a risk that investors will not receive back the full amount they originally invested. Forecasts are not a reliable indicator of future performance. In the case of simulations the figures refer to simulated past performance and that past performance is not a reliable indicator of future performance.
The commissions and costs charged on the issue and redemption of units are charged individually to the investor and are therefore not reflected in the performance shown. We disclaim, without limitation, all liability for any losses or damages of any kind, whether direct, indirect or consequential nature that may be incurred through the use of this publication. This publication is not intended for persons subject to a legislation that prohibits its distribution or makes its distribution contingent upon an approval. Persons in whose possession this publication comes, as well as potential investors, must inform themselves in their home country, country of residence or country of domicile about the legal requirements and any tax consequences, foreign currency restrictions or controls and other aspects relevant to the decision to tender, acquire, hold, exchange, redeem or otherwise act in respect of such investments, obtain appropriate advice and comply with any restrictions. In line with internal guidelines, persons responsible for compiling this publication are free to buy, hold and sell the securities referred to in this publication. For any financial instruments mentioned, we will be happy to provide you with additional documents at any time and free of charge, such as a key information document pursuant to Art. 58 et seq. of the Financial Services Act, a prospectus pursuant to Art. 35 et seq. of the Financial Services Act or an equivalent foreign product information sheet, e.g. a basic information sheet pursuant to Regulation EU 1286/2014 for packaged investment products for retail investors and insurance investment products (PRIIPS KID).