In New York, the stock indices turned positive after initial losses on Monday. Investors obviously put their hopes in the expected quarterly reports of the major US tech stocks. Today, Alphabet and Microsoft, among others, present their figures for the first quarter. On Wednesday, Meta (Facebook) follows and on Thursday, Apple, Amazon, or Intel. The acquisition of Twitter by Tesla founder Elon Musk is also a topic of conversation on the stock exchange floor. The management of the short message service gave the green light yesterday for the approximately USD 44 billion offer. The Dow Jones Industrial was still down more than three percent at the start of trading, but then closed with a daily gain of +0.7% at 34'049.46 points. The S&P 500 exited Monday's trading with a gain of +0.57% at 4'296.12 points. On the Nasdaq technology exchange, the indices rose by about +1.3%.
At the center of interest, however, certainly remain the anticipated monetary tightening course of the Federal Reserve, the war in Ukraine and the negative impact of China's Covid-19 policy, respectively, the supply chain problems on the global economy, which have been exacerbated again as a result.
Although the re-election of Macron in France guarantees a certain stability in the political and economic structure of Europe, the relatively close result casts a shadow over the future of the continent's second-largest economy.
The monthly survey by the Munich-based economic research institute Ifo showed a return to a somewhat more optimistic assessment of the approximately 8'000 German companies surveyed. According to the survey, the highly regarded Ifo business climate indicator improved from 90.8 to 91.8 points in April, while analysts on average had forecast a further decline to 89.0 points. Ifo President Clemens Fuest commented that the German economy was showing resilience after the initial shock over the war in Ukraine and that sentiment had stabilized at a low level.
According to a recent study by the Swedish peace research institute Sipri, based on official government data on defense budgets, global military spending in 2021 – well before Russia's attack on Ukraine – rose above the USD 2 trillion mark for the first time (to USD 2.12 trillion). This also marks the seventh consecutive year that defense spending has increased. The United States spent the most on military equipment, and even the corona pandemic did not seem to buck the trend. According to the report, the US invested USD 801 billion in military defense equipment, particularly military research, and development. China increased investment by almost five percent, spending USD 293 billion on its armed forces in 2021. India, the UK, and Russia follow at some distance behind.
|08:00||SZ||Trade Banalce (March)||CHF +5.95bn|
|14:30||US||Durable Goods Orders (March, m/m)||-2.1%|
|15:00||US||S&P/CaseShiller House Prices 20 biggest cities (Feb, y/y)||+19.1%|
|16:00||US||Consumer Confidence (Arpil)||107.2|
|16:00||US||New Home Sales (March, m/m)||-2.0%|
|SZ||Kuehne & Nagel||Q1|
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Source: LGT Bank (Switzerland) Ltd.
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