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+++ Exchanges Ticker +++ – Yellen speech and prospect of tax reform boost US stock exchanges News

Friday, August 25th, 2017 | Economy

Although on Friday Yellen did not go to the Fed's current interest rate policy at the meeting of the Bankers in Jackson Hole, he did not hesitate to cut back on banking regulation too much. Experts said, however, that traders had a strong hold before the speech. The US government's announcement that a major tax reform was to be launched next week was also well received.
The Dow Jones index of default values ​​fluctuated between a high of 21'906 and a low of 21'812 counts. It goes off the market with an increase of 0.2 percent at 21,818 points. The broader S & P 500 also increased by 0.2 per cent and ended with 2443 points. The index of the technology hub Nasdaq advances 0.1 percent to 6265 points. On weekdays, the Dow and the S & P show a plus of 0.7 and for the Nasdaq of 0.8 percent.
Experts say the absence of monetary policy comments from the Fed's CEO is seen as confirmation that there will probably not be an early interest rate increase. ECB President Mario Draghi warned in his speech of the negative consequences of a foreclosure policy in the world trade. A change of direction towards protectionism would pose a significant risk to the productivity and growth of the global economy. The Italians did not give any information on the further course of the euro banknotes in his speech.
In New York, an interview of Gary Cohn, Donald Trump's National Economic Adviser, came good. Accordingly, the US President will be promoting his long-awaited tax reform from next week. Many companies are hoping for better business conditions by rebuilding the American tax system. Trump and the Congress are under pressure because the Republican, despite a majority of his party in both chambers, was unable to implement the promised health reform.
The hurricane "Harvey", which is approaching the US, played a role in the individual values. Titles of oil companies and other companies from the energy sector such as Chevron and Schlumberger are increasing, as crude oil prices. Chevron shares are up by just under 1 percent, and Schlumberger shares by 1.5 percent.
The Swiss stock exchange has hardly moved on the Friday until the appearance of US banknotechef Janet Yellen at the central bank meeting in Jackson Hole. Then the courses slipped. Yellen did not comment on the US monetary policy as hoped for, but above all on the regulation of banks and financial stability. The SMI is trading 0.4 percent lower at 8906 points. The leading index rose by just under 0.4 percent on the previous week.
For the default values, the losers are in the excess. "It seems quite a bit random," a trader comments on the course. The shares of Lonza are leading the market with a plus of 0.6 percent at 237.80 francs, after temporarily rising to a record high of 239.90 francs.
Credit Suisse shares are still at the forefront, with a plus of 0.5 percent. The shares of Rivalin UBS, on the other hand, fell by 0.2 per cent.
The heavy-weight pharmaceuticals give some terrain. The Roche shares are losing 0.2 percent, while Novartis shares are down 0.3 percent. The shares of Nestlé, the food giant, are weakening by 1.0 per cent and are thus placing a significant strain on the SMI.
The business was more lively in the broad market with shares of smaller and medium-sized companies, which published interim reports. U-blox shares are up 9.5 percent. The GPS chip maker has achieved less profit in the first half of the year, however, the business forecasts for the current year but reaffirms.
The share of the pharmaceutical supplier Bachem is 4.2 percent. After a rather disappointing first half-year, the company expressed a positive outlook in the second half of the year, says a trader.
Oerlikon shares are losing 3.3 percent. Mainfirst took the recommendation for the plant manufacturer on "Underperform" from "Outperform" back.
The Sunrise shares are pushing 4.1 percent into the negative after the jump from the previous day in the wake of a good interim report. (Read the detailed exchange commentary on Friday.)
After the lack of statements on the monetary policy of Fed chief Janet Yellen at the bench top summit in Jackson Hole, the dollar has come under the wheels. The euro rose by 0.6 per cent to 1.1867 dollars on the Friday afternoon after publication of the speech manuscript. Previously, he had been at 1.1790 dollars.
Wall Street should be 'modest' https://t.co/B6O6OUyfRF pic.twitter.com/VOB8bWhelO
– Business Insider (@businessinsider) August 25, 2017
"By omitting monetary policy comments, the market feels confident in its assessment and does not expect interest rates to rise soon," explained Commerzbank expert Antje Praefcke. Market participants had hoped to see when the Fed began to cut back on the bloated balance sheet and whether it would raise interest again this year. In Yellens' speech, however, the focus was on banking regulation and financial stability.
The US stock markets expanded their price gains somewhat.
Immediately before the eagerly awaited speech of US central bank chief Janet Yellen, the American stock exchanges on Friday with profits in the trade started. Market players are hoping to see when the Fed begins to cut the bloated balance sheet and whether it will raise interest rates again this year. Good on Wall Street is an interview by Gary Cohn, the top economic consultant of President Donald Trump. Trump will be promoting a tax reform from next week. Cohn also denied speculation that he could resign.
The Dow Jones index with the default values ​​opened 0.3 percent in plus at 21,842 points. The broader S & P 500 wins 0.3 percent to 2447 meters. The Nasdaq technology index is up 0.4 percent to 6293.
For the individual values, the week-end is mainly geared towards energy companies, because Hurricane "Harvey" is heading to the coast of Texas, where many oil companies are located.
Gas prices spike as Hurricane Harvey bears down on Texas https://t.co/68h91if7N8 pic.twitter.com/FK1lUeNx3v
– Business Insider (@businessinsider) August 25, 2017
Twitter shares decline 1.7 percent. The investment bank Jeffries has lowered its investment recommendation for the short message service.
After a slightly stronger start against midday, the SMI recorded practically 8945 points on the day before. From Yellen, whose speech is scheduled at 4:00 pm CEST, the market participants expect indications of the planned reduction of the billion-heavy Fed securities stocks. After the stock exchange closes in Europe at 9:00 pm CEST then ECB President Mario Draghi speaks. With him, investors should pay attention to all statements on the euro exchange rate. "Draghi will probably try to weaken the euro slightly," said a trader. At the end of the ECB's monthly bond purchases, however, he is unlikely to say anything against it.
The winners and the losers held the balance for the standard values. Credit Suisse shares rose by 0.9 percent. The shares of Rivale UBS increased by 0.3 percent. The shares of Lonza were up 0.6 percent higher at 238 francs, after temporarily rising to a record high of 239.90 francs. Nestlé's shares of the food giant weakened by 0.7 percent.
The business was more lively on the wide market, with shares of smaller and medium-sized companies publishing interim reports. The share of the pharmaceutical supplier Bachem was 2.4%. The company expressed a positive outlook in the second half of the year, according to a rather disappointing first half-year, a trader said.
Oerlikon's shares lost two percent. MainFirst took the recommendation for the plant manufacturer on "Underperform" from "Outperform" back.
Oil prices have increased during the course of Friday. A barrel (159 liters) of the North Sea Brent for delivery in October cost 52.39 dollars at noon. That was 0.7 percent more than the previous day. According to market observers, the oil prices are supported by a tropical cyclone moving towards the southern coast of the USA.
WATCH: Tracking Hurricane Harvey; Category 2 storm closing in on Texas: https://t.co/KYnBdgKzBj @Ginger_Zee pic.twitter.com/VK4cbf6tiV
– Good Morning America (@GMA) August 25, 2017
The U-blox shares are up on the Swiss stock market with an above-average volume of up to 9 percent. As negative surprises did not materialize and the outlook for the full year was confirmed, investors are picking up again after the weak trend. "After the warning at the beginning of the year there were many doubts as to whether the company can maintain its goals," said a trader. Many investors have bet against the stock. "But now U-blox has confirmed the ambitious goals." This triggered cover sales.
The management's outlook for the year as a whole, as well as the dollar exchange rate, which was budgeted by U-blox, of CHF 1.02, The last year was at this level. Since then, the dollar has weakened sharply. Accordingly, the ZKB states that the assumption for the exchange rate is ambitious. For the business of U-blox the dollar movement is very relevant, but more than 80% of the sales are in the US currency (see also today's article from the cash insider).
Happy to present our 2017 half-year highlights at the Zurich Mariott today! We are on track for sustained #growth and #profitability! pic.twitter.com/wYtCfMC8II
– u-blox (@ublox) August 25, 2017
Since the start of trading, the leading index SMI has been swinging around the previ- ous day of 8946 points with a small margin. According to traders, the main attention of the investors is at the scores meeting in Jackson Hole and is expected to provide restraint.
Course-driven news from companies from the front row are shortageware. The weakest blue chips are the shares of the temporary employment agent Adecco (-1 percent) in early trading. In the important French market, consumer sentiment deteriorated in August. With a great distance follow on the losing side Aryzta (-0.5 percent), Schindler or SGS (per -0.4 percent).
Some points cost the SMI the levies at Nestlé of -0.4 percent. The pharma market weights of Novartis (+0.1 percent) and Roche (+0.3 percent), on the other hand, rose slightly. The Roche subsidiary Chugai has received approval for the drug Actemra for giant cell arteritis in Japan.
The SMI / SLI list is headed by CS (+1.5 percent), while the second large bank UBS is up 0.2 percent. Lonza (+0.7 percent), Richemont (+0.4 percent) and Vifor (+0.3 percent) are among the winners.
In the broad market, the strong sunrise (-1.2 percent) on the previous day is somewhat down. Georg Fischer (-0.5 percent) took over a company for light metal die casting in Romania at an unnamed price and thus strengthened the automotive division. The shares of Implenia (+1.1 percent) recover somewhat from the massive levies from the previous day. According to the number of semesters, the titles had fallen by almost 11 per cent.
Oerlikon fell by 2.2 per cent. Messages are not available here. The shares of the industrial group reached the highest level for three and a half years at 14.95 francs at the beginning of August.
In Germany too, stock prices are currently barely moving:
#DAX German #Aktien float back and forth, do not leave the 12,000 # stocks pic.twitter.com/96lvd1459p
– Markus van de Weyer (@mvdweyer) August 25, 2017
The Swiss Market Index (SMI) continues to start at 8936 points. The main attention of the investors today will be at the scores meeting in Jackson Hole and leads according to dealers initially for restraint. At the same time, the market players expect the heads of the ECB and the US banknote, ie Mario Draghi and Janet Yellen, to provide at least indications of the further course of monetary policy in the USA and Europe.
In the SMI, Credit Suisse (+1.0 percent) and Lonza (+0.9 percent) are the strongest.
For Sunrise (-0.4 per cent), Barclays raised the price target to 80 out of 75 Swiss francs. The evaluation Equal Weight is confirmed. The strong results of the second quarter had shown that the turning point was achieved in terms of service turnover and gross profit. The Deutsche Bank analyst also slightly raised the target to 86 of CHF 84 (hold).
Georg Fischer (-0.7 percent) has taken over a light-alloy die-casting company in Romania and is thus strengthening the Automotive division. Eucasting Ro achieved a turnover of around 50 million Swiss francs with around 500 employees.
For Implenia (+1.1 per cent), whose shares fell by almost 11 per cent on the day before the semester, Kepler Cheuvreux lowered the price target to 77 from 82 francs. The buy ranking is maintained.
In addition, Bachem (+1.3 percent), Adval Tech (+0.3 percent) and Nebag (no course yet) presented figures. On the evening before, U-blox's (+ 3.2 per cent) and Edisun Power (+ 9 per cent)
In the hope of bubbling company profits investors have covered on Friday with Chinese stocks. The leading index of the Shanghai stock exchange rose by up to 1.7 percent to a one-and-a-half-year high of 3326.49 points. "A few months ago, people had worried about a slowdown in the economy," said Yanggui, the agent of the Kaiyuan brokerage house. "Today they are discussing the prospect of a new upswing."
The stock with the highest #dividend #yield (5.44%) of Shanghai (China) is SAIC MOTOR https://t.co/t2w0ONzz02
– TopYields.nl (@TopYields) August 25, 2017
The Tokyo lead index gained 0.5 percent to 19,452.61 points. However, sales remained thin, as did the other Asian trading venues, as investors were eagerly waiting for possible signals to the monetary policy from the Reserve Bankers' Summit in Jackson Hole. "It is very difficult to predict what will happen in the speeches of Fed CEO Janet Yellen and ECB President Mario Draghi," said analyst Jung Sung-yoon from broker Hyundai Futures.
The Swiss Market Index (SMI) increases by 0.1 percent in the pre-market, which was calculated by Julius Baer. Yesterday, the lead index closed 0.2 percent lower at 8943 points.
The speech of Janet Yellen from today afternoon (4 pm CEST) is expected with excitement. Investors are hoping the US banknote will be pointing to the planned removal of the billion-fold Fed securities holdings. The ECB boss Mario Draghi, who will be speaking in Europe after the end of the trading session (9 pm CEST), will also be taking part in the central bank's summit. Investors will pay attention to all comments on the euro exchange rate.
All SMI stocks record above-market, but in a very small margin between plus 0.05 and plus 0.15 percent.
SWITZERLAND SWITZERLAND: $ SMI + 0.10%. $ ABBN, $ ADEN, $ CSGN, and $ UBSG. $ OERL -0.6%. Other shares held up slightly higher.
– cashInsider (@cashInsider) August 25, 2017
Oil prices rose on Friday in early trading. A barrel (159 liters) of the North Sea Brent for delivery in October cost 52.42 dollars in the morning. That was 38 cents more than the previous day. The price of a barrel of the American variety West Texas Intermediate (WTI) rose by 33 cents to 47.76 dollars.
In the further course of the day, investors will note the publication of new data on the oil wells in the USA. In the past, the strongest decline since January had occurred here.
In addition, we will see the extent and consequences of Hurricane "Harvey", which, according to the US National Hurricane Center, will reach the US state of Texas on the night of Saturday. The hurricane is currently classified as the lowest category. According to meteorologists, however, a negative surprise is also possible. Possible devastation could also affect oil production.
As Hurricane Harvey Nears, Millions Of Home At Risk Of Hurricane Stormsurge Damage https://t.co/jY3hVcfSPN
– Emerge Biz Solutions (@ebstt) August 25, 2017
Japan's stock markets have grown due to the stable yen on Friday. The deal was ahead of the tense-eulogized speeches by Fed chief Janet Yellen and ECB president Mario Draghi at the note-maker meeting in Jackson Hole. Investors were afraid of big commitments, said traders. They were waiting for evidence from Draghi on the ECB's exit from the bond purchases. According to insiders, this is not to be expected.
The Nikkei index rose 0.5 percent to 19,440 points. On weekdays, however, the Nikkei has lost 0.3 percent and is therefore the sixth consecutive week in minus. This is the longest loss track on weekdays since January 2014.
The dollar stabilized on the foreign exchange market. The US currency traded at 109.64 yen. That helped export values ​​like Toyota or Honda. The euro was for $ 1.1793.
(Cash / AWP / Reuters)


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