Market: Not much response to German orders

Market: Not much response to German orders


(CercleFinance.com) – European stock markets were unchanged on Tuesday (+0.1% in London and +0.2% in Frankfurt, -0.1% in Paris), showing resistance to further declines – for the sixth month in a row – German industrial orders.

The only data published this morning in the old continent, new orders in the German manufacturing sector fell by 1.1% in July compared to the previous month, after a decrease of 0.3% in June.

“However, due to the increase in orders that continue until recently, the consumption of the current order is probably of secondary importance to the development of production”, exasperates Commerzbank.

“More important at the moment are the ongoing constraints in the supply of intermediate goods and the significant increase in energy prices, which makes many products unprofitable,” he warns, however.

In security news, Dufry is losing almost 3% in Zurich, targets revealed by an expert in duty-free shops during the presentation of its latest strategic plan, named ‘Destination 2027’, greeted with skepticism.

Rolls-Royce gains more than 1% in London, as the Pentagon awarded the engine maker two contracts, worth more than $1.8 billion over the next five years, to service its aircraft engines for the US Navy and Marine Corps.

In Paris, Valneva advanced 2% after the medical journal ‘Lancet Infectious Diseases’ published an article detailing clinical data from the pivotal phase 3 trial of VLA2001, its whole virus vaccine against Covid -19. 19.

Copyright (c) 2022 CercleFinance.com. All rights reserved.