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UBS has reduced its target price for Evonik Industries AG from €22 to €18 while maintaining a "Neutral" rating. Analyst Geoff Haire anticipates the company's fourth-quarter EBITDA will fall 6 percent below consensus estimates, with the earnings report scheduled for March 5. As of the latest trading, Evonik shares are priced at €16.72, reflecting a decline of 0.92%.
Unicredit has increased its stake in Commerzbank to nearly 30 percent, raising speculation about a potential takeover bid for Germany's second-largest private bank. Currently, 9.5 percent of the shares are held directly, with the remainder through financial instruments. Approval from the ECB is pending for the stake increase, as a 30 percent holding would trigger a mandatory public offer.
Unicredit has increased its stake in Commerzbank to nearly 30 percent, raising speculation about a potential takeover bid for Germany's second-largest private bank. Currently, 9.5 percent of the shares are held directly, with the remainder in financial instruments. Approval from the ECB is pending, as a stake above 30 percent would trigger a mandatory public offer.
Siemens has reaffirmed its focus on the Smart Infrastructure division, projecting annual revenue growth of 6-9% and profit margins of 16-20% over the next three to five years. Following its Capital Markets Day, several banks, including RBC, Goldman Sachs, and JPMorgan, have maintained positive ratings with target prices ranging from 200 to 230 euros, reflecting strong investor confidence. The company's shares recently peaked at €196.70, showcasing robust market performance despite slight fluctuations.
The EuroStoxx 50 is expected to end 2024 with modest gains, reflecting a year of stagnation influenced by weak Chinese demand impacting luxury goods, rising risk premiums on French bonds, and concerns over US-Europe trade tensions. A technical analysis suggests a potential bullish breakout in early 2025, contingent on improved global economic conditions. However, a downturn remains possible if the economic outlook worsens.
IG
The Vienna Stock Exchange experienced losses on Tuesday, with the ATX index dropping 0.92% to 3,589.88 points amid cautious sentiment ahead of the Fed's monetary policy decision. EVN shares fell 8.2% after reporting lower revenue and profit, while insurance stocks like Vienna Insurance Group and Uniqa gained. Economic data showed mixed signals, with a surprising drop in Germany's Ifo business climate index and a decline in US industrial production, although retail sales rose ahead of the holiday season.
The global gene therapy market, valued at $7.54 billion in 2022, is projected to reach $41.38 billion by 2031, driven by increased R&D, favorable regulations, and collaborations between pharmaceutical companies and academic institutions. North America leads the market, with significant advancements in biotechnology and numerous clinical trials. Recent developments include Novartis's acquisition of a gene therapy candidate from Avrobio and Bristol-Myers Squibb's expansion of its cell therapy manufacturing network.
Lars Windhorst, once hailed as a "wunderkind" of German business, is facing turmoil after the bankruptcy of his Flensburg shipyards, leaving workers anxious about their wages. The Financial Times highlights his tumultuous career, marked by scandals and financial mismanagement, questioning the fate of substantial investment funds linked to him. As scrutiny intensifies, Windhorst has retreated to Switzerland, where he continues to navigate a storm of controversy.
European stocks closed slightly higher as investors awaited the U.S. Federal Reserve's interest rate decision. Renault shares surged 5.39% amid merger talks with Nissan and Honda, while U.K. inflation rose to 2.6%, dampening hopes for a rate cut from the Bank of England. The cost of renting in London jumped 11.6%, marking the fastest rise on record.
World stocks are mixed as markets await the Federal Reserve's rate decision. European indices opened higher, while Japan's Nikkei 225 fell 0.7%. Nissan shares surged 23.7% amid collaboration talks with Honda, while U.S. retail sales exceeded expectations, hinting at a resilient economy.
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