Ion-Marc Valahu répond à Bloomberg – 25.03.2014

“The DAX is reversing yesterday’s losses thanks to better economic numbers in the U.S., despite the IFO coming in on the light side of estimates,” Ion-Marc Valahu, a co-founder and fund manager at Clairinvest in Geneva

 

German Stocks Climb as U.S. Consumer Confidence Beats Estimates
2014-03-25 14:38:51.855 GMT
By Jonathan Morgan
March 25 (Bloomberg) — German stocks advanced, rebounding after the benchmark DAX Index fell the most in more than a week, as a measure of consumer confidence in the U.S. increased more than forecast.
Jenoptik AG gained 5.6 percent after the optoelectronics supplier proposed a higher dividend. Fresenius Medical Care AG rose 3.4 percent after U.S. government auditors said the world’s biggest provider of kidney dialysis and other companies aren’t being paid correctly by the Medicare program. Kontron AG lost
3.3 percent after it reported a drop in revenue for 2013.
The DAX added 1.7 percent to 9,341.07 at 3:34 p.m. in Frankfurt. The measure rose 3.2 percent last week, its biggest rally in a month, as President Vladimir Putin said he wasn’t seeking territory beyond Crimea after the region voted to join Russia. The broader HDAX Index added 1.5 percent today.
“Any indication that the economy in the U.S. is going up is good news, especially for Germany which is very sensitive to exports and economic growth,” Robert Halver, head of capital markets research at Baader Bank AG in Frankfurt, said in a telephone interview. “We are regaining momentum.”
The U.S. is Germany’s fourth-biggest trading partner, according to data compiled by Bloomberg.
The Conference Board’s index of U.S. consumer confidence increased to 82.3 in March from 78.3 a month earlier, the New York-based private research group said today. The median forecast in a Bloomberg survey called for a reading of 78.5 this month.
A separate report showed that purchases of new homes in the U.S. fell in February to a 440,000 annualized pace from a
455,000 rate the prior month. The median forecast of 77 economists surveyed by Bloomberg called for 445,000.

German Confidence

German business confidence declined in March. The Ifo institute’s business climate index, based on a survey of 7,000 executives, fell to 110.7 after reaching 111.3 in February.
Economists had predicted a drop this month to 110.9, according to the median estimate in a Bloomberg News survey.
“The DAX is reversing yesterday’s losses thanks to better economic numbers in the U.S., despite the IFO coming in on the light side of estimates,” Ion-Marc Valahu, a co-founder and fund manager at Clairinvest in Geneva, wrote in an e-mail.
“Year-to-date, the DAX is the worst performing index in Europe and investors have taken advantage of a dip to move back into German equities.”
Jenoptik climbed 5.6 percent to 12.68 euros after announcing a dividend of 20 euro cents per share. The optoelectronics supplier paid 18 euro cents per share last year.

Fresenius Medical

Fresenius Medical rose 3.4 percent to 50.20 euros. The U.S.
Health and Human Services Department’s Office of Inspector General will recommend today that the agency that runs Medicare recalculate its payments to dialysis centers “to reflect current trends in drug acquisition costs.”
Payments are adjusted each year based in part on what the drugs are expected to cost. The report didn’t say how payments should be recalculated or whether they should be increased.
Osram Licht AG, the lighting manufacturer that was spun off from Siemens AG, gained 3.7 percent to 46.20 euros. Bank of America Corp. initiated coverage of the shares with a buy rating, citing its strong balance sheet, cost controls and potential gains in short-term earnings as the construction industry recovers. It projected a target price of 53 euros on the stock.
Kontron slipped 3.3 percent to 4.81 euros. The maker of embedded computer boards reported 2013 revenue from continued operations of 445.3 million euros ($615.3 million), down from
466.9 million euros the previous year. The company forecast revenue this year of 450 million euros to 470 million euros.
Deutsche Post AG rose 3.6 percent to 27.02 euros, for the largest gain on the benchmark index. Shares are heading for their biggest two-day advance since December after Welt am Sonntag reported that Europe’s largest postal service will increase the profit target for its mail unit by 60 percent. The report cited supervisory board members it didn’t identify.

For Related News and Information:
Developed Markets View: DMMV <GO>
World Stock Indexes: WEI <GO>
DAX Market Map: DAX <Index> IMAP <GO>
Top Stories on Stocks: TOP STK <GO>
Equity Screening: EQS <GO>
Graphing: GRAPH <GO>
Feature Stories on Stocks: TNI STK GREET <GO>

To contact the reporter on this story:
Jonathan Morgan in Frankfurt at +49-69-92041-207 or jmorgan157@bloomberg.net To contact the editors responsible for this story:
Cecile Vannucci at +44-20-3525-7032 or
cvannucci1@bloomberg.net
Alan Soughley, Will Hadfield