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    CBK   DE000CBK1001

COMMERZBANK AG

(CBK)
  Report
Delayed Xetra  -  11:38 2022-09-27 am EDT
7.556 EUR   -2.55%
05:02pADRs End Mixed, United Utilities and Commerzbank Trade Actively
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02:46pWTI Crude Oil Rises Off the Lowest Since January as the US Dollar Eases, Gulf Production Falls Ahead of Hurricane Ian
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01:05pCommerzbank to take 490 mln euro Q3 hit due to mBank unit
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Dollar set for weekly fall as markets reassess Fed rate hike bets

08/12/2022 | 07:21am EDT

* Dollar index up, yen down vs dollar

* Fed speakers maintain case for tightening monetary policy

* UK GDP shrinks less than expected

LONDON, Aug 12 (Reuters) - The dollar rose on Friday but was still set for a weekly decline as traders looked for signs of U.S. inflation peaking.

U.S. inflation figures on Wednesday and Thursday were lower than expected, boosting riskier assets such as equities and weakening the dollar, as markets interpreted the data as indicating the Fed could be less aggressive in rate hikes.

But Fed officials made clear they would continue to tighten monetary policy. San Francisco Federal Reserve Bank President Mary Daly said on Thursday she was open to the possibility of another 75 basis point (bp) hike in September to fight too-high inflation.

At 1047 GMT, the dollar index was up 0.4% on the day at 105.520, changing course after four days of losses that have put it on track for a weekly decline of 1%.

The yen lost out to the dollar's strength, with the U.S. unit up 0.5% against the Japanese currency at 133.62.

Traders were pricing in around a 36.5% chance of a 75 bps Fed rate hike in September and a 63.5% chance of 50 bps.

"We think it will take far more evidence of slowing core inflation to temper Fed tightening," Paul Mackel, global head of FX research at HSBC, said in a note to clients.

"Inflation is also a global problem not just a U.S. one, and so global growth and inflation dynamics will also drive the USD," Mackel said.

"The likes of the ECB (European Central Bank) and the BoE (Bank of England) may still find it hard to match market pricing for rate hikes, creating downside pressures for EUR and GBP."

Kit Juckes, head of FX strategy at Societe Generale, said dollar trading was likely to remain "choppy".

“It’s not going to be going significantly weaker in a straight line because there’s still a danger than the market has to reprice terminal Fed funds higher, given there’s still plenty of inflation,” Juckes said.

GDP CONTRACTION

The British pound was down 0.8% at $1.212 versus the strong dollar. UK GDP contracted by less than feared in June, even though an extra public holiday had been expected to cause a big drag.

The euro was down 0.3% at $1.0291. French inflation was up 6.8% year-on-year in July, while for Spain the figure was 10.8%, the highest since 1984, data showed.

The euro has been weighed down by Europe's struggles with the war in Ukraine, the hunt for non-Russian energy sources, and a hit to the German economy from scant rainfall. Low water levels on the Rhine, Germany's commercial artery, have disrupted shipping and pushed freight costs up more than five-fold.

Commerzbank said in a note to clients it had revised its euro-dollar forecast lower, as it expects a euro-area recession as a base scenario, having previously been a "risk scenario". Commerzbank expects the euro to fall to $0.98 in December and to not recover until later in 2023.

Inflation in Sweden eased to 8% year-on-year in July, which ING said may lessen expectations for a massive Riksbank rate hike in September.

"After a good run in July, we doubt the Swedish krona pushes on too much further against the euro," ING's Turner said.

The New Zealand dollar was lifted by expectations of a Reserve Bank of New Zealand rate rise next week.

(Reporting by Elizabeth Howcroft; Editing by Mark Potter and David Holmes)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) -0.10% 0.60011 Delayed Quote.12.76%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.32% 0.67038 Delayed Quote.5.58%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.44% 93.06 Delayed Quote.12.16%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) 0.02% 1.14261 Delayed Quote.7.23%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.64% 0.64283 Delayed Quote.-10.04%
BRITISH POUND / EURO (GBP/EUR) -0.18% 1.11672 Delayed Quote.-6.34%
BRITISH POUND / JAPANESE YEN (GBP/JPY) -0.31% 155.038 Delayed Quote.-0.54%
BRITISH POUND / NEW ZEALAND DOLLAR (GBP/NZD) 0.15% 1.90326 Delayed Quote.-4.94%
BRITISH POUND / US DOLLAR (GBP/USD) -0.53% 1.07081 Delayed Quote.-20.22%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) 0.41% 0.680069 Delayed Quote.16.63%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.19% 0.759474 Delayed Quote.9.18%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.04% 105.393 Delayed Quote.16.06%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.09% 0.72814 Delayed Quote.-6.95%
COMMERZBANK AG -2.55% 7.556 Delayed Quote.15.92%
DOW JONES FXCM DOLLAR INDEX 0.05% 13515.82 Real-time Quote.11.06%
EURO / BRITISH POUND (EUR/GBP) 0.20% 0.89517 Delayed Quote.6.80%
EURO / JAPANESE YEN (EUR/JPY) -0.11% 138.817 Delayed Quote.6.23%
EURO / NEW ZEALAND DOLLAR (EUR/NZD) 0.35% 1.70407 Delayed Quote.1.54%
EURO / US DOLLAR (EUR/USD) -0.32% 0.9587 Delayed Quote.-15.39%
INDIAN RUPEE / BRITISH POUND (INR/GBP) -0.59% 0.011407 Delayed Quote.14.45%
INDIAN RUPEE / EURO (INR/EUR) 0.10% 0.012759 Delayed Quote.7.61%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) -0.05% 1.772547 Delayed Quote.14.27%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.12% 0.012239 Delayed Quote.-8.35%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.32% 0.6841 Delayed Quote.0.00%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -0.46% 81.434 Delayed Quote.4.65%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.69% 0.5625 Delayed Quote.-16.03%
PAX DOLLAR (USDP/USD) -0.20% 0.999 End-of-day quote.-0.09%
US DOLLAR / BRITISH POUND (USD/GBP) 0.56% 0.93389 Delayed Quote.25.34%
US DOLLAR / EURO (USD/EUR) 0.33% 1.042992 Delayed Quote.17.39%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.21% 144.76 Delayed Quote.24.73%
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Analyst Recommendations on COMMERZBANK AG
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Financials
Sales 2022 9 449 M 9 070 M 9 070 M
Net income 2022 1 038 M 996 M 996 M
Net Debt 2022 - - -
P/E ratio 2022 9,48x
Yield 2022 2,75%
Capitalization 9 463 M 9 083 M 9 083 M
Capi. / Sales 2022 1,00x
Capi. / Sales 2023 0,99x
Nbr of Employees 38 465
Free-Float 84,4%
Chart COMMERZBANK AG
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Technical analysis trends COMMERZBANK AG
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 7,56 €
Average target price 9,25 €
Spread / Average Target 22,4%
EPS Revisions
Managers and Directors
Manfred Knof Chief Executive Officer
Bettina Orlopp Deputy Chairman-Supervisory Board & CFO
Helmut Gottschalk Member-Supervisory Board
Dennis Bartel Head-Human Resources & Technology
Bernd Reh Head-Research & Press Contact
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