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☆ Hydrogen Offers Germany a Chance to Take a Lead in Green Energy
▼ + stars: | 2024-04-30 | by ( Stanley Reed | Melissa Eddy | ) www.nytimes.com time to read: +1 min

In the city of Duisburg in Germany’s industrial heartland is a vast steel complex that is one of Europe’s largest polluters. If adopted widely, the devices could help clean up heavy industry, such as steel-making, in Germany and elsewhere. “We are maybe in one of those few very promising industries where Germany has a significant and very promising base,” said Werner Ponikwar, chief executive of ThyssenKrupp Nucera, which produces the electrolyzers. The company was spun off from ThyssenKrupp, a German steel giant, in 2023. Overall, German state and federal governments have earmarked €13.2 billion for investment in about two dozen projects to develop hydrogen.

Persons: ”, Werner Ponikwar, ThyssenKrupp Locations: Duisburg, Germany, ThyssenKrupp

THE HAGUE, Netherlands (AP) — French defense industry heavyweight Naval Group has been chosen to build four new diesel-electric submarines for the Dutch navy, the government announced Friday, in a provisional deal to replace three ageing Walrus Class subs. The Dutch government did not immediately announce the price tag for the new submarines. “Our shipyards can build excellent surface ships themselves, but unfortunately we have not had any Dutch navy yards that can design and build submarines themselves for more than 25 years," Economic Affairs Minister Micky Adriaansens said in a statement. Instead, Australia had struck a deal with the United States and Britain to provide submarines powered with U.S. nuclear technology, which French leaders said was sealed behind their backs. In a move to heal relations with France, Canberra later agreed to pay Naval Group a 555-million-euro settlement for breaking the contract.

Persons: “, Micky Adriaansens Organizations: Naval, Walrus, Ministry of Defense, Barracuda, ” Naval, Saab, Economic, ”, French Locations: HAGUE, Netherlands, ThyssenKrupp, Germany, French, Australia, United States, Britain, France, Canberra

☆ Brenntag to reshuffle divisions amid investor calls for break-up
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +1 min

Dec 5 (Reuters) - German chemicals distributor Brenntag (BNRGn.DE), which has come under pressure from activist investors to break up its businesses, on Tuesday said it would reshuffle its units to drive "independence and autonomy" of its two global divisions. The company will transfer all pharmaceutical activities from its essentials divisions to its specialities arm, while moving water treatment and finished lubricants businesses along with some semi-speciality products in the opposite direction. Brenntag is the latest in a series of old and famous German companies, such as Bayer (BAYGn.DE) and Thyssenkrupp (TKAG.DE), that have been targeted by activist investors to divest part of their business to improve profitability. It said the "operational and legal disentanglement" of the specialities and essentials divisions would create optionality and make Brenntag ready for next strategic steps by 2026. Reporting by Tristan Veyet and Matteo Allievi in Gdansk; editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Tristan Veyet, Matteo Allievi, Milla Nissi Organizations: Bayer, Thomson Locations: Gdansk

☆ Euro zone factory downturn eased a touch in November -PMI
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ina Fassbender/File Photo Acquire Licensing RightsLONDON, Dec 1 (Reuters) - The broad-based downturn in euro zone manufacturing activity eased slightly last month but the sector remained deeply rooted in contractionary territory, prompting factories to trim staffing levels for a sixth straight month. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 44.2 in November from October's 43.1, above a preliminary estimate of 43.8. An index measuring output, which feeds into a composite PMI due on Tuesday and seen as a good gauge of economic health, climbed to 44.6 from 43.1. "November has not been the prettiest, and this does not refer only to the weather but also to the situation in the manufacturing sector of the euro zone," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The employment index dropped to a low not seen since August 2020 when the COVID-19 pandemic was cementing its grip on the world.

Persons: Ina Fassbender, Cyrus de la Rubia, Rubia, Jonathan Cable, Toby Chopra Organizations: ThyssenKrupp AG, REUTERS, P, Hamburg Commercial Bank, Thomson Locations: German, Duisburg, October's, Hamburg

☆ German government and EU collaboration needed to find lower cost, greener energy solutions: Thyssenkrupp CEO
▼ + stars: | 2023-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGerman government and EU collaboration needed to find lower cost, greener energy solutions: Thyssenkrupp CEOMiguel Angel Lopez Borrego, CEO at Thyssenkrupp, discusses the energy transition in Germany and what the company is doing to meet environmental targets.

Persons: Miguel Angel Lopez Borrego Organizations: EU Locations: Germany

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 28, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - The EU is falling behind Britain in tapping into savers' money to boost the stock market, despite reforms in continental Europe being a step in the right direction, an official with Germany's bourse told Reuters. For Maassen there is an opportunity in Europe to rival US capital markets. Maassen urged policymakers to speed up the implementation of the Capital Markets Union, a longstanding project to create a single market for capital beyond national borders. Earlier this month, European Central Bank President Christine Lagarde called for a capital markets union, with a single supervisor and trading infrastructure, to finance its digitalisation and green transition.

Persons: Stefan Maassen, Jeremy Hunt, Hunt, ThyssenKrupp, Maassen, Germany's, Christine Lagarde, Lagarde, Pablo Mayo Cerqueiro, Anousha Sakoui, Christina Fincher Organizations: REUTERS, Staff, Germany's bourse, Reuters, Capital Markets, Deutsche, Frankfurt Stock Exchange, Schott Pharma, OLB Bank, DKV, New York Stock Exchange, EU, Capital Markets Union, European Union, European Central Bank, ., Thomson Locations: Frankfurt, Germany, EU, Europe, we're, U.S

These include plans by ArcelorMittal , the world's second-largest steelmaker, to spend 2.5 billion euros to decarbonise its German steel mills, efforts that depend on now-uncertain government support. "What we're seeing here is devastating for Germany as a business location globally. Besides the 6 billion euros of steel investments, other sectors potentially affected by the court ruling include 4 billion euros in the area of microelectronics and 20 billion euros for battery cell production, according to an economy ministry paper seen by Reuters. Those have previously been estimated at 68 billion euros. "Important industries in Germany, such as chemicals or steel production, need economical energy prices," Oliver Blume, CEO of Europe's top carmaker Volkswagen (VOWG_p.DE), told Frankfurter Allgemeine Zeitung.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Reiner Blaschek, Chancellor Olaf Scholz, Stefan Rauber, Intel INTC.O, Taiwan's, Bernhard Osburg, Oliver Blume, Christoph Steitz, Tom Kaeckenhoff, Andreas Rinke, Catherine Evans Organizations: Climate, Finance, ArcelorMittal, SHS Stahl, Reuters, IMF, Intel, TW, Infineon, Steel, BASF, Wacker Chemie, Volkswagen, Frankfurter Allgemeine Zeitung, Thomson Locations: FRANKFURT, DUESSELDORF, Berlin, Germany, Asia, United States, U.S, USA, Steel Europe

☆ Iron ore gains on China’s property debt-rejig pain
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, January 30, 2020. The benchmark December iron ore futures contract on the Singapore Exchange is up 10% this month at $133.45 a ton on hopes Beijing will kickstart the property sector. Anticipating spiking demand from the world’s second largest economy, Citi analysts on Tuesday upgraded their forecast iron ore price to $140 per ton. The optimism on iron ore could further grow if Beijing rolls out more structural reforms, such as the provision of social housing. China’s demand for steel in electric vehicles and green infrastructure has already kept average prices high despite the property slump.

Persons: Wolfgang Rattay, Chan Ka, Una Galani, Thomas Shum Organizations: REUTERS, Reuters, Singapore Exchange, Citi, Hong Kong, HK, X, Thomson Locations: ThyssenKrupp, Duisburg, Germany, HONG KONG, China, Beijing, HK, Rome

☆ German budget hole puts industry at risk, steel sector warns
▼ + stars: | 2023-11-23 | by ( Christoph Steitz | ) www.reuters.com time to read: +3 min

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. Bernhard Osburg, president of the German steel association and CEO of Thyssenkrupp's (TKAG.DE) steel division, the country's top steelmaker, told reporters that it was vital for Germany to protect its future competitiveness. His comments highlight major uncertainty within Germany's industrial firms, which are already struggling with local economic conditions and are increasingly looking to alternative, more favourable, markets, such as the United States. So he called on Berlin to hold a summit soon with German industry leaders to provide answers on how these investments could be protected, warning of an "utmost pressure to act". Germany's steel sector, which apart from Thyssenkrupp also includes Salzgitter (SZGG.DE), directly employs around 80,000, while around 4 million jobs indirectly depend on it.

Persons: Wolfgang Rattay, Bernhard Osburg, Osburg, Berlin, Chancellor Olaf Scholz's, Christoph Steitz, Miranda Murray Organizations: REUTERS, Thomson Locations: Duisburg, Germany, Berlin, FRANKFURT, United States, decarbonisation, Thyssenkrupp

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. Scholz's three-way coalition is reeling from a court ruling last week that wiped 60 billion euros ($65 billion) from the budget at a stroke and forced it to freeze most new spending commitments, delaying talks on the 2024 budget. LOSS OF CONFIDENCEGermany's steel sector added its voice to the growing jitters, warning that the court ruling had put a question mark over more than 40 billion euros in planned investments. "I find it correct that the consequences of the constitutional court ruling ... are checked carefully," Scholz told a news conference. Scholz also described this as conceivable, participants at the meeting told Reuters, adding that the court ruling put the coalition into a difficult situation but it could be resolved.

Persons: Wolfgang Rattay, Chancellor Olaf Scholz, Robert Grundke, Bernhard Osburg, Osburg, Berlin, Scholz, Achim Post, Andreas Rinke, Christoph Steitz, Holger Hansen, Rene Wagner, Matthias Williams, Christina Fincher Organizations: REUTERS, Economic Cooperation, Development, Reuters, Scholz's Social Democrats, Thomson Locations: Duisburg, Germany, FRANKFURT, Paris, United States, decarbonisation

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. As a result of the impairment, Thyssenkrupp, which has been trying to divest its steel division for several years, posted a 2-billion-euro net loss for the fourth quarter. Shares of the company, which proposed a stable dividend of 0.15 euros apiece, were indicated to open 1.8% lower in pre-market trade. Thyssenkrupp - which apart from steel builds submarines, car parts and operates a large materials trading business - said it was in constructive and open-ended talks with EPH about a potential steel joint venture. EPH, controlled by Czech billionaire Daniel Kretinsky, would support Thyssenkrupp Steel Europe with its energy expertise in any joint venture, the company said.

Persons: Wolfgang Rattay, Miguel Lopez, Daniel Kretinsky, Thyssenkrupp, Christoph Steitz, Tom Kaeckenhoff, Sandra Maler, Miranda Murray, Sherry Jacob, Phillips Organizations: REUTERS, Wednesday, EPH, Thyssenkrupp Steel, Thomson Locations: Duisburg, Germany, FRANKFURT, DUESSELDORF, Czech, Europe

Their options include drawing up a supplementary budget for 2023 and suspending Germany's self-imposed debt brake before reinstating it for next year. "Our goal is to discuss the budget quickly but with due care," said a joint statement of ruling party lawmakers. The delay has heightened uncertainty about spending in all areas of the German economy and meant the 2024 budget might not be concluded before the end of the year. "I firmly assume that the commitments for Intel and TSMC will remain," a government source said, adding: "This is very important to the chancellor, as well as to the economy minister." This will happen in the course of next early 2024 and we will see how far hydrogen is available," CEO Miguel Lopez said.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Olaf Scholz's, Scholz's, Siegfried Russwurm, TSMC, Scholz, Miguel Lopez, Holger Hansen, Christian Kraemer, Victoria Waldersee, Andreas Rinke, Madeline Chambers, Matthias Williams, Miranda Murray, Alex Richardson, Christina Fincher Organizations: Finance, Climate, Government, Ukraine Industry, Intel, TSMC, Wednesday, Social Democrat, Greens, Free Democrats, Fund, Eurasia Group, U.S, BMW, Volkswagen, Thomson Locations: TSMC BERLIN, Germany's, Ukraine, EU, Saxony, Anhalt, Berlin, Germany

☆ German industrial projects in steel, chips, batteries at risk from court ruling -sources
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

Steel coils are waiting for delivery at the storage and distribution facility of German steel maker ThyssenKrupp in Duisburg, Germany, November 16, 2023. That put numerous projects in key areas for Germany's industrial competitiveness at risk, the sources, who declined to be named, warned. In the steel industry, businesses planned to invest 6 billion euros ($6.54 billion) in decarbonised steel production, directly and indirectly employing around 20,000 people. Investments in microelectronics were bundled into the KTF, totalling 31 projects relying on an estimated 4 billion euros in government funding. Numerous projects along the battery supply chain were submitted as outlines for funding applications, the sources said, with an investment volume of around 20 billion euros.

Persons: Wolfgang Rattay, Markus Wacket, Victoria Waldersee, Bill Berkrot Organizations: REUTERS, Rights, Transformation, Investments, RIC, Infineon, Intel, Thomson Locations: Duisburg, Germany, Dresden, Magdeburg

Earlier this month, she said the U.S. offshore wind industry was "fundamentally broken" after BP wrote down $540 million on its wind power projects offshore New York, blaming inflation and red tape that meant projects ran over budget and over time. Globally, the renewables sector has been undermined by slow permitting, technological challenges, rising raw material costs and higher costs of capital. As BP seeks to guarantee it can meet its internal returns target of 6% to 8% on renewables projects, Dotzenrath said BP was working out how to reduce costs globally. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection," she said. BP does not produce electrolysers, which split water to produce hydrogen, but Dotzenrath said did not rule out greater involvement.

Persons: Chris Helgren, Anja, Isabel Dotzenrath, Norway's Equinor, Denmark's, Dotzenrath, we'll, Chancellor Olaf Scholz, Thyssenkrupp, Christoph Steitz, Ron Bousso, Barbara Lewis Organizations: BP, REUTERS, Reuters, Siemens Energy, BASF, Thomson Locations: Vancouver , British Columbia, Canada, LONDON, Japan, U.S, New York, U.S.A, Germany

Underscoring the frustration, Economy Minister Robert Habeck, a member of the pro-spending Greens, called the verdict "a huge blow to industrial policy". Speaking to parliament, Habeck warned the court ruling put at risk support for the steel sector, which is counting on subsidies to decarbonise and stay competitive. Finance Minister Christian Lindner meanwhile said it was too early to discuss the consequences of the court ruling. "The steel industry alone can contribute to reducing a third of total industrial emissions - and thus has enormous leverage to save millions of tons of CO2 in the coming years." "The political bottom line is that many coalition disputes will reopen as serious budget constraints kick in.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, BERLIN, Wednesday's, Chancellor Olaf Scholz, Habeck, Yesenn, DBRS Morningstar, hawkish Lindner, Lindner, Bernhard Osburg, Carsten Brzeski, Eurointelligence, Maria Martinez, Christian Kraemer, Andreas Rinke, Markus Wacket, Tom Kaeckenhoff, Matthias Williams, Alexandra Hudson, Susan Fenton Organizations: Finance, Climate, Economy, Greens, CHANGE, Budget, European Central Bank, Thomson Locations: United States, Berlin, Germany

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Nov 7 (Reuters) - German industrial production fell more than expected in September, data showed on Tuesday, as a recent slump in incoming orders took its toll on production. There are few figures that summarise the state of the German economy as well as industrial production, Thomas Gitzel, chief economist at VP Bank, said. "The industry-heavy German economy is dependent on production in order to achieve reasonable economic growth rates," he said, noting that industrial production this year has been weak. "Even though there isn’t any hard data for the fourth quarter yet, recent developments have clearly increased the risk that the German economy will end the year in recession," Brzeski said.

Persons: Wolfgang Rattay, Thomas Gitzel, Carsten Brzeski, Brzeski, Maria Martinez, Miranda Murray, Rachel More Organizations: REUTERS, Rights, Reuters, VP Bank, ING, Thomson Locations: ThyssenKrupp, Duisburg, Germany

☆ German business activity slump suggests recession 'well underway' -PMI
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

The HCOB German Flash Composite Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 45.8 in October from September's 46.4, below the 46.7 forecast by economists. A reading below the 50 level points to a contraction in business activity. The composite PMI index tracks the services and manufacturing sectors that together account for more than two-thirds of the German economy, Europe's biggest. Business activity in the services sector was unexpectedly back in contraction territory after slight growth the month before, with the reading falling to 48.0 from 50.3 in September. Well there are, especially in the manufacturing sector," said de la Rubia, pointing to improvements in new orders and output, as well as an increase in stocks of purchases.

Persons: Wolfgang Rattay, Cyrus de la Rubia, la, Miranda Murray, Hugh Lawson Organizations: REUTERS, Rights, P Global, Hamburg Commercial Bank, PMI, Reuters, Thomson Locations: ThyssenKrupp, Duisburg, Germany, September's, Hamburg

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsSummary Industrial output down 0.2% in Aug vs down 0.1% forecastEconomists expect further contraction in coming monthsBERLIN, Oct 9 (Reuters) - German industrial output shrank in August for the fourth consecutive month, the federal statistics office said on Monday, an indication that the sector remains under serious pressure, stoking recession fears. Industrial production fell slightly more than expected in August by 0.2% compared to the previous month. The further drop in German industrial production in August was better than it looked as it was driven by volatile components, said Franziska Palmas, senior Europe economist at Capital Economics. However, she continued to expect high interest rates and falling demand to lead to a further contraction in German industrial output in the coming months. "Thin order books despite last week's increase, and high inventories all indicate that German industrial production will continue moving sideways rather than gaining momentum anytime soon," ING's global head of macro Carsten Brzeski said.

Persons: Wolfgang Rattay, Franziska Palmas, Destatis, Carsten Brzeski, Brzeski, Friederike Heine, Maria Martinez, Ozan Ergenay, Gerry Doyle, Sonali Paul Organizations: REUTERS, Reuters, Capital Economics, Thomson Locations: ThyssenKrupp, Duisburg, Germany, BERLIN, Europe, Palmas

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Oct 5 (Reuters) - German industrial orders rose more than expected in August due to a strong increase in the manufacture of computer, electronic and optical products sector, data showed On Friday. Orders rose by 3.9% on the previous month on a seasonally and calendar adjusted basis, the federal statistics office said. The statistics office revised the July drop to 11.3% compared with June, from a provisional figure of -11.7%. In August, an increase of 37.9% on the month in the manufacture of computer, electronic and optical products drove the expansion in industrial orders. Foreign orders were up 3.9% on the month and domestic orders rose by 4.0%, the data showed.

Persons: Wolfgang Rattay, Rachel More, Maria Martinez, Kirsti Knolle, Christina Fincher Organizations: REUTERS, Rights, Thomson Locations: Duisburg, Germany

☆ German service sector activity edges up in Sept -PMI
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Oct 4 (Reuters) - Activity in Germany's services sector edged up slightly in September, following a drop the month before, a survey showed on Wednesday. The HCOB final services Purchasing Managers' Index (PMI) rose to 50.3 in September from to 47.3 in August, rising back above the 50 level that signals growth in activity. "The recently started downturn in the German services sector looks like it is sticking around for a while," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The composite PMI index, which comprises services and manufacturing, rose to 46.4 in September from 44.6 in August, signalling a softer rate of contraction of private sector business activity overall.

Persons: Wolfgang Rattay, Cyrus de la Rubia, la Rubia, Maria Martinez, Hugh Lawson 私 Organizations: REUTERS, Rights, Hamburg Commercial Bank Locations: ThyssenKrupp, Duisburg, Germany, Hamburg

☆ Euro zone economy likely contracted in Q3
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, nudged up to 47.2 in September from August's 46.7. Wednesday's survey showed the downturn was broad-based as, like in August, output declined in both services and manufacturing. "The HCOB Composite PMI for the euro zone did rebound a bit. In one bright spot, services firms increased headcount at a faster pace last month than they did in August. Indeed, euro zone firms bulked up their teams at a faster pace than in August.

Persons: Wolfgang Rattay, Cyrus de la Rubia, Jonathan Cable, Hugh Lawson Organizations: REUTERS, P Global, August's, PMI, Hamburg Commercial Bank, Thomson Locations: Duisburg, Germany, France, Hamburg

☆ Euro zone factory activity stuck in steep downturn in Sept - PMI
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

A steel worker of ThyssenKrupp walks in front of a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsLONDON, Oct 2 (Reuters) - Euro zone manufacturing activity remained mired in a deep and broad-based downturn last month, according to a survey which showed on Monday that demand kept shrinking at a pace rarely surpassed since the data was first collected in 1997. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, dipped to 43.4 in September from August's 43.5, matching a preliminary estimate. An index measuring output, which feeds into a composite PMI due on Wednesday and seen as a good gauge of economic health, fell to 43.1 from 43.4. The new orders index did rise last month, to 39.2 from August's 39.0, but it remained firmly below the breakeven mark.

Persons: Wolfgang Rattay, Cyrus de la Rubia, Jonathan Cable, Hugh Lawson Organizations: REUTERS, P, PMI, Hamburg Commercial Bank, European Central Bank, Thomson Locations: Duisburg, Germany, August's, Hamburg, France, Spain, Italy

"We're definitely seeing a bit of a soft open in the IPO market", said Lizzie Reed, global head of the ECM syndicate desk at Goldman Sachs. Arm and Instacart shares briefly fell below their issue price, suggesting there is still some way before the IPO market fully recovers. Medical glass producer Schott Pharma (1SXP.F) debuted on the Frankfurt Stock Exchange on Thursday, with shares closing 16% above the IPO price. Klaviyo's shares are now trading at a 21% premium to their IPO price. "For the IPO market to open more broadly in the first quarter in 2024 ... we need the 2023 IPO cohort to continue to perform well," said Josh Weismer, head of U.S. ECM, Mizuho Americas.

Persons: Lizzie Reed, Goldman Sachs, IPOs, Robert Stowe ,, Suneel Hargunani, Schott, ThyssenKrupp, Hidrolectrica, Ross Devor, ”, Samir A, Gandhi, Stephane Gruffat, SoftBank, Josh Weismer, Echo Wang, Pablo Mayo, Anousha Sakoui, David Holmes Organizations: Bankers, ECM, Arm Holdings, Barclays, Citigroup, Schott Pharma, Frankfurt Stock Exchange, Thoma Bravo, Deutsche Bank, Nvidia, Apple, Qatar Investment Authority, U.S, Mizuho, Pablo Mayo Cerqueiro, Thomson Locations: United States, Europe, British, New York, U.S, IPOs, East, Africa, Romanian, Qatar, Mizuho Americas, London

☆ German economy to shrink in Q3: Bundesbank
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

[1/3] A steel worker of ThyssenKrupp walks in front of a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsFRANKFURT, Sept 18 (Reuters) - The German economy is likely to shrink this quarter as industry is in recession and private consumption is adding little to growth, the Bundesbank said in a monthly economic report on Monday. "Despite the somewhat slowing pace of price increases, strong wage increases and the good labour market, private households are still holding back on spending," the central bank said. This rise in financing costs will also weigh on growth, the Bundesbank said, as will the declining order intake for the country's vital and vast industrial sector. "The low and continued decline in incoming orders, and the declining order backlog are increasingly having an impact on industrial production," the central bank said.

Persons: Wolfgang Rattay, Balazs Koranyi, Toby Chopra Organizations: REUTERS, Rights, European Central Bank, Thomson Locations: Duisburg, Germany, China

☆ German industrial orders fall more than expected in July
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Sept 6 (Reuters) - German industrial orders fell more than expected in July, pulling back after a sharp gain in the aerospace sector the previous month, the federal statistics office said on Wednesday. Incoming orders fell by 11.7% on the previous month on a seasonally and calendar adjusted basis. A turnaround is not in sight due to the weak global economy and high energy costs." Excluding large-scale orders, industrial orders would have increased by 0.3% in July.

Persons: Wolfgang Rattay, Thomas Gitzel, Alexander Krueger, Hauck Aufhaeuser Lampe, Friederike Heine, Miranda Murray, Maria Sheahan, Raju gopalakrishnan Organizations: REUTERS, Rights, VP Bank Group, Thomson Locations: ThyssenKrupp, Duisburg, Germany

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