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Global Markets Sunday News
Quarterly figures
The financial markets ended a volatile week on a mixed note. The tone was set by generally encouraging corporate results, the escalation of the trade conflict between China and the US, and concerns about the state of US regional banks. Nervousness is likely to persist in the coming trading days. This is because the reporting season is gaining momentum and the US federal government shutdown continues, leaving market participants without clear economic data.
Tops of the week
JB Hunt +20,25 %: Das US-amerikanische Transport- und Logistikunternehmen hat mit seinen Quartalszahlen die Erwartungen übertroffen. Dank eines Sparprogramms über 100 Mio. USD kann J.B. Hunt seine Margen in einer nach wie vor unter Druck stehenden Frachtbranche halten. Konsequente Kostendisziplin und Optimierung der Logistik tragen Früchte: Der Titel erlebte einen Kurssprung von fast 17%, der Ausdruck zurückgewonnenen Vertrauens ist.
Newmont +6,61 %: Vor dem Hintergrund neuerlicher Spannungen im chinesisch-amerikanischen Verhältnis, der wirtschaftlichen Unsicherheit in Zusammenhang mit dem anhaltenden Government Shutdown in den Vereinigten Staaten und der weiter schwelenden Angst vor einer Bankenkrise sind Goldaktien wieder stärker gefragt. Das Unternehmen profitiert von dieser Flucht in sichere Häfen.
EssilorLuxottica +14,3 %: Der Weltmarktführer bei Brillen blieb auch im abgelaufenen Quartal weiter auf Rekordkurs. Zentraler Erfolgsfaktor ist dabei die Ray-Ban Meta-Kollektion, die kultiges Design mit tragbarer Technologie kombiniert. Das Unternehmen verzeichnet in Nordamerika und Europa einen Nachfrageschub. Mit den Gläsern Stellest, die das Fortschreiten der Kurzsichtigkeit bei Kindern und Jugendlichen verlangsamen, und der Übernahme der Optegra-Kliniken baut die Gruppe ihre Medtech-Strategie weiter aus. Die Aktie setzte ihren Höhenflug fort.
Ericsson +12,89 %: Der schwedische Telekommunikationsriese erholt sich. Trotz leicht rückläufiger Absatzzahlen zeigen die Margen wieder steigende Tendenz. Grund dafür sind ein Sparprogramm und Effizienzsteigerungen im Vergleich zu den letzten Quartalen. Der Verkauf der Tochter Iconectiv stärkt die Liquidität des Unternehmens und schafft damit Spielraum für höhere Ausschüttungen an die Aktionäre.
LVMH +10,93 %: Der Weltmarktführer bei Luxusartikeln wächst zum ersten Mal in diesem Jahr wieder. Die Nachfrage in China zieht an, und in den meisten Geschäftsbereichen geht es wieder aufwärts, insbesondere bei Sephora und im Parfümgeschäft. Das Modegeschäft liegt immer noch leicht im Minus, stabilisiert sich aber. Von diesen Quartalszahlen gingen positive Impulse auf den gesamten Sektor aus.
Nestlé +12,19 %: Der Lebensmittelriese hat sich ein großangelegtes Restrukturierungsprogramm verordnet, das den Abbau von 16.000 Stellen und eine Neuausrichtung auf die profitabelsten Geschäftsbereiche vorsieht. Der neue CEO will das Unternehmen beim Umsatz wieder auf Wachstumskurs bringen und strukturell verschlanken.
Wells Fargo +7,29 %: Die US-Großbank kann auf ein solides Quartal mit einer positiv überraschenden Gewinnentwicklung zurückblicken und hebt ihr Rentabilitätsziel an. Von dem regulatorischen Korsett der Vermögensobergrenze befreit, das dem Bankhaus in seinem Wachstum Grenzen setzte, ist Wells Fargo nun wieder im Aufwind. Steigende Umsätze, eine solide Kreditnachfrage und der Aufwärtstrend im Investment Banking unterstreichen die positive Entwicklung. Die Wells Fargo-Aktie notierte folglich deutlich im Plus.
Sartorius +6,94 %: Die deutsche Holding profitiert von den guten Ergebnissen ihrer französischen Tochter Sartorius Stedim Biotech. Der Medizintechnikhersteller verzeichnet wieder eine steigende Nachfrage nach Verbrauchsmaterialien. Somit hat die Geschäftsführung ihre Jahresziele angehoben. Das Unternehmen scheint die Talsohle des Zyklus durchschritten zu haben, wenngleich sich dieser Trend mit den nächsten Quartalszahlen noch festigen muss.
Flops of the week
Julius Bär -6.23%: The Swiss private bank has suffered another setback following losses related to real estate loans in Germany. Julius Bär was the most important banking partner of the now insolvent Degag Group and must now set aside provisions in the double-digit millions. The Signa bankruptcy had already hit the bank hard. The new CEO has taken office with the promise of reducing risks and refocusing the bank more strongly on asset management.
Hewlett Packard Enterprise -5.9%: The US group, which specializes in IT services for businesses, disappointed investors with its outlook. There was particular criticism of the conservative sales and profit forecast for the 2026 financial year.
Novo Nordisk -9.1%: The Danish pharmaceutical giant is slumping sharply. Donald Trump’s statements on future price cuts for weight loss drugs (weight loss injections) have sent shock waves through the industry. At the same time, the group plans to cut a large number of jobs worldwide. These announcements are fueling fears of margin erosion, despite a strategic agreement in the area of rare diseases.
Michelin -8.17%: The French tire manufacturer’s share price took a hit after a profit warning. The economic slowdown in the North American market is dampening demand and putting pressure on margins. Tariffs and declining sales figures are further exacerbating this pressure. Despite an apparently attractive valuation, the market remains cautious for the time being.
Marsh & McLennan -8.42%: The American insurance broker was punished after the publication of disappointing quarterly figures. Margins are stagnating despite continued solid sales growth. The slowdown in growth in the important risk and insurance business is worrying investors. Analysts point to higher competitive pressure and declining demand.
Rheinmetall -11.72%: The announcement of a ceasefire in the Gaza Strip triggered profit-taking in defense stocks such as Rheinmetall, Saab, and Renk. The upcoming meeting between Donald Trump and Vladimir Putin, which will focus on a possible ceasefire in the Ukraine conflict, could also have an impact on developments in the defense industry in the coming days.
Commodities
Energy: Oil prices remain under pressure. Brent crude approached the USD 60 per barrel mark, while the US benchmark WTI fell below USD 57. Several factors are responsible for this. Firstly, a recent phone call between Donald Trump and Vladimir Putin, during which the “great progress” towards a potential peace treaty between Ukraine and Russia was emphasized. This could lead to Russian oil returning to the market, which would put downward pressure on prices. At present, however, such an agreement still seems a long way off. Second, oil stocks in the US rose unexpectedly last week. The US Energy Information Administration (EIA) reported an increase in oil stocks of 3.5 million barrels. This is fueling concerns about a global oversupply. In its latest monthly report, however, OPEC assumes that global oil supply will largely meet demand by 2026. This scenario differs significantly from that of the International Energy Agency, which continues to forecast a significant oversupply.
Metals: Who can stop the gold rally? The price of gold reached new historic highs, with the troy ounce hitting a new record of $4,380. This surge is being supported by increasing trade tensions between the US and China, uncertainties about credit risks in the US, and expectations of further interest rate cuts by the US Federal Reserve. Since the beginning of the year, the price of gold has risen by over 65%. Silver also rose sharply, gaining 80% in 2025 to date to over USD 54 per troy ounce. In the industrial metals segment, the price of copper fell slightly in view of the trade tensions and the US government shutdown. On the London Metal Exchange, three-month copper contracts closed the week at USD 10,647 per tonne. Among other things, uncertainty about consumption in China was responsible for this decline. However, the forecast strong demand for copper and investments in data centres and electrical engineering infrastructure underpin long-term interest in the metal.
Agricultural products: Corn futures rebounded this week on the Chicago Stock Exchange, posting their first weekly gain in five weeks. Investors focused on reports that US harvests could potentially fall short of forecasts. In addition, rainy weather could lead to harvest delays, which would provide further support for prices. The most actively traded corn contract in Chicago (delivery in December 2025) climbed to 423 cents. Wheat, on the other hand, remained stable at around 503 cents per bushel (contract maturing in December 2025).
Macroeconomics
Market sentiment: Despite an overall favorable environment for the stock markets (higher liquidity and encouraging earnings prospects), volatility returned with full force at the end of the week. The trigger was not another angry tweet from US President Trump directed at China, but credit defaults at US regional banks, reminiscent of the collapse of Silicon Valley Bank in 2023. Nevertheless, it would be risky and financially damaging to lose nerve now. This is because not a single economic indicator points to an imminent recession. Instead, investors should take advantage of any price weakness to expand their equity positions. Bond yields continue to fall as growing concerns about the labor market lead to expectations of further monetary policy easing. The yield on 2-year US Treasuries has fallen below the 3.50% mark as a result.
Cryptocurrencies: The sharp correction in the cryptocurrency market continued for the second week in a row. After losses of 6.84% last week, Bitcoin has slipped by almost 8% since Monday and is now trading around the USD 105,000 mark. The main reason for the recent slump in BTC is the macroeconomic shock: Donald Trump had already caused turmoil on the market last week with the announcement of new exorbitant tariffs on imports from China and his trade war rhetoric. Skepticism about the credit quality of certain American regional banks is also causing nervousness. In the cryptocurrency market, the massive liquidation of leveraged long positions led to a wave of selling, and Bitcoin ETFs recorded high net outflows, which further intensified the downward pressure. More than $950 million was withdrawn from these products within a few days. As a result, Bitcoin has still not really been able to establish itself as a safe haven, unlike gold, which is rushing from record to record. As is often the case, BTC’s downward trend is dragging the entire market down with it: Ethereum (ETH) lost 9%, Solana (SOL) fell 9%, XRP lost 10%, and Binance Coin (BNB) plummeted 18%.
Outlook
Uncertainty surrounding the publication of US economic data is likely to persist next week due to the shutdown. However, no important data is expected. Investors therefore have plenty of time to closely examine the first estimate of Chinese GDP for the third quarter, which is due on Sunday night/Monday morning.
Meanwhile, the reporting season is in full swing. Among others, the latest figures from heavyweights such as Coca-Cola, GE Aerospace, L’Oréal, and Unicredit are expected on Tuesday. These will be followed by Tesla, Hermès, and SAP (Wednesday), Roche, Intel, Thales, Unilever, and Dassault Systèmes (Thursday), and Procter & Gamble, Safran, and Sanofi (Friday).
The companies’ quarterly results are a solid anchor for investors, who have been facing increasing volatility in recent days. This makes this first jam-packed week particularly important.
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