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D A X t o b e e x p a n d e d b y t e n c o m p a n i e s • DAX newcomers include the aircraft manufacturer Airbus, the online retailer Zalando and the medical technology company Siemens Healthineers • The reorganisation had already been announced last November and aims to better reflect the German economy • The DAX will become "even more attractive, because the new players are younger and bring dierent ideas to the playing field", explained Christine Bortenlänger, Managing Director of the Institute Frankfurt am Main/Frankfurt (APA) - DAX Performance Index (DAX) will be expanded from 30 to 40 companies - among the newcomers are the aircraft manufacturer Airbus, the online retailer Zalando and the medical technology company Siemens Healthineers. As Deutsche Börse announced on Friday evening, Porsche and Hello Fresh, among others, will also move up into the German leading index. The reform will be implemented on 20 September. At the same time, the new DAX composition means that the MDAX of medium-sized stocks will be reduced from 60 to 50 companies. The reorganisation had already been announced last November and aims to better reflect the German economy. In addition to the expansion, there are also stricter regulations for the corporations. With this, the stock exchange also wants to learn lessons from the Wirecard scandal. Potential DAX companies have already had to show positive earnings before interest, taxes, depreciation and amortisation for the past two financial reports since December. This is to ensure that the companies listed on the DAX also pursue an economically viable business model - unlike was the case with the insolvent payment service provider and former DAX member Wirecard. According to the Deutsches Aktieninstitut, which represents the interests of companies listed on the stock exchange, the DAX reform will bring more diversity. The DAX will become "even more attractive, because the new players are younger and bring dierent ideas to the playing field", explained Christine Bortenlänger, managing director of the institute. Thus, the previous concentration on the chemical and automotive sectors in the DAX is decreasing; moreover, there is additional attention for the index as such. The President of the Leibniz Institute for Economic Research Halle (IWH), Reint Gropp, however, pointed out that there are "generally too few listed companies" in Germany and that the country is "very dependent on traditional industrial sectors". "To create a leading index with 50 stocks would already be dicult," he explained. "Even after the enlargement to 40 stocks, the DAX is still car- and chemical-heavy, albeit in a somewhat slimmed- down form." After all, "companies founded in this millennium are now also included," Gropp added. "But in Germany these are not big players like Google, Apple or Amazon, but rather niche companies." According to the banking association, there is no acute need for action for investors - nevertheless, it is worth taking another close look at where money is placed on the stock market. If investors have invested money in a DAX ETF, for example, the reform means that the portfolio becomes more diverse. A broad diversification usually reduces risks and is "positive for investors". The MDAX, on the other hand, would be "less diversified" in future due to the reduction by ten companies, which could go hand in hand with higher risk. Airbus is by far the most important newcomer to the top German stock market league in terms of market capitalisation. Also moving up to the DAX are: chemicals trader Brenntag, cooking box supplier Hellofresh, holding company Porsche, sporting goods manufacturer Puma, biotechnology and diagnostics company Qiagen, pharmaceutical and laboratory supplier Sartorius, medical technology group Siemens Healthineers, flavours and fragrances manufacturer Symrise, and online fashion retailer Zalando. Economic sentiment in the euro area Goldman Sachs - fund subsidiary clouds over again Petershill goes public • Compared to the previous month, the Sentix • Petershill Partners to become an independent economic indicator fell by 2.6 points to 19.6 fund company with a free float of at least 25 points % • Growth is not expected to turn around, but • Goldman Sachs would float $ 750m worth of rather to slow down new shares as well as existing shares • Sentix surveys investors monthly on their • After the plans are announced, it usually assessment of the economic situation and takes another month to go on the floor their expectations New York (APA) - The US investment bank Frankfurt (APA) - Economic sentiment in the Goldman Sachs is taking its fund subsidiary euro area deteriorated for the second month in a Petershill public. According to insiders, the row in September. Compared to the previous company, which specialises in investments with month, the Sentix economic indicator fell by 2.6 alternative asset managers, is thus valued at points to 19.6 points, the investment consulting around 5 billion dollars (4.21 billion euros). firm Sentix announced on Monday. It is the Petershill Partners will be an independent fund lowest level since April. Analysts had expected company with a free float of at least 25 percent, 19.7 points. Goldman Sachs announced on Monday. A placement on the London Stock Exchange is "The momentum of the global economy is planned. slowing down," Sentix said, explaining the development. Not only in Germany and the Goldman Sachs is placing new shares worth 750 Eurozone, but also in many other regions of the million dollars as well as existing shares on the world the mood clouded over. In the Eurozone, market. The bank did not want to comment on the peak has been reached for the time being the market value. After the announcement of after a strong Corona recovery. However, a the plans, it usually takes another month until turnaround is not to be expected, but rather a the shares go on the floor. The current market slowdown in growth. situation is favourable for companies like Petershill Partners. The shares of Bridgepoint, Sentix surveys more than a thousand investors the financial investor that went public in July, monthly on their assessment of the economic are more than 40 per cent above the issue price. situation and their expectations. The indicator derived from this is paid attention to on the Petershill takes minority stakes in asset financial markets because it is published early in managers that specialise in non-traditional the respective reporting month and provides investment strategies. These include private indications of other indicators such as the ZEW financing, real estate, hedge funds, economic expectations or the Ifo business commodities as well as aircraft and ship climate. financing. In total, Petershill has stakes in 19 investment companies with combined assets under management of 187 billion dollars. U n e x p e c t e d l y f e w n e w j o b s i n t h e U S A 235,000 new jobs in August - unemployment rate fell to 5.2 per cent • In July, more than one million jobs had still been created • Experts blame the high number of corona cases in part for the slowdown in job creation • Due to an acute labour shortage, companies are currently unable to fill the record number of ten million jobs Washington (APA) - The upswing in the US labour market weakened unexpectedly in August. 235,000 new non-farm jobs were created, as the government announced in Washington on Friday. Economists had expected a plus of 728,000. In July, more than one million jobs were created. The unemployment rate fell to 5.2 per cent in August. Experts blame the high number of corona cases in part for the slowdown in job creation. "The delta variety is like a sandstorm in an otherwise sunny economy," said Sung Won Sohn, an economics professor at Loyola Marymount University in Los Angeles. "Without this, employment would have been higher in August." Due to an acute labour shortage, businesses are currently unable to fill a record ten million jobs. The lack of aordable childcare and fear of contracting the corona virus are partly blamed. Sta shortages are forcing employers to raise wages. Average hourly wages rose 0.6 per cent in August from the previous month - twice as much as economists expected. Compared to the same month last year, there was an increase of 4.3 per cent. The financial markets are keeping a close eye on the figures. The dollar depreciated against the euro after their publication, while the stock markets came under pressure. A sustained recovery in the jobs market is seen as an important prerequisite for the Federal Reserve to reduce its stimulus for the Corona pandemic-hit economy in the foreseeable future. L a t e s t d e v e l o p m e n t s Stocks & Currencies & Gold Bonds Commodities LINKEDIN MAIL KATHREIN.AT About us Contact Kathrein Privatbank AG, headquartered in Vienna's first district, Adress: was founded by Carl Kathrein in 1924 and is one of the leading Wipplingerstraße 25 private banks in the German-speaking countries. Our core 1010 Vienna, Austria competence lies in the management of private, corporate and institutional assets as well as the assets of private foundations. As +43 1 534510 a subsidiary of Raieisen Bank International AG, Privatbank oers [email protected] the advantages of a flexible, independent as well as serviceoriented institution and the security of a stable, international banking group. NEWSLETTER ABBESTELLEN Kathrein Privatbank Aktiengesellschaft © 2020 All Rights Reserved Disclaimer This document is for your information only and is therefore not subject to the provisions of the WAG 2018, which are intended for the dissemination of financial analyses. The content of this document represents the in-house opinion of Kathrein Privatbank Aktiengesellschaft, it is not legally binding and does not constitute a recommendation to act or an oer to buy or sell securities or other financial instruments.

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