Short DAX at 7740

Siemens AG had a “tough” fiscal year as orders for its factory equipment and lighting products declined, forcing Europe’s biggest engineer to deepen job cuts and book charges, Chief Financial Officer Joe Kaeser said.

Order bookings in the fiscal fourth quarter that ends tomorrow will fall about 20 percent from a year earlier, and the Munich-based company is adjusting capacity to adapt, Kaeser told analysts and investors at a meeting in London today.

“The night is always darkest before dawn,” Kaeser said in a Web-cast presentation. The company held a “tight” grip on costs in 2009 and will continue to do so next year, he said.

Siemens, which makes light bulbs, medical scanners and drives that automate factory production, has cut its global workforce to 408,000 this year from more than 420,000 employees as clients in the energy, healthcare and manufacturing industries cut spending. Siemens cut 5,000 jobs alone at its Osram lighting unit, Kaeser said today, and the company will book some charges for all reductions in its latest quarter.


Siemens fell as much as 2.02 euros, or 3 percent, to 63.94 euros in Frankfurt trading after Kaeser’s comments. The stock is almost unchanged in the last year, valuing Siemens at about 58.7 billion euros ($85.6 billion.)


What a coincedence that this piece of news was released one day after the election ! Ha, ha, ha !
 
Quote from ASusilovic:

London guys waiting in the wings for the next fool theory...:D :) :p

Lot of macroeconomic data releases today.
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We could easily get to 5820 today.........

ADP and PMI data can do the magic.
 
BERLIN, Oct 1 (Reuters) - German retail sales fell by 1.5 percent on the month in August, official figures showed on Thursday, bucking expectations for a slight rise and suggesting consumers in Europe's largest economy remain cautious.

The Federal Statistics Office said year-on-year, sales fell by 2.6 percent. The mid-range forecast of analysts polled by Reuters was for retail sales to rise by 0.1 percent on the month and to decrease by 0.8 percent year-on-year .

Germany emerged from recession in the second quarter and economic indicators have pointed to further growth in the third quarter, with the key export sector picking up.

The DIW economic institute on Tuesday forecast growth would accelerate to 0.7 percent on the quarter in the July-September period from 0.3 percent in the second quarter.

"Today's retail sales throw cold water on the positive view of the third quarter," said Carsten Brzeski, economist at ING Financial Markets, adding that it was now up to the incoming government to cut taxes to foster household spending.

The surprise fall in retail sales came despite firmer consumer morale, which rose to its highest level in 16 months heading into October on growing confidence the economy has passed its low point. [ID:nLO555423]

Germany's Metro , the world's fourth-largest retailer, said last month it expected sales to fall further in the coming months, mainly due to rising unemployment.

While economists expect German unemployment to rise in the coming months, a surge of layoffs has yet to hit and joblessness fell for a third consecutive month in September as statistical changes and government measures cushioned the labour market. [ID:nLU106708]

In nominal terms, retail sales fell 0.7 percent month-on-month and decreased 3.5 percent on the year.

The figures were based on sales data from seven states accounting for around 76 percent of retail activity in Germany.
 
Any other positive news that might have diluted this bad news..........bcos mkt seems to be back up..........

or do u think its a normal begining of the quarter , funds must buy thing

Quote from ASusilovic:

BERLIN, Oct 1 (Reuters) - German retail sales fell by 1.5 percent on the month in August, official figures showed on Thursday, bucking expectations for a slight rise and suggesting consumers in Europe's largest economy remain cautious.

The Federal Statistics Office said year-on-year, sales fell by 2.6 percent. The mid-range forecast of analysts polled by Reuters was for retail sales to rise by 0.1 percent on the month and to decrease by 0.8 percent year-on-year .

Germany emerged from recession in the second quarter and economic indicators have pointed to further growth in the third quarter, with the key export sector picking up.

The DIW economic institute on Tuesday forecast growth would accelerate to 0.7 percent on the quarter in the July-September period from 0.3 percent in the second quarter.

"Today's retail sales throw cold water on the positive view of the third quarter," said Carsten Brzeski, economist at ING Financial Markets, adding that it was now up to the incoming government to cut taxes to foster household spending.

The surprise fall in retail sales came despite firmer consumer morale, which rose to its highest level in 16 months heading into October on growing confidence the economy has passed its low point. [ID:nLO555423]

Germany's Metro , the world's fourth-largest retailer, said last month it expected sales to fall further in the coming months, mainly due to rising unemployment.

While economists expect German unemployment to rise in the coming months, a surge of layoffs has yet to hit and joblessness fell for a third consecutive month in September as statistical changes and government measures cushioned the labour market. [ID:nLU106708]

In nominal terms, retail sales fell 0.7 percent month-on-month and decreased 3.5 percent on the year.

The figures were based on sales data from seven states accounting for around 76 percent of retail activity in Germany.
More...
 
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