Jährliche Inflationsrate im Euroraum unverändert bei 2,4% In der EU unverändert bei 2,6%
Die jährliche Inflationsrate im Euroraum lag im April 2024 bei 2,4%, unverändert gegenüber März 2024.
Ein Jahr zuvor hatte sie 7,0% betragen. In der EU lag die jährliche Inflationsrate im April 2024 bei
2,6%, unverändert gegenüber März 2024. Ein Jahr zuvor hatte sie 8,1% betragen. Diese Daten werden von
Eurostat, dem statistischen Amt der Europäischen Union, veröffentlicht.
Die niedrigsten
jährlichen Raten wurden in Litauen (0,4%), Dänemark (0,5%) und Finnland (0,6%) verzeichnet. Die höchsten
jährlichen Raten wurden in Rumänien (6,2%), Belgien (4,9%) und Kroatien (4,7%) gemessen. Gegenüber März
2024 ging die jährliche Inflationsrate in fünfzehn Mitgliedstaaten zurück, blieb in vier unverändert und
stieg in acht an.
Im April 2024 kam der höchste Beitrag zur jährlichen Inflation im Euroraum
von „Dienstleistungen” (+1,64 Prozentpunkte, Pp.), gefolgt von „Lebensmitteln, Alkohol und Tabak” (+0,55
Pp.), „Industriegütern ohne Energie” (+0,23 Pp.) sowie „Energie” (-0,04 Pp.). Beitrag dem Admin melden
Unsere Einschätzung: Die Neuigkeiten beinhalten positive und negative Faktoren. Im Auge sollten
Anleger insbesondere die Finanzlage angesichts der stattlichen Investitionen behalten: Die Eigenkapitalquote sackte auf 20,7 Prozent ab und der Bestand an Zahlungsmitteln und
Zahlungsmitteläquivalenten schrumpfte auf 676 Mio. Euro. Zusätzlich bestehen über 582 Mio. Euro an
nicht genutzten Kreditlinien zur Sicherstellung der Finanzierung des künftigen
Investitionsprogramms.
Der Vorstand verzichtet angesichts des niedrigen Aktienkurses auf eine Kapitalerhöhung und will aus eigener Kraft die Wende schaffen. Diese Strategie ist nicht
ohne Risiko, bietet den Aktionären jedoch aus unserer Sicht das beste Chance-Risiko-Verhältnis.
Sofern die vom Vorstandschef erwartete Markterholung eintritt, sollte AT&S die Wende ohne
eine starke Verwässerung des Aktienkapitals durch eine Kapitalerhöhung gelingen. Während einer
Phase ohne massive Investitionen würde sich die strapazierte Bilanz in den kommenden Jahren
deutlich erholen können. Die leichte Korrektur der Prognose ändert nichts daran, dass der
Aktienkurs deutliches Aufwärtspotenzial hätte, sofern die genannten Zielmarken (ohne Kapitalerhöhung) erreicht werden.
Trotz der derzeit erhöhten Risiken, stufen wir das
Chance-Risiko-Verhältnis insgesamt als positiv ein. Wir bekräftigen unsere spekulative
Kaufempfehlung.
Unsere Einschätzung: Die Zahlen sind besser als erwartet ausgefallen. Auf Basis des leicht angehobenen
Ausblicks könnte der Gewinn je Aktie heuer rund 4,60 Euro betragen, womit der Wasserkraftgigant mit einem KGV von 16,3 nicht überteuert erscheint. Halten.
Mercedes-Arbeiter in Alabama stimmen gegen Gewerkschaftsvertretung
Nach ihrem Erfolg bei VW
ist die US-Gewerkschaft UAW mit dem Versuch gescheitert, auch Mercedes-Arbeiter in zwei Werken im
US-Staat Alabama unter ihr Dach zu bringen. Laut dem am Freitag veröffentlichten Abstimmungsergebnis
sprachen sich 56 Prozent gegen eine gewerkschaftliche Vertretung durch die UAW aus. Mit insgesamt 4.687
abgegebenen Stimmen nahmen 92 Prozent der Beschäftigten teil, wie Mercedes mitteilte.
Russian forces have recently intensified their effort to seize the operationally significant town of
Chasiv Yar, seeking to exploit how Russian offensive operations in northern Kharkiv Oblast and ongoing
offensive operations throughout eastern Ukraine have generated greater theater-wide pressure on Ukrainian
forces. The Ukrainian General Staff reported that Russian forces conducted an unsuccessful roughly
reinforced company-sized mechanized assault with two tanks and 21 infantry fighting vehicles (IFVs) in
the direction of the Novyi Microraion in eastern Chasiv Yar on May 17. The Ukrainian General Staff
reported that Russian forces conducted a roughly reinforced platoon-sized mechanized assault in the same
area on May 18. Geolocated footage published on May 17 shows Russian forces attacking with at least seven
armored vehicles near Ivanivske (east of Chasiv Yar). The Ukrainian General Staff noted that Russian
forces are widely using armored vehicles in the Chasiv Yar area, and Ukrainian President Volodymyr
Zelenksy thanked Ukrainian forces near Chasiv Yar for destroying at least 20 Russian armored vehicles
(presumably over the past day). Russian forces have not made notable tactical gains in the Chasiv Yar
area since conducting a company-sized mechanized assault on the town's eastern outskirts on April 4 and
have not conducted similar sized-mechanized assaults in the area until May 17. The April 4 mechanized
assault was followed by intensified Russian offensive operations near Chasiv Yar, and recent Russian
mechanized assaults in the area likely portend an overall intensification of the Russian effort to seize
the town. The Russian seizure of Chasiv Yar would be operationally significant since it would provide
Russian forces with favorable positions to launch subsequent offensive operations against Kostyantynivka
and Druzhkivka, cities that form the southern portion of a Ukrainian defensive belt that is the backbone
of Ukraine's defense of Donetsk Oblast.
Zelensky also outlined materiel requirements for
Ukraine to combat Russia's air superiority and defend against the Russian air threat, especially given
US-imposed restraints on Ukraine that prohibit Ukraine from striking targets within Russian territory and
airspace. Zelensky stated that Ukrainian forces only have 25 percent of the air defenses that Ukraine
needs to defend against Russian strikes and called for Western countries to send two Patriot batteries,
which Ukraine would specifically deploy to Kharkiv Oblast, as a show of strength against the Russian
offensive. Zelensky also stated that Ukraine would need about 120-130 F-16s or other advanced fighter
aircraft to achieve air parity with Russia. Air parity is the lowest level of air control, in which no
side controls the sky. Zelensky stated that Russia's biggest advantage is Ukraine's restriction against
using Western-provided weapons to strike military targets in Russia, and ISW has recently noted that this
restriction creates a sanctuary for the Russian military in Russia to strike Ukraine safely without
leaving Russian airspace. Ukrainian forces have been able to strike Russian airbases in Russia and
occupied Ukraine with some success, but Ukrainian forces have not made a sufficient impact to deter
Russian forces from conducting missile and drone strike campaigns against Ukrainian deep-rear areas or
glide bomb strikes on frontline and near rear areas. Zelensky's proposed two Patriot batteries in
northern Kharkiv Oblast will have a limited effectiveness in defending against Russian airstrikes if
Ukrainian forces cannot use the Patriots to intercept Russian fighter-bombers in Russian airspace.
Ukrainian officials have reportedly asked the US presidential administration to ease the
restriction against using US-provided weapons to strike military targets in Russia. The New York Times
(NYT) and Wall Street Journal (WSJ) reported on May 17, citing Ukrainian and US officials, that Ukraine
submitted the request within the past week. The NYT and WSJ reported that Ukraine also requested
additional targeting assistance for military targets inside Russia, and former Ukrainian military
officials reportedly told the NYT that targeting assistance would allow Ukrainian forces to more
accurately plan for drone and missile strikes given the requirements for more detailed terrain mapping
for these strikes. White House officials state that the United States does not want to encourage or
enable attacks within Russia, and the NYT noted that the White House has rejected similar appeals in the
past. ISW continues to assess that this US policy severely compromises Ukraine's ability to defend
itself, particularly against Russian offensive operations in northern Kharkiv Oblast.
Key
Takeaways:
• Russian forces have recently intensified their effort to seize the operationally
significant town of Chasiv Yar, seeking to exploit how Russian offensive operations in northern Kharkiv
Oblast and ongoing offensive operations throughout eastern Ukraine have generated greater theater-wide
pressure on Ukrainian forces.
• Russian forces are likely preparing for the second phase of
their offensive operation in northern Kharkiv Oblast, which Russian forces likely intend to launch
following their anticipated seizure of Vovchansk.
• Zelensky also outlined materiel
requirements for Ukraine to combat Russia's air superiority and defend against the Russian air threat,
especially given US-imposed restraints on Ukraine that prohibit Ukraine from striking targets within
Russian territory and airspace.
• Ukrainian officials have reportedly asked the US
presidential administration to ease the restriction against using US-provided weapons to strike military
targets in Russia.
• Zelensky noted that Ukraine must overcome its manpower challenges in
order to contest the theater-wide initiative in Ukraine.
• Ukraine's new mobilization law went
into effect on May 18 and will help Ukraine stabilize its force generation apparatus amid ongoing
manpower constraints.
• Russian Security Council Deputy Chairperson Dmitry Medvedev called for
Russia's envisioned "buffer zone" to encompass all of Ukraine, illustrating that the Kremlin's concept of
the buffer zone is a thinly veiled justification for Russia's long-held intent to subsume the entirety of
Ukraine and likely an effort to garner domestic support for the Russian war effort.
• Founder
of the Kremlin-linked Rybar Telegram channel, Mikhail Zvinchuk, gave an uncharacteristically public
interview in which he criticized the Russian Ministry of Defense (MoD) and speculated on possible changes
in the MoD.
• Should the Kremlin allow select prominent Russian milbloggers to increase their
criticisms of the Russian MoD, public pressure may grow in favor of reforms that would, if implemented,
assist Russia's war effort in Ukraine.
• Georgian President Salome Zurabishvili vetoed the
Russian-style "foreign agents" bill on May 18, but the ruling Georgian Dream party will likely override
Zurabishvili's veto in the coming weeks.
• Russian forces recently marginally advanced near
Avdiivka, Hulyaipole, and Robotyne.
• The BBC News Russian Service reported on May 18 that
Russian military authorities in Astana, Kazakhstan, detained a Russian contract service personnel
(kontraktnik) for desertion on April 23 - the first such instance in Kazakhstan.
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