Stock market's DAX begins positively - Gold hits new peak, Silver, SMA Solar, Deutz, Kontron, and Nestlé take center stage
Gold soared to a new record high on Tuesday, with the price of a troy ounce reaching approximately $3,508. This marks the highest price for gold in US dollars since records began. The surge in gold's value comes amidst economic uncertainty and increased demand for safe-haven assets.
In other news, Nestlé, the multinational food and drink company, has announced the departure of its CEO, Laurent Freixe, effective immediately. His departure follows an investigation into an "undisclosed romantic relationship" with an employee who reported directly to him. The new CEO of Nestlé, effective from Thursday, is Philipp Navratil. Navratil previously led Nespresso and has a long history with Nestlé since 2001.
The price of silver also reached a multi-year high at the start of September, reaching its highest since 2011. This surge in silver's value comes as investors seek out precious metals as a safe haven in times of economic uncertainty.
Deutz, an engine manufacturer, is making headlines with its acquisition of the Sobek Group, a drone propulsion specialist. The Sobek Group, with approximately 70 employees, is expected to generate revenues in the low to mid double-digit million euro range by 2025. However, the purchase price for the acquisition was not disclosed.
Meanwhile, shares in SMA Solar are expected to trade significantly lower on Tuesday due to reduced revenue and earnings forecasts announced on Monday evening. The German benchmark index, on the other hand, is expected to have a calm start to trading on Tuesday.
In the world of technology, Kontron is developing the next generation of PC3 modems for 5G FRMCS (Future Railway Mobile Communication System) in collaboration with Qualcomm. The modem is specifically designed for the European railway communication initiative MORANE 2.
As always, stay tuned for the latest business news and updates.
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