Bits & Pieces
Edition #296 | 11/09/2026
Most traded | Markets & Macro | Glasses | Chart of the Week | Precious metal ETCs | Scalable News | Retirement in Focus
What do global stock markets, apple fans, and Christine Lagarde have in common? None of them can escape the clutches of inflation. That means autumn remains tense. So does the mood among the eight heirs of optical giant EssilorLuxottica, who are locked in a drama straight out of a movie script. Also on the agenda: severe cuts at Volkswagen and why precious metal ETCs are currently looking interesting.
Note: The data refers to the ratio of purchases and sales of the 100 most traded stocks in the Scalable broker between 04/09/2026 and 10/09/2026.
In the spotlight: Iren
The successful pivot from bitcoin miner to data center operator has given Iren's stock price a major boost. In August, the Australians announced that all data center capacity for 2026 was completely sold out. Investors took advantage of the upbeat sentiment to take some profits off the table.
The outlook remains nervous
The ECB still has two rate meetings on the schedule this year. Given persistent inflation and a resilient economy, the central bank is likely to continue tightening its monetary policy. According to ECB President Christine Lagarde, inflation risks are tilted "to the upside." The recent 25 basis point hike in the deposit rate to 2.5 % was already priced in. Yields on long-term government bonds are therefore expected to stay elevated, meaning pressure on equity markets is unlikely to ease anytime soon.
A similar picture is emerging in the US, where Fed Chair Kevin Warsh faces a key rate decision next week. A majority of market experts expect a rate hike. Part of the blame lies with oil prices, which topped $ 100 for the first time since July following renewed US strikes on Iranian tankers. Warsh will not be able to downplay this.
Apple fans, on the other hand, will soon be able to play with the new foldable iPhone Duo, which newly minted CEO John Ternus unveiled this week. It carries a steep price tag of $ 1,999. The new iPhone 18 Pro comes in at $ 1,199 – $ 100 more than its predecessor. Apple is effectively passing rising memory chip costs on to its customers, keeping the inflationary spiral spinning.
Drama behind Ray-Ban frames
A family feud worthy of a Hollywood film is unfolding at EssilorLuxottica. Since founder Leonardo Del Vecchio passed away in 2022, eight heirs – six (half-)siblings from three marriages, his widow, and her son – have been sharing control of the influential family holding company Delfin, which owns a third of EssilorLuxottica. The situation escalated recently: fourth-born Leonardo Maria Del Vecchio resigned as chief strategist and Ray-Ban president, leaving behind a scathing farewell letter criticizing the company. His attempt to buy out two of his siblings for a total of € 10 billion had previously failed.
However, this family drama is not to blame for the stock falling by more than half since its all-time high a year ago. Instead, the market simply corrected the massive hype surrounding the AI glasses from Ray-Ban and Meta, which had previously doubled the share price. On top of that, competition never sleeps. Samsung unveiled its Galaxy Glasses alongside Alphabet and Gentle Monster, while Snapchat parent company Snap plans to launch its own standalone project this autumn.
At its core, though, the eyewear giant's business remains solid. With brands like Ray-Ban and Oakley, lenses from Essilor, and retail chains like Apollo and Sunglass Hut, the company controls the entire optical value chain under one roof. Thanks to the price slump, its valuation has hit the lower end of its historical range. To fight the downward trend, the group now plans to buy back roughly € 800 million of its own shares.
From former icon to turnaround case
Weight of German automaker shares in the iShares DAX ETF in %
Source: iShares
German cars used to rule the roads worldwide. Today, the industry is a shadow of its former self. While local carmakers BMW, Mercedes and Volkswagen together made up 15 % of the iShares DAX ETF in 2015, today they account for just 5 % – even including Daimler Truck. This decline mirrors the broader industry crisis: fierce competition from Chinese electric vehicles, tariffs imposed by the Trump administration, and a structural drop in demand across Europe.
Companies are attempting a fresh start with drastic measures. At Volkswagen, the supervisory board recently approved the aggressive cost-cutting measures outlined in its "2030 Future Plan". Manufacturing capacity in Europe will be slashed by 500,000 vehicles, four German VW and Audi plants face potential closure starting in 2031, non-core operations like motorcycle brand Ducati are slated for sale, and 50,000 jobs will be cut globally. It is a heavy blow for Germany as an industrial hub. Yet the market breathed a sigh of relief: VW has realized that "business as usual" is no longer an option and that deep cuts were long overdue.
Wealth storage without a vault
If there is one thing not in short supply right now, it is crises. In times like these, demand for precious metals as a "safe haven" usually shoots up noticeably. Right now, however, that is not the case: gold and silver have recently lost favor due to the prospect of rising interest rates – after all, they do not pay interest. In the long run, however, precious metals can still be a sensible addition to a portfolio, especially given skyrocketing government debt. While paper money can be printed at will, the supply of gold and co remains physically limited.
Exchange traded commodities (ETCs) offer a simple way to invest in precious metals without storing bullion at home. The Invesco Physical Gold II ETC tracks the performance of gold prices, is backed by physical gold, and grants a legal right to physical delivery. As a result, capital gains for German investors become tax-free after a twelve-month holding period. By contrast, the Amundi Physical Gold ETC is always subject to flat-rate withholding tax when held as personal assets in Germany, which can be advantageous for short-term investments under a year.
As a key industrial commodity, silver often outperforms during economic recoveries. You can easily track the metal via the iShares Physical Silver ETC. The Xtrackers Physical Silver ETC EUR Hedged directly hedges against currency risk in euros. Here, gains are taxed under the standard withholding tax framework.
- Invesco Physical Gold II ETC
- Amundi Physical Gold ETC
- iShares Physical Silver ETC (Acc)
- Xtrackers Physical Silver ETC EUR Hedged
Note: Unlike ETFs, ETCs are legally structured as bearer debt securities rather than protected ring-fenced funds. Issuer risk applies, which could lead to a total loss of investment. Additionally, gold and silver investments are subject to market volatility and currency risk (EUR/USD) unless hedged against currency fluctuations.
Ready, set, derivatives!
The derivatives selection on Scalable Broker just got an upgrade. You can now choose from over 1.8 million derivative products from top providers including Goldman Sachs, Unicredit, Morgan Stanley, Vontobel, BNP Paribas, HSBC, and Société Générale.
You can easily find matching warrants and certificates on stocks, indices, precious metals, commodities, crypto, or bonds directly via the search bar on Scalable Broker.
In this section, we provide quick, direct answers to your key questions about the proposed retirement savings account for Germany.
What tax benefits does the pension investment account (AVD) offer during the accumulation phase?
- Tax deductibility: Personal contributions up to a maximum of € 1,800 (plus government allowances) can be claimed as special expenses.
- Favorable tax test: After you declare your contributions on your tax return, the tax office checks whether claiming them as special expenses yields a tax advantage exceeding the allowance claim. If it does, the difference is applied as an additional tax reduction on your income tax assessment. The allowance stays in your AVD.
- Within the account: Inside the pension investment account, no advance lump-sum tax and no withholding tax apply to dividends or realized capital gains.
Editorial deadline: Friday, 7 a.m.
Sources: Scalable and dpa-AFX