The leading German index lost on Friday at the opening 0.1 percent to 15,929 points. The labor market report is something like the last hurdle on the way to the interest rate pause in the USA, says Thomas Altmann from QC Partners. Stockbrokers expected the job market to cool down. “And this slowdown is exactly what the Fed wants to see as a result of its tightening policy.” Analysts were expecting an average of 170,000 nonfarm payrolls, up from 187,000 in July.
Die US Federal Reserve has raised interest rates from near zero to a range of 5.25 to 5.50 percent since the beginning of 2022 in a bid to curb high inflation and dampen the labor market boom. The central bank wants to make the availability of data dependent on whether it tops up in September or not.
Moved under the individual values Aurubis into focus. The Hamburg copper manufacturer has issued a profit warning due to abnormalities in its metal inventories. The shares rushed in the MDax by almost 18 percent in the basement, as strong as almost eight years ago. Salzgitter, which has a stake in Aurubis, also went down. The steel group withdrew its earnings forecast for the full year 2023 – the shares collapsed in the SDax by 4.4 percent.
In the Dax, Volkswagen lost 3.5 percent after UBS downgraded it to “Sell”.
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The course development of the Dax on Thursday, August 31, 2023
On Thursday, the Dax surpassed the 16,000 point hurdle for the first time in three weeks, but was not quite able to maintain the level in the end. The shares received a tailwind from the bond markets, where yields fell sharply in some cases. Because there is currently uncertainty on the financial markets about how the central banks will proceed in the interest rate cycle, investors are increasingly focusing on the capital market interest rates, which fell on Thursday.
The At the Xetra close, the Dax rose by 0.35 percent to 15,947.08 Counter. For the stock market month of August, however, the most important German stock market barometer recorded a minus of around three percent. For the MDAX it was even about on Thursday 1.09 percent to 27,818.98 points up.
Investors were not bothered that eurozone inflation did not moderate in August. The rise in consumer prices was with 5.3 percent stronger than expected. As a result, the European Central Bank (ECB) may remain under pressure to act when it comes to raising interest rates. “The inflation problem is far from over for the ECB,” said economist Thomas Gitzel from VP Bank.
Nonetheless, investors are once again focusing more on stocks in Germany that have been hit hard by the rise in interest rates in recent months. They are hoping for a better market situation in times when interest rates may soon stop rising.
At the sector level, real estate stocks were therefore in demand, continuing their recent recovery. At the top of the Dax, they moved They smell-Shares one 5.1 percent at while the papers of Around town continued their recovery rally from the day before in the SDax. With an increase around 8.2 percent they improved further from their highest level since March. Patrizia Immobilien gained 5.3 percent.
The recovery of online stocks also gained momentum. Zalando counted with an increase 3.6 percent one of the biggest Dax winners. Analyst Christian Salis from Hauck Aufhäuser Investment Banking wrote that the stocks of the online fashion retailer are now an attractive buying opportunity after the recent strongly below-average share price development.
With a price jump to the top 5.7 percent In the Online segment, the shares of Mister Spex on. The online eyewear retailer impressed with the quarterly report, which analyst Alexander Thiel from Jefferies Research rated as a “sign of life”.
The leading eurozone index EuroStoxx 50 fell by 0.42 percent to 4297.11 points on Thursday. The stock exchanges in Paris and London reported similarly high losses. The New York leading index Dow Jones Industrial was moderately up at the end of trading in Europe.
The euro recently came under pressure at 1.0844 US dollars. The European Central Bank (ECB) set the reference rate at $1.0868 on Thursday. In bond trading, the current yield fell from 2.59 percent on the previous day to 2.53 percent. The Rex pension index rose by 0.24 percent to 124.33 points. The Bund future rose by 0.76 percent to 133.11 points in the evening.
The course development of the Dax on Wednesday, August 30, 2023
One still high inflation kept the German stock market in check in the middle of the week. After three consecutive days of gains, the Leading index Dax down 0.24 percent at 15,891.93 points on Wednesday. The MDAX the medium-sized title fell by 0.52 percent to 27,520.30 points.
The Dax had increased in early trading and approached the mark of 16,000 points down to 40 points. But when the consumer prices from Bavaria, Baden-Württemberg and Hesse became known after an hour of trading, the courses retreated. They are all over Germany Consumer prices rose 6.1 percent in August – stronger than expected.
A decline in inflation should be “anything but a sure-fire success,” wrote economist Sebastian Becker from Deutsche Bank. Above all, persistently high wage pressure could further fuel the price increase in services and thus generally slow down the normalization of inflation.
This is bad news for stocks, because a high Inflation could mean interest rates rising further stir up “The ECB has a difficult job at the moment. The European economy is weak (…), while inflation rates remain high,” wrote economist Thomas Gitzel from VP Bank. However, the mandate of the ECB is clear: “Fighting inflation is at the heart of trade”.
Delivery Hero und Aroundtown im Fokus
On the company side, investors were once again busy with a number of annual reports, including those from Delivery Hero and Around town. Delivery Hero shares fell by more than ten percent. The food supplier was also in the red in the second quarter. Aroundtown shares, on the other hand, rose by a good nine percent. Investors welcomed the fact that the real estate group became somewhat more optimistic about this year’s operating result.
The prospect of possible multi-billion dollar value adjustments by the Danish wind farm operator Orsted in the USA weighed on the entire wind and energy sector. Orsted shares fell a quarter in Copenhagen. Paid in the Dax RWE 4.7 percent and Siemens Energy 3.3 percent a.
EuroStoxx 50 also on the loss course
The Eurozone leading index EuroStoxx 50 lost 0.26 percent on Wednesday to 4315.31 points. On the Paris Stock Exchange, the Cac 40 ended slightly lower, while the FTSE 100 in London was modestly higher. The New York leading index Dow Jones Industrial was slightly up at the end of trading in Europe.
On the foreign exchange market, the euro rose due to high German inflation and also after weak growth data from the USA and was last traded at 1.0931 US dollars. The European Central Bank set the reference rate at 1.0886 US dollars. In bond trading, the current yield rose from 2.58 percent on the previous day to 2.59 percent. The Rex pension index fell by 0.04 percent to 124.04 points. The Bund future recently lost 0.12 percent to 132.34 points.
The course development of the Dax on Tuesday, August 29, 2023
Easing interest rate concerns as a result of surprisingly weak US economic data have Dax brought new momentum on Tuesday. The leading index ended trading up 0.88 percent to 15,930.88 points. It went even better for him MDAX the medium-sized titles with an increase of 1.38 percent to 27,664.93 points.
In the United States, the number of vacancies fell surprisingly sharply in July. Consumer confidence also clouded over there, which was just as unexpected. The experts from Capital Economics said the US labor market had now normalized.
Investor hopes for a pause in interest rate hikes by the US Federal Reserve in September are now being fueled by the US data, after they were often dampened by previously mostly robust labor market data. Investments in equities are now becoming somewhat more attractive again.
Vonovia benefits from easing interest rate concerns
The shares of the Internet fashion retailer tied in the Dax Zalando to their previous day’s recovery with plus 3.1 percent and thus secured first place in the leading index.
They smell benefited with a plus of 2.9 percent on the one hand from easing interest rate concerns and on the other hand from a positive industry study by Goldman Sachs, in which the bank had also upgraded the shares in Grand City Properties to “buy”. Grand City closed the SDax small-cap index with a gain of 3.5 percent.
Evotec initially hardly reacted to the half-year figures of the drug researcher and the confirmation of the annual forecast lowered in July due to a hacker attack. In the afternoon the titles went up. In the end, the increase was 6.5 percent, which meant first place in the MDax. This was followed by the papers of the solar and wind farm operator with a plus of 4.8 percent Encavisthe analyst firm Jefferies had recommended buying here.
The leading eurozone index EuroStoxx 50 Like the Dax, it benefited from the latest US economic data and gained 0.76 percent to 4326.47 points. There were premiums of 0.7 percent on the Paris stock exchange. London reported an increase of 1.7 percent after the bank holiday weekend. The New York leading index Dow Jones Industrial was 0.4 percent higher at the end of European trading. The technology-heavy Nasdaq 100 in particular was boosted there with a plus of 1.7 percent.
The euro rose after the weak US economic data. The European common currency was trading at a daily high of $1.0852 after the market close. The European Central Bank (ECB) had set the reference rate at 1.0803 (Monday: 1.0808) US dollars in the afternoon, with the dollar costing 0.9257 (0.9252) euros.
In bond trading, the current yield fell from 2.61 percent on Monday to 2.58 percent. The Rex pension index rose by 0.18 percent to 124.09 points. The Bund future gained 0.44 percent to 132.70 points.
The course development of the Dax on Monday, August 28, 2023
Friendly guidelines from the Far East were broadcast on the German stock market on Monday. The Chinese government lowered stamp duty on stock trading for the first time in 15 years. Concerns about interest rates receded somewhat into the background, but are not off the table. At the central bankers’ meeting in Jackson Hole, both Fed boss Jerome Powell and European Central Bank (ECB) President Christine Lagarde announced that they would continue to pursue a strict monetary policy in the fight against inflation.
The Dax closed with one Plus of 1.03 percent at 15,792.61 points. In the previous week, the leading index had posted a gain of around 0.4 percent. The MDax of medium-sized titles gained 1.07 percent on Monday to 27,287.46 points. The EuroStoxx 50 increased by 1.3 percent. The New York leading index Dow Jones not rose 0.5 percent at the close of European trading.
From an industry perspective, technology stocks were the top investor favourites, while utilities were the most shunned. Among the individual stocks, market-moving news was rare. The ThyssenKrupp papers Nucera increased by 1.1 percent, after the electrochemical equipment maker boosted sales and earnings in the fiscal third quarter. The papers of the parent company Thyssenkrupp gained 1.0 percent.
Investors reacted with disappointment to Borussia Dortmund’s draw against VfL Bochum in the Bundesliga. The BVB shares lost 1.9 percent.
The euro was last traded at $1.0807. The European Central Bank set the reference rate at $1.0808 in the afternoon. In bond trading, the current yield rose from 2.56 percent on Friday to 2.61 percent. The Rex pension index fell by 0.18 percent to 123.86 points. The Bund future fell by 0.08 percent to 132.05 points.
