The Dax continued to stabilize on Tuesday after its sharp slide in the past week.
The Dax continued to stabilize on Tuesday after its sharp slide in the past week.
In early trading, the leading index rose 1.13 percent to 13,415.74 points. The MDax for medium-sized stocks gained 1.19 percent to 27,809.66 points. The leading eurozone index, the EuroStoxx 50, rose by 1.25 percent.
On Thursday, the German stock exchange barometer barely held the 13,000 point mark after losing more than ten percent from its monthly high of 14,709 points. The main topic remains the immense inflation and the countermeasures of the central banks with interest rate increases. The US Federal Reserve (Fed) announced a major interest rate hike on Wednesday. The next day, the Swiss National Bank surprised with a significant interest rate hike and made investors nervous.
Individual companies were primarily targeted with negative news. Nordex’s paper fell by a little more than twelve percent. According to dealers, the wind turbine manufacturer, which was flown out of the SDax the day before because of the delayed presentation of figures, started the year 2022 with surprisingly high losses. Nordex had to postpone the presentation of the figures for the first quarter due to a cyber security incident.
Retail stocks were also among the losers. Not least after the US bank JPMorgan and the investment bank Oddo BHF expressed skepticism. The cost of living is rising, making life more expensive, wrote JPMorgan analyst Georgina Johanan. She expects this to be particularly noticeable in the second half of the year and, among other things, lowered her investment rating for the online fashion retailer About You to “neutral”.
Oddo analyst Andreas Riemann argues similarly and sees growing risks for profit warnings. The fact that stocks such as Adidas, Zalando and Puma in the Dax or Hugo Boss in the MDax still increased is probably due to the previous heavy losses. The About You share, on the other hand, fell by 1.8 percent in the SDax.
Uniper weakened in the index of medium-sized stocks with minus 0.4 percent. The energy giant could struggle to honor contracts it has signed with its customers if Moscow continues to cut gas supplies or supply less gas in the longer term, Bloomberg news agency reported. “We are now fulfilling the contracts that we have concluded with our customers, but I don’t know to what extent we can continue to do so,” said CEO Klaus-Dieter Maubach in an interview with the agency.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
