After the recent recovery on the German stock market, the Dax had to cope with another setback on Wednesday.
After the recent recovery on the German stock market, the Dax had to cope with another setback on Wednesday.
In early trading, the leading index lost 2.10 percent to 13,013.62 points and thus implemented the signals for an impending weak start to the stock market on Wall Street. The MDax for medium-sized stocks fell by 2.25 percent to 26,893.42 points. The Eurozone leading index EuroStoxx 50 lost 2.04 percent.
Fed Chair Jerome Powell’s speech to the Senate Banking Committee is likely to attract particular attention that day. It follows Wednesday’s highest rate hike in the US since 1994.
Among the individual values, there were only two companies in the Dax that were slightly in the black: the consumer goods manufacturers Henkel and Beiersdorf, which are considered defensive and therefore less susceptible to the economy. BASF, on the other hand, brought up the rear with minus 4.3 percent. According to CEO Martin Brudermüller, after a good first half of the year, the chemical company has to prepare for difficult times, as he said during the Industry Day of the Federation of German Industries (BDI).
The shares of Salzgitter AG held the red lantern in the SDax with minus 11.4 percent. An industry study by the US bank JPMorgan weighed on it. Analyst Luke Nelson downgraded the steel company’s shares from “neutral” to “underweight” and lowered the target price from EUR 44.00 to EUR 31.60. He referred to significantly lower prices and declining earning power. Inventories in Europe and China are quite high and the economic outlook is poor. As a result, Thyssenkrupp also gave in and fell by 6.4 percent. The papers of the steel trader Klöckner & Co. lost 5.6 percent.
Hugo Boss bucked the trend with a small minus of 0.5 percent. This morning, the British Frasers Group announced that it had recently increased its stake in the fashion company again.
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.
