Stock exchange in Frankfurt: recovery gains in the Dax gone again

The recent recovery on the German stock market is history again. The Dax briefly fell below 13,000 points on Wednesday.

In the afternoon, the leading index lost 2.16 percent to 13,005.37 points, reacting to a poorly expected start to the stock market on Wall Street. The MDax for medium-sized stocks fell by 2.22 percent to 26,900.86 points and noticeable losses were also recorded on Europe’s stock exchanges in general.

Before Fed Chair Jerome Powell spoke to the Senate Banking Committee, only a few companies with price gains were in view in Germany. In the Dax, which includes 40 stocks, there were just two: the consumer goods manufacturer Beiersdorf, which is considered defensive and therefore less susceptible to the economy, with a plus of 1.0 percent, and Deutsche Telekom, which is also considered defensive, which rose by 0.5 percent. BASF, on the other hand, brought up the rear with minus 5.5 percent.

Salzgitter’s shares held the red lantern in the SDax at minus 14.2 percent. An industry study by the US bank JPMorgan weighed on it. As a result, Thyssenkrupp also fell by 9.5 percent. The paper of the industrial group also suffered from the ban on the steel merger with Tata Steel, which has now been confirmed by the European Court of Justice.

With a plus of 0.8 percent, Hugo Boss bucked the negative trend on the stock market. In the morning, the British Frasers Group announced that it had recently increased its strategic stake in the fashion company again.

The euro was trading at $1.0519 in the early afternoon after falling below $1.05 in the morning session. The European Central Bank (ECB) set the reference rate at $1.0550 on Tuesday. On the bond market, the current yield fell from 1.64 percent on the previous day to 1.60 percent. The Rex pension index rose by 0.33 percent to 131.51 points. The Bund future rose by a significant 1.07 percent to 144.91 points.