The Dax is still counted at the beginning of the second half of the year. After the leading German index temporarily made up for losses after a weak start on Friday, it was slightly down again in the afternoon by 0.24 percent to 12,753 points.
The Dax is still counted at the beginning of the second half of the year. After the leading German index temporarily made up for losses after a weak start on Friday, it was slightly down again in the afternoon by 0.24 percent to 12,753 points.
The balance for the first half of the year, which ended the day before, was sobering at minus 19.5 percent.
The MDax of medium-sized stocks lost 0.65 percent on Friday to 25,654 points. The Eurozone leading index EuroStoxx 50 lost half a percent.
In the euro zone, the inflation rate climbed to a record level again. Consumer prices rose 8.6 percent year-on-year in June. Economists had only expected an average rate of 8.5 percent. “No relaxation in terms of inflation – despite the German relief package,” commented the economist Thomas Gitzel from the Liechtenstein VP Bank.
“Recession concerns have the financial markets firmly in their grip. The high inflation rates and hawkish comments from various central bankers are keeping interest rate hikes high and with them economic worries,” said Commerzbank.
Utilities recovered from their price debacle the day before, when Uniper had pulled the industry down with a call for help to the federal government and a cashed-in earnings forecast. Uniper has now gained around seven percent. RWE and Eon increased by up to four and a half percent.
Meanwhile, weakness in the technology sector continued. In the Dax, this was reflected in the Infineon shares with a discount of almost three percent and in the MDax with Aixtron with a minus of around six percent. A gloomy outlook for the US group Micron weighed on semiconductor stocks.
Grand City Properties only recovered somewhat from their weakness initially after a buy recommendation from HSBC, but were already 0.8 percent lower again in the afternoon. Real estate stocks have been under pressure for some time due to rising interest rates, which are making financing more expensive.
Bilfinger shares increased by more than three percent. Deutsche Bank started the rating with “Buy”. After its restructuring, the industrial service provider is about to enter a new phase of growth.
The euro cost 1.0435 US dollars in the afternoon. The European Central Bank (ECB) had set the reference rate at $1.0387 the day before. On the bond market, the current yield fell from 1.32 percent on the previous day to 1.28 percent. The Rex pension index rose by 0.20 percent to 133.49 points. The Bund future recently gained 0.58 percent to 149.63 points.
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.
