In view of ongoing economic concerns, the German stock market started the new week with restraint.
In view of ongoing economic concerns, the German stock market started the new week with restraint.
The leading index Dax initially rose by up to 0.8 percent on Monday morning, but quickly lost momentum and temporarily gave up its opening gains completely.
By early afternoon, the Dax had increased by 0.23 percent to 12,842.78 points. On Thursday, the stock market barometer fell to its lowest level since March, but has since recovered somewhat. The MDax for medium-sized stocks fell by 0.46 percent to 25,718.85 points. The Eurozone leading index EuroStoxx 50 rose by 0.56 percent. There were no impulses from the USA at the beginning of the week, as there was no trading there due to a holiday.
Car stocks were avoided in the Dax. BMW lost 0.8 percent and Mercedes-Benz 1.8 percent. Chip shortages and supply chain problems continue to slow down the US auto market, and German manufacturers are also doing badly, as sales figures for the second quarter showed.
Fielmann shares brought up the rear in the SDax small-cap index with a minus of almost ten percent. High inflation, the war in Ukraine and the resulting weaker consumer sentiment will weigh on the optician’s chain’s earnings in the current year. For 2022, the Hamburg company now expects a decline in profits.
At the top of the index in the SDax, Vitesco shares rose by almost six percent. The Schaeffler family increased its stake in the automotive supplier.
The euro cost 1.0452 US dollars in the afternoon. The European Central Bank had fixed the reference rate on Friday at 1.0425 (Thursday: 1.0387) dollars. The dollar thus cost 0.9592 (0.9627) euros. The current yield on the bond market fell from 1.28 percent to 1.19 percent. The Rex pension index rose by 0.33 percent to 133.93 points. The Bund future lost 0.78 percent to 149.47 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.
