After the recent recovery, the Dax took a hit on Monday. Concerns about possible new corona restrictions in China and the threat of a permanent gas freeze from Russia initially caused the leading German index to drop by almost two percent.
After the recent recovery, the Dax took a hit on Monday. Concerns about possible new corona restrictions in China and the threat of a permanent gas freeze from Russia initially caused the leading German index to drop by almost two percent.
In the afternoon things went up again. The leading German index was last down 0.82 percent at 12,908.34 points.
The MDax for medium-sized companies fell by 1.28 percent to 25,963.39 points. The Eurozone leading index EuroStoxx 50 fell by 0.56 percent to 3486.98 points.
Headwinds came from weak Chinese bourses as well as US futures, which pointed to a muted open in key US markets. The risk of further corona restrictions in China is again increasing concerns about the global economic outlook, the market said. According to the information, the number of new infections there reached its highest level since the end of May.
In addition, no Russian gas is flowing through the Nord Stream 1 pipeline to Europe for the time being. About ten days of maintenance work is scheduled to begin, and there is concern that gas will not be supplied after that either.
Shares in the economically sensitive large gas consumers from the chemical, industrial, automotive and steel sectors were among the biggest losers. In the Dax, Daimler Truck, Covestro, BASF, Siemens and the Volkswagen umbrella company Posche occupied the lower places with price reductions of 1.7 to 3.8 percent. At Siemens, a downgrade by the US analyst firm Bernstein Research also had a negative impact.
In the MDax, Thyssenkrupp and in the small-cap index SDax Salzgitter each fell by more than three percent. Outside of the important indices, ElringKlinger lost 2.3 percent after the automotive supplier reported a write-down of more than EUR 86 million in preliminary quarterly figures.
The weakest MDax value after the most recent stabilization was Uniper with a minus of almost 13 percent, which brought the share closer to its recently marked record low. After the struggling gas supplier’s application for state support, it is still unclear what exactly this will look like.
The euro fell significantly and was last quoted at 1.0079 US dollars. Just above the 20-year low from last week. On Friday, the European Central Bank set the reference rate at $1.0163.
The current yield on German Bunds rose to 1.12 percent from 1.10 percent on Friday. The Rex pension index increased by 0.03 percent to 134.65 points. The Bund future gained 0.49 percent to 105.81 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.
