With significant losses, the Dax is heading for a deep red week on Friday. Interest rate and recession concerns also dominated investors on the big expiry date before the weekend. The German leading index Dax lost 1.80 percent to 12,723.93 points in the afternoon and was only slightly above its daily low.
With significant losses, the Dax is heading for a deep red week on Friday. Interest rate and recession concerns also dominated investors on the big expiry date before the weekend. The German leading index Dax lost 1.80 percent to 12,723.93 points in the afternoon and was only slightly above its daily low.
The MDax for medium-sized stocks has even slipped to a low since May 2020 – most recently there was a minus of 2.42 percent to 23,862.44 points. The EuroStoxx 50 fell by almost one and a half percent.
On the company side in the German leading index, the papers of the post office stood out with high discounts. They fell to a low since mid-2020 and most recently lost more than five percent. The weak figures and a withdrawn earnings forecast by US competitor Fedex caused the price to slide. As justification, the Americans had referred to the gloomy economic environment.
At the end of the Dax, former Corona winners from the pharmaceutical sector, which is considered to be increasingly burdened by the energy crisis and inflation, gathered. Merck, Siemens Healthineers and Sartorius are three and a half to eight percent cheaper. Chemical stocks, which are considered to be the largest gas consumers in Germany, also went downhill. Wacker Chemie, for example, was in last place on the MDax with minus 5.8 percent, while BASF in the Dax lost 2.2 percent.
On the other hand, investors across Europe again took hold of utility stocks, which are considered defensive. RWE shares led the Dax with an increase of 0.6 percent, competitor Eon braced itself against the market weakness with only a moderate minus. Shares in the ailing utility Uniper, on the other hand, remained in the downward pull. However, they contained their losses in the course of trading to a minus of 4.6 percent, in the morning they had fallen to another record low with a double-digit percentage discount.
The euro weakened to trade at $0.9955 in the afternoon session. The European Central Bank set the reference rate at $0.9992 (Wednesday: $0.9990) on Thursday. The dollar had thus cost 1.0008 (1.0010) euros.
On the bond market, the current yield rose from 1.64 percent the day before to 1.68 percent. The Rex pension index fell by 0.31 percent to 130.20 points. The Bund future (December contract) fell by 0.19 percent to 142.66 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.
