The attempt to stabilize the Dax faltered again on Thursday. Half an hour after the start of trading, the leading German index is down 1.7 percent at 11,977 points and is again struggling for the round mark of 12,000 points. The day before, the Dax had meanwhile dropped to the level of November 2020 with 11,862 points, but after a minus of 2.3 percent it had finally made it into the black. LBBW spoke of a “roller coaster on the capital markets”.
The attempt to stabilize the Dax faltered again on Thursday. Half an hour after the start of trading, the leading German index is down 1.7 percent at 11,977 points and is again struggling for the round mark of 12,000 points. The day before, the Dax had meanwhile dropped to the level of November 2020 with 11,862 points, but after a minus of 2.3 percent it had finally made it into the black. LBBW spoke of a “roller coaster on the capital markets”.
The MDax lost 1.8 percent on Thursday to 21,915 points and the leading eurozone index EuroStoxx 50 1.7 percent.
The main focus is on the IPO of Porsche AG – the sports car subsidiary of Volkswagen. In the midst of tense financial markets, there was the largest German IPO since Telekom in 1996. The issue price per preferred share of EUR 82.50 has also been defended in stock market trading – according to dealers probably thanks to the support of the consortium banks. Most recently, the papers cost 82.72 euros.
Meanwhile, VW preference shares and the papers of its major shareholder Porsche SE Automobil Holding lost significantly in value. Papers from Porsche SE were particularly hard hit at times with over 9 percent – they were at the end of the Dax.
In the retail sector, too, investors across Europe again had to accept heavy price losses. After weak business in the third quarter, the fashion group Hennes & Mauritz (H&M) got off to a better start in September. Nevertheless, the prospects for the coming months are very negative, also because procurement costs continue to rise due to the strengthening dollar. The European sector index Stoxx Europe 600 Retail is already at its lowest level since 2012 due to weak consumer sentiment. Zalando lost over 4 percent.
On the other hand, there were double-digit price gains at Rational. After a strong quarter, the commercial kitchen outfitter is more optimistic about the future and is raising its targets for the year.
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.
