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Stock exchange in Frankfurt: Dax continues to rise at the beginning of the month

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Jane
Jane
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.
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The Dax continued its recent gains on Tuesday. After an unusually strong month on the stock exchanges in October, a recovery rally on the Asian stock exchanges provided momentum on the first trading day in November. In later trading, however, losses on the leading Wall Street put some pressure on the courses. The leading German index increased by 0.64 percent to 13,338.74 points. The MDax for medium-sized stocks rose by 1.44 percent to 24,019.05 points.

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The Dax continued its recent gains on Tuesday. After an unusually strong month on the stock exchanges in October, a recovery rally on the Asian stock exchanges provided momentum on the first trading day in November. In later trading, however, losses on the leading Wall Street put some pressure on the courses. The leading German index increased by 0.64 percent to 13,338.74 points. The MDax for medium-sized stocks rose by 1.44 percent to 24,019.05 points.

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In China and the Hong Kong Special Administrative Region in particular, speculation about Beijing moving away from the zero-Covid policy had triggered significant price gains, which meant that the willingness to take risks also increased further in this country.

In the afternoon, better mood data from US industry and the surprising increase in newly created jobs in the US had fueled concerns that the US Federal Reserve could continue its tough monetary policy course with large interest rate hikes unabated on Wednesday. Most recently, there had been hope for a less rapid pace of increases.

The recovery rally in the Far East was mainly driven by tech stocks such as Tencent and Alibaba, which had a positive effect on German internet stocks in Germany, which have recently been avoided. In the Dax, Zalando rose the most with a plus of 4.2 percent. In the MDax, the shares of Delivery Hero and Hellofresh rose particularly significantly by 7.5 percent each.

But stocks from other industries associated with the tech sector were also very popular with investors, including the chip group Infineon with a plus of 1.8 percent. Furthermore, the papers from car manufacturers, which are plentifully represented in the Dax, were in demand because of the importance that the Chinese market has for their growth. Volkswagen’s preferred shares gained more than 2 percent. Fresenius Medical Care (FMC) shares revised some of the day’s rally.

The EuroStoxx 50, the leading index in the euro zone, closed 0.93 percent higher at 3651.02 points. Similar gains were recorded in Paris and London. In the US, the Dow Jones Industrial fell slightly at the close of trading in Europe.

The euro suffered from the robust economic data from the USA and was last listed at 0.9862 US dollars. The European Central Bank had previously set the reference rate at $0.9947 (Monday: $0.9914). The dollar thus cost 1.0053 (1.0087) euros.

On the bond market, the current yield fell from 2.10 percent on the previous day to 2.01 percent. The Rex pension index rose by 0.57 percent to 128.31 points. The Bund future rose by 0.12 percent to 138.67 points.

Source: Stern

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