The Dax moved little from the spot on Wednesday at a high level. At the close, it was up 0.04 percent at 14,427.59 points after hitting its highest level since June the previous day. All in all, economic data had hardly any impact on the leading German index.
The Dax moved little from the spot on Wednesday at a high level. At the close, it was up 0.04 percent at 14,427.59 points after hitting its highest level since June the previous day. All in all, economic data had hardly any impact on the leading German index.
The Dax has now recovered by more than a fifth from the low for the year that was marked almost two months ago. But now it has been stuck in a narrow trading range between 14,100 and 14,500 points for almost two weeks. The MDax of medium-sized companies ultimately gained 0.06 percent to 25,635.91 points in the middle of the week.
The Eurozone leading index EuroStoxx 50 went 0.42 percent firmer at 3946.44 points from trading. The national indices in Paris and London also increased moderately. The leading US index, the Dow Jones Industrial, was up 0.3 percent at the close of the European market.
A mixed picture in the US
In Europe, the focus was on the purchasing managers’ indices for industry and the service sector. The data from Germany in particular surprised positively, but they were also better than expected in the euro zone. Accordingly, against the backdrop of record inflation, the European Central Bank (ECB) will probably not be deterred from its plan to turn interest rates again in December, commented the economists at Landesbank Helaba.
The data agenda in the USA was fuller before the long weekend due to the “Thanksgiving” holiday on Thursday. Here the picture looked inconsistent. While the purchasing managers’ indices clouded over surprisingly significantly and initial jobless claims rose more than expected, orders for durable goods also increased more significantly than forecast. In addition, there was a surprise increase in new home sales, while the consumer confidence survey by the University of Michigan deteriorated less than originally reported.
Market participants were hoping for further indications of the extent of the future rate hikes from the minutes of the meeting of the US Federal Reserve, which were expected in the evening. After sharp hikes in interest rates over the course of the year, it is expected that the US monetary authorities will soon slow down their fight against inflation. Instead of the usual 0.75 percentage points, an increase of 0.50 points is expected for the next Fed meeting in December.
CTS Eventim expands profits
On the German stock market in the middle of the week, a canceled buy recommendation weighed on Siemens Healthineers, which was at the bottom of the Dax with a minus of 2.3 percent. The medical technician’s ambitious outlook for the 2023 financial year leaves little room for maneuver, wrote Jefferies analyst James Vane-Tempest. At the top of the Dax, shares in another Siemens spin-off, namely Siemens Energy, rose by 2.2 percent.
In the MDax, CTS Eventim expanded their previous day’s gains and rose by more than three percent. Baader Bank upgraded the title to “Add”. On the other hand, in the flagging real estate sector, TAG Immobilien increased its losses from the previous day with the lowest level since 2011. Ultimately, however, they lost just under one percent. It was worse for LEG Immobilien, which brought up the rear in the index, with a drop of three and a half percent
After a buy recommendation from Warburg Research, the wind farm project developer PNE was one of the biggest winners in the SDax small-cap index with a price increase of almost nine percent. Shares reached their highest level in around 20 years. On the other hand, Uniper’s shares, which are prone to fluctuation and have recently recovered, fell by more than eight percent. The utility, which is struggling due to a lack of Russian gas supplies, is planning to issue new shares.
Porsche shares lose weak
The shares of the sports car manufacturer Porsche AG lost two and a half percent after their record rally in the weak industry environment. The still young stock market story of the Volkswagen subsidiary has been a great success so far, the day before the company valuation reached the 100 billion euro mark. The Dax ascent is imminent. In a recent study, however, analyst Daniel Roeska from Bernstein Research criticized the now high rating. Roeska fears cyclical headwinds could weigh on earnings in 2023. As the first of the experts recorded by the dpa-AFX analyzer and by Bloomberg who have made ratings so far, he therefore assumes that the price will develop below average.
The euro recently rose to 1.0368 US dollars. The European Central Bank (ECB) had previously set the reference rate at 1.0325 (Tuesday: 1.0274) dollars.
On the bond market, the current yield fell from 2.00 percent on the previous day to 1.99 percent. The Rex pension index rose by 0.35 percent to 127.94 points. The Bund future gained 0.44 percent to 141.02 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.
