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Stock exchange in Frankfurt: Dax continues to rise

Stock exchange in Frankfurt: Dax continues to rise

Confirmed signals for a more moderate interest rate policy by the US Federal Reserve have given the Dax a boost. In addition, there were renewed hopes that China could gradually relax its strict corona policy.

Confirmed signals for a more moderate interest rate policy by the US Federal Reserve have given the Dax a boost. In addition, there were renewed hopes that China could gradually relax its strict corona policy.

That would boost demand for many commodities. However, the German retail sales in October, which fell unexpectedly sharply, caused a damper. In addition, the statements by Fed boss Jerome Powell the night before did not only contain positive things for the stock exchanges, as the experts at LBBW explained.

In the afternoon, the Dax rose by 0.91 percent to 14,527.75 points. However, the hoped-for liberation did not materialize. The road to the intermediate high of June 6 at just over 14,700 points remains rocky. Whether there will be a ninth consecutive week of earnings remains to be seen. There is currently a small loss.

The MDax of medium-sized stocks rose by 1.68 percent to 26,023.89 points on Thursday. The EuroStoxx 50, the leading index in the euro zone, gained 0.74 percent.

Powell had underpinned the prospect of smaller rate hikes on Wednesday, triggering a price rally on Wall Street. However, a smaller rate hike of 0.5 percentage points has already been priced in on the stock exchanges for December. According to LBBW, it is therefore more interesting that Powell also made it clear that the Fed will probably have to raise key interest rates above the level of 4.6 percent announced in their projections. According to the Fed head’s current statements, a first interest rate cut in the coming year is also unlikely.

Among the individual stocks in the Dax, Deutsche Telekom shares rose by 1.3 percent. Analyst Akhil Dattani from JPMorgan sees some potential price drivers for the T-Share in 2023 and therefore put it on the “Analyst Focus List” for particularly promising stocks. Plus, she remains his favorite in the industry.

Nemetschek shares jumped 6.2 percent in the MDax. According to an interview with the financial news agency dpa-AFX, the CEO of the construction software manufacturer expects “continued sales growth and an operating result at a high level” in the coming year.

The focus also shifted to the shares of Shop Apotheke, which rose by 11.7 percent at the top of the SDax. In Switzerland, shares in Zur Rose, which owns the DocMorris brand, rose sharply. The two mail-order pharmacies benefited from the fact that Federal Health Minister Karl Lauterbach had emphasized the day before that the e-prescription would come in the middle of next year.

Outside of the Dax family, Elmos shares also reached their highest level since 2000. As index expert Tom Koula of the investment bank Stifel Europe expects, the chip manufacturer will be included in the SDax before Christmas.

The euro traded at $1.0459 in the afternoon session. The ECB last set the reference rate at $1.0376 on Wednesday.

On the bond market, the current yield fell from 1.92 percent on the previous day to 1.82 percent. The Rex pension index rose by 0.62 percent to 128.30 points. The Bund future advanced 0.54 percent to 142.44 points.

Source: Stern

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