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Wednesday, February 8, 2023

Stock exchange in Frankfurt: US recession concerns push Dax below 15,000 points

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Recession concerns in the US triggered profit-taking on the German stock market on Thursday. In the afternoon, the leading index Dax fell by 1.8 percent to 14,907.97 points. The MDax for medium-sized companies fell by 2.39 percent to 28,130.85 points.

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Recession concerns in the US triggered profit-taking on the German stock market on Thursday. In the afternoon, the leading index Dax fell by 1.8 percent to 14,907.97 points. The MDax for medium-sized companies fell by 2.39 percent to 28,130.85 points.

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Data on industrial production and retail sales in the US from the previous day had brought back concerns about a contraction in the world’s largest economy, wrote market analyst Jochen Stanzl from CMC Markets. Since at the same time the increase in producer prices weakened surprisingly sharply in December, the US Federal Reserve should see its decision to slow down its rate hikes at the beginning of February, “but not suspend its tightening of monetary policy, as the labor market remains tight”. .

Among the 40 Dax values, the shares of the auto supplier Continental continued to suffer from the profit margins published on Tuesday evening. After losses of around 3 percent on Wednesday, it was now down 4.2 percent.

At the top, the Beiersdorf papers increased by 0.6 percent. Analyst Fulvio Cazzol from the private bank Berenberg raised his price target from 120 to 144 euros and confirmed his “buy” rating.

Henkel shares lost 1.2 percent. Dealers referred primarily to the competitor HB Fuller. The US adhesives group had disappointed with its fourth quarter and the outlook due to raw material costs and a strong dollar, among other things.

Linde shares fell 1.2 percent. With a market valuation of almost 150 billion euros, the most valuable Dax group will soon say goodbye to the Frankfurt Stock Exchange. Shareholders had agreed to this the day before. The withdrawal is expected to take effect around March 1st.

The euro was trading at $1.0818 in the afternoon. The European Central Bank set the reference rate at $1.0839 on Wednesday. On the bond market, the current yield fell to 2.03 percent from 2.09 percent the previous day. The Rex pension index rose by 0.36 percent to 127.62 points. The Bund future fell 0.50 percent to 139.51 points.

Source: Stern

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