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Wednesday, February 1, 2023

Stock exchange in Frankfurt: Dax recovers slightly from the previous day’s losses

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After significant losses the previous day, the German stock market recovered somewhat on Friday. In early trading, the leading German index rose by 0.51 percent to 14,995.98 points. The MDax for medium-sized companies rose by 0.94 percent to 28,364.74 points. The EuroStoxx 50, the leading index in the euro zone, rose by 0.51 percent to 4115.24 points.

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After significant losses the previous day, the German stock market recovered somewhat on Friday. In early trading, the leading German index rose by 0.51 percent to 14,995.98 points. The MDax for medium-sized companies rose by 0.94 percent to 28,364.74 points. The EuroStoxx 50, the leading index in the euro zone, rose by 0.51 percent to 4115.24 points.

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The day before, concerns about a recession in the US had sent the Dax plummeting. Since the beginning of the year, however, there is still growth of more than seven percent. The mood on the stock markets was now supported by the US streaming service Netflix, which impressed with a strong final quarter and the growth in new customers.

Among the individual values, Siemens Energy stood out as the bottom of the Dax with minus 2.5 percent. The problems of its wind power subsidiary Siemens Gamesa continue to make things difficult for the energy technology group, which is why it lowered its margin forecast for the current fiscal year 2022/23.

The T-Share fell by 1.0 percent and suffered from the fact that T-Mobile US became the target of a cyber attack. The US subsidiary does not rule out that the incident could result in high costs.

In addition, analyst judgments moved several Dax values ​​​​conspicuously. Bank of America raised the Zalando share by two notches to “buy”. At the same time, the price target was more than doubled and is now 50 euros. The fashion retailer’s share took the lead in the index with a plus of 2.9 percent.

Covestro increased by 2.5 percent, while BASF showed little change. Credit Suisse had commented on both. Analyst Samuel Perry lifted the plastics manufacturer’s paper to “outperform”, while downgrading BASF to “underperform”. For the most important product groups, Covestro is likely to have reached the global low point in terms of supply and demand and the utilization rates are gradually recovering. For BASF, however, Perry does not expect a significant improvement in capacity utilization until at least the 2024 financial year.

Hypoport’s shares also attracted attention, losing 5.6 percent at the end of the SDax. The financial service provider obtained fresh money by issuing new shares.

Source: Stern

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