The turbulence in the banking sector did not let go of the German stock market on Friday. The renewed high price losses at the major Swiss bank Credit Suisse and the price disaster for the US regional bank First Republic pulled prices in the broader sector down again shortly before the weekend. The Dax slipped after the great decline on the futures exchanges and was down 1.20 percent in the afternoon at 14,787.70 points.
The turbulence in the banking sector did not let go of the German stock market on Friday. The renewed high price losses at the major Swiss bank Credit Suisse and the price disaster for the US regional bank First Republic pulled prices in the broader sector down again shortly before the weekend. The Dax slipped after the great decline on the futures exchanges and was down 1.20 percent in the afternoon at 14,787.70 points.
The MDax of medium-sized companies turned negative earlier than the Dax and most recently posted a discount of 1.90 percent to 26,531.11 points. The Eurozone leading index EuroStoxx 50 lost 1.08 percent to 4072.41 points.
Although many observers consider the problems of small banks in the USA to be homemade and do not expect a conflagration, investor confidence in the industry has been severely undermined in recent days by the difficulties of several smaller US institutions and concerns about the troubled Credit Suisse .
Credit Suisse shares were unable to maintain their recovery gains from the previous day on Friday and recently lost almost ten percent in Zurich. The shares of the US bank First Republic recently lost around 13 percent in early trading on Wall Street. The initially improved mood in the European banking sector quickly turned around again, with the Stoxx Europe 600 Banks recently falling by 1.6 percent. In the Dax, the prices of Deutsche Bank and Commerzbank fell by up to 1.3 percent into the red.
The euro gained in afternoon trade, last trading at $1.0635. The European Central Bank (ECB) set the reference rate a little lower on Thursday afternoon at $1.0595.
On the bond market, the current yield fell from 2.29 percent on the previous day to 2.26 percent. The Rex pension index rose by 0.22 percent to 125.69 points. The Bund future climbed 1.23 percent to 137.54 points.
Source: Stern
