The Dax significantly reduced its previous weekly loss on Friday. Robust labor market data from the USA did not change the fact that strong figures from Apple and the German industrial electricity price plans improved investor sentiment. With the higher expected shares of the iPhone manufacturer, the New York stock exchanges are also heading for a recovery.
The Dax significantly reduced its previous weekly loss on Friday. Robust labor market data from the USA did not change the fact that strong figures from Apple and the German industrial electricity price plans improved investor sentiment. With the higher expected shares of the iPhone manufacturer, the New York stock exchanges are also heading for a recovery.
The Dax made it to a daily high in the afternoon, gaining 0.94 percent to 15,881.60 points. Due to the recovery on Friday, the leading index limited its weekly minus to 0.25 percent. The MDax rose on Friday by 0.85 percent to 27,547.12 points, while the euro zone’s leading index, the EuroStoxx 50, increased by 0.7 percent.
On the stock side, some companies that are plagued by high electricity prices benefited from the industrial electricity price plans presented by Federal Minister of Economics Robert Habeck (Greens). The papers of the plastics group Covestro rose by almost five percent as one of the favorites in the Dax, followed by BASF with a plus of 3.4 percent. In the MDax, Wacker Chemie in particular recorded a price jump of nine percent. The papers of steel manufacturers also increased.
In addition to Apple, there were also convincing quarterly reports in Germany, above all from Adidas. According to analyst Piral Dadhania of Canadian bank RBC, it was an encouraging quarter for the sporting goods group, after which shares rallied, rising 7.8 percent.
Euro suffered from dollar strength after US jobs data. At $1.0984, the price slipped below the $1.10 mark. The ECB had set the reference rate at $1.1074 the day before. On the bond market, the current yield fell from 2.28 percent on the previous day to 2.25 percent. The Rex pension index rose by 0.24 percent to 126.84 points. The Bund future lost 0.65 percent to 135.88 points.
Source: Stern
