The German stock market presented itself without a clear direction on Tuesday. While the standard values in the Dax tended to remain at the level of the previous day, the papers from the second and third rows clearly went downhill. The numerous quarterly reports from German companies did not provide any strong impetus. Investors were awaiting the latest inflation data from Germany and the US on Wednesday, sources said.
The German stock market presented itself without a clear direction on Tuesday. While the standard values in the Dax tended to remain at the level of the previous day, the papers from the second and third rows clearly went downhill. The numerous quarterly reports from German companies did not provide any strong impetus. Investors were awaiting the latest inflation data from Germany and the US on Wednesday, sources said.
Except for a mini-jump into the plus in the early trading and in the closing trading, the Dax moved moderately in the red the whole time. Ultimately, the leading index ended trading with a gain of 0.02 percent at 15,955.48 points. The MDax lost 0.83 percent to 27,315.08 points. The SDax fell by 0.93 percent to 13,696.66 points.
The leading European indices closed with a negative sign. The EuroStoxx 50 lost 0.6 percent. Paris’ Cac 40 was also down 0.6 percent and London’s FTSE 100 was down 0.2 percent after the long weekend. In the US, the Dow Jones Industrial was down 0.2 percent at the European stock market close.
“There is still a lack of positive impulses to attract buyers to the market at the high level and because of the many uncertainties,” said capital market strategist Jürgen Molnar from Robomarkets with a view to the Dax. For four weeks, the most important German stock market barometer has been in a range of around 400 points or just over two percent. He gets support below 15,700 points, but so far it’s over at 16,000.
On the company side, Daimler Truck (DTG) with the final quarterly figures and Fresenius with the first key data were the main focus from the Dax. The commercial vehicle manufacturer Daimler Truck was able to almost triple its profit in the first quarter, but the particularly high-margin North American business was disappointing. DTG shares lost 2.0 percent.
In contrast, the Fresenius shares rose to the top of the Dax with a plus of 8.7 percent. The clinic operator and medical group got off to a surprisingly dynamic start in 2023. The shares of the Fresenius dialysis subsidiary FMC were unable to maintain their significant initial profits and ultimately fell by 0.1 percent. FMC’s operating results beat estimates, but overall they were modest, said Bernstein analyst Lisa Bedell Clive. In addition, the share has run very strongly in the year to date with a plus of 40 percent.
For K+S it went down by 1.7 percent. The fertilizer maker lowered its target range for full-year operating profit as well as free cash flow. The Carl Zeiss Meditec share lost even more significantly with minus 8.8 percent at the end of the MDax. Investors are now apparently again having doubts about an upturn in business, it said, referring to disappointing statements about incoming orders.
In the SDax, Schaeffler went down by 7.8 percent according to the quarterly figures presented. However, the JPMorgan analysts described the concerns about below-average business development in Schaeffler’s auto division and the order intake as exaggerated.
The euro was last traded at $1.0952. The European Central Bank had set the reference rate at $1.0959 in the afternoon.
On the bond market, the current yield rose from 2.32 percent on the previous day to 2.33 percent. The Rex pension index fell by 0.13 percent to 126.43 points. The Bund future lost 0.13 percent to 135.25 points.
Source: Stern
