The Dax continues to approach the record high on Friday thanks to good news from the United States. In early Xetra trading, the leading index rose by 0.32 percent to 16,215.70 points. The Dax is only 75 points or almost half a percent missing from the record high of 16,290 points in autumn 2021. Traders justified the positive mood in the morning with the hope that the dispute over the debt ceiling in the United States would end soon.
The Dax continues to approach the record high on Friday thanks to good news from the United States. In early Xetra trading, the leading index rose by 0.32 percent to 16,215.70 points. The Dax is only 75 points or almost half a percent missing from the record high of 16,290 points in autumn 2021. Traders justified the positive mood in the morning with the hope that the dispute over the debt ceiling in the United States would end soon.
The MDax of medium-sized companies rose in the morning by 0.43 percent to 27,733.01 points. The Eurozone leading index EuroStoxx 50 gained 0.4 percent.
The Dax had already risen sharply on Thursday due to hopes of a solution to the US debt dispute. It had closed above the 16,000 point mark for the first time since early 2022. Due to the Russian war of aggression in Ukraine and the turnaround in interest rates, the leading German index temporarily fell to less than 12,000 points at the end of September before a rapid recovery began.
In the United States, the White House sees “steady progress” in negotiations to raise the debt ceiling. US President Joe Biden remains confident that a default by the US government can be avoided. Biden’s opponent in the negotiations, Republican House Speaker Kevin McCarthy, was also optimistic.
In the case of the individual stocks, it was mainly analyst comments that caused movement. Commerzbank shares fell to the bottom of the Dax with minus 1.1 percent. Bank of America had downgraded the paper to “underperform”.
Among the smaller stocks, 1&1 benefited with a premium of 4.3 percent from a new buy recommendation from Deutsche Bank. In contrast, Telefonica Germany lost 2 percent, here the Deutsche Bank had canceled the purchase vote. A buy recommendation from Bank Jefferies for the papers of the carbon manufacturer SGL Carbon gave the share a plus of 3 percent.
Source: Stern
