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Stock exchange in Frankfurt: Dax with record high before the weekend

Stock exchange in Frankfurt: Dax with record high before the weekend

On Friday, the German share index Dax crowned an initially sluggish stock market week with a record high. At just under 16,332 points, the leading index clearly surpassed the old record from November 2021. As the day before, investors were willing to take risks in the hope of an early solution to the US debt dispute.

On Friday, the German share index Dax crowned an initially sluggish stock market week with a record high. At just under 16,332 points, the leading index clearly surpassed the old record from November 2021. As the day before, investors were willing to take risks in the hope of an early solution to the US debt dispute.

Shortly before the end of trading on the local stock exchange, however, the news came that the Republicans had left the negotiations with the Democrats. The Dax thus contained its gains in the last few minutes to 0.69 percent and said goodbye to 16,275.38 points. The MDax of medium-sized companies lost its price increase almost completely and closed 0.08 percent higher at 27,639.03 points.

With the withdrawal of the Republicans, the talks were blocked, it was said in the evening from the United States. The White House had previously reported “steady progress”. US President Joe Biden was therefore confident that a default by the US government could be avoided, it said.

The vague prospect of an agreement in the USA had fueled prices on the local stock market the day before. The leading German index had closed above the 16,000 point mark for the first time since the beginning of 2022, after the stock market barometer had barely moved for weeks. For the past five trading days, there is an increase of a good two percent in the Dax.

The stock market barometer has grown by almost 40 percent since the interim low last September at less than 12,000 points. Due to the Russian war of aggression in Ukraine and the turnaround in interest rates, the leading German index had fallen significantly by autumn last year, before a rapid recovery began.

In terms of individual values, Adidas shares fell 3.3 percent as the biggest Dax loser than the trade, the papers were sucked into a lowered annual forecast by the US sports shoe chain Foot Locker.

In addition, analyst comments in particular caused movement. Commerzbank shares fell by almost 1.4 percent. Bank of America had downgraded the paper to “underperform” a few days after the most recent quarterly balance sheet. The experts at the US bank no longer see any scope for a further rise in the price.

Among the smaller stocks, 1&1 benefited with a premium of almost four and a half percent from a new buy recommendation from Deutsche Bank. In contrast, Telefonica Germany lost a good one percent, here Deutsche Bank had canceled the purchase vote.

Plans for a share buyback gave the papers of the wind and solar park operator Energiekontor an additional boost in the short term. The course recovered quickly, but ultimately remained an increase of 1.2 percent.

Europe’s stock exchanges also recorded gains, the leading eurozone index EuroStoxx 50 had reached its highest level since November 2021 and closed 0.64 percent higher at 4395.30 points. The trading centers in Paris and London also increased. In the USA, the Dow Jones Industrial recently fell moderately.

In forex trading, the euro stabilized after recent losses. The common currency was last listed at 1.0817 US dollars. The European Central Bank had previously set the reference rate at $1.0808.

On the bond market, the current yield rose from 2.34 percent on the previous day to 2.47 percent. The Rex pension index fell by 0.18 percent to 125.62 points. The Bund future advanced 0.28 percent to 134.24 points.

Source: Stern

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