The Dax started the week on Monday with moderate losses. He paid tribute to his recent good run and the still unresolved US debt dispute. Half an hour after the start of trading, the leading German index fell by 0.18 percent to 16,245 points. On Friday, it hit a record high of 16,331 points, but then fell back.
The Dax started the week on Monday with moderate losses. He paid tribute to his recent good run and the still unresolved US debt dispute. Half an hour after the start of trading, the leading German index fell by 0.18 percent to 16,245 points. On Friday, it hit a record high of 16,331 points, but then fell back.
The MDax of medium-sized stocks lost 0.42 percent to 27,521 points on Monday morning. The Eurozone leading index EuroStoxx 50 fell by 0.19 percent to 4386 points.
The markets are already pricing in an agreement in the dispute over the US debt ceiling, which is why “the positive price effects should remain limited even in the event of a compromise,” writes portfolio manager Thomas Altmann from QC Partners.
This Monday, US President Joe Biden and the chief negotiator for the opposition Republicans, Kevin McCarthy, want to meet again for a top-level discussion – but only well after the stock markets in Europe have closed. Time is of the essence: At the beginning of June, the US government is threatened with a default if Biden’s team does not reach an agreement with the Republicans in Congress on raising the debt ceiling by then.
Away from the important indices, the shares in Borussia Dortmund jumped by almost 14 percent to their highest level since September 2021. The football club overtook record champions Bayern Munich on the penultimate day of the Bundesliga match and now has the best cards for the championship.
In contrast, Flatexdegiro lost 1.4 percent in the SDax small-cap index. According to the “Handelsblatt”, the online broker has new problems with the financial regulator Bafin. According to the report, this checks whether the Frankfurt-based fintech company has fulfilled its obligations to publish price-sensitive information. The broker denied to the “Handelsblatt” that it had violated transparency obligations in the cases in question.
Otherwise, analyst studies caused price swings. The shares in the pharmaceutical and laboratory supplier Sartorius lost more than three percent at the end of the Dax after the US bank Morgan Stanley downgraded them to “equal weight”.
The second weakest value in the leading index was the chemicals dealer Brenntag with a minus of 1.8 percent. The British bank Barclays downgraded the shares because of a high valuation compared to the industry and now voted “underweight”.
Meanwhile, the private bank Berenberg canceled its buy recommendation for Hornbach Holding and only recommends the shares with “Hold”. Analyst Benjamin Thielmann referred to an unexpectedly gloomy earnings outlook for the hardware store holding company. As one of the biggest losers in the SDax, the title fell by 2.7 percent.
Source: Stern
