On Monday, the Dax, which was lethargic for long stretches, only moved a little more strongly in the afternoon – namely downwards. The leading German index came under slight pressure after disappointing US economic data. In addition, the President of the European Central Bank (ECB), Christine Lagarde, held out the prospect of further interest rate increases before the Economic and Monetary Affairs Committee of the European Parliament.
On Monday, the Dax, which was lethargic for long stretches, only moved a little more strongly in the afternoon – namely downwards. The leading German index came under slight pressure after disappointing US economic data. In addition, the President of the European Central Bank (ECB), Christine Lagarde, held out the prospect of further interest rate increases before the Economic and Monetary Affairs Committee of the European Parliament.
After its course gains before the weekend to over 16,000 points in the course of the settlement of the US debt dispute, the Dax has now fallen below the round mark again. With minus 0.54 percent to 15,963.89 points, he said goodbye to the end of the day. The MDax for medium-sized companies fell by 0.59 percent to 27,104.83 points.
At the end of the Dax, Zalando shares lost 3.8 percent according to a critical study by the bank JPMorgan. Analyst Georgina Johanan is skeptical about the development of the online fashion retailer. According to the expert, Internet access data and indicators for brand dynamics show a slowdown in business dynamics in Germany in May.
In the top group of the Dax, Deutsche Telekom stocks recovered by 1.6 percent from their 9 percent drop on Friday, when news about possible competition from Amazon in the United States had weighed heavily on the entire sector before the weekend. The news agency Bloomberg had reported, with reference to insiders, that the internet retailer was examining a mobile phone offer for its Prime customers in the USA. However, Amazon stated that this topic is currently not on the agenda. With a plus of 0.4 percent, the European telecom sector was the best among the Stoxx 600 sectors on Monday.
At Uniper, speculators continue to have the say: the share price of the nationalized utility has recently risen, and the rate of decline is currently as rapid. On Monday, the papers collapsed again by almost a fifth.
The Eurozone leading index EuroStoxx 50 lost 0.70 percent to 4293.24 points. France’s Cac 40 came under even more pressure, while Britain’s FTSE 100 was only slightly down. In New York, the US leading barometer Dow Jones Industrial recorded moderate losses at the end of European trading. Meanwhile, the tech-heavy Nasdaq 100 gained.
The weak US economic data helped the euro. Most recently, $1.0716 was paid for the common currency. The ECB had previously set the reference rate at 1.0690 (Friday: 1.0763) dollars, the dollar cost 0.9355 (0.9291) euros.
On the bond market, the current yield rose from 2.32 percent on Friday to 2.41 percent. The Rex pension index fell by 0.61 percent to 125.69 points. The Bund future fell by 0.41 percent to 134.89 points.
Source: Stern
