Stock exchange in Frankfurt: Dax in the red – investors exercise caution

The German stock market fell slightly in the morning after dismal economic data from China. The Dax lost 0.3 percent to 15,941.01 points. The MDax fell by 0.2 percent to 27,056.68 points. The EuroStoxx 50 fell by 0.3 percent.

According to experts, there will be no further important economic data this week. Investors therefore held back before the US inflation figures next Tuesday and the key interest rate decision by the US Federal Reserve in a week, it said.

The Dax continues to defy all odds and bravely defends its annual profit of almost 15 percent, noted analyst Thomas Altmann from QC Partners. Few investors see any reason to take profits. “Apparently most of them believe or at least hope that after the current sideways movement things will soon go up.” However, the way up is rocky because of the weak economic data in the major economies.

Rheinmetall shares rose 0.2 percent. The armaments group plans to deliver more tanks and anti-aircraft ammunition to Ukraine this summer. The company said it had received an order from the Federal Ministry of Defense for 20 Marder infantry fighting vehicles.

Hugo Boss stocks at the top of the MDax jumped 3.0 percent to their highest level in a month. UBS issued a recommendation for the shares in the fashion group. Aurubis shares gained 1.0 percent. Baader Bank upgraded the copper producer’s stock from “Add” to “Buy”.

Morphosys shares continued their rally of the past few trading days and climbed another 7.9 percent. They were by far the best value in the SDax. In the course of the year so far, the price gain has already totaled 117 percent, but by the end of 2022 there had also been a long downturn. The antibody specialist benefits from the fact that the market believes that the cancer drug pelabresib has blockbuster potential, i.e. sales of more than one billion US dollars.