The rate hike by the European Central Bank (ECB) only briefly affected the German stock market on Thursday. By the end of trading, the Dax had almost completely made up for the losses it had suffered at times. Gains on the US stock exchanges helped the leading German index.
The rate hike by the European Central Bank (ECB) only briefly affected the German stock market on Thursday. By the end of trading, the Dax had almost completely made up for the losses it had suffered at times. Gains on the US stock exchanges helped the leading German index.
The German stock exchange barometer ended the day with a slight discount of 0.13 percent to 16,290.12 points. The MDax, in which medium-sized companies are located, lost 0.82 percent to 27,330.39 points. The EuroStoxx 50, the leading index in the euro zone, fell by 0.25 percent to 4365.12 points. In Paris there was a drop of around half a percent, in London it went up moderately. The US also posted gains at the close in Europe. The Dow Jones Industrial rose 1.0 percent in the early evening.
As hoped, the US Federal Reserve had also taken a break the night before after ten interest rate hikes in a row. Signals of further hikes in the current year had already been received with composure by investors in the USA on Wednesday and had not weighed too heavily on Wall Street.
In the fight against persistently high inflation, the currency watchdogs in the euro region followed up with an eighth interest rate hike in a row. As expected by a large majority, the key interest rate was raised by a further 0.25 percentage points to 4.0 percent. However, the ECB is expecting slightly lower economic growth and higher inflation this year than three months ago.
Disappointing data from Chinese industry left its mark on the share prices of export-heavy German chemical companies. In the Dax, BASF lost 1.0 percent and the shares of the chemicals dealer Brenntag also fell significantly with minus 1.8 percent. For the shares of Lanxess and Evonik in the MDax, the discounts were just over 2 percent. Other sectors that are particularly dependent on the global economy, such as raw materials and metals, also weakened, which was reflected in the prices of steel companies such as Thyssenkrupp and Salzgitter.
Atoss Software shares in the SDax suffered a loss of 3.5 percent from the sale of an extensive block of shares. This will go to US investor General Atlantic at a significant discount of almost 13 percent to the volume-weighted average price over the past six months.
The euro rose and was trading at $1.0932 in the early evening. The ECB set the reference rate at 1.0819 (Wednesday: 1.0809) dollars. The dollar thus cost 0.9243 (0.9252) euros. On the bond market, the current yield rose from 2.50 percent the day before to 2.55 percent. The Rex pension index fell by 0.27 percent to 124.61 points. The Bund future (September contract) recently fell by 0.27 percent to 132.79 points.
Source: Stern
