On the German stock market, losses determine the direction. The US technology exchange Nasdaq, which was very weak the night before, and disappointing quarterly reports from SAP and Sartorius provided negative impetus.
On the German stock market, losses determine the direction. The US technology exchange Nasdaq, which was very weak the night before, and disappointing quarterly reports from SAP and Sartorius provided negative impetus.
At lunchtime, the Dax lost 0.45 percent to 16,131.21 points, which means that the leading German index remains in its narrow trading range of the past few days. In the course of the week, there are signs of a small plus of 0.2 percent.
Investors are currently rather cautious, because two key events are on the agenda for the coming week: the key interest rate decisions in the USA and the euro zone. And they have the potential to send the stock exchanges in one direction or the other.
The MDax with the 50 medium-sized listed companies fell on Friday by 0.23 percent to 28,165.69 points. The EuroStoxx 50, the stock exchange barometer for the heavyweights in the euro zone, lost around 0.2 percent.
As the Dax taillight, SAP shares fell by 4.3 percent. At times they fell to their lowest level since mid-May. Europe’s largest software manufacturer also showed weaknesses in its declared future business in the second quarter. Because the revenue from cloud activities fell short of expectations, the Walldorf-based company corrected its annual targets. “But that’s not a trend away from the cloud,” said CEO Christian Klein. However, one stockbroker noted: The fact that the outlook had darkened just two months after the Capital Markets Day left a bitter aftertaste. And Jefferies analyst Charles Brennan wrote: The software company is apparently not as “safe haven” as investors think.
On the other hand, the shares of Sartorius recovered from their initial significant losses, at lunchtime the minus was then 1.0 percent. The half-year figures from the laboratory supplier were a little weaker than feared. In mid-June, Sartorius had already shocked investors with a profit warning for the year as a whole. Stock market traders attributed the price recovery primarily to statements by CEO Joachim Kreuzburg, who promised a revival in orders.
Salzgitter shares fell in the SDax at minus 4.6 percent to their lowest level since the beginning of the year. They had already reacted weakly to key data for the first half of the year on Thursday afternoon. Analyst Dominic O’Kane of JPMorgan prepared investors for significant corrective risks regarding the average analyst estimates for 2023. In view of the negative impact on earnings from falling steel prices, he also reiterated his negative “underweight” investment rating.
Vitesco meanwhile jumped to a record high of just over 80 euros at times, but then gave back moderately recently. The takeover of Software AG by the investor Silver Lake means that the automotive supplier will be included in the MDax next Tuesday. The Darmstadt software company will be deleted from the MDax and TecDax.
Source: Stern
