Before the central bank meeting in Jackson Hole in the USA, the tech giant Nvidia is creating a good mood on the Frankfurt Stock Exchange on Thursday. The chip company exceeded expectations in the second quarter and was also optimistic for the current quarter.
Before the central bank meeting in Jackson Hole in the USA, the tech giant Nvidia is creating a good mood on the Frankfurt Stock Exchange on Thursday. The chip company exceeded expectations in the second quarter and was also optimistic for the current quarter.
The leading index Dax then went up 0.8 percent in early trading to 15,853 points. The fourth trading day in a row with price gains is looming. After the last three weak weeks on the stock exchange, the Dax has recovered by almost two percent this week.
The MDax of medium-sized titles rose in the morning by 0.9 percent to 27,542 points. The leading eurozone index, the EuroStoxx 50, rose at a similar rate.
Investors had already given advance praise to Nvidia’s quarterly balance sheet. The after-hours results then confirmed the boom associated with artificial intelligence (AI). The chip company clearly exceeded expectations and thus consolidated its role as the “darling of AI investors”. According to Bernstein expert Stacy Rasgon, the stock remains “the best way to play the AI theme.”
The decision as to whether the brightened mood on the stock market will continue should now be made in Jackson Hole, USA. The annual meeting of central bankers begins there on Thursday. The most important event will be a performance by US Federal Reserve Chairman Jerome Powell on Friday, Commerzbank said in the morning. Investors are hoping for indications as to whether the future monetary policy course of the currency watchdogs will bring further interest rate hikes.
On the German stock market, Nvidia Tech stocks were in demand. Infineon’s shares gained a good one percent and Aixtron’s two percent.
On the bond market, yields on US government bonds with longer maturities continued to fall, as did those on German bonds. This gave the real estate sector some breathing room on the stock market. Vonovia gained three percent at the top of the Dax and LEG Immobilien and TAG Immobilien also grew. Falling capital market interest rates make transactions and refinancing easier for real estate companies. In addition, the pressure to make further value adjustments on the portfolios is easing.
A recommendation from Morgan Stanley for Symrise shares drove the fragrance and flavor manufacturer’s shares up by almost three percent.
In the MDax, the shares of CTS Eventim rose by 0.6 percent. The ticket marketer became more confident for 2023 after the first six months.
Source: Stern
