The good mood on the German stock market in the early part of the week gave way to a wait-and-see attitude towards the weekend. Ahead of a speech by US Federal Reserve Chairman Jerome Powell at the Federal Reserve Conference in Jackson Hole (Wyoming), interest rate fears are hampering a further recovery.
The good mood on the German stock market in the early part of the week gave way to a wait-and-see attitude towards the weekend. Ahead of a speech by US Federal Reserve Chairman Jerome Powell at the Federal Reserve Conference in Jackson Hole (Wyoming), interest rate fears are hampering a further recovery.
Attention was also drawn to the Ifo business climate index for August. The important economic barometer fell further in August. It is the fourth straight decline and the lowest level since October 2022.
The leading index Dax rose in early trading by 0.02 percent to 15,624.46 points. This indicates a moderate weekly plus of around 0.3 percent for the leading German index after the last three weak weeks on the stock exchange. The MDax of medium-sized titles gained 0.06 percent on Friday to 27,120.20 points. The leading eurozone index, the EuroStoxx 50, rose by around 0.1 percent.
Investor sentiment is currently heavily dependent on the development of US bonds. A temporary decline in the increased yields turned into the opposite on the previous day due to robust economic data that aroused new interest rate concerns. As a result, the stock exchanges slipped again, especially those in the USA. Profit-taking was seen above all in the technology stocks, which had previously risen more sharply.
The market is hoping for confirmation from the US Federal Reserve Chairman’s speech that the current course of the Fed is sufficiently tight. However, Thomas Altmann from the asset manager QC Partners does not expect Powell to make any concrete announcements. “And yet each of his words has the potential to move the markets in the long term,” emphasized the expert.
At the top of the Dax, Vonovia shares continued their attempt to stabilize with an increase of 1.3 percent. Covestro shares rose by 0.3 percent. Speculations about a takeover interest from Abu Dhabi’s state-owned oil company Adnoc remain in focus here.
In the MDax, the shares of the ticket marketer and organizer CTS Eventim remained under pressure with minus two percent.
Source: Stern
