Investors on the German stock market waited for a moment after two days of gains on Wednesday. Consumer price data from North Rhine-Westphalia showed an increase in inflation. Further price data for Germany will follow during the course of the day. The leading index Dax hovered around the breakeven point in the first hour of trading. Most recently, at 15,925.91 points, it was 0.03 percent below the level of the previous day.
Investors on the German stock market waited for a moment after two days of gains on Wednesday. Consumer price data from North Rhine-Westphalia showed an increase in inflation. Further price data for Germany will follow during the course of the day. The leading index Dax hovered around the breakeven point in the first hour of trading. Most recently, at 15,925.91 points, it was 0.03 percent below the level of the previous day.
Nothing came of the strength expected before the market and a further approach to the 16,000 point mark. According to market expert Andreas Lipkow, the Dax has once again reached the upper band of its consolidation zone between 15,750 and 15,950 points. The monthly balance for August remains negative at around three percent.
The MDax for medium-sized titles fell by 0.18 percent to 27,615.06 points in the middle of the week. Meanwhile, the leading eurozone index, the EuroStoxx 50, just managed to gain ground.
The day before, unexpectedly weak economic data from the USA had revived hopes of an interest rate pause by the US Federal Reserve in September. The course of the day could show whether the interest rate pressure in the euro zone will ease. After the first signals from the federal states, the German consumer prices for August will be announced in the afternoon.
According to Helaba, the specifications for the German inflation data are mixed, because relieving developments in producer, wholesale and import prices are offset by the recently increased energy prices.
From the company side, investors were again busy with a number of figures on Wednesday, including Delivery Hero, Aroundtown and Suse, three well-known values from the Dax index family. Since Suse is about to be taken over by the Swedish majority shareholder and financial investor EQT, the numbers are irrelevant here.
However, Delivery Hero’s price fell significantly by 3.8 percent. The food delivery service halved its loss in the first half, but fell short of market estimates. The cash flow from the delivery service is above expectations, but the gross margin is slightly below, wrote analyst Wassachon Udomsilpa from the Canadian bank RBC.
At Aroundtown, investors were not surprised by a billion-dollar loss related to a portfolio devaluation. Since the real estate group became somewhat more optimistic about this year’s operating result (FFO I), the shares rose by 1.1 percent. They fared better than the sector, which only just continued its recent recovery.
In the Dax, RWE, Eon and Siemens Energy fell by between 1.0 and 2.4 percent due to bad industry news. The wind energy group Orsted shocked its investors with a multi-billion dollar write-down on its US portfolio. With a price slump of around 14 percent, Orsted shares weighed on the entire energy sector.
Otherwise, a study by Societe Generale on Fraport was the focus: A buy recommendation from the French lifted the airport operator’s price by 2.1 percent. The airport operator’s papers reached the highest level in almost three weeks above the 50 euro mark.
Source: Stern
