Stock exchange in Frankfurt: Dax climbs over 16,000 points

Stock exchange in Frankfurt: Dax climbs over 16,000 points

On Thursday, the Dax exceeded the 16,000 point mark for the first time in three weeks. Investors were not bothered by the lack of a slowdown in eurozone inflation. Driven by a few shares with catch-up potential, the leading German index made particularly significant price gains in a European comparison.

On Thursday, the Dax exceeded the 16,000 point mark for the first time in three weeks. Investors were not bothered by the lack of a slowdown in eurozone inflation. Driven by a few shares with catch-up potential, the leading German index made particularly significant price gains in a European comparison.

In the afternoon, the Dax was 0.76 percent higher at 16,012.92 points. For the end of August, after the record in July, there is still a monthly loss of 2.6 percent. The MDax went up 1.19 percent on Thursday to 27,848.50 points. The Eurozone barometer EuroStoxx rose more moderately by 0.3 percent. The New York stock exchanges got off to a friendly start.

At 5.3 percent, the increase in consumer prices in the euro zone did not weaken as expected in August. In addition, inflation in France was slightly higher than experts had thought. As a result, the European Central Bank (ECB) may remain under pressure to act when it comes to raising interest rates. “The problem of inflation is far from over for the ECB,” said economist Thomas Gitzel from VP Bank.

However, it was mentioned positively that the core inflation observed by the ECB fell. According to broker Oanda’s Craig Erlam, this gives monetary authorities plenty to talk about. Another rate hike in September still seems likely to him, but markets are trending in the opposite direction. A majority on the stock exchange is now expected that the ECB will refrain from a further rate hike in September.

Investors are also looking forward to what new signals there will be for the US Federal Reserve. According to the expert Jürgen Molnar from the broker RoboMarkets, all eyes are already on the US labor market data, which could cause some movement at the end of the week. Perhaps then the second part of a well-known stock market wisdom will come true, according to which investors should sell in May and come back in September.

Investors are generally focusing more on stocks in Germany, which have been hit hard by the rise in interest rates in recent months. They are hoping for a better market situation in times when interest rates may soon stop rising.

At the sector level, real estate stocks were in demand, continuing their recent recovery. In the Dax, Vonovia shares rose by 4.8 percent, while Aroundtown’s shares continued their recovery rally from the previous day in the SDax. With an increase of almost six percent, they improved their highest level since March.

The recovery of online stocks has also gained momentum. Zalando made it to the top of the Dax with an increase of 5.9 percent. After the stock of the online fashion retailer had developed significantly below average in the past six months, investors are now offered an attractive buying opportunity, wrote the analyst Christian Salis from Hauck Aufhäuser Investment Banking.

Mister Spex shares also caught the eye in the online segment with a jump in price of 7.4 percent. The glasses retailer impressed with its quarterly report, which analyst Alexander Thiel from Jefferies Research rated as a “sign of life”. The company is growing faster than the market and was operationally profitable again after three negative quarters.

Meanwhile, SAP shares reacted cautiously to strong results from a US competitor. The course of the Walldorfer was below average with half a percent plus. Salesforce exceeded market expectations with its forecast for the current quarter. The shares of the Americans were traded over the counter 6.5 percent higher.

The euro recently came under some pressure at 1.0873 US dollars. The European Central Bank (ECB) set the reference rate at $1.0886 on Wednesday.

In bond trading, the current yield fell from 2.59 percent on the previous day to 2.53 percent. The Rex pension index rose by 0.24 percent to 124.33 points. The Bund future rose by 0.51 percent to 132.79 points.

Source: Stern

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