A significant rise in oil prices weighed on the German stock market on Wednesday. The leading index Dax fell by 0.35 percent to 15,717.08 points. The MDax for medium-sized stocks fell by 0.48 percent to 27,533.54 points. The Eurozone barometer EuroStoxx lost 0.62 percent.
A significant rise in oil prices weighed on the German stock market on Wednesday. The leading index Dax fell by 0.35 percent to 15,717.08 points. The MDax for medium-sized stocks fell by 0.48 percent to 27,533.54 points. The Eurozone barometer EuroStoxx lost 0.62 percent.
The soaring oil prices put something on the mood. These are close to their ten-month highs, which is reviving inflation and thus economic concerns. Crude oil prices rose sharply on Tuesday as Saudi Arabia and Russia extended their production cuts until the end of the year.
At the top of the Dax, Siemens Energy’s shares rose by one percent and benefited from an analyst’s comment. The energy technology group is not adequately recognized and is undervalued, wrote the expert Vladimir Sergievskiy from the British investment bank Barclays. He remains generally skeptical about manufacturers of wind turbines like the subsidiary Siemens Gamesa, but a 50 percent drop in the share price in the past three months is not justified.
Among the biggest winners in the SDax small-cap index, United Internet’s shares rose by 1.7 percent. The Internet service provider will be included in the MDax in mid-September. The papers of machine builder Krones have to make way for this. For them it was 0.2 percent down.
Source: Stern
