Investors on the German stock market remained cautious ahead of important US inflation data. The Dax extended its losses from the previous day by midday and was most recently down 0.58 percent at 15,625.06 points. This means that the previous week’s low of 15,577 points is now getting closer.
Investors on the German stock market remained cautious ahead of important US inflation data. The Dax extended its losses from the previous day by midday and was most recently down 0.58 percent at 15,625.06 points. This means that the previous week’s low of 15,577 points is now getting closer.
The MDax of medium-sized company stocks lost 0.47 percent to 26,962.21 points. In Europe, the Eurozone leading index EuroStoxx 50 fell 0.68 percent to 4213.61 points.
Investors are nervous about the publication of US inflation data as they are seen as important indicators for the US Federal Reserve’s key interest rate decision next week. But first, the European Central Bank (ECB) will decide before the Fed this Thursday whether it will raise interest rates further or not.
Adidas and Puma under pressure
On the corporate side, sporting goods manufacturers were under a lot of pressure: investors took advantage of the good figures from the Spanish textile group Inditex to take profits in the broader consumer goods sector. After their good run so far this year, Adidas slipped to a low since mid-July, most recently losing 3.6 percent. Shares in competitor Puma fell 2.4 percent. On the other hand, the securities of the online retailer Zalando, which performed poorly, only lost moderately.
Car stocks, on the other hand, were among the bigger winners in the Dax after the EU announced it would open an investigation into government support for electric cars from China. “The price of these cars is artificially depressed by huge government subsidies – this distorts our market,” said EU Commission President Ursula von der Leyen on Wednesday in the European Parliament in Strasbourg. That is not acceptable. World markets would be flooded with cheaper Chinese electric cars.
Bayer shares fell significantly and fell to a two-month low, down more than three percent. A skeptical comment from the US bank JPMorgan caused stress. Analyst Richard Vosser expects only slight growth in 2024; he believes market expectations are too high.
After the price fireworks of the past few days, HHLA shares jumped again by almost 50 percent in the middle of the week. The investors are now positioning themselves for a possible bidding competition for the Hamburg port operator. While the entry of the shipping company MSC initially caused a stir, after a media report there was speculation about a counter-bid from the logistics entrepreneur Klaus-Michael Kühne. HHLA shares have gained around 70 percent within six days.
Source: Stern
