In anticipation of further unchanged key interest rates in the USA, the DAX posted profits on Wednesday. The leading German index ended the day with an increase of 0.76 percent to 14,923.27 points and is therefore back on track towards the 15,000 point mark.
In anticipation of further unchanged key interest rates in the USA, the DAX posted profits on Wednesday. The leading German index ended the day with an increase of 0.76 percent to 14,923.27 points and is therefore back on track towards the 15,000 point mark.
The Dax ended October with a loss of almost four percent. It was the third month of losses in a row, with the largest monthly loss so far this year. The geopolitical concerns, along with high yields in the bond market, are considered to be the main reasons for the losses in the stock market.
The MDax of medium-sized companies rose by 0.08 percent to 24,059.04 points on Wednesday. Stock markets across Europe and the USA were also in positive territory.
Of interest that day was the planned offer of new US government bonds by the Treasury Department there, which was slightly lower than expected. The issue of borrowing by the US government has recently come into focus somewhat more.
There was hardly any impetus from the reporting season in this country. Utilities stocks such as RWE and Nordex were initially dragged down by news from the Danish wind power company Orsted. However, RWE then turned positive and closed 0.5 percent higher, while Nordex lost 1.7 percent. The market was saying that Orsted’s problems were more company-specific than industry-specific.
On the other hand, papers from insurers were in demand. In addition to the expectation of further high interest rates before the US key interest rate decision, a study by the US bank JPMorgan on reinsurers supported the prices. Hannover Re gained 3.0 percent at the top of the DAX and Munich Re rose by 2.0 percent.
In the European media sector, disappointing sales figures from industry heavyweight Wolters Kluwer caused a setback. In this country, ProSiebenSat.1 lost 2.5 percent and RTL 1.8 percent.
The Eurozone leading index EuroStoxx 50 rose by 0.75 percent to 4091.71 points. Profits were also recorded in Paris and London. In the USA, the Dow Jones Industrial was stable at the European market close, while the S&P 500 and the Nasdaq stock exchange gained half a percent.
The euro fell, trading at $1.0535 early in the evening. The European Central Bank set the reference rate at 1.0537 (Tuesday: 1.0619) dollars. The dollar therefore cost 0.9490 (0.9417) euros.
On the bond market, the current yield rose from 2.79 percent the day before to 2.81 percent. The Rex bond index fell by 0.18 percent to 123.58 points. The Bund future rose by 0.66 percent to 129.35 points.
Source: Stern
