Hopes for an end to interest rate hikes in the USA boosted the German stock market on Thursday. There were also some pleasing quarterly reports from German companies. With their share purchases, investors raised the Dax above 15,000 points for the first time in around two weeks.
Hopes for an end to interest rate hikes in the USA boosted the German stock market on Thursday. There were also some pleasing quarterly reports from German companies. With their share purchases, investors raised the Dax above 15,000 points for the first time in around two weeks.
The leading German index closed with a plus of 1.48 percent at 15,143.60 points. The MDax of medium-sized companies even rose by 2.79 percent to 24,729.99 points and was thus able to break the downward trend that had become increasingly steep over the past two months.
Stock markets across Europe and the USA also showed significant gains, while the yield on ten-year US government bonds on the US bond market fell noticeably.
On Wednesday evening, the Fed left its key interest rate unchanged for the second time in a row – albeit at the highest level in more than 20 years.
The hospital operator and medical group Fresenius reported from the DAX companies that became more optimistic for the year as a whole. The shares rose by 5.8 percent.
Vonovia continued its recent upward trend with a plus of 3.8 percent and LEG and TAG Immobilien each gained around 6.5 percent in the MDax. Hopes that interest rates might have peaked continued to drive real estate stocks higher, while bank stocks underperformed.
Siemens Energy, the top DAX stock, continued its recovery from its record low with a price gain of 6.4 percent, meaning it has already gained 37 percent within a week.
Deutsche Telekom’s plans for share buybacks and higher dividends gave these shares a price increase of 3.0 percent, while Heidelberg Materials ultimately gave back their profits and lost 2.2 percent. Although the building materials group confirmed its recently raised profit target, analysts pointed to a decline in volume growth, particularly in Europe. With its annual targets cut, the focus was on the online fashion retailer Zalando, whose shares lost 6.3 percent at the end of the DAX.
According to quarterly figures, Lufthansa shares were among the biggest winners in the MDax with an increase of 7.1 percent. Delivery Hero grew even more significantly by 7.9 percent. The shares of the food delivery service ultimately also reacted to the positive quarterly figures from the US delivery service Doordash.
The Eurozone leading index EuroStoxx 50 rose by 1.90 percent to 4169.62 points. Significant gains were also recorded in Paris, London and New York.
The euro rose, trading at $1.0613 early in the evening. The European Central Bank set the reference rate at 1.0661 (Wednesday: 1.0537) US dollars. The dollar therefore cost 0.9379 (0.9490) euros.
On the bond market, the current yield fell from 2.81 percent the day before to 2.70 percent. The Rex bond index rose by 0.57 percent to 124.28 points. The Bund future gained 0.02 percent to 129.84 points.
Source: Stern
