The Dax started trading with losses on Wednesday. Towards the end of the first hour of trading, it fell by 0.13 percent to 15,132.30 points. As on the previous two days, the German leading index lacked positive impulses to resume the rally from the previous week. The corporate agenda, which was lavishly filled during the reporting season, was unable to leave a positive mark on the leading index.
The Dax started trading with losses on Wednesday. Towards the end of the first hour of trading, it fell by 0.13 percent to 15,132.30 points. As on the previous two days, the German leading index lacked positive impulses to resume the rally from the previous week. The corporate agenda, which was lavishly filled during the reporting season, was unable to leave a positive mark on the leading index.
The MDax rose by 0.53 percent to 25,241.07 points in the middle of the week. This brought it closer to its interim high from the previous week. The Eurozone leading index EuroStoxx 50, on the other hand, was moderately in the red.
Stock market investors have recently become more doubtful as to whether the US Federal Reserve’s cycle of interest rate hikes has already been completed or not. According to Commerzbank expert Michael Pfister, Fed officials recently emphasized that the fight against inflation has not yet been decided.
The reporting season was busy on Wednesday, with eight companies reporting from the Dax alone. Commerzbank stocks were positively noticeable with an increase of 5.6 percent. After a surprisingly successful quarter, the bank is targeting a surplus of around 2.2 billion euros for 2023.
Continental was on the trail of Commerzbank with a share price increase that most recently amounted to 2.7 percent. The auto supplier and tire manufacturer was surprisingly profitable in the problem auto supply division in the third quarter.
Fresenius also had price gains of 1.8 percent, although not in terms of numbers. The healthcare group is selling the Eugin Group, which specializes in fertility clinics, to a consortium led by the financial investor KKR.
At the logistics company DHL, investors forgave a lowered medium-term forecast, as the increase of 2.5 percent shows. According to the numbers, there were also negative counterweights among the DAX values: Munich Re and Eon, for example, lost around 1.5 percent in value according to the numbers. The energy supplier Eon expects a significant impact on earnings for the fourth quarter due to price cuts.
Outside the DAX, the securities of Deutsche Pfandbriefbank were particularly negative, with a sharp drop of more than eleven percent to the lowest level since 2020. The real estate financier significantly increased its risk provisions due to the ongoing weakness in the commercial real estate market and capped its target for this year significant for the pre-tax result.
The reactions at Auto1 were more positive: the car dealer’s stocks rose by 10.5 percent at the top of the SDax according to the figures due to progress towards profitability. Meanwhile, RTL Group shares were the biggest loser in the MDax: a lack of recovery in the advertising markets made the media group more pessimistic for the year as a whole, in which RTL only expects sales of 6.9 billion euros. This also pulled the shares of competitor ProSiebenSat.1 into the red by 2.3 percent.
Source: Stern
