Thanks to high price gains in the heavily weighted Siemens shares, the regained strength of the DAX continued its rise on Thursday. US economic data published in the afternoon provided additional support because they fueled hopes that interest rates would reach their peak.
Thanks to high price gains in the heavily weighted Siemens shares, the regained strength of the DAX continued its rise on Thursday. US economic data published in the afternoon provided additional support because they fueled hopes that interest rates would reach their peak.
The Dax recorded an increase of 0.63 percent to 15,848 points. The leading German index has now made up a good 62 percent of the price losses that accrued between the record high at the end of July and the end of October. From a chart perspective, this is considered an extremely positive signal.
The Eurozone index EuroStoxx 50 recently stood still at its highest level since mid-September. The hope that the peak in interest rates has been reached in view of signs of easing from inflation and that interest rate cuts could soon follow is currently considered one of the most important price drivers on the stock exchanges.
In contrast to the Dax, the MDax of medium-sized companies fell by 1.28 percent to 26,117 points on Thursday. In the index, Hellofresh’s shares fell a quarter by a good 24 percent after the meal kit mail order company slashed its annual targets due to unexpected problems in the important US market.
Siemens shares gained six percent after what traders said was a surprisingly positive outlook.
The shares of the chemical company BASF and the fertilizer company K+S fell by 1.5 and 3.6 percent respectively; they suffered from negative analyst assessments.
The euro rose after the US data and last cost 1.0874 US dollars. The European Central Bank (ECB) set the reference rate at $1.0868 on Wednesday.
On the German bond market, the current yield rose from 2.61 percent the day before to 2.64 percent. The Rex bond index fell by 0.13 percent to 124.10 points. The Bund future gained 0.36 percent to 130.94 points.
Source: Stern
