The good start to the German stock market year 2024 did not last long on Tuesday. Stock prices rose sharply after the start and the leading index Dax missed another record high by only 40 points after one hour of trading. However, investors then lost their courage and prices collapsed again. In the early afternoon, the Dax was down half a percent at 16,663 points.
The good start to the German stock market year 2024 did not last long on Tuesday. Stock prices rose sharply after the start and the leading index Dax missed another record high by only 40 points after one hour of trading. However, investors then lost their courage and prices collapsed again. In the early afternoon, the Dax was down half a percent at 16,663 points.
Last year, the DAX rose by a good 20 percent and reached a record high of a good 17,000 points in mid-December. Strategist Jürgen Molnar from broker Robomarkets had already put a question mark over a continuation of last year’s rally in early trading on Tuesday. It remains to be seen whether the profits will last. “The major market participants usually return to their screens in the second week of January.”
The MDax of medium-sized stocks also initially started the new year with gains, but then slipped into the red, which most recently amounted to 1.2 percent to 26,824 points. Last year, with an increase of eight percent, it lagged well behind the DAX.
With a record high, Rheinmetall was in first place in the DAX with a plus of 3.2 percent. The papers of the automotive supplier and arms manufacturer were already among the winners in the Dax last year, driven by increasing arms spending in many places. The JPMorgan bank expects arms budgets in Europe and the USA to increase.
Sartorius shares were also at the top of the DAX with a premium of 2 percent. The investment bank JPMorgan added the shares of the laboratory equipment manufacturer to a recommendation list.
In the second row in the MDax, Lufthansa lost 3.4 percent, weighed down by a sell recommendation from the bank Citigroup. Online service providers such as Delivery Hero and Zalando with discounts of 3 and 2 percent were not in demand. The previous year’s weakness continued here.
In the SDax, Morphosys continued the high of the past few weeks with a profit of 6 percent. Shares of the biopharmaceutical company reached their highest level since the end of 2021.
On the foreign exchange market, the euro came under pressure on Tuesday, fell below the $1.10 mark and was last traded at $1.0956. The European Central Bank last set the reference rate at $1.1050 on Friday.
Prices on the bond market fell again. The Rex bond index lost 0.37 percent to 126.96 points. The current yield rose to 2.11 percent from 2.03 percent on Friday. The Bund future recently fell by 0.47 percent to 136.53 points.
Source: Stern
