Surprisingly high consumer prices in the USA weighed on the Dax on Thursday. According to the data, the leading German index gave up its daily gains and ultimately closed 0.86 percent lower at 16,547.03 points, just above the daily low it had reached shortly before. In the morning it was still at around 16,840 points, heading towards its record high from mid-December of just over 17,000 points.
Surprisingly high consumer prices in the USA weighed on the Dax on Thursday. According to the data, the leading German index gave up its daily gains and ultimately closed 0.86 percent lower at 16,547.03 points, just above the daily low it had reached shortly before. In the morning it was still at around 16,840 points, heading towards its record high from mid-December of just over 17,000 points.
Price inflation in the USA accelerated more significantly than expected in December. Consumer prices rose by 3.4 percent compared to the same month last year, as the US Department of Labor in Washington announced. Economists had expected an average of 3.2 percent. In November the rate was 3.1 percent.
The US labor market remains robust, as weekly initial jobless claims showed. Overall, the data has caused interest rate hopes in the USA to further collapse, explained market expert Andreas Lipkow. More and more support for the hope of an interest rate cut as early as March fell away.
The MDax also slipped into the red and lost 0.68 percent to 26,069.95 points. The picture looked similar across Europe and in the USA: The Eurozone leading index EuroStoxx 50 lost 0.60 percent to 4,442.28 points. Things also went down on the national stock exchanges in Paris and London. In the USA, the Dow Jones Industrial lost 0.6 percent and the technology-heavy Nasdaq exchanges weakened again after four trading days, with some significant gains.
Deutsche Bank’s stock was at the bottom of the DAX with a loss of 4.3 percent. Investigations by the Spanish market supervisory authority CNMV in the late afternoon put additional pressure on the already weak shares. According to the Bloomberg news agency, the authority is investigating violations in derivatives transactions with Spanish customers. The best value was the Rheinmetall share with a plus of 0.7 percent, which was again approaching its record high from Tuesday.
In the SDax, the shares of the biofuel manufacturer Verbio fell by 13.1 percent. Deutsche Bank downgraded the stock by two levels from “Buy” to “Sell”. The stock of the biotech company Morphosys fell just as strongly as Verbio, with a loss of 12.9 percent. However, it has risen sharply again since its low in November. Positive assessments from analysts, on the other hand, helped Süss Microtec reach the top of the SDax with 6.1 percent.
The euro was last traded at $1.0945. The European Central Bank set the reference rate at 1.0987 (Wednesday: 1.0946) dollars. The dollar therefore cost 0.9101 (0.9135) euros.
On the bond market, the current yield fell from 2.19 percent the day before to 2.21 percent. The Rex bond index fell by 0.13 percent to 126.13 points. The Bund future gained 0.26 percent to 135.22 points.
Source: Stern
