The record hunt on the US stock exchanges also gave the German stock market a boost on Monday. The Dax, which was weak at times, extended its gains in the afternoon and closed 0.77 percent higher at 16,683.36 points. The MDax for medium-sized companies ultimately rose by 1.24 percent to 25,748.16 points.
The record hunt on the US stock exchanges also gave the German stock market a boost on Monday. The Dax, which was weak at times, extended its gains in the afternoon and closed 0.77 percent higher at 16,683.36 points. The MDax for medium-sized companies ultimately rose by 1.24 percent to 25,748.16 points.
Prices also rose in Europe. The Eurozone leading index EuroStoxx 50 closed trading around 0.7 percent higher. National indices in Paris and London also posted gains. The New York leading index Dow Jones Industrial was moderately positive at the end of European trading and, like the technology-heavy US selection index Nasdaq 100, reached a record high.
The focus this week is on the key interest rate decision from the European Central Bank, which is expected on Thursday. A change in interest rates for the Eurozone is not expected. However, given the interest rate cuts that the market is already pricing in over the course of the year, the accompanying statements are likely to be in focus. The reporting season with the quarterly balance sheets of some US tech giants could also bring impetus over the course of the week.
Evotec with share price increase of 7.8 percent
Price-moving company news on the German market came from the second and third rows at the beginning of the week. Evotec took the lead in the MDax with a price increase of 7.8 percent after the shares reached their lowest level since May 2018 on Friday. Statements from the active ingredient researcher about Werner Lanthaler’s surprising farewell almost three weeks ago proved to be supportive. At that time, the long-time company boss had cited personal reasons, but still caused a sharp drop in share prices. Shortly before that, Evotec came into focus due to subsequent reports on Lanthaler’s share sales from 2021 and 2022.
Late reports after such a long period of time are unusual and managers are obliged to report large stock transactions in a timely manner. Now the deputy chairman of the supervisory board, Iris Löw-Friedrich, announced that Lanthaler had not informed the company of these transactions and that Evotec was not aware of any legal investigations in this regard.
In contrast, Aurubis shares lost four percent at the end of the index and were therefore as cheap as they were last at the beginning of September. At that time, the copper company had canceled its profit forecast for the financial year due to metal thefts that had caused it three-digit million losses. He now announced that representatives of the supervisory board were negotiating with three of four board members about an early termination of their board positions. Aurubis thus confirmed a report by “Manager-Magazin” about personnel changes in company management.
The euro was quoted little changed at 1.0888 US dollars. On the bond market, the current yield fell from 2.32 percent on Friday to 2.29 percent. The Rex bond index rose by 0.12 percent to 125.68 points. The Bund future gained 0.19 percent to 134.43 points.
Source: Stern
