High price losses in the heavily weighted Siemens shares prevented higher profits in the Dax on Tuesday. At the close of trading, the leading index recorded an increase of 0.31 percent to 17,987.49 points, which meant that it was able to move up from the daily low reached in the afternoon with Wall Street rising at the same time. The record high from last week of 18,039 points remains close.
High price losses in the heavily weighted Siemens shares prevented higher profits in the Dax on Tuesday. At the close of trading, the leading index recorded an increase of 0.31 percent to 17,987.49 points, which meant that it was able to move up from the daily low reached in the afternoon with Wall Street rising at the same time. The record high from last week of 18,039 points remains close.
However, it remains to be seen whether the DAX can climb above its record level before the interest rate decisions of the central banks in the USA, Great Britain and Switzerland over the course of the week. The MDax of medium-sized companies gained almost half a percent to 26,245.89 points on Tuesday.
The first interest rate decision was made in Japan during the week of the central banks. The Japanese central bank has crossed its Rubicon with its first interest rate hike in 17 years, commented Stephen Innes of SPI Asset Management. The Tokyo Stock Exchange calmly accepted the expected U-turn away from the negative interest rate policy with price gains.
Siemens and Fraport are slowing down
Siemens’ share price losses of 5.8 percent acted as a brake on the DAX. At an investor conference, CFO Ralf Thomas made somewhat cautious comments about the Digital Industry (DI) business area, which has great expectations. Airbus and Hannover Re reached record highs. The bank RBC had upgraded the aircraft manufacturer’s shares to “outperform”. Meanwhile, JPMorgan announced the highest price target on the market for the shares of Hannover Re at 290 euros. At the end of Xetra trading, Hannover Re was the best value in the Dax, up 4.6 percent and Airbus up 1.8 percent.
The goals of the airport operator Fraport for this year were not convincing on the market. The shares fell by 6.1 percent at the end of the MDax. The shares of the engine manufacturer Deutz experienced a similar fate, falling by 10.6 percent at the end of the SDax of the smaller stocks in view of cautious forecasts for 2024. The balance sheet and forecasts of the personnel service provider Amadeus Fire were better received, with shares rising by 7.9 percent.
The euro last cost 1.0863 US dollars. The European Central Bank (ECB) set the reference rate at 1.0854 (Monday: 1.0892) dollars in the afternoon. The dollar therefore cost 0.9213 (0.9181) euros.
The Eurozone leading index EuroStoxx 50 rose by half a percent to 5007.92 points. The Cac 40 in Paris and the FTSE 100 in London also closed higher. In New York, the leading barometer Dow Jones Industrial rose by more than half a percent at the close of the European stock market, while the technology-heavy Nasdaq 100 selection index was still just in the red.
On the bond market, the current yield fell from 2.51 percent the day before to 2.48 percent. The Rex bond index rose by 0.13 percent to 124.71 points. The Bund future was quoted unchanged at 131.71 points.
Source: Stern
