After a weak start, the DAX closed just above the previous level. In early trading, the leading index slipped to just under 18,516 points, reaching its lowest level in more than two weeks.
In the afternoon, however, it made up for its losses. “The price level below 18,600 points is still attracting buyers for the time being,” said market observer Andreas Lipkow. In the end, the Dax was up 0.01 percent to 18,693.37 points, meaning the leading index remains within reach of its record and the 19,000 point mark. This meant that it was almost able to balance out its weekly balance.
The MDax, on the other hand, lost 0.26 percent to 27,124.24 points. On a weekly basis, the index has lost more than one percent.
The details
As the day progressed, trading was supported by the fact that the US stock markets moved into positive territory. On Wall Street, investors became more confident again ahead of a long weekend. The market said that subdued inflation expectations among US consumers had strengthened hopes of interest rate cuts, which had recently been seen as the main driver of the record rally.
Shares in dialysis provider FMC closed trading up 1.6 percent. Traders pointed to study data on Novo Nordisk’s diabetes drug Ozempic, which can drastically reduce the risk of death in patients with kidney disease caused by diabetes. This means that patients will be dependent on dialysis treatments for longer, allowing FMC to earn more money.
Otherwise, the news situation was thin after the end of the reporting season. Thyssenkrupp was still a topic of conversation, but the share price reaction was ultimately inconspicuous with an increase of 0.3 percent. The industrial group’s supervisory board approved a 20 percent stake in the steel division by the energy company EPCG. The holding company belongs to the Czech billionaire Daniel Kretinsky.
Jenoptik fell by 1.3 percent in the MDax and suffered from a negative analyst comment. DZ Bank gave up its previous buy recommendation for the technology group’s shares. The shares of Brenntag, LEG Immobilien, Nemetschek and Klöckner & Co were clearly in the red in some cases. However, this was in each case related to the fact that they were trading with dividend discounts on this Friday.
After a weak start, the EuroStoxx 50 lost just 0.04 percent to 5035.41 points. In Paris, the leading index Cac 40 also closed trading only slightly in the red, while London’s FTSE 100 fell by 0.3 percent. In New York, the Dow Jones Industrial recently rose by 0.3 percent, while the technology-heavy Nasdaq 100 gained about one percent.
The euro rose. In the early evening, the European common currency cost 1.0849 US dollars. The European Central Bank (ECB) had set the reference rate at 1.0840 (Thursday: 1.0854) dollars, meaning the dollar cost 0.9225 euros. On the bond market, the yield on outstanding bonds rose from 2.62 percent the previous day to 2.64 percent. The Rex bond index fell by 0.10 percent to 123.81 points. The Bund future was 0.03 percent lower at 129.96 points.
Source: Stern
