2023-05-05 20:39:07
Robust labor market data from the USA, strong quarterly figures from Apple and plans for industrial electricity prices in Germany brought strong gains to the Dax on Friday. The leading German index closed up 1.44 percent at 15,961.02 points and thus increased slightly over the course of the shortened trading week.
Nevertheless, it remains within its trading range of the past few weeks, with the Dax repeatedly finding support below 15,700 points, but the 16,000 point mark is still “too high a hurdle”, as market expert Andreas Lipkow said.
The MDax ended trading on Friday 1.12 percent higher at 27,619.30 points. The leading eurozone index, the EuroStoxx 50, rose by 1.25 percent to 4340.43 points, and the stock exchanges in France and Great Britain also went up. In the US, the Dow Jones Industrial gained 1.1 percent at the European stock market close. The Nasdaq indices rose even more.
In the US, the labor market was once again robust in April. Unemployment fell surprisingly and wages rose more than expected. Furthermore, significantly more jobs were created than forecast by analysts. Ulrich Wortberg from Helaba spoke of the “amazing resilience” of the US labor market. But this also has a downside. “As long as there are no clear signs of a slowdown, the US Federal Reserve will probably avoid clearly proclaiming the end of the rate hike cycle or even offering the prospect of the first rate cuts,” says the Helaba economist.
On the stock side, some companies plagued by high electricity prices benefited from the industrial electricity price plans presented by Federal Economics Minister Robert Habeck (Greens). By 2030, there should initially be an electricity price of six cents per kilowatt hour for a “clearly defined” group of recipients. Wolfgang Große Entrup from the German Chemical Industry Association (VCI) sees this as a clear “game changer” for the international competitiveness of his industry.
Shares in these companies rose sharply. The papers of the plastics group Covestro rose by 5.3 percent as one of the best values in the Dax, and BASF gained 3.6 percent. In the MDax, Wacker Chemie jumped 9.1 percent. Papers from steel manufacturers such as Thyssenkrupp and Salzgitter also increased.
In addition to the iPhone manufacturer Apple from the USA, there were also convincing quarterly reports in this country, above all from Adidas. Better quarterly figures than expected catapulted the shares of the sporting goods manufacturer to their highest level since mid-August 2022, up 8.9 percent. Overall, analysts were positively surprised by the sales and operating result.
SAF-Holland increased by 7.9 percent. After the first quarter, the commercial vehicle supplier is becoming somewhat more optimistic about sales for the year as a whole.
Evotec lost 0.6 percent, the active ingredient manufacturer will no longer be represented in the MDax from Monday for the time being. Due to a cyber attack, the certified annual report cannot be published on time. According to the rules of the Deutsche Börse, this resulted in the index exclusion. According to Evotec, the report is now expected for mid-May, which would make a return to the MDax possible as early as June. SMA Solar was up 3.9 percent. The inverter manufacturer will take Evotec’s place in the MDax from Monday.
Software AG shares lost 5.9 percent. A possible bidding race is still on the agenda here. After the software manufacturer announced that it still supported Silver Lake’s offer, which had recently been increased to EUR 32, the price, which had risen significantly the day before, now came back to EUR 33.18. The Bloomberg news agency reported on Thursday, citing circles, that the financial investor Bain Capital was offering 34 euros per software share. The speculation had meanwhile pushed the price up to just under 36 euros.
The euro was trading at $1.1027 early in the evening. The European Central Bank set the reference rate at 1.1014 (Thursday: 1.1074) US dollars. The dollar thus cost 0.9079 (0.9030) euros.
On the bond market, the current yield fell from 2.28 percent on the previous day to 2.25 percent. The Rex pension index rose by 0.24 percent to 126.84 points. The Bund future lost 0.60 percent to 135.95 points. (dpa)
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