2023-05-18 17:37:01
The first glimmer of hope in the US debt dispute also caused a liberation on the German stock market on Thursday.
The Dax rose above the 16,000 point mark on “Ascension Day”. At the same time, the leading German index climbed to a high since the beginning of 2022. In the afternoon, the stock market barometer was still up 1.48 percent at 16,187.32 points. The previous record high of a good 16,290 points is now within sight.
The day before, the vague hope of a solution in the political dispute over the debt ceiling of the US budget had driven the courses on the US stock exchanges. However, a breakthrough has not yet been achieved. If there is no solution, the US is threatened with a default in June – with serious consequences for the global economy. At the start of the US markets, the losses were more moderate.
Initially, this took little wind out of the sails of the local stock exchanges. The MDax for medium-sized companies was 0.88 percent higher at 27,647.87 points. Although trading volumes were generally below average, they were comparatively high despite the absence of many investors on a public holiday. The Eurozone leading index EuroStoxx 50 rose by 1.09 percent to 4370.44 points.
Car manufacturers benefit the most
Car manufacturers in Europe were the first to benefit from the renewed willingness to take risks on the part of market players. Among the industry stocks in the Dax, Porsche Holding and Volkswagen rose in price by more than three percent each.
Volkswagen wants to get its low-profit core brand VW passenger cars back on track with a new savings and efficiency program. “We can see that our brand – despite all its strengths – is not yet economically solid enough,” said brand boss Thomas Schäfer in an internal letter to the employees, which is available to the financial news agency dpa-AFX.
Other individual stocks
Commerzbank shares clearly topped the car gains at the top of the index with a price increase of 5.3 percent. Banks were generally in demand, Deutsche Bank, for example, rose by 1.4% even though they were traded ex-dividend. Without this discount, the increase would have been even more significant.
The name Siemens was also found several times at the top of the price table. Shares in Siemens Energy benefited from a buy recommendation from US bank Citigroup and rose by 1.3 percent. The papers of the medical technology provider Siemens Healthineers did even better with 1.9 percent. After the increase in the group forecast on the previous day, Siemens continued its good run with a 2.8 percent premium.
Positive industry news from Japan and a price jump in the sector on the Tokyo stock exchange meanwhile also caused movement in Germany. In the wake of reports of large investments by chip manufacturers in the country, Infineon shares also climbed by almost 2.8 percent. The wafer manufacturer Siltronic took one of the top spots in the MDax with a price increase of almost 3.3 percent.
The euro temporarily fell to its lowest level since early March on Thursday, trading at $1.0790 in the afternoon. The European Central Bank last set the reference rate at $1.0829 on Wednesday afternoon.
The current yield on the bond market remained at 2.34 percent. The Rex pension index fell by 0.46 percent to 125.85 points. The Bund future fell by 0.84 percent to 134.15 points. (dpa)
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