2023-05-19 14:27:20
Dhe Dax hit a new all-time high on Friday thanks to good news from the United States. It was listed at 16,293 points in the afternoon – higher than ever. Traders justified the positive mood with the hope that the dispute over the debt ceiling in the United States would end soon.
The Dax had already risen sharply on Thursday due to hopes of a solution to the US debt dispute. It had closed above the 16,000 point mark for the first time since early 2022. Due to the Russian war of aggression in Ukraine and the turnaround in interest rates, the leading German index temporarily fell to less than 12,000 points at the end of September before a rapid recovery began.
The jump over such a resistance, like the 16,000 point mark, could act as an initial spark, explained market expert and technical analyst Christoph Geyer.
In the United States, the White House sees “steady progress” in negotiations to raise the debt ceiling. US President Joe Biden remains confident that a default by the US government can be avoided. Biden’s opponent in the negotiations, Republican House Speaker Kevin McCarthy, was also optimistic.
The old Dax record of around 16,290 points dates back to November 2021, before Russia’s war against Ukraine and rising key interest rates due to high inflation pulled down stock markets worldwide in 2022. Things have been going well again since autumn 2022, and the Dax has recovered sharply to almost 12,000 points since the September slide.
This was also ensured by economic optimism after the end of China’s tough corona restrictions before the turn of the year. Although the Chinese economy, an important driver of the global economy, is still faltering, especially in industry, there are also positive signals.
“In the current reporting season, European manufacturers of automobiles, luxury goods and sporting goods are confirming a healthy recovery in Chinese sales, even if the strong upswing from the first quarter does not appear to be sustained over the entire year,” explained analyst Sven Streibel from DZ Bank recently.
In the case of the individual values, analyst comments in particular caused movement on Friday. Commerzbank shares fell to the bottom of the Dax with minus 1.1 percent. Bank of America had downgraded the paper to “underperform”.
Among the smaller stocks, 1&1 benefited with a premium of 4.3 percent from a new buy recommendation from Deutsche Bank. In contrast, Telefonica Germany lost 2 percent, here the Deutsche Bank had canceled the purchase vote. A buy recommendation from Bank Jefferies for the papers of the carbon manufacturer SGL Carbon gave the share a plus of 3 percent.
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