The German stock market continued its positive trend at the beginning of the week. After a strong start to the year, positive economic news gave us confidence. In the afternoon, friendly US stock markets also strengthened the Dax.
With a daily high of almost 14,833 points, the leading index set course for the 15,000 point mark, above which it was last in February 2022. It closed Monday up 1.25 percent at 14,792.83 points. The MDax for medium-sized German companies went up 2.19 percent to 27,560.89 points.
Market participants are betting that the Federal Reserve will slow down its rate hike cycle after the latest economic data from the United States. The opening up of the Chinese market after the government moved away from the zero-Covid policy serves as another price driver. Economic data from Germany was also solid on Monday and economic sentiment in the euro zone brightened for the third month in a row.
Against the background of the opening of China, stocks from the online trading environment were in demand in Germany. The shares of the food supplier Delivery Hero in the MDax rose by 3.5 percent. The papers from Shop Apotheke skyrocketed by 12.7 percent in the SDax small-cap index. The experts from Citigroup named the online pharmacy as the favorite for 2023 in the European Internet sector.
Among the top stocks in the MDax, Knorr- Bremse shares gained 6.6 percent. In light of China’s reopening, Deutsche Bank Research analyst Gael de-Bray recommended buying the rail and commercial vehicle brake manufacturer’s paper.
In the Dax, Bayer shares rose by 2.6 percent. The pressure on the Bayer management for changes in the group could increase, because with Jeff Ubben from the USA the pharmaceutical and agrochemical group now has an activist investor on board. The winner of the day in the Dax were the shares of the laboratory supplier Sartorius with plus 5.8 percent.
The Eurozone leading index EuroStoxx 50 rose by 1.26 percent to 4068.62 points. France’s Cac 40 and Britain’s FTSE 100 also closed higher, albeit less sharply. In the USA, the leading index Dow Jones Industrial and the indices on the technology exchange Nasdaq were clearly up at the end of trading in Europe.
The euro benefited from the solid economic data this side of the Atlantic and rose to 1.0748 US dollars. The European Central Bank (ECB) had set the reference rate at 1.0696 (Friday: 1.0500) dollars in the afternoon, so that the dollar cost 0.9349 (0.9524) euros.
On the bond market, the current yield fell from 2.33 percent on Friday to 2.28 percent. The Rex pension index rose by 0.23 percent to 125.73 points. The Bund future fell by 0.17 percent to 137.11 points. (dpa)