2023-07-13 20:24:06
Frankfurt/Main.
Thanks to sustained interest rate hopes and strong technology stocks, the Dax continued its recovery rally. After a quiet start to trading, the leading German index expanded its plus and closed 0.74 percent higher at 16,141.03 points. Not only did he record the fifth consecutive day of profits, but he also made up for the previous four-day losing streak. Meanwhile, the MDax for medium-sized stocks only rose by 0.16 percent to 27,996.28 points.
The leading eurozone index, the EuroStoxx 50, closed with gains from trading, as did the national indices in Paris and London. In New York, the leading US index, the Dow Jones Industrial, only just held its ground in positive territory at the close of the European market, while the technology-heavy Nasdaq 100 rose significantly.
The Dax recovery began last Friday with a cautiously positive US labor market report for the past month, fueling hopes that interest rate hikes in the US would end soon. This was fueled on Wednesday and Thursday by declining inflation data from the United States.
In the Dax as well as in the other German indices, technology stocks were among the biggest winners on Thursday in the wake of the strong US stock exchange Nasdaq. While Infineon and SAP rose by 2.3 and 1.9 percent respectively in the leading index, Aixtron and Teamviewer occupied top positions in the MDax.
In view of the hopes that interest rates will soon stop rising, real estate values remained in demand, as the price gains of Vonovia, LEG and TAG showed.
With a price increase of 5.5 percent, Wacker Neuson was one of the best stocks in the SDax small-cap index. In the course of preliminary half-year figures, which show a significant increase in sales and, in particular, the operating result (EBIT), the construction machinery manufacturer raised its annual targets.
Market traders reacted calmly to a profit warning from BASF – even if the chemical company’s shares were among the few losers in the Dax with minus 0.7 percent. After several profit warnings in the industry recently, the lowered annual targets of the Ludwigshafen company “are no longer a surprise at all,” said a dealer.
SMA Solar brought up the rear in the MDax with a price drop of 4.7 percent. The analysis firm Jefferies dropped its buy recommendation for shares in the solar group, citing an expected weakening of the order situation as the reason.
On the foreign exchange market, the euro continued to soar with a recent rise to 1.1198 US dollars. The European Central Bank (ECB) had previously set the reference rate at $1.1182.
In the bond market, the current yield fell to 2.55 percent from 2.69 percent on Wednesday. The Rex pension index rose by 0.91 percent to 124.24 points. The Bund future rose by 0.87 percent to 133.12 points. (dpa)
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