2023-10-23 20:14:26
Frankfurt/Main.
The Gaza war and high bond yields kept the pressure on the German stock market at the start of the week. The Dax temporarily slipped to 14,630 points on Monday, its lowest level since March.
With some relaxation on the US bond market, the leading German index made up for its losses. It closed with a plus of 0.02 percent to 14,801 points. The MDax of medium-sized companies also got back on track in late trading and ultimately gained 0.06 percent to 24,080 points.
The yield on trend-setting ten-year US government bonds in particular has a noticeable impact on valuations on the stock market, as Stephen Innes from asset manager SPI Asset Management said. On Monday it exceeded the five percent mark for the first time since 2007, but recently it fell back below 4.9 percent.
In addition to the situation in the Middle East, reporting season is dominating events this week. Before the business figures of important US technology companies such as Microsoft, Alphabet, Amazon and Meta, investors initially stayed on the sidelines, said stock market expert Andreas Lipkow.
Among the best DAX stocks, the shares of the medical technology manufacturer Siemens Healthineers benefited from a more optimistic forecast from Philips with an increase of 2.1 percent. The shares of the plastics company Covestro were ahead in the leading index with an increase of 2.5 percent, driven by further speculation about an imminent takeover offer.
Pharmaceutical stocks were noticeably weak. Sartorius once again failed to get off the ground with a discount of 2.4 percent. Merck KGaA slipped 2.7 percent as the bottom of the DAX.
Dürr shares suffered from analyst downgrades in the MDax and continued their steep decline from Friday with minus 3.5 percent.
Thanks to renewed speculation about a major order from the iPhone company Apple, Varta’s stocks gained 6.3 percent as the front runner in the SDax small-value index.
The Eurozone leading index EuroStoxx 50 rose by 0.42 percent to 4042 points. While there was a similar increase in Paris, slight losses were recorded in London. In New York, the leading index Dow Jones Industrial also made up for its loss from early trading at the European close, while the technology-heavy Nasdaq 100 was half a percent higher.
The euro rose above 1.06 US dollars and was last traded at 1.0642 dollars. The European Central Bank (ECB) set the reference rate in the afternoon at 1.0597 (Friday: 1.0591) dollars, meaning the dollar cost 0.9436 (0.9441) euros.
On the German bond market, the current yield rose from 2.91 percent on Friday to 2.93 percent. The Rex bond index fell by 0.01 percent to 122.73 points. The Bund future gained 0.14 percent to 128.17 points. (dpa)
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