Frankfurt / Main (dpa) – Investors in the German stock market continued to act cautiously on Thursday. They were waiting for the Fed President’s speech this Friday.
At the annual central bank symposium, market experts believe it is quite possible that Jerome Powell could also make statements about future monetary policy in the USA.
The Dax expanded its previous day’s losses and lost 0.42 percent to 15,793.62 points in the end. For the MDax it was down 0.45 percent to 35,954.62 points. The index of medium-sized stocks had reached a record high the day before.
Analysts expect Powell’s speech to provide an indication of the medium-term course of the US Federal Reserve. However, in view of the less favorable corona situation, many experts doubt that the Fed chief will be more specific with a view to the expected tightening of monetary policy.
Analyst Christian Schmidt from Landesbank Helaba also referred to the recently weak trading volume in the Dax. “This speaks in favor of the thesis that parts of institutional investors are currently no longer in the market. Accordingly, the question arises as to whether the leeway on the top has now largely been exhausted. ” However, trading in the summer months is often quite thin because many professional investors are also on vacation.
On the economic side, the gloomy GfK consumer sentiment in Germany was in focus. According to the latest consumer survey, income expectations rose slightly, but declining economic expectations, rising prices and new corona worries are curbing the desire for bigger purchases.
Among the values in the first stock market league, the papers of Delivery Hero were particularly punished and lost 3.2 percent. The online delivery platform for Essen had presented final business figures for the first half of the year. The bottom line was a loss of almost a billion euros, after a loss almost half as high a year earlier.
The shares of Deutsche Bank fell by 2.3 percent and at the end of the SDax it went down for the shares of DWS by 13.7 percent. According to insiders, the asset management subsidiary of Deutsche Bank has been targeted by the regulatory authorities. According to media reports, both the Federal Financial Supervisory Authority and several US authorities are investigating DWS’s sustainable investment products. She is said to have overestimated information on the sustainability criteria in asset management, reported the Wall Street Journal, among others, citing people familiar with the matter.
The leading Eurozone index EuroStoxx 50 fell by 0.27 percent to 4169.87 points. The French Cac 40 and the British FTSE 100 also recorded slight losses. In the USA, the Wall Street Index Dow Jones Industrial was 0.2 percent in the red at the close of trading in Europe.
The rate of the euro rose. The European Central Bank set the reference rate at 1.1767 (Wednesday: 1.1736) US dollars. The dollar cost 0.8498 (0.8521) euros. On the bond market, the current yield rose from minus 0.51 percent the previous day to minus 0.46 percent. The Rex bond index fell 0.20 percent to 145.82 points. The Bund future fell by 0.02 percent to 175.94 points.