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Frankfurt Stocks: Investors hit the brakes hard after the rally | message


FRANKFURT (dpa-AFX) – Investors cashed in on a larger scale on the German stock market on Wednesday after the recent price gains. Speculation that the federal government was not in such a hurry to relax contact restrictions in the virus crisis caused the Dax (DAX 30) to slide ever deeper into the red. Later, the pressure on the US stock exchanges was added.

Most recently, the Dax lost 3.08 percent to 10,367.17 points after having gained almost 30 percent since the Corona crash’s low in mid-March. The mid-week MDAX fell 1.98 percent to 21,927.47 points, while the EuroStoxx 50 (EURO STOXX 50) lost 3.16 percent to 2,825.45 points. In New York, the Dow (Dow Jones 30 Industrial) showed a reset of two percent after the previous day’s profits.

Most recently, increasing optimism that the pandemic has stabilized and that virus measures can be eased is the main topic on the financial markets. In a template for consultations with the federal states, the federal government is now proposing to maintain the existing contact restrictions at least until May 3. However, it also said that the opening of shops up to a sales area of ​​up to 800 square meters could be made possible again.

In terms of charts, experts believe that the air has become thinner for the Dax after the recent rise. The drop below the price range of 10,500 points indicates, according to the market expert Andreas Lipkow from Comdirect Bank, a break in the recently noticeable short-term recovery trend. The Dax is still “in a classic bear market”, says the expert. This term stands for continuously falling prices with possible recoveries in the meantime.

Traces of the pandemic can be seen on Wednesday in current economic data from the USA and also in the reporting season starting there, which according to Lipkow are not good signals to the Financial markets sends. In the afternoon, major US banks again reported a drop in profits in the first quarter after JPMorgan (JPMorgan ChaseCo) had not set a positive fragrance brand the previous day. Papers from the banking sector were among Europe’s biggest losers on Wednesday, those of Deutsche Bank (Deutsche Bank) slumped by 6.6 percent in the Dax.

In Germany, the news situation on the corporate side remained generally quite calm. In the Dax, only two stocks with a defensive character were able to post profits: With Merck and Beiersdorf, the two stocks, which were up to half a percent higher, came from the health and consumer goods sectors.

The most recently preferred stocks from cyclical sectors such as the auto sector appeared in the back of the Dax. In the automotive industry, analyst Jürgen Pieper from the Metzler bank anticipates the biggest slump since the end of the Second World War. The papers from BMW, Daimler, Volkswagen (Volkswagen (VW) vz) and the supplier Continental fell between 4.1 and 5.6 percent.

Adidas (adidas) were in the secured midfield at a discount of 2.2 percent. During the crisis, the sporting goods group received a multi-billion dollar loan approval from the KfW state bank – on the condition that no dividend may flow during the term. According to dealers, the talks with KfW have long been “an open secret”.

In the MDax, Kion (KION GROUP) belonged to the group of the weakest stocks with a price slide of 5.1 percent. The manufacturer of forklift trucks and industrial trucks was referred to a deleted purchase recommendation by the experts from Mainfirst.

The euro lost ground on Wednesday as investors were reluctant to take risks. The single currency fell to $ 1.0864 after just under $ 1.10 last night. The previous day, the European Central Bank (ECB) set the reference rate at $ 1.0963.

The prices of German government bonds rose on Wednesday, the bond index Rex (REX total price index) rose by 0.28 percent to 144.64 points. In return, the current yield fell from minus 0.36 percent the previous day to minus 0.43 percent. The Bund Future gained 0.75 percent to 172.65 points./tih/fba

— By Timo Hausdorf, dpa-AFX —

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