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Frankfurt stocks Outlook: fear of second wave of infections burdened message

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FRANKFURT (dpa-AFX) – The fear of the much-discussed “second wave” of the pandemic of the coronavirus causes investors to take cover at the beginning of the week. The Chinese national health authority announced 49 new cases of infection on Monday – after many weeks in which there were hardly any illnesses. The new outbreak had occurred on a Beijing wholesale market.

Just over an hour before the Xetra launch, the X-Dax signaled a decline of 2.4 percent to 11,663 points as an indicator of the leading German index Dax (DAX 30). The EuroStoxx 50 (EURO STOXX 50) is expected at a discount of almost 3 percent. Prices on the Far East stock exchanges came under increasing pressure.

“Concerns about a second wave of infection are increasing, with some districts in Beijing reintroducing blocking measures,” wrote Commerzbank analyst Hao Zhou. However, the currency expert believes that a complete shutdown, such as in Wuhan at the beginning of the corona crisis, is unlikely. Economic data from China make matters worse: In May, the country’s industrial production did not recover as strongly as expected.

The stocks that are considered particularly sensitive to corona are likely to come under pressure again on the stock exchange. In addition to Lufthansa, the Dax also includes papers from the engine manufacturer MTU (MTU Aero Engines) and the car industry and its suppliers, as well as the chip company Infineon. These stocks were among the biggest losers in pre-exchange trading. Fraport and Airbus (Airbus SE (ex EADS)) fell more in the MDAX.

HUGO BOSS shares rose slightly on Tradegate. Retailers rate it positively that the British sports fashion provider Frasers Group has acquired a good five percent of the shares in the Metzingen fashion group./bek/mis



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