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FRANKFURT (dpa-AFX) – Dax (DAX 40) posted profits for the third consecutive trading day on Tuesday. However, as at the beginning of the week, the plus dropped significantly during the day and thus traced the ups and downs on the US stock exchanges. However, the fact that China relaxed its strict quarantine laws on entry had a positive impact. The Brsians hope this will ease some of the heavy burden on the Chinese economy, with positive repercussions for the global economy.
The leading German index ended the day with a slight plus of 0.35 percent. to 13,231.82 points, after approaching the previous day’s high at the beginning of the day, which was slightly below 13,380 points. The MDAX for mid-sized equities plunged 0.13 percent to 27,119.15 points.
Gains were recorded across Europe, but they also came together towards the end of the trade. The leading euro area index, EuroStoxx 50 (EURO STOXX 50), closed 0.29 percent to 3,549.29 points, while Paris and London gained as well. In contrast, in the US, the Wall Street Dow Jones Industrial index (Dow Jones 30 Industrial) fell to red shortly before the close of the stock exchange in that country. The technologically heavy Nasdaq indices showed negative values after a friendly start.
Statements by central bankers at the European Central Bank’s (ECB’s) annual monetary policy symposium, this time held in Portugal, made people sit back and pay attention. Larger, according to Martins Kazaks, a Latvian ECB member rate hike by 0.5 percentage point. Moreover, the president of the ECB said Christine LagardeThe ECB could slow down the pace of normalization in the face of persistently high inflation Monetary policy increase in the coming months.
Aviation stocks enjoyed great interest due to the blockade of China and resurgent tourism. In addition, JPMorgan analyst David Perry referred to new forecasts by the airline umbrella organization (IATA) that appeared optimistic. According to Perry, if Asian pandemic mitigation progresses faster than expected, aviation suppliers could raise their earnings forecasts.
At Dax, the shares of the engine manufacturer MTU (MTU Aero Engines) gained 3.5 percent and Airbus (Airbus SE (ex EADS)) 1.7 percent. In MDax, shares in the operator of Fraport airport increased by 1.4%, and in Lufthansa by 0.9%. In response to the surge in demand for airline tickets, the carrier is also restoring Airbus’s A380 wide-body jet.
Shares of sports goods manufacturers adidas and Puma (PUMA SE) were in the spotlight after quarterly data and statements on the further development of the business of the American competitor Nike. Adidas lost 0.9 percent and Puma 2.2 percent. Nike earned significantly less in the last fourth business quarter as China’s Covid blockades had a negative impact. Some analysts call Nike’s 2022/23 forecasts “cautious”, others consider them “conservative.”
A buy recommendation for HUGO BOSS from Jefferies analysts increased the stock of the fashion producer by 1.6%. Social media data showed the brand deteriorated after rebooting, analyst Kathryn Parker wrote. Annual targets are already conservative. Following a renewed increase in the operating profit forecast for the fiscal year ending June for the biofuel producer Verbio (VERBIO Vereinigte BioEnergie), its shares briefly rose by more than 50 euros. After all, they went on sale with a plus of 1.3 percent to 46.88 euros.
In the early evening the euro cost USD 1.0534. The ECB set the reference rate at USD 1.0561 in the afternoon (Monday: USD 1.0572). The dollar thus cost 0.9469 (0.9459) euro. On the bond market, the current yield increased from 1.40%. the day before to 1.51 percent The Rex bond index (overall REX price index) fell 0.43 percent to 131.98 points. The future of the Bund fell by 0.79 percent in the evening. up to 145.25 points /ck / men
— Author: Claudia Müller, dpa-AFX —