Dax is catching up – strong automotive sector | Free press

Frankfurt am Main.

Thanks to the easing of fears of a recession, the German stock market accelerated the recovery from the previous day on Thursday. Dax rose by 1.97 percent to 12,843.22 points. On Wednesday, the leading index rose by about 1.6 percent after it fell to its lowest level since November 2020 on Tuesday. The MDax for mid-sized equities rose by as much as 3.53 percent to 25,861.25 points on Thursday.

Market strategist Jürgen Molnar of RoboMarkets assessed the signals from the US central bank about further significant interest rate hikes from the night before as “a sign of confidence in the sound economy”. This means that the recession risk, which has dominated recently, has at least not received any new nourishment from the Fed. Analyst Thomas Altmann of QC Partners said: “So far, mainly bargain hunters are going public. Convinced buyers still lack purchasing arguments ”.

The recovery was carried out by the automotive sector. Five horsepower titles made it into the top six places in Dax. Price increases ranged from 3.6 percent for Continental to 7.2 percent for Daimler Truck. The automotive sector has been under a lot of pressure since the beginning of the year; bargain hunters still come to the market.

Steel values ​​also improved significantly after the recent sharp decline. After Thyssenkrupp’s price nearly halved in the month, the stocks rose more than seven percent. At SDax, the steel dealer Klöckner & Co gained almost seven percent. Salzgitter rose 5.6 percent despite a downgrade by the US bank Jefferies.

Lufthansa shares have reacted to the news that logistics entrepreneur Klaus-Michael Kühne is increasing its stake in the airline, gaining 4.6 percent. For example, Kühne Aviation GmbH is increasing its stake in Lufthansa from around 10 to a good 15 percent.

Nordex shares benefited from orders in the first half of the year and increased by more than nine percent. The day before, the stocks fell to the lowest level in more than two years.

The EuroStoxx 50 recovered around two percent on Thursday. On the Paris and London stock exchanges, the leading indices grew slightly weaker. In New York, the Dow Jones Industrial index rose by almost one percent.

In the afternoon, the euro depreciated again and recently cost USD 1.0157. The European Central Bank previously set its reference rate at $ 1.0180 (Wednesday: $ 1.0177).

The current yield of the German Bunds rose to 1.13 percent from 1.05 percent the day before. The Rex retirement rate fell 0.51 percent to 134.30 points. The future of Bund fell in the evening by 0.61 percent. up to 150.32 points (dpa)

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