XETRA-SCHLUSS / DAX continues recovery | News

FRANKFURT (Dow Jones) – The German stock market continued its recovery from the previous day and closed very strongly on Thursday. The recent slump in commodity prices and the ensuing decline in inflation expectations provided fundamental support. The resignation of Prime Minister Boris Johnson from the position of leader of the Tory party was also positively received. The new prime minister opens up opportunities to improve relations between the UK and the EU. In addition, reference was made to short coverage in trade. On the corporate side, Lufthansa took the spotlight and Klaus-Michael Khne increased his stake. DAX gained 2 percent. up to 12,843 points.

The main risk remains the gas crisis and the question here is whether gas will flow back to Nord Stream 1 after the repair break that began on July 11 and usually lasts ten days. Meanwhile, the price of gas continued to rise and rose by more than 8 percent at market close. The risk is a new rise in gas prices, which will then re-fuel the inflation debate.

Samsung provides a cheap template

Our focus is now on a earnings season in which Samsung issued a heavy debt. According to preliminary calculations, sales of the chip giant increased by 21 percent in the last quarter. This fostered a sentiment towards semiconductor stocks and technology stocks in general. Semiconductor stocks in particular were very strong following Samsung’s steep stencil. Aixtron gained 5.8%, Infineon increased by 3.4%. despite the reduction of the target price by Jefferies.

We were looking for car stocks. “Due to the drop in sales, many have ignored the fact that margins are very good,” said one market participant. If there is a shift in China now and the US market finds a bottom, sales are likely to pick up again. In addition, they have eased supply chain problems. Mercedes gained 6.4 percent and VW 5.2 percent.

Nordex (+ 9.2%) benefited from the strong procurement situation. In the second quarter, the company said, orders totaled approximately 1,836 gigawatts after 1,534 gigawatts in the same period last year. In addition, there is little to prevent a return to TecDAX and SDAX, provided that Nordex does not only provide order data in quarterly data.

Lufthansa grew by 4.6 percent. Entrepreneur Klaus-Michael Khne increased his share to 15.01 from 10.01%. This makes him the largest single shareholder before the federal government, which still holds 14.09 percent through the Economic Stability Fund. Delivery Hero recovered from the previous day and gained 13.5%.

After the subway also Gerry Weber with decent numbers

“The mood for trading is improving,” said one market participant. After the Metro, Gerry Weber also published unexpectedly good data the night before. The company has raised its revenue projections and says it has the potential to make a profit based on EBITDA. Gerry Weber improved by 1.9 percent.

At TecDAX, the Suse lagged behind the overall market with a plus of 0.4 percent, which in itself was better than expected. However, the economic situation is giving rise to concern at the moment, says Suse. The trader pointed out that the company is struggling with negative currency influences. Jefferies found the report for the second fiscal quarter to be somewhat mixed. The numbers were in line with expectations, but the tough macro environment makes itself felt in the outlook.

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INDEX last +/-% +/-% YTD

DAX 12 843.22 + 2.0% -19.15%

DAX future 12 833.00 + 2.0% -18.88%

XDAX 12,850.03 + 1.6% -18.92%

MDAX 25 861.25 + 3.5% -26.37%

TecDAX 2 969.23 + 1.4% -24.26%

SDAX 12,208.28 + 2.7% -25.63%

last +/- tics

The future of the Bund 150.39 -85

Index winners, losers and traded million euro million shares the previous day

DAX 34 6 0 3 466.0 81.8 80.7

MDAX 48 2 0 693.2 49.3 48.8

TecDAX 27 3 0 837.7 33.7 29.3

SDAX 61 6 3 154.0 9.7 10.6

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Contact to the author: manuel.priego-thimmel@wsj.com

DJG / mpt / ros

(END) Dow Jones Newswires

Jul 07 2022 11:54 ET (15:54 GMT)

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