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FRANKFURT (Dow Jones) – The German stock market ended the last trading day of the week with a significant profit, continuing the recent recovery. The DAX managed to break the 13,000 point mark again. The index gained 1.3 percent. up to 13,015 points. Stronger than expected data from the US labor market caused a slight burden only for a short time. The US economy added 372,000 in June. jobs, well above the expectations of 250 thousand. Unemployment rate at 3.6 percent. was as expected.
There is no reason for the Fed to slow down rate hikes
However, some participants were hindered by the development of hourly wages. “Year on year wage growth slowed less than expected and expected,” said QC Partners. The effects of the second round were therefore higher than feared. Wage growth at this persistently high level is putting additional pressure on the US Federal Reserve. “This makes it difficult, if not impossible, for the Fed to tighten its policy Monetary policy to take your foot off the gas pedal ”.
Uniper improved by 0.6 percent. An energy supplier is asking for state aid in the face of soaring gas prices. The group has applied to the federal government for stabilization measures. Uniper did not say the amount of money involved. The proposal provides, inter alia, additional foreign capital by increasing the unused KfW credit line. The proposal also includes capital elements that will result in the involvement of the federal government.
TAG Immobilien’s share declined 6.1 percent and the capital increase of EUR 200 million had a negative impact.
On the other hand, auto stocks performed well in the market. VW gained 5.9 percent. “The AR session at VW always has the potential for surprises,” said one market participant. The “what” and “when” can only be speculated in advance. The latest developments in Cariad’s software division will likely be discussed behind closed doors. Time will tell if the first business development statements will appear in the second quarter. Porsche closed 6.1 percent. above – investors could count on information about the IPO.
Analysts are approaching Adidas more and more cautiously
Analysts are increasingly cautious about Adidas’ second quarter (-0.5%). Now Deutsche Bank has also lowered its target price by more than 20 percent to 240 euros each 305 euros and the vote is still “buy”. Analysts expect weaker sales and margin development in the second quarter, and now they are looking a bit more cautiously for the second half of the year and 2023. They also expect a reduction in the full-year forecast, but investors are already expecting it.
By offering a takeover bid for Deutsche Euroshop (+ 1.2%), Oaktree and Cura exceeded the minimum acceptance threshold of 50 percent plus one share. The acquiring vehicle, Hercules Bidco, announced that the remaining conditions of the offer were also met. Cura Vermögensverwaltung is the family office of Otto’s mail order company. The offer was expected to be successful, but Deutsche Euroshop reacted somewhat positively as the rate of the offer the day before was still below the minimum acceptance threshold.
INDEX last +/-% +/-% YTD
DAX 13,015.23 + 1.3% -18.07%
DAX future 12 973.00 + 1.1% -17.99%
XDAX 12 990.07 + 0.9% -18.03%
MDAX 26 300.66 + 1.7% -25.12%
TecDAX 3,005.60 + 1.2% -23.33%
SDAX 12 362.63 + 1.3% -24.69%
last +/- ticks
Bund future 149.93-59
Index winners, losers and traded million euro million shares the previous day
DAX 31 9 0 3 385.9 77.7 81.9
MDAX 42 6 2 699.1 50.1 49.3
TecDAX 27 3 0 663.9 23.7 33.7
SDAX 60 10 0 156.3 10.4 9.7
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DJG / mpt / ros
(END) Dow Jones Newswires
Jul 08 2022 11:47 ET (15:47 GMT)
The leverage must be between 2 and 20