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FRANKFURT (dpa-AFX) – Dax (DAX 40) came under some pressure again on Wednesday ahead of important US inflation data. After moments of more noticeable losses, the leading German index declined by 0.72 percent to 12,812.81 points around noon – a day earlier it was positive in the last few meters. The same was the case with the MDAX for medium-sized companies, which fell by 0.13 percent. up to 25 721.04 points EuroStoxx 50 (EURO STOXX 50), the leading euro zone index, lost 0.54%. up to 3468.20 points
According to the current stock exchange letter from Bernecker “Bernecker-Daily”, the main topic on the German stock exchange remains “to bite your nails for German gas supplies”. Mass sales are no longer taking place and the sale is over, according to the optimistic opinion of the authors. “Only really dramatic new news about gas can undermine this constellation.”
However, investors were cautious about the impatiently awaited data on US consumer prices in the afternoon. According to market observer Michael Hewson of broker CMC, the data is unlikely to send the expected easing signals. It expects inflation to hit another 40-year high. This would maintain the pressure on the US Federal Reserve. According to Hewson, concerns about a slowdown in growth and a rapid tightening of monetary policy returned to the fore at the end of trade in New York.
In the middle of the week, the events on the German market were dominated by business data for companies. Special packaging maker Gerresheimer performed well with investors, delivering better-than-expected quarterly results and confirming annual targets. The company is also optimistic about natural gas supplies. Recently, there has been more than five percent growth and the highest position in MDax.
Neighboring the Fraport index was also one of the favorites with a price increase of more than three and a half percent. The airport operator used primarily a purchase recommendation from the private bank Berenberg. Analyst William Fitzalan Howard sees in his study a new opportunity to build on the history of Fraport’s restructuring following the recent weak movements in stock prices. In addition, Fraport released data on traffic at Frankfurt Airport, which was expected to show a significant increase in passenger numbers in June compared to the previous year’s data, which was affected by the pandemic.
In the SDAX small companies index, AUTO1 shares (Autohero, wirkaufendeinauto.de) fell by more than two percent. According to key data, the online used car dealer was able to sell more cars in the last quarter than in the previous year. However, the pace slowed down somewhat compared to the previous quarter. On the other hand, the expected value for the private (retail) customer with a gross profit – ie sales revenues minus the purchase price – per vehicle is significantly higher than in the previous quarter. Analysts were not satisfied with this.
As expected, the online broker flatexDEGIRO recorded a lower turnover than in the corresponding period of the previous year due to the cooling of investor interest in the first half of the year. The company confirmed its forecast for the year, which had already been lowered in June. In a demanding market environment, the company did not live up to expectations in terms of completed transactions, wrote Goldman analyst Charlie Mayne. Newspapers were trading more than one percent in the negative recently.
At Dax, Bayer fell by about one and a half percent. Traders found it bad for investor sentiment that an appeals court had reopened a lawsuit accusing him of a cancer risk from weedkiller glyphosate. According to expert Charlie Bentley of Jefferies, previously there was little hope that a decision would be made in favor of Bayer. This would open up the possibility that the US Supreme Court could take the case and make a landmark decision.
Meanwhile, Nordex has started implementing the capital increase. The wind turbine producer’s shares are quoted without the pre-emptive right to new shares. Adapted to this, the Nordex is clearly in the red./gl/mis
— Gerold Lhle, dpa-AFX —