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FRANKFURT (dpa-AFX) – Dax (DAX 40) ended the weak stock market week with strong price increases on Friday. Market watchers spoke of purchases by bargain hunters as well as Wall Street, which was also positive on the back of solid US economic data. “This time the sell-off is followed by an attempted rebound,” commented Thomas Altmann of QC Partners, portfolio manager.
The leading German index continued to increase its late turn lead and kicked off the weekend with a 2.76 percent bonus to 12,864.72 points – thus limiting the weekly loss to just over one percent. MDAX of medium-sized listed companies increased by 2.21 percent. up to 25,557.64 points
Other leading European exchanges also surged after significant losses the day before: EuroStoxx 50 (EURO STOXX 50) rose by 2.4%. The stock exchanges in Paris and London also recorded strong gains. In New York, the Dow Jones Industrial (Dow Jones 30 Industrial) index rose by two percent at the European close.
According to Altmann, these were “classic bargain hunters, on the one hand, who sense good entry opportunities at the current price level.” There is also “convenient shopping as Mario Draghi is still Prime Minister of Italy this morning after his resignation request was rejected.”
Jochen Stanzl of CMC Markets saw the better-than-expected US retail trade data as an important reason that prevented further Dax declines: the good data did not reduce the likelihood that the US Federal Reserve would change interest rates within two weeks of a percentage point hike. “But in any case, they are alleviating recession concerns that currently prevail among investors.”
Unlike the day before, mixed quarterly reports from other major US banks left investors in Germany cool. On Thursday, disappointing industry figures (Morgan Stanley) weighed on Dax.
On the eve of the reporting season, which also begins in Germany, Lufthansa (Lufthansa) unexpectedly rushed ahead with preliminary quarterly results: the airline managed to return to black levels in the second quarter of the year thanks to strong freight and maintenance. For the stock, this meant an increase of almost seven percent at the close and a first place in MDax.
In line with the strong recovery in car prices across Europe, shares of Volkswagen (Volkswagen (VW) vz) and Porsche SE group holding (Porsche SE Vz) were among the best index values in Dax with increases of good five and a half and almost five percent respectively – supplemented by automotive supplier Continental, which has performed similarly. Premium car makers Mercedes (Mercedes-Benz Group (ex Daimler)) – Benz (Mercedes-Benz Group (ex Daimler)) and BMW were within a short distance, each with an increase of about four percent.
In the vicinity of the Volkswagen concern, investors are impatiently awaiting the capital market day, which is next Monday for the VW sports stomach brand (Volkswagen (VW) vz), operating under the name of Porsche AG. IPO has long been speculated.
Software AG (Software) shares were able to contain the daily loss to 0.30 percent by the end of trading, but were therefore among the weakest values in MDax. Previously, they fell from over eight percent to their lowest level since spring 2020. The group has lowered the annual inbound order target for the digitization division.
In the back row of exchanges, Drgerwerk’s titles lost almost two percent – the medical and safety technology group previously saw a significant drop in sales and profits. The company, which is listed on the SDAX Small-Cap Index, has had “another quarter of horror,” the dealer wrote. The forecast for this year, which was confirmed, however, clearly did not reconcile investors.
The euro has recently risen to almost US $ 1.0087. The European Central Bank set the reference rate at USD 1.0059 in the afternoon.
The current yield of the German Bunds fell from 1.09 percent. the previous day to 0.95 percent. The Rex bond index (overall REX price index) rose by 0.70 percent to 135.74 points. The future of the Bund gained 0.24 percent. up to 153.07 points / tav/he
— Author: Tanja Vedder, dpa-AFX —