Dax weakens – change in VW leadership burdens | Free press

Frankfurt am Main.

Dax fell moderately on Monday after a strong previous week. More than an hour after the start of trading, the leading German index lost 0.32 percent. up to 13,211.68 points The MDax for midsize firms fell 0.45 percent to 26,655.27 points, while the leading euro zone index EuroStoxx 50 lost 0.16 percent to 3,590.80 points.

Investors’ caution was supported by Ifo data. The mood in the German economy deteriorated significantly in July. Ifo’s business climate fell 3.6 points to 88.6 points on a monthly basis.

Last week, Dax gained three percent and thus moved further from the last low since November 2020 at 12,390 points. In the US stock market, tech stocks were particularly under pressure on Friday after the disappointment in the internet sector.

The new week is devoted to the US Federal Reserve, which was also emphasized by experts from the Swiss bank Credit Suisse. The currency keepers of the world’s largest economy are likely to announce another interest rate hike on Wednesday. Recently, concerns about an increase by a full percentage point have clearly subsided, but have become noticeable in the meantime – most experts expect 0.75 percentage points.

In the German market, the focus was on a surprising change in the Volkswagen (VW) management board and quarterly reports. The preference shares of the car maker and main shareholder Porsche SE lost more than four and more than three and a half percent respectively, placing them at the bottom of Dax. Following the close of the stock market on Friday, VW announced that CEO Herbert Diess would leave in early September and be replaced by Oliver Blume, head of Porsche AG, a sports car subsidiary.

Meanwhile, Bechtle’s MDax stock rose by almost three and a half percent after the IT service provider saw quarterly earnings surge despite supply bottlenecks.

The Baywa conglomerate, which is listed on the SDax Small Cap Index, provided key figures for a 5.3 percent price increase. Neighboring the indices, Atoss Software recorded a further strong increase in sales in the first half of the year. The personnel planning software provider is therefore on track to beat last year’s record results. However, for cost reasons, the operating result before interest and taxes (EBIT) stabilized at the previous year’s level. The management board confirmed the annual targets. Titles lost 1.3 percent.

Otherwise, analysts’ comments moved the rates. Following positive research, Merck KGaA shares rose by 1.2%, making them a favorite for Dax. In contrast, the Uniper papers, which raised their rear at MDax, lost about nine percent and fell to a record low. At the asset management company DWS, shareholders had to deal with a half percent drop in prices, which was in line with the market. (dpa)

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