New uncertainty regarding gas supplies weighs on Dax | Free press

Frankfurt am Main.

The gas supply problem in Germany was somewhat dismissed by Dax in a late Monday trade.

The leading German index closed 0.33 percent. lower, reaching 13,210.32 points. Ifo’s business climate released in the morning was weak, but it did not prevent Dax on the path to temporary price increases. The mid-cap MDax ended its first day of trading with a 0.54 percent decline to 26,632.66 points.

The Russian gas company Gazprom continues to cut off supplies via the Baltic gas pipeline Nord Stream 1. As of next Wednesday, 20 percent, or 33 million cubic meters of gas, will flow the most important supply line to Germany every day, the company said. The reason is to repair another turbine.

The euro area leading EuroStoxx 50 index returned to positive territory shortly before the close, closing 0.21 percent to 3,604.16 points. In Paris and London, the leading stock exchanges also closed a bit more. On Wall Street, the Dow Jones Industrial index ended moderately higher in Europe.

The new week is dominated by the US Federal Reserve on the stock market. 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 whole percentage point, noticeable at times, have diminished significantly – most experts expect 0.75 percentage points.

The surprising change in management at Volkswagen (VW) was one of the main topics on the market in this country. The preference shares of the car maker and main shareholder Porsche SE lost around 1.3 percent each, putting them at the bottom of the Dax field. 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. Some analysts have criticized the timing as inappropriate given the challenges ahead.

Bechtle’s titles rose 4.8 percent at the top of MDax after the IT service provider posted higher quarterly earnings despite a supply bottleneck. Key data for the shares of the agri-energy concern Baywa listed in SDax ensured a 7% increase in prices and the first place in the small-cap index.

Uniper papers were down 12.4 percent as the MDax taillight. JPMorgan analyst Vincent Ayral cut it twice and lowered the target price from EUR 32.00 to EUR 5.50. It welcomes the federal government’s rescue package for a failing energy company. However, he is critical of the capital increase at the issue price of EUR 1.70 per share, excluding shareholders’ subscription rights and the multi-billion obligatory convertible bond.

During the year, the euro lost profits again due to concerns about the gas crisis. After the close of Xetra, the single currency cost $ 1.0214. The European Central Bank (ECB) set the reference rate at USD 1.0236 (Friday: 1.0190) in the afternoon, while the dollar was traded at EUR 0.9769 (0.9814).

In the bond market, the current yield on German government bonds rose from 0.94 percent. to 0.95 percent on Friday. The Rex retirement rate fell 0.06 percent to 136.00 points. Bunds contract increased by 0.18%. up to 154.66 points (dpa)

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