Stabilization on Wall Street helped the Dax to gain on Monday. After four consecutive days of losses, the leading index ended trading somewhat stronger with a price increase of 0.49 percent to 12,803.24 points. However, this was preceded by another nervous trading session with losses in the Dax of up to one percent due to the upcoming key interest rate decision in the USA.
The MDax also worked its way into the profit zone by the closing bell. The mid-cap index ended trading up 0.11 percent at 23,970.33 after slipping to a low since May 2020 on Friday.
Persistently high inflation figures in the US had dashed hopes of a less tight monetary policy by the US Federal Reserve last week. Most experts now expect interest rates to rise by 0.75 percentage points.
On the company side, the eyes in this country were on Monday on the VW Group. Europe's largest carmaker has announced the IPO of Porsche AG for September 29th. The preferred shares of the sports car manufacturer will be offered from this Tuesday in a corridor of 76.50 to 82.50 euros per share. Shares in VW Holding Porsche SE rose by three and a half percent as a Dax favorite. However, with a price increase of around one percent, investors in VW shares were a little less euphoric.
Sixt shares fell after a downgrade by French investment bank Exane BNP. With a discount of almost six and a half percent, they ended up in last place in the MDax. Analyst Christoph Blieffert expressed skepticism about the car rental company because of high fixed costs and a strong dependence on consumer sentiment.
The most recent index changes were implemented on Monday. Siemens Energy, which has returned to the leading German index, fell by 1.10 percent. The shares in the Dax relegated Hellofresh are now listed in the MDax, the price of the recipe box mailer lost almost 2.2 percent.
At the end of the index, SDax newcomer Cropenergies was down 13.6 percent. The bioethanol manufacturer had announced that it was considering cutting production due to cost pressures.
The leading euro zone index, the EuroStoxx 50, was almost flat at the end of the trading day, down 0.03 percent to 3499.49 points. France's Cac 40 fell a bit more sharply, while the London Stock Exchange remained closed for the Queen's state funeral. In New York, the Dow Jones Industrial had fallen back somewhat at the close of the European stock exchange and was around 0.1 percent lower.
The euro continued to hover around parity with the US dollar on Monday. $1,0008 was paid that evening. The European Central Bank had previously set the reference rate at $0.9990 (Friday: $0.9954). The dollar had thus cost 1.0010 (1.0046) euros.
On the bond market, the current yield rose from 1.68 percent on Friday to 1.69 percent. The Rex pension index rose by 0.06 percent to 130.28 points. The Bund future lost 0.48 percent to 142.48 points.
