Stock exchange in Frankfurt: Adidas burdens Dax - support US stock exchanges

At the end of a mostly friendly week of trading, the Dax gave back some of its gains.

Stock exchange in Frankfurt: Adidas burdens Dax - support US stock exchanges

At the end of a mostly friendly week of trading, the Dax gave back some of its gains. The market on Friday was particularly affected by what is now the third reduction in annual targets by the sporting goods manufacturer Adidas.

Later on, the friendly Wall Street had a supportive effect. It was buoyed after yields on the much-watched 10-year and 5-year US Treasuries rebounded from previously reached 15-year highs.

The leading German index ultimately lost 0.29 percent to 12,730.90 points and posted an increase of 2.4 percent over the course of the week.

In the world's largest economy, 10-year government bond yields temporarily climbed over 4.3 percent to their highest level since 2007. Five-year bond yields rose similarly, hitting a 15-year high. This initially put pressure on stock markets as such increases further weaken the relative attractiveness of stocks.

The MDax lost 1.53 percent on Friday to 22,918.01 points. The EuroStoxx fell by 0.46 percent to 3476.63 points and losses were also recorded in Paris. In London, on the other hand, things rose moderately and gains were also posted in the USA at the close of the European stock market.

One of the most watched stocks on this day was that of Adidas, which fell 9.5 percent to its lowest level since spring 2016. This year's profit target, which was reduced to just around 500 million euros, was particularly shocking on the market. At the beginning of the year, a profit of EUR 1.8 to 1.9 billion was promised, most recently EUR 1.3 billion. In the ten years that she has been monitoring the sporting goods sector, the mood has never been so negative, commented JPMorgan expert Chiara Battistini. The shares of competitor Puma were also affected and lost 7.3 percent.

The top value in the Dax was the share of Munich Re, which, according to key figures presented, turned positive in the third quarter and ultimately rose by 3.7 percent. The fact that the reinsurer surprised positively and is sticking to its profit target despite high hurricane losses provided a boost.

Upgraded to "overweight" by US bank JPMorgan, SAP's shares rose 1.8 percent. Analyst Toby Ogg described the software group as the favorite in the European industry environment. In his opinion, the course reflects the economic uncertainty too strongly, while the ongoing change to the cloud is not sufficiently appreciated.

In the MDax, Scout24 shares suffered from negative analyst comments and lost 7.3 percent. Concerned about the real estate environment, Warburg Research dropped the buy recommendation for the online portal operator.

The exchange rate of the euro rose. The shared currency was trading at $0.9866 earlier this evening. The European Central Bank previously set the reference rate at 0.9730 (Thursday: 0.9811) dollars. The dollar thus cost 1.0277 (1.0193) euros.

On the bond market, the current yield rose from 2.35 percent on the previous day to 2.41 percent. The Rex pension index fell by 0.47 percent to 125.43 points. The Bund future rose by 0.40 percent to 135.51 points in the early evening.

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