The Dax continued to fall at the end of a dreary stock exchange week. Concerns about the global economy are currently determining what is happening after a previously strong run on the stock exchanges.
The leading German index lost 0.53 percent on Friday to 15,594 points and was thus at the level of early July. On a weekly basis, a minus of 1.5 percent is indicated.
The MDax of medium-sized companies fell by 1.20 percent to 27,189 points on Friday. The Eurozone leading barometer EuroStoxx 50 lost 0.52 percent.
"The air from the stock market seems to be gone and the rally break since the beginning of the month has not yet ended," wrote analyst Konstantin Oldenburger from the trading house CMC Markets. Investors are faced with two problems: real interest rates are rising again, which makes bonds more attractive than stocks, and the Chinese economy is sending gloomy signals.
Real estate group applies for bankruptcy protection
This included news that heavily indebted Chinese real estate group Evergrande had filed for Chapter 15 bankruptcy protection in the United States. Evergrande and recently also the real estate developer Country Garden are symbols of the real estate crisis in China, after years of overinvestment. The slump weighs on the demand for building materials and chemicals.
At the top of the SDax small-cap index, Suse shares jumped almost 60 percent to 15.35 euros. Majority shareholder EQT Private Equity announced a public takeover bid for the 20.9 percent of the shares that it does not yet own.
In the gloomy environment for the shares of the pharmaceutical and laboratory equipment manufacturer Sartorius, the Dax went down the most, falling by 3.6 percent. Among the few winners, the papers of the armaments group and automotive supplier Rheinmetall recovered somewhat from their recent losses with a plus of 1.2 percent.
From an industry perspective, stocks in the fashion and sports sectors were under pressure. Puma fell by 2.4 percent and Adidas by 1.0 percent. Zalando shares lost 2.2 percent.