After the recent upswing, the Dax started the new week and the second half of the year with moderate losses on Monday. The leading index gave up its slight initial gains against the background of weak industrial data and ultimately went 0.41 percent lower at 16,081.04 points from trading. Before the weekend, the Dax had increased by around 1.3 percent, the plus in June was a good 3 percent and in the first half of the year it even gained 16 percent. At the start of the week, the MDax for medium-sized companies increased by 0.30 percent to 27,692.90 points.
Economic worries are accompanying investors in the reporting season for the second quarter, which is about to begin and which is becoming more and more of an issue on the stock exchange. A wave of sales swept over Continental shares, causing a price drop of 3.9 percent at the end of the Dax. Market observers were of the opinion that investors in the tire group and automotive supplier were speculating about negative quarterly signals.
The biggest Dax loser so far in 2023, Zalando, fell by a further 2 percent. After the latest minor votes by the analysts from Bernstein and JPMorgan, a canceled buy recommendation from HSBC put further pressure on the online fashion retailer to sell.
From an industry perspective, on the other hand, real estate values continued on their recent course of recovery. However, the European real estate sector is still around 10 percent down in the year to date. On Monday, Vonovia rose 2.5 percent to the top of the Dax. With markups of 5.2 and 4.9 percent, respectively, TAG and LEG were among the top stocks in the MDax. Aroundtown and Grand City Properties were at the top of the SDax for small stocks with increases of 5.9 and 5.4 percent, respectively.
The papers from construction software specialist Nemetschek fell in the MDax by 3.3 percent to the lowest level since the end of April. Investors reacted negatively to Viktor Varkonyi's departure as head of the Planning division
With an increase of 3 percent, the online pharmacy Redcare Pharmacy benefited from the fact that patients in Germany have been able to redeem electronic prescriptions with their health insurance card since Saturday. According to the Federal Ministry of Health, 80 percent of pharmacies are expected to offer this new way by the end of July.
The EuroStoxx 50, the leading index in the euro zone, closed 0.02 percent lower at 4398.15 points. France's Cac 40 and Britain's FTSE 100 also declined slightly. In New York, the Dow Jones Industrial was barely moving at the European close. Shortened trading on Wall Street ahead of Independence Day on Tuesday.
The euro was last traded little changed at 1.0918 US dollars. The common currency recovered from temporary slight losses, while weak economic data from the US weighed on the dollar in the afternoon. The European Central Bank set the reference rate at 1.0899 (Friday: 1.0866) US dollars. The dollar thus cost 0.9175 (0.9203) euros.
In the bond market, the current yield fell to 2.49 percent from 2.53 percent on Friday. The Rex pension index rose by 0.19 percent to 124.42 points. The Bund future lost 0.33 percent to 133.29 points.