The renewed fears of inflation and interest rates weighed heavily on the Dax on Friday after a few solid days. In addition, there were global concerns about the financial sector, after the difficulties faced by the start-up financier SVB Financial in the USA the day before reminded investors of the financial crisis. The US labor market report published at the end of the week also brought no relief.
The Dax ended the weekend 1.31 percent lower at 15,427.97 points. At times, investors were even more nervous, as the daily low of 15,316 points shows. The weekly balance was still negative with a discount of a good one percent. In the second row of stock exchanges, the MDax lost 1.55 percent to 27,998.63 points on Friday.
Concerns about interest rates remained after US Federal Reserve Chairman Jerome Powell recently described a faster pace of interest rate hikes as possible. They weren't really mitigated by the fact that Friday's US jobs report showed a robust picture.
Banks brought up the rear across Europe in an industry comparison. In Germany, Deutsche Bank shares lost 7.4 percent and held the red lantern in the Dax. Commerzbank's shares fell by 2.6 percent.
The papers of the commercial vehicle manufacturer Daimler Truck went down by 4.5 percent. After a good run last year, the Dax group has big plans for 2023. After a good run - the papers had reached their highest level for more than a year a few days ago - it no longer helped that the targets were above expectations. Investors took profits in the weak market environment.
There were sharp price slumps in the SDax: the shares of the financial service provider Hypoport dropped there by 17.2 percent and those of the diagnostics specialist Stratec by 13.5 percent. In both cases, disappointing business targets were blamed.
At the international level, the overall picture on the stock exchanges did not look any better: the Eurozone leading index EuroStoxx 50 lost 1.32 percent to 4229.53 points. France's CAC and Britain's FTSE 100 followed, falling up to 1.7 percent. In New York, the Dow Jones Industrial had already anticipated the losses of the previous evening: it was recently at a little changed level.
The euro was in demand, it was traded significantly higher at 1.0667 US dollars. The European Central Bank had previously set the reference rate at 1.0586 (Thursday: 1.0554) dollars. The dollar had thus cost 0.9446 euros.
On the bond market, the current yield fell from 2.77 percent on the previous day to 2.61 percent. The Rex pension index rose by 0.83 percent to 124.22 points. The Bund future rose by 0.88 percent to 133.30 points.