The German stock market continued to weaken on Tuesday. After the record high of 16,400 points last Friday, there is still a lack of positive price drivers. At least, however, the US stock exchanges hardly weighed down, because after being closed on Monday for a holiday, they only fell moderately on that day.
The German leading index Dax ultimately lost 0.55 percent to 16,111.32 points after suffering from profit-taking at the beginning of the week. The MDax for medium-sized companies lost 1.71 percent to 26,719.17 points. Above all, the slide in the Lanxess share price had a negative impact.
The specialty chemicals group also caused a strong mood dampener in the entire German chemical sector at times, before rumors of interest in a takeover of the plastics group Covestro caused a recovery in the afternoon.
The Eurozone leading index EuroStoxx 50 ended the day with a discount of 0.44 percent to 4343.14 points. The leading indices in Paris and London also recorded losses. The Dow Jones Industrial was down around 0.90 percent on Wall Street at the close of the European market.
After a weaker second quarter than expected, Lanxess lowered its adjusted operating profit target for the year. At the end of the MDax, the shares then fell by more than 18 percent at times, more than ever before in a single day. After hitting their lowest level since the outbreak of the corona pandemic in March 2020, they recovered slightly and finally closed at minus 15.4 percent.
Wacker Chemie lost 4.5 percent and Evonik 3.5 percent. In the Dax, BASF went down 3.2 percent. Covestro, on the other hand, turned positive after an almost eight percent slide and ultimately increased by around 13 percent at the top of the Dax.
As the Bloomberg news agency reported from circles, Adnoc, a state-owned oil company from the United Arab Emirates, has held preliminary takeover talks with the plastics manufacturer.
MTU continued to rise by 1.1 percent and are thus visibly closer to their high for the year from April. The engine manufacturer and its French competitor Safran want to jointly develop the engine for the next European military helicopter.
The end of the bidding war over Software AG caused its shares to fall by 1.7 percent to EUR 31.70. The portfolio company Rocket Software of the financial investor Bain Capital wants to sell its stake of around ten percent to the technology investor Silver Lake for 32 euros per share.
In the SDax small-cap index, the recently weak shares of the Linux specialist Suse lost 2.4 percent. Chief Financial Officer Andy Myers will step down at the end of the month. Jefferies analyst Charles Brennan commented that the staffing is not entirely surprising given the company's often missed goals.
The euro was last traded at $1.0907. The European Central Bank set the reference rate at 1.0933 (Monday: 1.0922) dollars. The dollar thus cost 0.9147 (0.9156) euros. On the bond market, the current yield rose from 2.56 percent on the previous day to 2.57 percent. The Rex pension index fell by 0.11 percent to 124.48 points. The Bund future rose 0.95 percent to 133.73 points.