The German stock market ended a strong week with a positive trend. The Dax climbed from record to record on Friday and rose above the 16,400 point mark for the first time in its history in the afternoon. The big expiry day on the futures exchanges supported the courses. Around noon, futures and options on the leading German index expired on Eurex. Futures and options on stocks also expired towards the close of trading.
Ultimately, the Dax gained 0.41 percent to 16,357.63 points. This resulted in a whopping weekly plus of 2.6 percent. The MDax for medium-sized companies closed 0.55 percent higher at 27,480.82 points.
The EuroStoxx 50, the leading index in the euro zone, rose by 0.7 percent to 4394.82 points. In Paris there was an increase of 1.3 percent, in London an increase of 0.2 percent. In the USA, the Dow Jones Industrial remained at the European stock market close.
With an interest rate pause by the US Federal Reserve in June and a further interest rate hike by the European Central Bank (ECB) as well as further interest rate increases, the major central banks had met the expectations of most market participants in the previous few days. The same applied to the Bank of Japan, which is sticking to its extremely loose monetary policy for the time being.
The stock market is currently not deterred by the next round of interest rate hikes, stated CMC market analyst Konstantin Oldenburger. "Although investors see the risk that monetary policy could overstep the mark, they have not yet found any signs of this in the current economic data." Excessive interest rate hikes could not only cool down the economy - as desired in order to get the high inflation under control - but also put a significant strain on it.
Among the individual values in the Dax, Rheinmetall shares were once again in focus. As the top value in the leading index, they increased by 4.9 percent. Dealers referred to statements by CEO Armin Papperger about an upcoming multi-billion ammunition framework agreement with the federal government. As a rule, these are transactions with high margins, a dealer justified the price gains in the shares of the armaments company and automotive supplier. As a result, the shares of the defense electronics manufacturer Hensoldt in the MDax also went up by 3.3 percent.
After a poor year on the stock market for German Internet stocks, investors also continued to access Zalando, Delivery Hero and Hellofresh, which posted price gains of between 1.6 and 3.8 percent. In particular, the paper of the fashion retailer Zalando is still clearly on the recovery course and increased by almost 10 percent over the course of the week.
The weakest Dax values were the papers of Deutsche Bank with minus 2.5 percent. CFO James von Moltke had commented on the expected decline in trading income the day before.
A study by the US bank JPMorgan helped the shares of Morphosys in the SDax to jump by more than 8 percent. Analyst James Gordon upgraded the stock by two rating notches from "Underweight" to "Overweight". He also tripled the price target to 36 euros. "We are betting on pelabresib," he wrote. Phase III study data for the drug against a malignant disease of the bone marrow and blood are due at the end of the year.
A number of stocks traded at a dividend discount on Friday, including Brenntag, Deutsche Wohnen and DWS.
The euro was last listed at 1.0925 US dollars. The ECB had set the reference rate at $1.0966 in the afternoon. On the bond market, the current yield rose from 2.55 percent the day before to 2.56 percent. The Rex pension index fell by 0.03 percent to 124.57 points. The Bund future gained 0.16 percent to 133.06 points.