The Dax paid tribute to its recent record hunt on Monday. The leading German index extended its initial losses and ultimately fell by 0.96 percent to 16,201.20 points. At the same time, there was a lack of impetus from the USA, because the stock exchanges there were closed for the public holiday. The MDax for medium-sized companies fell by 1.08 percent to 27,183.08 points. The Eurozone leading index EuroStoxx 50 lost 0.74 percent to 4362.38 points and the stock exchanges in Paris and London also gave way.
On Friday, the Dax crowned a strong week with a jump over the 16,400 point mark for the first time. The interest rate decisions by the US Federal Reserve and the European Central Bank (ECB) that preceded the record were as expected and tended to support the Dax. However, the Fed surprised a number of investors negatively with references to the number of possible further interest rate hikes in the further course of the year.
The shares of Dax taillight Sartorius fell by almost 15 percent to their lowest level in twelve months after lowering annual forecasts. The pharmaceutical and laboratory equipment supplier is struggling with the continued reduction in customer inventories after the corona pandemic and generally weak demand.
BASF suffered from a canceled buy recommendation from the bank HSBC: The share fell by 3.6 percent to just over 44 euros. The bank now rates the chemical stock as "Hold" and has lowered its target price from EUR 57 to EUR 46. Analyst Martin Evans fears a reduction in the annual targets and therefore expects an improvement only in the coming year.
In contrast, MTU shares took the top spot in the Dax with a plus of 4.2 percent. The engine manufacturer impressed with its increased profit target for the current year.
Beiersdorf shares came second, up 0.5 percent after French bank Societe Generale upgraded its rating by two notches from "Sell" to "Buy". After a new buy recommendation from the investment bank Oddo BHF, the online broker Flatexdegiro was the leader in the SDax for the smaller stocks below the MDax with an increase of almost 7 percent.
In addition, the index changes made by Deutsche Börse came into effect: Among the MDax climbers, the shares of the online drug dealer Redcare Pharmacy (formerly Shop Apotheke) were the favorite with a plus of 3.1 percent.
The euro was trading at $1.0923 early in the evening. The ECB set the reference rate at 1.0922 (Friday: 1.0966) dollars. The dollar thus cost 0.9156 (0.9119) euros. The current yield on the bond market stagnated at 2.56 percent. The Rex pension index rose by 0.04 percent to 124.61 points. The Bund future lost 0.53 percent to 132.48 points.