Stock exchange in Frankfurt: Dax further down on the big day of expiration

On the day of the big collapse on the futures exchanges, German stocks remain under pressure.

Stock exchange in Frankfurt: Dax further down on the big day of expiration

On the day of the big collapse on the futures exchanges, German stocks remain under pressure. Nothing came of an early stabilization: At the end of the first hour of trading, the Dax slipped 0.69 percent into the red to 13,889.68 points. The MDax lost 1.05 percent to 25,023.66 points. Meanwhile, the Eurozone index EuroStoxx 50 was down 0.8 percent.

The day before, "the specter of interest had returned," as market observer Thomas Altmann from asset manager QC Partners put it in the morning. The announcement of further significant interest rate increases by the European Central Bank had brought the Dax its biggest daily loss since June. The leading index is currently heading for a weekly minus of 3.4 percent.

Before the weekend, the expiration day now dominates. Investors usually try to tactically move prices in a direction that is favorable to them. According to Altmann, this is the "largest and most important option expiry date of the year", in which the 14,000 points should also play an important role. "Investors still have to get through today before they can hope for a little more Christmas quiet on the floor," said Altmann.

On the stock side, there is only a few reasons to be happy: The Teamviewer stock, for example, increased by two percent, but clearly put its peak increase of over ten percent into perspective. The software provider specializing in remote maintenance has taken the loud criticism from investors to heart and negotiated an exit option from the expensive sponsorship contract with the English football club Manchester United. According to the DZ Bank expert Armin Kremser, a lot of imagination has already been priced in for this.

Otherwise price winners were rather rare. The Südzucker papers were one of those with a five percent increase. They continued their good run from late Thursday trading when a new forecast for the coming fiscal year was well received by investors. The price jumped to a high since mid-August on Friday.

Otherwise, analyst comments again played an incriminating role: Morphosys shares slipped 13 percent because of a sell recommendation from the US bank Goldman Sachs. For the first time since 2009, they cost less than 13 euros. Analyst Rajan Sharma justified his pessimism in a study available on Friday with economic challenges and a thin drug pipeline.

Ceconomy shares, which had collapsed the previous day, slipped further by almost three percent. At times they reached their lowest level since the end of October. Here, the investment bank Oddo BHF gave the verdict "Underperform". The electronics retailer is facing an uncertain year 2023, wrote analyst Andreas Riemann in a study available on Friday. Profitability is still too low.

The next in the league with falling prices after an analyst's voice were the shares of TAG Immobilien, which fell by 2.4 percent in the MDax. Here, the analysis company Stifel gave up its previous buy recommendation. In his study, analyst Tom Carstairs was skeptical about the entire sector because of the continued great uncertainty about interest rates. This rules out a rebound in real estate transactions as a potentially positive price driver.

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