After a two-day recovery rally, the Dax will initially take a breather on Wednesday. In the first hour of trading on Xetra, the leading German index lost 0.59 percent to 12,595.94 points. The MDax for medium-sized companies fell by 0.72 percent to 23,329.94 points. The Eurozone leading index EuroStoxx 50 fell by 0.7 percent. Traders spoke of profit-taking.
In the previous week, the Dax had fallen to 11,862 points, its lowest level since November 2020. From that level it was then able to recover by almost seven percent. "How sustainable this movement is remains to be seen," explained the experts at Landesbank Hessen-Thüringen (Helaba). A lot of negative things are probably priced in. In addition, German standard values are now undervalued. Although this does not rule out renewed price losses, hopes of a bottoming out increased.
The most important US indices had gone out of trading the day before at the daily high. In view of the recent weak US economic data, investors' willingness to take risks is fueled by hopes that the US Federal Reserve will adopt a less restrictive monetary policy. However, market expert Andreas Lipkow warned that this hope could not be a sustainable course driver.
Carl Zeiss Meditec gained one and a half percent in the MDax following an upgrade from "Hold" to "Buy" by Berenberg Bank. The stock of the medical technology manufacturer is of high quality with strong medium-term prospects and is oversold, it said.
In the SDax of the smaller stocks, the Shop Apotheke's investors were happy about a price increase of around five percent. For the first time this year, the online drug retailer broke even in day-to-day business in the third quarter. Thanks in part to new customers, the online pharmacy was able to increase sales by a fifth.
The announcement of a share buyback program gave the shares of the office equipment dealer Takkt, which was recently delisted from the SDax, a price increase of more than two percent.