On Thursday, the Dax surpassed the 16,000 point hurdle for the first time in three weeks, but was not quite able to maintain the level in the end. The shares received a tailwind from the bond markets, where yields fell sharply in some cases.
Because there is currently uncertainty on the financial markets about how the central banks will proceed in the interest rate cycle, investors are increasingly focusing on the capital market interest rates, which have fallen.
At the Xetra close, the Dax rose by 0.35 percent to 15,947.08 points. For the stock market month of August, however, the most important German stock market barometer recorded a minus of around three percent. The MDax even went up 1.09 percent to 27,818.98 points.
Inflation not mitigated
Investors were not bothered that eurozone inflation did not moderate in August. At 5.3 percent, the increase in consumer prices was stronger than expected. As a result, the European Central Bank (ECB) may remain under pressure to act when it comes to raising interest rates. "The problem of inflation is far from over for the ECB," said economist Thomas Gitzel from VP Bank.
Nonetheless, investors are once again focusing more on stocks in Germany that have been hit hard by the rise in interest rates in recent months. They are hoping for a better market situation in times when interest rates may soon stop rising.
At the sector level, real estate stocks were therefore in demand, continuing their recent recovery. At the top of the Dax, Vonovia shares rose by 5.1 percent, while Aroundtown's shares continued their recovery rally from the previous day in the SDax. With an increase of 8.2 percent, they improved their highest level since March. Patrizia Immobilien gained 5.3 percent.
The recovery of online stocks also gained momentum. With an increase of 3.6 percent, Zalando was one of the biggest Dax winners. Analyst Christian Salis from Hauck Aufhäuser Investment Banking wrote that the stocks of the online fashion retailer are now an attractive buying opportunity after the recent strongly below-average share price development.
With a price jump of 5.7 percent, Mister Spex shares also attracted attention in the online segment. The online eyewear retailer impressed with its quarterly report, which analyst Alexander Thiel from Jefferies Research viewed as a “sign of life”.
The Eurozone leading index EuroStoxx 50 fell by 0.42 percent to 4297.11 points on Thursday. The stock exchanges in Paris and London reported similarly high losses. The New York leading index Dow Jones Industrial was moderately up at the close of trading in Europe.
The euro recently came under pressure at 1.0844 US dollars. The European Central Bank (ECB) set the reference rate at $1.0868 on Thursday. In bond trading, the current yield fell from 2.59 percent on the previous day to 2.53 percent. The Rex pension index rose by 0.24 percent to 124.33 points. The Bund future rose by 0.76 percent to 133.11 points in the evening.