Before the eagerly awaited US consumer prices, the Dax moved little on Thursday. After slipping by half a percent in early trading, the leading German index was able to hold the 13,600 point mark and was slightly down at 13,648 points at midday.
The MDax of medium-sized companies contained its losses to 0.3 percent and was quoted at 24,200 points. The leading eurozone index, the EuroStoxx 50, fell by a comparable amount.
After the US midterm elections in the middle of Joe Biden's presidency, US consumer prices come into focus on Thursday. "Inflation is likely to have fallen somewhat, thereby supporting the Fed's signals from last week, which point to a somewhat slower pace in the interest rate cycle," wrote Commerzbank foreign exchange expert Antje Praefcke. Inflation is likely to have peaked, but will probably only come down slowly.
If, contrary to expectations, inflation has not fallen or even risen, speculation about a higher maximum for the Fed key interest rate and another large interest rate hike in December would follow, according to Praefcke.
Papers from RWE, Allianz and Continental were among the best in the Dax. Real estate values had a difficult time again in the morning. Vonovia was at the bottom of the Dax with a significant discount, LEG were at the bottom of the MDax. Telekom shares paid tribute to their good run despite the increased forecast. They come as the best Dax value of 2022 after plus 21 percent from the highest level since 2001.