Shortly before the eagerly awaited US job market report, the Dax recovered slightly on Friday. The day before it had started very weakly in the traditionally difficult stock market month of September, and now towards the end of the first hour of trading it rose by 1.11 percent to 12,770.99 points. This means that the gap to the low for the year of 12,391 points is slightly larger again.
The mood among investors has recently become very negative, commented market expert Andreas Lipkow. But therein lies the opportunity. Institutional investors took the opportunity to make selective purchases. The fact that after a three-day delivery stop for Saturday morning according to preliminary network data, Russian gas deliveries through the Nord Stream 1 pipeline have been announced as positive.
The broad market also recovered somewhat on Friday after the deep red previous day: The MDax with the medium-sized German stocks rose by 0.97 percent to 24,651.64 points, while the Eurozone barometer EuroStoxx rose by 0.7 percent.
Eyes are now on the US jobs report for August. If this is strong in the afternoon, the US Federal Reserve should see its steep tightening course confirmed. A healthy job market would provide the necessary leeway to continue fighting high inflation with strong interest rate hikes. Analyst Michael Hewson of broker CMC Markets believes a 0.75 percentage point hike should be a done deal at the September meeting.
But a higher rate of interest rate hikes may also be in the offing in the euro zone, and the next decision is due this Thursday. According to LBBW, late morning producer prices in the euro zone could therefore be worth a look. After two months of relaxation, analyst Martin Siegert from the Landesbank expects an increase to 38 percent - after 35.8 percent in the previous month.
On the company side, a takeover bid for SLM Solutions provided a topic of conversation: The papers jumped by 72.5 percent to 19.66 euros. They came close to the €20 cash offer from the Japanese Nikon Group, which wants to create a world leader in 3D metal printing.
For shares in Adidas and Puma, traders pointed to strong quarterly figures from North American competitor Lululemon, which also raised its outlook. With an increase of 0.1 percent, Adidas underperformed. Puma titles rose more than the Dax by 1.4 percent.
At Bayer there was news with a court success, but here the course only rose below average by half a percent. Dealers pointed out that in the dispute over the possible carcinogenic effects of the weed killer glyphosate, the fifth case in a row has now been won.
Important pillars for the Dax were the shares from cyclical sectors, which have recently fallen quite sharply, including the solid automotive sector with price gains of up to 2.6 percent for the three major sector stocks BMW, Mercedes-Benz and Volkswagen.
However, as a less cyclical sector, utilities also recovered - partly because of the ongoing discussion about longer operating times for nuclear power plants. According to the "Handelsblatt", two reactors could remain connected to the network, one stockbroker believes in a power plant from Eon. The Eon titles jumped three percent to the top of the Dax.
Henkel shares, on the other hand, came under pressure due to a downgrade. After a sell recommendation by Goldman Sachs, they were the largest of just two Dax losers with a discount of 0.8 percent. The analyst Olivier Nicolai from the investment bank positioned himself cautiously in his study regarding the outlook for the adhesives division.
Citigroup recommended buying Nordex shares, which went up 2.6 percent.
