After the course damper in the middle of the week, the Dax did not find its way back on track on Thursday. Before the US job market report, investors no longer wanted to take any risks, the market said. At the end of a turbulent trading day, the price drop in the leading German index was 0.37 percent to 12,470.78 points.
At times, the stock market barometer came even closer to the 12,400 point mark in the wake of an equally weak Wall Street. The Dax lost its initial daily gain of a good one percent over the course of the year. The most recent recovery rally in the leading German index had come to an abrupt end the day before.
The MDax of medium-sized companies also contained its gains significantly on the penultimate trading day of the week until the closing bell, but still brought a moderate increase of 0.17 percent to 23,020.74 points over the finish line.
On the European stage, the losses prevailed. The Eurozone leading index EuroStoxx 50 closed 0.41 percent lower at 3433.45 points. The national indices in Paris and London fell even more significantly. The New York leading index Dow Jones Industrial posted a minus of 0.8 percent at the end of trading in Europe.
Market observer Andreas Lipkow continues to see the markets in difficult waters: "The nervousness is evidently there, and in particular the future interest rate policy of the US Fed, ECB
After the recent weak economic data from the United States at the beginning of the week, however, investors had taken heart and opted for a less restrictive monetary policy. As a result, the Dax had moved up by up to seven percent from its previous week's low since November 2020, before the rally collapsed again in the middle of the week.
Because the signals from the ranks of the US Federal Reserve indicate that they will continue the interest rate hike undeterred until inflation is clearly contained. If the US job market report turns out to be robust, the Fed could see its monetary policy course confirmed. However, there is still hope in the market "that the Fed will be forced to change course sooner rather than later," wrote CMC expert Oldenburger. Therefore, investors who fled to the sidelines before the publication could quickly “return to the field if the weak data allow it”.
In this country, papers from Internet retailers posted high price gains on Thursday - the driver was a takeover in the sector: The Austrian furniture giant XXXLutz wants to incorporate the online provider Home24. The shares rose by 125 percent and also pulled the competitor Westwing up by almost a fifth.
Experts expect a wave of takeovers in the sector given the problems faced by many online retailers in the currently difficult economic environment. Baader analyst Volker Bosse, for example, also sees the fashion retailer About You among the possible candidates, the shares of the smaller capitalized companies in the SDax climbed by a good nine percent. In the Dax, Zalando was ahead with an increase of more than three percent.
Reinsurance stocks, on the other hand, were weak. Hannover Re lost a good two percent after an investor event. The group's board of directors caused uncertainty because it was not yet able to quantify its burden after the billions in damage caused by Hurricane Ian in Florida. Munich Re posted even larger price drops of 2.6 percent.
According to statements from the capital market day, Merck KGaA initially clearly increased, but then turned around and closed with minus 1.6 percent. After years of reluctance, the pharmaceutical and chemical group sees itself in a position again to handle larger acquisitions. Klöckner shares fell in the back rows after a sell recommendation from Bankhaus Metzler
The shares of the newcomer Porsche AG were particularly in demand. The shares of the VW sports car subsidiary initially had a difficult time after the initial listing a week ago. In order to maintain the issue price of 82.50 euros, they were - as already suspected on the market - dependent on the help of the consortium banks. On Thursday they rose to EUR 93.70, at the end of trading there was an increase of 3.2 percent.
The euro fell significantly in evening trade and most recently cost 0.9796 US dollars. The European Central Bank (ECB) had previously set the reference rate at 0.9860 (Wednesday: 0.9915) dollars. The dollar had thus cost 1.0141 (1.0085) euros.
On the bond market, the current yield rose from 1.85 percent the day before to 1.93 percent. The Rex pension index fell by 0.50 percent to 128.50 points. The Bund future slipped 0.76 percent to 138.90 points.
