Stock exchange in Frankfurt: Escalation of the natural gas crisis causes significant Dax losses

The renewed escalation of the gas crisis hit the Dax badly on Monday.

Stock exchange in Frankfurt: Escalation of the natural gas crisis causes significant Dax losses

The renewed escalation of the gas crisis hit the Dax badly on Monday. The leading German index lost 2.53 percent to 12,719.71 points. On Friday, the great relief after the latest monthly US job market report lifted the stock market barometer above the 13,000 point mark. The MDax of medium-sized stocks fell on Monday by 2.33 percent to 24,576.18 points. The Eurozone leading index EuroStoxx 50 lost 1.9 percent.

The traffic light coalition wants to relieve citizens in the face of rising prices with a third support package. A planned measure provides that a reduced price should apply for a certain basic consumption of electricity. The price brake is to be financed by skimming off excessive profits on the electricity market.

RWE shares recovered from initial losses of around 5 percent and were still down 0.8 percent by early afternoon. The papers from Eon even turned moderately positive and were the only Dax winner to increase by 0.8 percent.

The prospect of excessive profits being skimmed hit renewable energy companies in particular. The shares in the solar and wind park operator Encavis and those in PNE each fell by around five percent.

The last price paid for the euro was 0.9919 US dollars. The European Central Bank last set the reference rate at $0.9993 (Thursday: $1.0004) on Friday. The dollar thus cost 1.0007 (0.9996) euros.

On the bond market, the current yield fell from 1.47 percent on Friday to 1.45 percent. The Rex pension index rose by 0.25 percent to 131.86 points. The Bund future lost 1.01 percent to 147.51 points.

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