Stock exchange in Frankfurt: German stock market in the red

After an overall strong previous week, profit-taking pushed the German stock market moderately into the red on Monday.

Stock exchange in Frankfurt: German stock market in the red

After an overall strong previous week, profit-taking pushed the German stock market moderately into the red on Monday. The Dax was 0.32 percent lower at 16,054 points in the late morning. In the previous week, the leading index had increased by more than three percent. The MDax with the 50 medium-sized titles recently lost 0.46 percent to 27,731 points. The EuroStoxx 50, the stock exchange barometer for the heavyweights in the eurozone, fell by around 0.9 percent.

Mixed economic news came from China: The gross domestic product there grew by 6.3 percent in the second quarter compared to the previous year and thus slightly more than in the first quarter. However, experts had expected a stronger increase on average.

Among the individual stocks, the shares of Krones were particularly in demand with a price premium of 4.9 percent. The filling and packaging system manufacturer increased its annual target for sales growth in 2023 to 11 to 13 (previously 8 to 11) percent. The targets for the operating profit and the return on the tied-up capital were confirmed. According to the company, overall performance in the second quarter developed well despite the continuing tense situation on the procurement markets.

Morphosys shares took the lead in the SDax with a price increase of 6.6 percent. The titles of the antibody specialist benefited from an upgrade by Deutsche Bank and are heading back to their high for the year of EUR 30.

According to the key data presented by the medical and safety technology provider, Drägerwerk shares rose by 0.8 percent. Thanks to better delivery capability, Drägerwerk managed to jump in sales in the second quarter and made operational profits again.

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