Confirmed signals for more moderate interest rate hikes from the US Federal Reserve gave tailwind to the German stock market on Thursday. In addition, there were renewed hopes that China could gradually relax its strict corona policy. That would boost demand for many commodities. However, the unexpectedly sharp drop in German retail sales in October put a damper on the situation.
The Dax closed up 0.65 percent at 14,490.30 points. It remains to be seen whether the leading index will record its ninth consecutive week of gains. A moderate loss is currently emerging. The MDax of medium-sized stocks rose by 1.41 percent on Thursday to 25,954.71 points.
The Eurozone leading index EuroStoxx 50 gained 0.50 percent. The Cac 40 in Paris gained around 0.2 percent, while London's FTSE 100 fell around 0.2 percent. The leading US index, the Dow Jones Industrial, was down around 0.9 percent at the end of trading in Europe.
US Federal Reserve Chairman Jerome Powell underpinned the prospect of smaller interest rate hikes on Wednesday, triggering a price rally on Wall Street. However, a smaller rate hike in December of 0.5 percentage points has already been priced in on the stock exchanges. According to the experts at Landesbank Baden-Württemberg, Powell's signal that the Fed will probably have to raise key interest rates above the level of 4.6 percent announced in their projections is more interesting.
Among the individual stocks in the Dax, Deutsche Telekom shares rose by 1.4 percent. Analyst Akhil Dattani from JPMorgan sees some potential price drivers for the T-Share in 2023 and therefore put it on the "Analyst Focus List" for particularly promising stocks. Plus, she remains his favorite in the industry.
Nemetschek shares jumped 7.7 percent in the MDax. According to an interview with the financial news agency dpa-AFX, the CEO of the construction software manufacturer expects "continued sales growth and an operating result at a high level" in the coming year.
The focus also shifted to the shares of Shop Apotheke, which rose by more than 13 percent at the top of the SDax. In Switzerland, shares in Zur Rose, which owns the DocMorris brand, rose sharply. The two mail-order pharmacies benefited from the fact that Federal Health Minister Karl Lauterbach (SPD) had emphasized the day before that the e-prescription would come in the middle of next year.
Outside of the Dax family, Elmos shares also reached their highest level since 2000. As index expert Tom Koula of the investment bank Stifel Europe expects, the chip manufacturer will be included in the SDax before Christmas.
The euro recently rose to 1.0491 US dollars. The ECB had set the reference rate at $1.0454 in the afternoon. On the bond market, the current yield fell from 1.92 percent on the previous day to 1.82 percent. The Rex pension index rose by 0.62 percent to 128.30 points. The Bund future rose by 0.56 percent to 142.46 points.