After the recent rally on the German stock market, investors cashed in at the start of the week. The leading index DAX closed on Monday 0.60 percent lower at 16,651 points. The MDax of medium-sized company stocks fell by 0.85 percent to 26,904 points.
From the end of October alone to its record high of just over 17,000 points, which was reached the previous week, the DAX recorded an increase of more than 16 percent, driven by the prospect of interest rate cuts soon. However, after this expectation was somewhat dampened by the European Central Bank (ECB), particularly for the euro area, the local stock market initially ran out of steam.
Among the individual stocks, the shares of the Deutsche Börse were ahead in the Dax with a plus of 1.7 percent following a buy recommendation from UBS. Analyst Michael Werner justified his optimism with an industry rotation of bank stocks into shares of stock exchange operators expected in 2024.
At the end of the DAX, Siemens Energy ended up with minus 3.3 percent. Even over the year, the shares of the energy technology company are the weakest in the Dax. Investors often do not want to have stocks that have performed poorly in their portfolios at the end of the year.
Carl Zeiss Meditec's shares gained 2.8 percent at the top of the MDax. The medical technology company wants to expand its portfolio in the field of ophthalmology and take over the Dutch Ophthalmic Research Center (Dorc).
The weakest value in the MDax was Delivery Hero with a loss of seven percent. Looking at the price development for the year as a whole, the food delivery service stocks also take last place in the index.
In the SDax small cap index, Energiekontor was the strongest stock, gaining 7.4 percent. The wind and solar park operator raised its profit outlook after completing the sale of a wind farm project in Scotland.
The electronics retailer Ceconomy expects further operational improvements in the new financial year. As the bottom performer in the SDax, the shares still lost 9.2 percent. The consumer environment remains very difficult and the outlook for the new financial year is correspondingly vague, said one market participant.
The European leading index EuroStoxx lost 0.62 percent to 4,521 points on Monday. The leading stock exchange in Paris also fell, while things rose slightly in London. In New York, the leading index Dow Jones Industrial continued its record run at a moderate pace. There have recently been moderate profits on the Nasdaq stock exchange.
The euro traded at $1.0920 after the European close. The European Central Bank (ECB) set the reference rate in the afternoon at 1.0918 (Friday: 1.0946) US dollars, meaning the dollar cost 0.9159 (0.9135) euros.
On the bond market, the current yield fell from 2.07 percent on Friday to 2.06 percent. The Rex bond index rose by 0.17 percent to 128.07 points. The Bund future recently fell by 0.37 percent to 136.69 points.