Stock exchange in Frankfurt: protests against the zero-Covid policy in China weigh on Dax

Protests in China against the tightened zero-Covid policy weighed on stock markets worldwide on Monday.

Stock exchange in Frankfurt: protests against the zero-Covid policy in China weigh on Dax

Protests in China against the tightened zero-Covid policy weighed on stock markets worldwide on Monday. The protests show how frustrated the population is with politics and how great a challenge for President Xi Jinping, commented analyst Craig Erlam from broker Oanda. In addition to the stock exchanges, oil prices also suffered.

The Dax closed 1.09 percent lower at 14,383.36 points. However, the leading index also paid tribute to the more than 20 percent recovery of the past eight weeks. His annual minus is still nine and a half percent. According to portfolio manager Thomas Altmann from QC Partners, a consolidation is therefore "quite healthy and positive for the medium-term price development". The MDax for medium-sized stocks fell by 1.43 percent to 25,600.97 points.

The leading eurozone index, the EuroStoxx 50, lost 0.7 percent. Prices also fell in Paris and London. The leading US index Dow Jones Industrial was down 0.8 percent at the end of trading in Europe.

In Germany, shares in the chemicals trader Brenntag were in focus. They suffered from management's takeover talks with US rival Univar Solutions and lost more than nine and a half percent as the Dax bottom.

At Airbus, shareholders had to cope with a price drop of 5.7 percent. A media report weighed on here, according to which the aircraft manufacturer could experience delays in delivery.

Following a buy recommendation from UBS, Fresenius shares rose by around half a percent among the top Dax values, making them one of the few winners.

At times, the euro rose to just under $1.05, its highest level since June. Most recently, however, the common currency fell back significantly to $ 1.0380. The European Central Bank had previously set the reference rate at $1.0463.

On the bond market, the current yield rose to 1.96 percent from 1.92 percent on Friday. The Rex pension index fell by 0.24 percent to 127.59 points. The Bund future lost 0.18 percent to 140.28 points.

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