Frankfurt/Main (dpa) – On the big day of expiry on the futures exchanges, the Dax recovered somewhat from the sell-off of the previous day. On Friday afternoon it rose by 1.31 percent to 13,209 points.
On a weekly basis, however, this means a minus of four percent, since the interim high on Whit Monday, the losses for the German leading index have even added up to a good ten percent. Experts therefore see little more than an attempt to stabilize the downward trend for the time being.
The MDax rose by 1.85 percent on Friday to 27,230 points. The Eurozone leading index EuroStoxx 50 gained 1.4 percent.
High inflation and rising interest rates remain the dominant themes in the market and are fueling fears of a recession among investors. The surprisingly significant increase in interest rates in Switzerland had weighed heavily on prices the day before.
The throttling of gas supplies from Russia is also playing an increasingly important role. The scenario of a Russian gas supply stop now seems increasingly likely, wrote analyst Jochen Stanzl of CMC Markets. This could trigger an immediate recession in Germany.
Speculations about a possible takeover of Dutch ABN Amro by French BNP Paribas drove bank stocks across Europe. In the Dax, Deutsche Bank increased by 2.3 percent.
The papers of the utility Eon, which were very weak the day before, stabilized at plus 3.8 percent. Helpful was an upgrade from “neutral” to “buy” by Goldman Sachs.
Volkswagen is still at a low in sales due to problems with the chip supply and corona restrictions. The preferred shares of the car manufacturer were hardly changed in the afternoon and lagged behind the Dax. Porsche SE fell by 0.6 percent.
Delivery Hero gained seven percent on their last day in the Dax at the top of the index. From Monday they will be listed in the MDax. The title of the food delivery service could hardly be stopped in the first year of Corona as one of the winners of the pandemic and in the summer of 2020 it was promoted to the first German stock exchange league as a replacement for the payment processor Wirecard. After stronger price fluctuations in 2021, things went downhill steeply in 2022. Since the beginning of the year, they have lost around two-thirds.
Thyssenkrupp is putting the IPO of its hydrogen subsidiary Nucera on hold in view of the current market environment. The papers lost 1.4 percent.
Real estate values, which were particularly weak recently as a result of the turnaround in interest rates, increased. Vonovia gained 3.4 percent. Aroundtown, Deutsche Wohnen and Grand City Properties rose by up to seven percent, with Grand City spurring a buy recommendation from Societe Generale.
The euro cost 1.0487 US dollars in the afternoon. The European Central Bank (ECB) had set the reference rate at exactly $1.04 the day before. On the bond market, the current yield fell from 1.72 percent on the previous day to 1.57 percent. The Rex pension index rose by 0.74 percent to 131.43 points. The Bund future gained 0.54 percent to 144.43 points.
© dpa-infocom, dpa:220617-99-699033/4
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