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Dax continues to rush down

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Frankfurt/Main – The Dax continues to give investors no pleasure. He happily rushes further down.

The index hit a daily low on Thursday after disappointing numbers from the US banking sector. Most recently, the leading German index was 1.61 percent lower at 12,551.52 points.

The fact that the EU Commission is expecting record high inflation in the euro zone for 2022 in view of the energy prices also did not create a buying mood, even if the Dax did not react to this news in a noticeable way.

The MDax for medium-sized companies fell by 1.59 percent to 25,097 points on Thursday afternoon.

The Eurozone leading index EuroStoxx 50 fell by 1.64 percent to 3397.49 points.

The largest US bank JP Morgan Chase, like its competitor Morgan Stanley, suffered a surprisingly sharp drop in earnings in the second quarter. JPMorgan also suspended the multi-billion dollar buyback of its own shares announced in April to meet higher capital requirements. The papers of both houses then came under pressure before the market.

The JPMorgan figures in particular also left their mark on Deutsche Bank, although the pressure was limited: the shares in Germany’s largest financial institution recently lost around one percent and thus fared better than the market.

Deutsche Telekom shares fell by 2.7 percent as one of the biggest Dax losers. The Bonn-based company is selling a 51 percent majority in its radio tower business to an investor duo. Telekom put the enterprise value at 17.5 billion euros without debt and cash. According to stockbrokers, higher estimates had been circulating on the market.

The fact that Hugo Boss is more confident for the year as a whole caused the fashion group’s shares to rise by almost 3 percent. This made them one of the MDax favourites. The figures and outlook received a lot of praise from analysts.

The euro cost US$1.0005. The day before, the ECB had set the reference rate at $1.0067. The current yield on German Bunds rose from 0.99 percent the previous day to 1.09 percent. The Rex pension index fell by 0.62 percent to 134.80 points. The Bund future lost 0.81 percent to 151.68 points.

Source: www.bild.de

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