The course correction in the DAX continued after the latest customs threat from the United States on Monday and caused further losses.
The DAX started 0.89 percent weaker at 24,038.29 points to the new trade week on the Frankfurt Stock Exchange and showed itself more easily in the course. The 24,000-point mark at a daily low of 23,975.46 points was briefly in danger. Finally, he was able to reduce the discounts a little and ended the session 0.39 percent lower at 24,160.64 points.
Dax record moves further away
Only on July 10th. The leading index had marked a new record with 24,639.10 points. This brand remained clearly out of reach at the start of the week. So far, the final record is 24,549.56 points.
Trump increases customs pressure
Trump wants to burden the European Union with an inch of 30 percent from August 1, as he announced on Saturday. EU trade commissioner Maros Sefcovic emphasized at the beginning of the week that he would continue dialogue with the USA. If there is no agreement, the EU wants to react with counter -tariffs.
“An escalation should be avoided, but the EU representatives want to show hardness at the same time. It will not work and hadn’t worked in recent years,” said Market observer Andreas Lipkow. As long as the situation does not tighten, but don’t panic on the stock exchange.
Investors had consistently hidden the customs risks until last Thursday.
Bumpy phase throughout the week?
The stock exchange should “prove to be susceptible to reset”, wrote the experts from DZ Bank. Possible triggers for changing the mood there are enough – in addition to customs escalation.
According to the DZ Bank, a cautious comes as a possible further disruptive factor Monetary policy of the US Federal Reserve Fed. Because if the consumer price data upcoming on Tuesday should indicate a customs -related inflation pressure, the Fed could not lower the key interest rates as quickly as hoped from the market.
This in turn could increase the yields of the US state bonds, which should subsequently put the stock markets under pressure. Because increasing returns make fixed -interest securities appear more attractive compared to the risky stocks.
Fed policy remains unclear
Robert Greil, the chief strategist of the private bank Merck Finck, was also rather cautious. In his view, the FED is less likely to wait for the current price figures, but rather because of the future inflation risks associated with Trump’s new copper tumors and possibly other industry tariffs. In this respect, the US Federal Reserve will probably not reduce the key interest rates at its meeting at the end of July.
Christian Apelt from the Landesbank Hessen-Thuringia (Helaba) clearly dominates the new week of economic data from the USA. In his opinion, the effect of the US tariffs could not only be noticeable in the inflation data, but also in the retail sales up on Thursday.
In addition, attention is also aimed at producer prices as well as industrial production on Wednesday and the consumer confidence raised by the University of Michigan on Friday. But even after these data series, the US economy will probably remain ambiguous.
The report of the reporting season could ensure movement
There is disagreement among the experts who are likely to emerge from the US company’s reporting season that begins in the new week for the second quarter. This is traditionally ushered in by the large banks, so that the focus is on JPMorgan, Wells Fargo and Citigroup on Tuesday.
In the middle of the week, Bank of America, Goldman Sachs and Morgan Stanley follow. Outside the financial industry, the pharmaceutical and medical technology group Johnson & Johnson and the mixed group 3m are in view on Wednesday.
In view of the advance laurels distributed on the stock exchanges, it could be difficult to make investors happy, Helaba expert Apelt pointed out. Together with the customs topic, the record hunting of the stock indices could therefore have a setback.
According to Ulrich Kater, the chief economist of the Dekabank, analysts now expect only slightly increasing profits from the US companies. This gives enough space for positive surprises and thus for rising courses.
Redaktion finanzen.net / dpa-afx