FRANKFURT (dpa-AFX) – After what has been a very encouraging week on the German stock market so far, restraint is the order of the day. Investors are likely to remain cautious until the release of the US jobs report for July in the early afternoon. The leading index Dax (DAX 40) fell moderately by 0.11 percent to 13,648 points around noon. Nevertheless, an increase of a good one percent is emerging for the first week of August.
“The current rally on the stock market will be subjected to a serious stress test at the latest with the numbers on the labor market,” wrote analyst Jochen Stanzl from the trading house CMC Markets. Should the labor market in the US weaken, concerns could resurface that the Fed, with its rapid interest rate hikes, has triggered a hard landing for the US economy.
The MDAX for medium-sized companies fell by 0.25 percent to 28,091 points. The leading eurozone index, the EuroStoxx 50 (EURO STOXX 50), lost a third of a percent.
The quarterly figures of Deutsche Post (Deutsche Post) were extremely well received on the stock exchange. The logistics group increased sales and earnings by double-digit percentages in the second quarter. With a plus of 5.3 percent, the share took the lead in the Dax.
The Allianz papers joined the losers in the Dax end again with minus 2.8 percent. Here the surplus of 1.7 billion euros was almost a quarter lower than a year earlier. Analysts complained about the insurer’s weak combined ratio.
After the weak quarterly figures from the previous day, Bayer (Bayer) shares widened their losses, dropping 4.8 percent and bringing up the rear in the Dax.
Zalando shares continued the price rally from the previous day and rose 4.3 percent to their highest level in two months. Goldman Sachs had confirmed its buy recommendation for the online retailer’s shares.
The biggest loser in the MDAX among medium-sized stocks was Rheinmetall with minus 6.3 percent. Here, a more cautious outlook on incoming orders in the armaments division weighed heavily on the paper.
Aurubis shares fell by 3.8 percent. A trader said that despite better sales, the copper producer’s operating earnings figures were slightly below analysts’ estimates.
After a weak second quarter and due to gloomy prospects, Mediengruppe RTL lowered its forecast for operating profit. The RTL course slipped by 2.1 percent./bek/mis