FRANKFURT (dpa-AFX) – At the end of a very weak week, the Dax (DAX 40) is probably trying to stabilize. The broker IG assessed the leading German index around two and a half hours before the Xetra start 0.2 percent higher to 15,554 points. In the past four trading days, it has slipped 3.8 percent below its 100-day moving average to its lowest level since early April. Investors must be prepared for the fact that interest rates will probably continue to rise for some time.
“The mood is down,” commented Thomas Altmann, portfolio manager at QC Partners. “With a low of less than 15,500 points yesterday, the DAX reached a level at which it was at the beginning of February this time for the first time. That is equivalent to five months without price gains.”
He sees the US labor market report as a “highlight”. After the “positive surprise” from the ADP report the day before, the same for the official labor market data is at least a little anticipated. “For the stock exchanges, however, positive surprises are rather bad news, as they make rising interest rates longer and higher all the more likely,” reminded Altmann./ag/zb