Investors on the German stock market took a breather after the surcharges of the past few weeks.
The DAX started trading at a discount of 0.4 percent at 16,683.69 points and subsequently settled deeper into the loss zone. Ultimately it fell by 0.60 percent to 16,650.55 points.
The DAX’s hunt for records initially seemed to have run out of powder. Its year-end rally had driven the German benchmark index up by a good 16 percent to 17,003 points from its October low to last Thursday.
The ECB’s caution dampens investor hopes
Then the wind changed. Investors had to nibble on the fact that the European Central Bank (ECB) had dampened hopes of imminent interest rate cuts despite significantly lower inflation. At times the DAX rushed down to 16,670 points. The previous week’s low remains the first downward reference point. This is followed by the breakout level at the old record high from the summer at 16,528 points.
ifo index published
On Monday, the Munich ifo Institute presented the business climate index for December. Contrary to expectations, the business climate in Germany did not brighten any further in December, which was due to both the assessment of the current business situation and business expectations. But the stock exchanges took note of this calmly.
The budget crisis recently caused uncertainty with regard to the economic outlook. The federal government untied the knot, but must plan massive savings in the Climate and Transformation Fund (KTF) for the 2024 federal budget.
Index adjustments outside of the leading index are the focus of investors
Some index changes came into effect on Monday, but all of them were in the indices below the DAX. The shares of the real estate specialist Aroundtown SA, the wafer manufacturer Siltronic and the filling system manufacturer KRONES rose from the SDAX to the MDAX for medium-sized stocks. As a result, the stocks of the media group ProSiebenSat1 Media SE, the mechanical engineering company Dürr and the industrial recycler Befesa had to vacate their places and be relegated to the SDAX.
In addition, the shares of the newcomer SCHOTT Pharma, the investment company Mutares and the pump manufacturer KSB are now represented in the SDAX of the smaller stocks. The papers of the XING parent New Work, the IT security service provider secunet Security Networks and the gaming provider ZEAL Network SE had to be eliminated.
Some company announcements are causing a stir
On the company side, the electrolysis specialist thyssenkrupp nucera was also in the spotlight: the company grew strongly in the last financial year thanks to the ramp-up of its hydrogen business. The operating result (EBIT) also increased significantly. The bottom line is that thyssenkrupp nucera earned many times more.
The electronics retailer Ceconomy expects further operational improvements in the new financial year. Sales are expected to increase slightly in 2023/24 (at the end of September) after adjusting for currency and portfolio effects, and the adjusted operating result is expected to increase significantly. The operator of the electronics markets Mediamarkt and Saturn relies on the predominantly German-speaking region as well as Western and Southern Europe.
The medical technology group Carl Zeiss Meditec wants to expand its portfolio in the field of ophthalmology and take over the Dutch Ophthalmic Research Center (Dorc) for 985 million euros. The purchase price is to be paid largely from the existing net liquidity. In order to maintain operational flexibility, the company plans to take out a shareholder loan from Carl Zeiss AG.
Editorial team finanzen.net / dpa-AFX / Reuters