Further up: The German stock exchanges mainly increased again last week. The start of the week was a bumpy: after reports on a new artificial intelligence model of the Chinese company Deepseek, which is said to be more cost-effective and with less computing power than the previously leading AI models, in particular, technology titles in particular broke drastically. However, the local markets quickly recovered, the German stock index (DAX) marked new records. The Council meetings of the US Federal Reserve Fed and the European Central Bank (ECB) ended with the expected results. While the Fed left its key interest unchanged, the ECB lowered its 0.25 basis points.
Review: new highs in the DAX
The Daxwhich had reached the 21,800 points mark for the first time in the course of trade last Friday, increased by 1.6 percent to 21,732.05 points in a week comparison. The MDax won 2.4 percent to 26,730.94 points. The Tecdax improved by 2.2 percent to 3,727.36 points. The M: Access All-Share, on the other hand, dropped again, 1.3 percent in the past week to 1,366.82 points.
The titles of the Deutsche Telekom With a surcharge of 10.2 percent. Among other things, well-received number of customers of the US subsidiary drove here T-Mobile US. The course of Vonovia attracted 6.8 percent, the real estate company benefited from the falling interest. The titles of Siemens Energywho had also increased significantly in the previous week due to the hopes of additional orders from the ACI area, lost 4.2 percent in the past week despite a recovery during the week – the Deepseek reports had significantly added to the energy technology group at the beginning of the week. Thanks to the Monetary policy Real estate values for the largest weekly winners. So the course of Day real estate by 11.9 percent, that of Leg real estate by 8.2 percent and that of Around by 6.7 percent.
Bonds: Despite fluctuations, significantly increased
The courses on the German bond markets have increased noticeably last week under fluctuations. The notations of the federal papers were driven by the Interest rate the ECB, some weaker than expected unusual economic data from the Euro zone as well as inflation numbers from Germany and France. The latter were sometimes lower than forecast, which in combination with the economic data and the explanations of the ECB supported the hopes for further interest reductions. The yield of the ten -year federal bond fell from 2.57 to 2.46 percent in a week comparison. The circulation return decreased from 2.50 to 2.39 percent.
USA: Technology stocks burdened
The US stock exchanges presented themselves inconsistently last week. The contaminated, naturally triggered by deepseek, naturally worried technology values. At the end of the trade week, the confirmation of the introduction of the introduction of first US import tariffs for goods from China, Canada and Mexico welcomed the mood on a broad front. The Dow-Jones index Nevertheless, in the week compared to 0.3 percent before to 44,544.66 points. The wider S&P-500, on the other hand, dropped by 1.0 percent to 6,040.53 points. The technology -based Nasdaq-100 lost 1.4 percent to 21,478.05 points.
Outlook: further ascent possible
In the current week, several analysts can imagine further course increases on the German stock exchanges. Although they also point out that, especially when looking at possible import duties in the United States, there is currently a lot of optimism that those for the EU could be avoided through negotiations, which is why there could be negative surprises. Despite the latest statements by US President Donald Trump, there are currently confidence. The situation is different with regard to the possible effects of the US tariffs against China, Canada and Mexico introduced last weekend. These could also slow down the lust of the investors in this country.
Customs and reporting season
In addition to the topic of tariffs, the reporting season should provide essential impulses in the markets. Here from the USA, among other things alphabet The focus is on, numbers and outlook from the Google mother group could have consequences for technology values as a whole. In this country, among other things, the DAX Infineon and Siemens Healthineers Results before.
Economic data should also influence the market. In addition to various shopping manager indices from Germany, the euro zone and the USA, investors should look forward to the figures for local industrial production and the US labor market numbers. The latter should affect expectations of the Fed’s further monetary policy. Impulses for speculation about the further procedure of the ECB are likely to come from consumer prices in the euro zone.
Selected important dates of the week
Monday, February 3rd: Shopping manager indices for the processing industry in Germany and the euro zone; Consumer prices in the euro zone; ISM index for the processing industry in the USA; Entire vehicle sales in the USA
Tuesday, February 4th: Application income in the USA
Wednesday, February 5th: Service indices for Germany and the euro zone; Producer prices in the euro zone; ISM index for the non-producing business in the USA; ADP labor market report (USA)
Thursday, February 6th: Applications in Germany; Retail sales in the euro zone; Result of the Council meeting of the Bank of England
Friday, February 7th: Industry production in Germany; Germany’s trade balance sheet; US labor market report
Ulrich Kirstein is the press spokesman for the Gettex stock exchange. The business economist and art historian writes about literature and stock exchange, interviewed every 14 days in stock exchange on Thursday the head of market taxation and has Stocking for dummies and Shares for dummies written.