FRANKFURT (dpa-AFX) – Before the key interest rate decision by the European Central Bank (ECB) early Thursday afternoon, the round mark of 13,000 points remains too high for the Dax (DAX 40). In early trading, the leading index initially climbed above it, but then fell back to 12,918.80 points, which was almost unchanged.
Most economists expect the ECB to raise interest rates by 0.75 percentage points. Experts point to the extremely high inflation, which is now forcing the monetary authorities to act. In August was in the euro zone the annual inflation rate climbed to 9.1 percent and thus higher than at any time since the introduction of the euro.
Capital market strategist Jürgen Molnar from the broker Robomarkets wrote that rising interest rates are generally poison for the stock market, since this makes alternative investments such as bonds more attractive. “However, the mood on the stock market is currently so bad, primarily because of the record high inflation, that a rate hike is almost longed for.”
The MDAX of medium-sized stocks advanced by 0.55 percent to 25,132.59 points on Thursday. The Eurozone leading index EuroStoxx 50 (EURO STOXX 50) was 0.2 percent higher.
Financial stocks were ahead in the Dax. Deutsche Bank gained 2.3 percent and thus recovered from their previous day’s losses, as did Allianz SE (Allianz) with plus 1.1 percent. Commerzbank increased by 2.1 percent in the MDax. The bank was cautiously optimistic about the 2022 profit target.
ProSiebenSat.1 (ProSiebenSat1 Media SE) lost 1.9 percent. The US bank Morgan Stanley had downgraded the title of the media group to “Underweight”. The cyclical headwind, especially for the advertising business, is increasing, it said.
The shares of the industrial group thyssenkrupp, which had benefited from a report by a specialist portal on the stock exchange plans of the hydrogen subsidiary Nucera with a significant price increase in the middle of the week shortly before the end of trading, now fell by 2.3 percent./ajx/mis