FRANKFURT (dpa-AFX) – After the strong Whit Monday, the Dax (DAX 40) made a step backwards on Tuesday. After half an hour of trading, the leading German index fell by 0.66 percent to 14,557.27 points after reaching its highest level since the end of March at the beginning of the week, driven by the easing of corona in China. The MDAX lost 0.55 percent on Tuesday to 30,373.03 points. The Eurozone barometer EuroStoxx fell in a similar range.
On Wall Street, the price gains had already melted again the previous evening because the increase in yields on ten-year US bonds spoiled the good mood among investors. This spilled over to Asia with a more cautious basic mood there as well. “Once again, investors are worried about how high interest rates could rise,” said market observer Michael Hewson of CMC Markets.
Australia’s central bank also contributed to the concerns monetary policy tightened more than expected with the increase in the key interest rate by half a percentage point. On Thursday, the next decision of the European Central Bank (ECB) is eagerly awaited, because the Europeans also have the prospect of monetary tightening in the near future. This week, however, the ECB is not yet expected to tighten interest rates.
“Although the mood on the financial markets has recently recovered and shares have increased, the prospect of a less expansive monetary policy by the ECB and the end of net bond purchases is causing tension on the bond markets,” commented Helaba on Tuesday. In terms of charts, the experts at the Landesbank actually attested the Dax good conditions: the previous day’s high paved the way to the striking high of 14,925 points at the end of March.
On the company side, the news situation remains as calm as on Whit Monday. Sentiment-driven industry movements shaped the picture, with fluctuations continuing above all in the technology sector. The shares of the online companies Delivery Hero and Zalando, which had risen sharply the day before, have now fallen again by up to 1.8 percent. In the chip sector, Infineon got a discount of almost two percent.
Aixtron was able to evade this because of an encouraging analyst comment. With a recent increase of one percent, they benefited from the fact that the investment bank Oddo BHF still sees price potential of up to 35 euros after a strong run this year. Analyst Martin Marandon-Carlhian praised the fact that the company is now better diversified in terms of sales than in the past and is participating in fast-growing business areas whose momentum is still in its infancy.
The 1.4 percent lower Adidas shares, which have to say goodbye to the significant price losses in recent months from the Stoxx Europe 50, ranked in the lower middle of the Dax. The raw materials and mining group Glencore, whose shares have so far shown strong price development this year, will soon take the place in the pan-European leading index.
Meanwhile, a very positive phenomenon was the shares of SGL, which shot up in the SDax by 10.7 percent to the January level. Thanks to good business development, the carbon fiber specialist has raised its targets for this year. For the adjusted operating result (EBIT), for example, the management now expects a profit of 70 to 90 million euros instead of the previously planned 50 to 70 million./tih/stk