FRANKFURT (dpa-AFX) – Worries about interest rates continued to depress the mood on the stock market in the middle of the week. After an initial slide to almost 15,630 points, the Dax (DAX 40) stabilized for the time being. Towards the end of the first hour of trading, the leading index on Wednesday lost 0.24 percent to 15,735.35 points. The MDAX recently fell by 0.33 percent to 34,041.33 points.
In New York it had gone downhill the night before after the holiday break. The Asian stock exchanges took up this weak trend – above all Japan with massive losses. Interest rate worries had shaken the market, according to Commerzbank, in anticipation of quick rate hikes by the US Federal Reserve. This also continued to inhibit interest in shares in Germany.
“The warning and weakness signals in the Dax are increasing,” explained the chart technology expert Martin Utschneider from the private bank Donner & Reuschel. The previous day, the 50-day line, which is relevant for the medium term and popular with investors, had fallen below. Due to the initial losses, the long-term 200-day moving average, which runs at around 15,600 points, also came into focus on Wednesday.
As Utschneider continued, the 2022 stock market year got off to a brilliant start with the jump back over the 16,000 point mark. However, the weakness is now manifesting itself more and more. The Dax should not be “written off”, but the short to medium-term downward trend is obvious.
Technology stocks remained a negative focus with the price slide on the US Nasdaq stock exchange, which continued the previous evening. The papers of the software group SAP (SAP SE) and the chip group Infineon in the Dax fell by up to 1.3 percent.
The most recent correction among health stocks, which had long benefited from the corona pandemic, also continued: The shares of Merck KGaA (Merck) included in the Dax fell by 1.2 percent to their lowest level since mid-October. Vaccine stocks like Biontech are also currently being sold internationally on a larger scale.
In the banking sector, investors are eyeing more US numbers from Bank of America and Morgan Stanley. Ahead of these, Deutsche Bank (Deutsche Bank) shares were down 0.6 percent in early trade. However, those of Commerzbank stood out positively in the MDax after a buy recommendation from Deutsche Bank with an increase of 2.3 percent. Analyst Benjamin Goy praised the competitor’s improving profitability.
Three other stocks also received positive attention due to analyst comments. Siemens Healthineers was up 0.8 percent in the healthcare sector following a buy recommendation from Societe Generale. Fuchs Petrolub (FUCHS PETROLUB SE VZ) rose by 2.6 percent in the MDax after a similar one by Deutsche Bank and Siltronic recovered in the SDAX by 0.8 percent after a Jefferies recommendation from their recent price slide./tih/jha/