FRANKFURT (dpa-AFX) – After another positive week so far, renewed concerns about interest rates took the Dax (DAX 40) off its path to success on Friday. After just over an hour of trading, the leading index fell by 0.60 percent to 15,260.74 points, reducing its weekly gain to half a percent.
The MDAX fell by 1.86 percent to 25,339.59 points on Friday, but it had risen more significantly in the past two days compared to the DAX. The Eurozone index EuroStoxx 50 (EURO STOXX 50) fell by 0.7 percent in the morning.
Statements by US Federal Reserve Chairman Jerome Powell had already weighed on US stock markets the evening before. The Federal Reserve (Fed) is not entirely convinced monetary policy to have been sufficiently streamlined. Powell assured that they would not hesitate to raise interest rates again if it proved appropriate. Weak demand for 30-year US government bonds was also seen as a key theme in US trading.
The hope that the interest rate peak in the USA has been reached since the beginning of November has suffered a setback. After Powell’s speech, the motto on the market was to remove risk, Commerzbank said this morning. The result was once again rising yields on US bonds. They have long been considered a key to price development on the stock markets.
On Thursday, the Dax rose to 15,364 points, its highest level since mid-October. However, its jump above the 50-day line, which is relevant in the medium term, was in jeopardy again on Friday. “From a technical point of view, hopes of a permanent bottom formation are justified,” wrote the chart technicians at Landesbank Helaba this morning. For example, the 21-day line, which runs at 15,025 points, is crucial for this.
The reporting season for German stock corporations continued on Friday with the Allianz figures. The insurer’s stocks rose by 2.7 percent at the top of the DAX, thereby also helping some other sector ratings such as Munich Re (Munich Reinsurance Company). Severe storms caused Allianz’s profits to collapse in the third quarter, but analysts had feared this even more clearly. Kamran Hossain from JPMorgan bank rated the results as strong, as well as the capital base.
In the weaker market environment, positive price reactions were otherwise rare. Bechtle was one of the relatively big losers with a loss of 5.4 percent. According to analyst Yannik Siering from the investment house Stifel, the IT service provider’s sales fell short of expectations. A stock exchange expert emphasized that the slowdown was much more pronounced than expected. He interpreted this as a sign of continued sluggish demand for IT products.
Things didn’t look any better for Jungheinrich, with a setback of 6.7 percent. Alexander Hauenstein from DZ Bank assessed the development of incoming orders and the margin as slightly disappointing.
According to business figures, Stabilus (Stabilus SE) suffered a share price loss of 2.4 percent. Traders mentioned the recent good run of the securities as a reason for the burden. Some investors probably cashed in first.
There were also results with negative reactions from the corporate structure of United Internet. In addition to the parent company, the shares of the mobile communications subsidiary 1&1 and the internet service provider IONOS fell by up to three percent. The latter stocks were only able to initially continue their recent rally on Friday.
Companies that earn their money around the topic of hydrogen were under pressure from the industry. The fuel cell specialist Plug Power from the USA warned in its quarterly report of delivery problems in North America that presented it with major challenges. This had a negative impact on the sentiment for German sector stocks such as thyssenkrupp nucera and SFC Energy, which lost up to five percent./tih/mis