FRANKFURT (Dow Jones) – After the surcharges from the previous day, prices on the German stock market fell slightly on Tuesday. The news situation was manageable, the market is eagerly awaiting US consumer prices on Thursday. Data on industrial production from Germany weighed on sentiment. Although they are only for last November, they once again cemented Germany’s role as the bottom of the industrial nations. Production also fell 0.7 percent in November, although economists had expected stagnation. The DAX lost 0.2 percent to 16,688 points. With regard to individual stocks, Infineon was under pressure due to a legal dispute.
US earnings season begins on Friday
The reporting season in the USA starts on Friday with the major US banks such as Citigroup, Wells Fargo, JP Morgan and Bank of America. Ulrich Stephan, investment strategist at Deutsche Bank, expects the stock market to continue to be more dependent on interest rate developments. Corporate results are currently playing second fiddle: “At the index level, the reporting season could cause fewer waves.”
Infineon lost 1.8 percent. In addition to a weak outlook from Samsung, the legal dispute with the insolvency administrator of the former subsidiary Qimonda weighed on the mood. The evening before, he presented a new report that accused Infineon of bringing an unworthy storage business into Qimonda. Possible burdens from this and a point in time for the clarification of the legal dispute that has been ongoing since 2010 are completely open, it was said in the trade.
BASF weak with downgrade
BASF fell 2.7 percent after being downgraded to “underperform” from “market perform” by Bernstein. The analysts consider the market’s profit expectations to be too high and are even 9 percent below the consensus estimates for 2024. Conversely, friendly words from Jefferies to Merck KGaA caused the shares to climb by 1.5 percent. The analysts expect a recovery year in 2024 and confirmed the buy recommendation.
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INDEX last +/- % +/- % YTD
DAX 16,688.36 -0.2% -0.38%
DAX future 16,822.00 -0.1% -0.65%
XDAX 16,686.58 -0.5% -0.49%
MDAX 26,323.90 +0.0% -3.00%
TecDAX 3,276.70 +0.2% -1.82%
SDAX 13,678.94 -0.1% -2.02%
last +/- ticks
Bund future 135.36 -48
YTD – based on the previous day’s closing price
Index winner loser and turnover million euros million shares previous day
DAX 19 20 1 2,660.4 60.8 55.8
MDAX 27 21 2 436.0 23.5 25.8
TecDAX 16 13 1 621.1 20.1 20.6
SDAX 31 37 2 96.3 6.7 6.7
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(END) Dow Jones Newswires
January 09, 2024 11:48 ET (16:48 GMT)
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