DOW JONES–The German stock market ended Tuesday on a lighter note, but was well behind the day’s lows. The DAX fell by 0.6 percent to 24,237 points after temporarily falling below the 24,000 mark at midday. “As expected, the recent flare-up in the US-China trade conflict will not be resolved in a day,” said Christine Romar of CMC Markets. The two countries now charge high port fees for merchant ships from the other country.
According to the new survey, ZEW economic expectations have increased slightly, but this could not support the mood. However, some support came from the start of the US reporting season with the good figures from the major US banks. Deutsche Bank ended up losing 0.2 percent, while Commerzbank gained 0.4 percent.
In this unstable environment, so-called safe havens were once again in demand. Prices rose on the bond market, meaning yields fell, also because the price of oil fell to its lowest level in five months and inflation concerns therefore eased. Gold also remained at a record price at the close of trading on the stock markets at $4,142 per troy ounce, even though the troy ounce had already cost significantly more in Asian trading at a good $4,183.
VW benefited from the pre-close call with analysts the evening before and gained 1.2 percent. Overall, the call was “reassuring,” Jefferies said. The resilient core brand should compensate for the weakness of Audi and Porsche. Analysts expect an adjusted margin of 4.3 percent in the third quarter, which is in line with the forecast. After a profit warning, Michelin in Paris fell by almost 9 percent and also pulled Continental shares down by 4.3 percent.
Industrial stocks across Europe were under pressure due to the trade dispute, with Siemens down more than 3 percent. The correction also continued in the armament values. On the other hand, real estate stocks were in demand as yields fell, with Vonovia increasing by 0.5 percent. Fresenius rose 1 percent to 48.56 euros with a buy recommendation from Morgan Stanley. In the second row, Kion fell by 4.4 and Hensoldt by 3.3 percent.
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INDEX last +/- % +/- % YTD
DAX 24,236.94 -0.6% +22.5%
DAX future 24,367.00 -0.7% +20.2%
XDAX 24,257.82 -0.7% +23.2%
MDAX 30,074.66 -1.2% +19.0%
TecDAX 3,646.41 -1.0% +7.8%
SDAX 16,998.90 -1.6% +25.9%
last +/- ticks
Bund future 129.64 +18
YTD – based on the previous day’s closing price
Index Winner Loser Unv. Sales Shares Sales previous day Shares previous day
DAX 15 25 0 3,206.2 44.8 2,366.9 36.4
MDAX 12 38 0 533.9 23.9 395.4 16.7
TecDAX 5 25 0 742.8 14.7 589.8 13.9
SDAX 8 58 4 100.7 7.5 104.1 6.6
Sales in millions of euros or units
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DJG/hru/cln
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