Market report: what it takes to stabilize the DAX

Market report: what it takes to stabilize the DAX

market report

Contrary to the pre-market indicators, the DAX was initially able to assert itself in early XETRA trading. At the opening, the German standard values ​​fell by 0.1 percent to 15,818 points, but then quickly turned positive. The DAX is initially defying the negative forecasts from the Asian stock exchanges as well as the uncertainties about the future interest rate policy of the US Federal Reserve.

However, chart technology experts warn against attaching too much importance to the early price gains in the DAX. The DAX is still a long way from real stabilization. Jörg Scherer, Head of Technical Analysis at HSBC, points out that a stubborn resistance zone has established itself on the upper side at 16,300/16,400 points. “For real upward momentum, therefore, a jump over these hurdles is necessary.” However, recapturing the high of August 2021 at 16,030 points could stabilize the DAX in the short term.

From a fundamental perspective, interest rate prospects in the USA continue to be the focus on the stock markets. The minutes of the US Federal Reserve for its last meeting, the so-called Fed Minutes, will be published in the middle of the week. Investors should be checking for signs that the interest rate peak has finally been reached.

Recently, inflation data from the US had painted a mixed picture. The recently published consumer prices indicated that price pressure was easing. However, this contrasted with a surprisingly strong increase in producer prices. These are considered to point the way for future inflation.

Investors on Wall Street reacted with uncertainty to the latest price data. The US standard value index Dow Jones closed 0.3 percent higher on Friday at 35,281 points. The technology-heavy Nasdaq, on the other hand, fell 0.6 percent to 13,644 points. The broad S&P 500 lost 0.1 percent to 4464 points.

Negative guidelines for German stock trading come from the Asian markets in the morning. Investors worry about the deteriorating condition of heavily indebted Chinese real estate developers. The Nikkei index, which comprises 225 stocks, was 1.3 percent lower at 32,060 points at the close in Tokyo. The Shanghai stock exchange lost 0.3 percent.

The euro eases slightly against the dollar in early forex trading. One euro pays 1.0934 dollars. The European common currency remains below the 1.10 dollar mark. A troy ounce of gold costs 1912 dollars in the morning.

Oil prices fell earlier in the week. A barrel (159 litres) of North Sea Brent for delivery in October cost $85.95 in the morning. That was 86 cents less than on Friday. The price for a barrel of the US WTI variety for September delivery fell by 89 cents to $82.30.

Prices rose for the seventh straight week last week, with US oil at one point hitting a nine-month high at $84.89. Among other things, funding cuts in Saudi Arabia and Russia had given the prices a boost again and again.

In the DAX, the focus is on the Rheinmetall share. After ammunition, tanks, anti-aircraft defense and military trucks, the armaments group will soon also be supplying drones to Ukraine. A corresponding order had been placed, said a company spokesman yesterday in Düsseldorf. The “Bild am Sonntag” had previously reported.

Meanwhile, the corporate reporting season continues. TAG Immobilien made a loss in the first half of the year. The bottom line was a loss of 304.7 million euros due to a devaluation of the real estate portfolio. A year earlier, the MDAX group had reported a profit of 301.8 million euros. However, TAG confirmed the targets for the year.

Optimism is growing at the Talanx insurance group with a view to the current year. After a record six months, he is confident that Talanx will exceed its earnings target of 1.4 billion euros, even if the hurricane season is still to come, said CEO Torsten Leue. Insurance sales will also exceed the targeted EUR 42 billion.

The industrial service provider Bilfinger increased its revenue and margin in the second quarter and confirmed its forecast for the year as a whole. Sales grew by six percent to EUR 1.12 billion, the gross margin rose to 10.4 percent and the EBITA margin to 3.9 percent. Despite the mixed mood in the industry, Bilfinger sees a positive market development.

The Xing mother New Work lost feathers in the second quarter due to the poorer labor market environment. Sales for the months of April to June fell by 2.8 percent to EUR 75.8 million compared to the same period of the previous year. The bottom line is that the SDAX company earned almost 10 million euros after 11.7 million in the previous year.

A major disruption to television and internet connections in Berlin was resolved after more than three days. The provider Tele Columbus announced yesterday that all affected households would be supplied again. The cause of the disruption was civil engineering work by another company in the Rummelsburg district, during which fiber optic cables were severed.

With the first electric car from Ford Europe, the big start of series production is a long way off: the new model will not be delivered until summer 2024, a company spokesman said in Cologne. The company had previously aimed to start production at the end of this year, with the first deliveries only a little later.

In the trial of a 33-year-old from Upper Franconia against the vaccine manufacturer AstraZeneca for suspected vaccine damage, a decision will be announced today. The civil case before the Higher Regional Court (OLG) Bamberg is one of the first against a corona vaccine manufacturer in Germany.

The traditional steel group US Steel has received several takeover offers and is now examining its options. Competitor Cleveland-Cliffs announced that it had already offered a surcharge of more than 40 percent on the share price at the end of July – but had been rejected by US Steel. Now Cleveland-Cliffs is making the offer public so that shareholders can learn about it.

Tesla has continued its self-initiated price war in the important electric car market in China and reduced its prices for the long-distance and performance versions of the Model Y by almost 2,000 dollars (14,000 yuan) each as of August 14. Tesla has cut prices in the US, China and other markets multiple times since late 2022 to protect against competition and economic uncertainty.

Small shareholders want to file a lawsuit today against the takeover of Credit Suisse (CS). “Specifically, some shareholders will file the lawsuit with the commercial court in Zurich as so-called model plaintiffs,” said Arik Röschke from the Swiss Investor Protection Association (SASV) at the request of the AWP news agency. Röschke thus confirmed a report by the “Financial Times”.

The family holding Exor of the Italian Agnelli family becomes a major anchor investor in the Dutch medical technology group Philips. Exor has acquired 15 percent of the shares in the Philips group, said the Dutch. Exor currently has no plans to increase further in the short term, but can increase its stake to a maximum of 20 percent under the agreement concluded.


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