After the setback of the previous day, the German stock market got off to a friendly start in midweek trading.
After the setback of the previous day, the German stock market got off to a friendly start in midweek trading.
The Dax rose in early trading by 0.35 percent to 14,439.24 points. The MDax for medium-sized companies increased by 0.03 percent to 29,921.39 points. The Eurozone leading index EuroStoxx 50 gained around 0.2 percent.
“In this way, investors are now also pricing in a possible economic recovery in China after the easing of the strict Covid restrictions for German shares,” commented market expert Andreas Lipkow from the Comdirect. The day before, the Dax – burdened by a weak start on Wall Street – had ended its recent winning streak and had fallen by around 1.3 percent. However, the balance for the month of May was positive with a plus of two percent.
Shares in the Dax heavyweight SAP reacted little to a better profit outlook from US competitor Salesforce. Most recently, Walldorfer’s shares were only 0.2 percent higher. The US software group had issued more optimistic profit targets for the full year the day before. Salesforce shares then jumped 9 percent in after-hours trading in the US.
DWS shares fell another 7 percent and widened the losses to almost 13 percent within two trading days. The day before, the report of a search of the business premises had pulled the fund company’s shares down from their highest level since mid-February. The parent company Deutsche Bank reacted on Wednesday night and announced a change in management at DWS.
Zalando’s titles lost 3.9 percent as the Dax bottom. The British bank Barclays had downgraded the shares of the online fashion retailer from “Overweight” to “Equal Weight” and lowered the price target to 48 euros. While Zalando has good long-term prospects, analyst Andrew Ross believes it faces challenges in the near term, particularly in Germany, as high inflation is likely to dampen people’s willingness to buy.
