On Monday, the Dax continued to suffer from economic concerns and fears of an energy crisis.
On Monday, the Dax continued to suffer from economic concerns and fears of an energy crisis.
Initial gains evaporated as investors remained reluctant to build equity positions. The leading index crossed the finish line 0.31 percent lower at 12,773.38 points. The MDax fell even more significantly by 1.28 percent to 25,505.48 points.
At its peak in the morning, the Dax briefly passed the 12,900 point mark, and then investors quickly hit the brakes again. The distance to the March low at 12,439 points is currently no longer large. At the beginning of the week, there was no impetus for a recovery from the USA either, because trading there was paused due to a holiday.
For days, Uniper has been suffering immensely from the danger that Russia could shut down gas supplies altogether. This continued on Monday with prices falling 27.6 percent. Traders referred to the risk of an imbalance. The federal government wants to create a “protective shield” for ailing energy companies.
Real estate values generally remained under heavy pressure due to concerns that had been felt for some time that rising interest and construction costs were increasingly becoming a problem for the real estate market. In the Dax, Vonovia’s shares were traded around five percent lower at a good 28 euros. This was the lowest level since early 2016.
Car stocks were also avoided by investors, with BMW losing 1.3 percent. Chip shortage and supply chain problems continue to slow down the American car market. Things are also going badly for German manufacturers there, as US sales figures for the second quarter show.
Fielmann shares brought up the rear in the SDax small-cap index, down 12 percent. High inflation, the war in Ukraine and the resulting weaker consumer sentiment will weigh on the optician’s chain’s earnings in the current year. For 2022, management now expects a drop in profits.
In addition, the papers of the shop pharmacy fell by 7.4 percent according to a skeptical study by the investment house Oddo. Analyst Andreas Riemann fears that inflation will weigh on the online pharmacy’s profits in the current year. Both the expectations for the margin and the valuation appeared ambitious.
A ray of hope in the SDax was the price gain of 7.7 percent for Vitesco shares. Here the course was driven by the fact that the Schaeffler family increased its stake in the automotive supplier.
The EuroStoxx was slightly up on Monday at 3452.42 points. It benefited from the fact that some national stock exchanges did better than the Dax: the Paris leading index Cac 40, for example, rose by 0.4 percent. The London FTSE 100 even gained 0.9 percent based on commodity and oil stocks.
The euro remained fairly stable on Monday, last seen at $1.0427. The European Central Bank had meanwhile set the reference rate at 1.0455 (Friday: 1.0425) dollars. The dollar thus cost 0.9565 euros.
The current yield on the bond market fell from 1.28 percent to 1.19 percent. The Rex pension index rose by 0.33 percent to 133.93 points. The Bund future lost 0.91 percent to 149.28 points.
