Stock exchange in Frankfurt - Dax falls slightly in the wake of Wall Street
The abrupt end to the Christmas rally on the US stock markets also weighed on the German stock market on Thursday. The leading Dax index fell slightly in the first hour of trading - by 0.29 percent to 16,683.79 points.
The MDax of medium-sized companies lost 0.18 percent to 27,305.01 points. The leading eurozone index EuroStoxx 50 fell by 0.27 percent to 4521.67 points.
The Dax stock market barometer had reached a record high of just over 17,000 points in the previous week. Since then, investors have tended to cash in, but so far there has been no major correction. The rally on Wall Street lasted longer: Just the day before, the Dow Jones had initially climbed to another record - but then the leading US index slipped into negative territory in late trading.
So far, investors can look forward to a rise of around 20 percent in the Dax in 2023. A large part of these gains can be attributed to the rally since the interim low in mid-October. This was driven by hopes of interest rate cuts in the coming year, which were given fresh impetus by the latest signals from the US Federal Reserve.
Prices in the heavily credit-financed real estate sector in particular had benefited greatly from this. The sector was now one of the biggest losers across Europe. In Germany, the share price of commercial real estate specialist Aroundtown fell by more than two percent. LEG, TAG Immobilien and Germany's largest landlord Vonovia lost up to one percent.
Commerzbank shares led the first stock market league with an increase of three percent. As the bank had already announced the previous evening, the planned new share buyback program can now begin with the approval of the European Central Bank. It has a volume of 600 million euros and will be implemented at the beginning of January.
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The financial hub of Frankfurt, Germany, is home to the Frankfurt Stock Exchange, where the Dax and MDAX indices are traded. The Dax, representing Germany's largest companies, saw a minor decrease of 0.29%, while the MDAX, consisting of medium-sized firms, experienced a drop of 0.18%. The EuroStoxx 50, a leading index for eurozone stocks, followed suit, falling by 0.27%. These declines were partly influenced by the turbulence on Wall Street, as the Dow Jones also experienced a subsequent drop following an initial record high. Frankfurt on the Main, thus, mirrors the global trends in the stock market.
Source: www.stern.de
