Stock exchange in Frankfurt - Dax hardly changed
The DAX hardly changed on Tuesday despite setting a record in the meantime. At the end of trading, the leading German index was down 0.02% at 16,791.74 points - before that it had set another record of 16,837 points. The year-end rally since the low in October has seen it rise by almost 15 percent. In 2023, the DAX has even gained almost 21% so far.
Neither the domestic ZEW economic expectations nor the eagerly awaited US consumer prices ultimately gave the leading German index any clear impetus. It remains to be seen whether the interest rate decisions in New York and Frankfurt on Wednesday evening and Thursday respectively will give it further momentum.
The MDax of medium-sized companies closed 0.15 percent lower at 26,582.80 points on Tuesday. The eurozone index EuroStoxx also closed slightly weaker after reaching its highest level since 2007 in the course of trading.
The French Cac 40 also fell slightly despite reaching a record high, while the British FTSE 100 barely budged. New York's leading index, the Dow Jones Industrial, was moderately in the profit zone at the close of European trading.
The ZEW economic expectations of German financial experts improved in December for the fifth month in a row. More important for investors, however, were US consumer prices, which could have a signal effect on the Fed's monetary policy, but showed a further weakening as expected. Inflation in the US fell slightly again in November to 3.1%. The much-noticed core inflation rate remained unchanged.
On the corporate side, attention was focused on Carl Zeiss Meditec following its financial year figures. Although the medical technology group's results were not convincing, the outlook was better than recently feared, according to traders. The shares therefore continued their recovery and rose by 6.5 percent.
Hannover Re also announced its outlook at an investor day, which was rewarded with a 2.1 percent rise in the share price and the top spot on the Dax. Merck KGaA shares were weak in the Dax, falling by 2.5 percent. They suffered from a downgrade by the French investment bank Exane BNP Paribas. The failure of the multiple sclerosis drug evobrutinib was a serious blow for the pharmaceuticals division, wrote analyst Gary Steventon.
Aurubis was one of the weakest MDax stocks, with its share price falling by 3.6 percent. The copper group's investment plans proved to be a burden.
The euro showed little movement at 1.0786 US dollars. The European Central Bank (ECB) had previously set the reference rate at 1.0804 dollars.
On the bond market, the current yield fell from 2.28 percent the previous day to 2.25 percent. By contrast, the Rex bond index rose by 0.13 percent to 126.68 points. The Bund future rose by 0.14 percent to 135.02 points.
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- The DAX and MDAX are both prominent indices traded on the Frankfurt Stock Exchange, also known as the Frankfurt on the Main Exchange.
- On the Frankfurt Exchange, interest rate decisions are expected to potentially provide further momentum to the DAX and other indices.
- The ZEW economic expectations survey, conducted among German financial experts, is closely followed by market analysts and traders, influencing the overall market sentiment in Frankfurt.
- New York's stock exchange, often represented by the Dow Jones Industrial, has an impact on international financial markets, including the Frankfurt Exchange and DAX.
Source: www.stern.de
