Stock exchange in Frankfurt - Dax investors grab hold after setback
Following the previous day's setback from its record high, the Dax has once again posted gains. In early trading, the leading German index climbed 0.62% to 16,856.50 points. The MDax of mid-cap stocks rose by 0.40 percent to 27,308.10 points. The Eurozone leading index EuroStoxx 50 rose by half a percent.
Boosted by signals from the US Federal Reserve to cut interest rates, the Dax had jumped above the 17,000-point mark for the first time in its history in the first few minutes of trading the previous day. Shortly afterwards, the record chase ran out of steam because the European Central Bank (ECB), unlike the Fed before it, had dampened hopes of lower interest rates in the near future.
Another highlight of the week, the "big expiry" on the futures exchanges, will follow in the course of the day, which could well cause prices to fluctuate somewhat.
On the corporate side, Symrise shocked investors. The manufacturer of fragrances and flavors is suffering from its customers' destocking and is feeling the effects of lower raw material prices. The latter is actually positive, but in this case Symrise had to adjust the valuation of its stored raw materials. As a result, the company lowered its outlook for the operating profit margin in the current year, although it is more optimistic about organic sales growth. The shares fell by 8.8 percent, bringing up the rear of the DAX.
The share price of reinsurer Munich Re rose by a good one percent following the presentation of business targets for 2024. At the top of the Dax, however, were car stocks. Volkswagen, Continental, Porsche AG, Mercedes-Benz and BMW each gained a good two percent. This was in line with the latest trend in the sector, which has been on the road to recovery since the end of October.
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Source: www.stern.de
