Stock exchange in Frankfurt - Dax maintains record highs - Merck disappointed
The DAX followed up its record high from the previous day with another on Wednesday. At almost 16,573 points, the leading German index was higher than ever before in the morning. Around midday, the gain amounted to 0.16 percent at 16,559.15 points.
The MDax of medium-sized companies recorded a gain of 0.10 percent to 26,516.93 points on Wednesday. The index is clearly lagging behind the Dax this year. Its record high from 2021 is a long way off. The eurozone index EuroStoxx 50 gained 0.3% in the middle of the week at its highest level since the beginning of August.
Investors are betting on the central banks' interest rate turnaround and expect the first interest rate cuts to come quite early next year. If interest rates fall again, this will benefit companies. Their financing will then no longer be so expensive.
Jochen Stanzl, analyst at the broker CMC Markets, spoke of an extraordinarily astonishing bull market on the stock market. "The stock markets are celebrating an imminent turnaround in monetary policy that has neither yet occurred nor been officially confirmed. For the Dax, the new record high is also a technical liberation."
The picture on the Dax was clouded on Wednesday by a more than 13% slump in the price of Merck KGaA shares. The pharmaceutical and specialty chemicals company suffered another setback with its drug Evobrutinib for the treatment of multiple sclerosis. Two studies on the safety and efficacy of the drug had not produced the desired results, it said.
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Source: www.stern.de
