Stock exchange in Frankfurt - Leading index Dax just below record level
The Dax remained just below its recent record high this morning. At midday, the leading German index gained 0.11% on the previous day's close to 16,810.66 points. The MDax mid-cap index rose by 0.14% to 26,620.38 points. The eurozone index EuroStoxx was up 0.2 percent.
Since last Tuesday, the Dax had reached record highs with one exception - the previous day at 16,837 points. It had thus extended its year-end rally since the interim low in October to a good 15 percent.
The focus today is on the key interest rate decision in the USA this evening. At its last interest rate meeting of the year, the US Federal Reserve is likely to remain silent on monetary policy once again. Market participants expect both the US Federal Reserve and the European Central Bank (ECB) to cut interest rates in the coming year.
Among individual stocks, the German market was moved by analysts' reclassifications in the middle of the week. A double upgrade from "sell" to "buy" by the Swiss bank UBS gave further impetus to the recovery in BASF shares. The chemical company's shares rose by four percent at the top of the Dax. Chemical stocks were generally in demand.
Bank of America issued a "buy" recommendation for Continental, as a result of which the shares of the automotive supplier and tire manufacturer rose by 2.4 per cent. Fraport climbed 1.7 percent following the airport operator's traffic figures for November.
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Source: www.stern.de
