Burdened by interest rate concerns that have flared up again, German shares have remained under pressure today. On the day of the big decline, the Dax limited its losses of more than one percent at times. After the index contracts expired, it recently fell by 0.74 percent to 13,883.13 points. The leading index is thus heading for a weekly minus of 3.4 percent.
The MDax lost 1.12 percent in the afternoon to 25,004.43 points, while the Eurozone index EuroStoxx 50 was down 1.1 percent. Meanwhile, there are also price losses on the US stock exchanges.
The day before, “the specter of interest had returned,” as market observer Thomas Altmann from asset manager QC Partners put it. Investors are currently worrying again that interest rates will rise further than expected and could exacerbate an impending recession in 2023. The day before, the European Central Bank had reinforced these thoughts with the announcement of further significant interest rate increases.
The shares of Deutsche Bank, for example, gained one percent because banks can definitely benefit from rising interest rates in their everyday business with bonds, accounts and loans. The banking sector index was the only winner in the European sector ranking.
Conversely, investors’ concerns about interest rates, which have increased again, weighed on real estate values. Investment bank Stifel downgraded the German sector to neutral. The analysts gave up their buy recommendation for TAG Immobilien, and the shares fell by three percent. There were even larger price losses of 5.3 percent for the Dax value Vonovia, among others.
Although the Teamviewer shares increased by 3.7 percent, they clearly put their initial increase of over ten percent into perspective. The software provider specializing in remote maintenance has – as has recently been speculated – taken the loud criticism from investors to heart and negotiated an exit option from the expensive sponsorship contract with the English football club Manchester United. According to the DZ Bank expert Armin Kremser, a lot of imagination has already been priced in for this.
Otherwise, the Südzucker papers were still a positive exception with an increase of eight percent. They continued their good run in late Thursday trading when a new forecast for the coming financial year was well received by investors. The price temporarily jumped to a high since July on Friday.
Morphosys shares collapsed by 15.5 percent after a sell recommendation from the US bank Goldman Sachs. For the first time since 2009, they could be bought at times below 12 euros. Analyst Rajan Sharma justified his pessimism with economic challenges and a thin drug pipeline.
Ceconomy shares, which had collapsed the day before, slipped another four percent. They reached their lowest level in almost six weeks. Here, the investment bank Oddo BHF gave the verdict “Underperform”. The electronics retailer is facing an uncertain year 2023, wrote analyst Andreas Riemann in a study available on Friday. Profitability is still too low.
The euro moved little on Thursday. Last traded at $1.0623, it remained stable above the $1.06 mark. The European Central Bank (ECB) had set the reference rate at $1.0621 the day before.
Prices have fallen on the bond market. While the current yield rose to 2.18 percent from 1.89 percent the previous day, the Rex bond index fell by 1.38 percent to 126.93 points. The Bund future recently fell by 0.82 percent to 138.44 points.
