The price rally on the German stock market, which lasted more than a month, was dampened on Wednesday. The leading index Dax fell by 1.00 percent to 14,234.03 points. Uncertainty arose because the day before a rocket had hit NATO territory in the Polish border area with Ukraine.
After price gains of more than a fifth since the annual low at the end of September, stock market traders had recently warned of the stock market overheating. Driven by hopes that inflation and interest rates would ease, the Dax had recently reached its highest level since June.
The MDax fell even more significantly, falling 2.18 percent to 25,610.93 points. At the European level, however, the losses were lower, as shown by the Eurozone leading index EuroStoxx 50 with a discount of 0.8 percent. On the New York Stock Exchange, the Dow Jones Industrial developed subdued, while there were losses for the tech stocks on the Nasdaq.
According to initial findings, the missile impact on Polish territory was not a targeted Russian attack, but was most likely a Ukrainian anti-aircraft missile. According to the analysis house RBC, the event reminded investors that the risk of an international escalation remains very present.
On the company side, Siemens Energy initially trumped with the highest share price since August. Analyst Philip Buller from Berenberg Bank praised an “excellent financial year”. There were positive voices in particular about the order intake and the cash flow. However, the euphoria of the investors cooled down, the peak increase of almost 8 percent shrank to just 0.2 percent in the more nervous market environment.
At the end of the Dax, the car values collected with significant losses. Investors were obviously irritated by the fact that Mercedes-Benz drastically reduced its prices for two electric car models in China. The reason for this is the tough competition. The Mercedes titles fell by 6.2 percent, followed by Volkswagen and BMW with sales of up to 4.2 percent.
The Evotec shares ranked far below in the MDax with a minus of 6.3 percent. The previous buy recommendation for the shares of the pharmaceutical researcher was abandoned by the research team at Deutsche Bank.
In the SDax, Dermapharm was a rare positive exception with an increase of 2.5 percent. Stockbrokers praised the drug manufacturer’s report as “solid”. After the previous day’s rally, Nordex shares were also in demand, rising by 1.5 percent. They thus consolidated their highest level since May.
The exchange rate of the euro temporarily rose above 1.04 US dollars again. Most recently, $1.0397 was paid. The European Central Bank (ECB) had set the reference rate at 1.0412 (Tuesday: 1.0404) dollars. The dollar thus cost 0.9604 euros.
The bottom line is that the prices of German Bunds changed only slightly. As on the previous day, the current yield was 2.09 percent. The Rex pension index rose by 0.19 percent to 127.51 points. The Bund future rose by 0.46 percent to 140.37 points.
