Consumer prices in the US rose less sharply than expected in October, which gave international stock markets an enormous boost. The leading German index Dax rose by 3.51 percent to 14,146.09 points on Thursday, reaching the level of early June. The MDax for medium-sized stocks rose by 4.08 percent to 25,270.81 points.
The somewhat weakened upward pressure on prices indicates that the US Federal Reserve, which has already raised the key interest rate sharply in the current year, will not raise the key interest rate as significantly. The Fed had raised it by 0.75 percentage points at each of the last four meetings. At the most recent meeting, central bank chief Jerome Powell already announced less sharp interest rate hikes, although the measures have not yet come to an end.
The more favorable interest rate outlook made investors in technology and Internet companies in particular cheer on both sides of the Atlantic, because high interest rates reduce the current value of the high profits expected in the future. The European industry index of technology stocks jumped 7.6 percent, in New York the broad tech index Nasdaq Composite recently gained 6.1 percent.
In Germany, the shares of the online retailer Zalando took the lead in the Dax with a plus of 13.8 percent. Since the beginning of the year, they had suffered particularly badly from the prospect of sharply rising interest rates. The shares of Delivery Hero secured first place in the MDax with a premium of 18.6 percent. The food delivery service also wants to limit the operating loss a little further in the current financial year and be in the black in 2023.
The tire manufacturer Continental closed the third quarter quite solidly, and new large orders should also bring fresh money into the coffers. The shares rose by 7.6 percent.
Lower losses from natural catastrophes and higher investment profits gave the insurer Allianz a tailwind in the summer. This gave the shares a plus of almost six percent.
The EuroStoxx 50, the leading index in the euro zone, rose by 3.18 percent to 3846.56 points. The Paris Cac 40 gained almost two percent and the London FTSE around one percent. In New York, the Dow Jones Industrial rose by a good three percent at the close in Europe.
With US interest rate expectations dwindling, the euro climbed to its highest level since mid-September and was last listed at 1.0175 US dollars. The European Central Bank had previously set the reference rate at $0.9954 (Wednesday: $1.0039). The dollar thus cost 1.0046 (0.9961) euros.
On the bond market, the current yield fell from 2.20 percent on the previous day to 2.15 percent. The Rex pension index rose by 0.11 percent to 126.85 points. The Bund future jumped 1.35 percent to 140.29 points.
