The Dax showed little movement on Tuesday. After the leading German index had barely moved at the end of last week in view of the forthcoming central bank decisions, this has recently continued. Investors are currently concerned that they will be caught on the wrong foot. The stock market barometer closed 0.13 percent up at 16,211.59 points. The MDax with the 50 shares of medium-sized listed companies gained 0.35 percent to 28,297.17 points.
Current economic data painted a rather bleak picture. According to the Ifo Institute, the economic prospects for the German economy continued to deteriorate. Above all, the current situation is seen as more critical than before. “After the third decline in a row, the Ifo business climate is pointing down just as clearly as the other leading indicators,” said economist Jörg Krämer from Commerzbank.
According to Krämer, the broad decline in the leading indicators in the second half of the year points to a renewed contraction of the German economy. As there are signs of recession in the rest of the euro area as well, this should strengthen the position of those on the Governing Council of the European Central Bank (ECB) who are against further interest rate hikes after the ECB meeting on Thursday. Already on Monday, a similar survey by S
The US Federal Reserve will announce its interest rate decision in the middle of the week. However, investors are primarily concerned with how things will continue afterwards, because an interest rate hike in July of 0.25 percentage points for both central banks is considered a foregone conclusion.
Among the individual values ????in the Dax, Adidas and Bayer were in focus after surprisingly presented quarterly figures and forecast adjustments. The sporting goods manufacturer became a little more optimistic for the year as a whole, and the shares rose by 3.8 percent at the top of the Dax.
The agrochemical and pharmaceutical group Bayer had lowered its profit target because of the fall in the price of the herbicide glyphosate. “The profit warning was an open secret, but not to this extent,” said a broker. It is now hoped, however, that the new CEO, Bill Anderson, has come clean. The papers turned into the profit zone in the course of trading and closed half a percent higher.
Bad news from engine manufacturer Pratt
The EuroStoxx 50, the leading index in the euro zone, closed 0.19 percent higher at 4391.30 points. France’s leading Cac 40 index fell slightly, while London’s FTSE 100 rose slightly. The New York Dow Jones Industrial was moderately up at the end of trading in Europe.
The euro came under pressure after the weak Ifo data. The European Central Bank set the reference rate at 1.1051 (Monday: 1.1096) US dollars. The dollar thus cost 0.9049 (0.9012) euros. On the bond market, the current yield rose from 2.45 percent the previous day to 2.50 percent. The Rex pension index fell by 0.07 percent to 124.66 points. The Bund future gained 0.07 percent to 133.61 points.
