After three loss-making trading days in a row, the German stock market closed higher again. The DAX rose by 0.83 percent to 16,567.35 points on Thursday. The day before, the leading German index fell to its lowest level since the beginning of December. The MDax of medium-sized stocks rose by 1.20 percent to 25,552.88 points on Thursday.
The dwindling hope of rapid and extensive interest rate cuts had slowed the stock market rally at the end of last year. Yields on the bond markets have recently risen again. The interest rate on ten-year federal bonds reached its highest level since the beginning of December on Thursday. The interest rate reduction fantasies are being withdrawn there again.
“More than a short-term stabilization at the current level is unlikely to be possible for the time being,” wrote strategist Jürgen Molnar from the broker Robomarkets. The DAX is likely to face a difficult first half of the year before positive conditions for stocks are created again with interest rates actually falling.
Looking at individual stocks, chip stocks benefited from a positive outlook from the Taiwanese chip giant TSMC. For Infineon, the top of the DAX rose by 4.8 percent. Aixtron gained 5.2 percent and Elmos Semiconductor 3.3 percent. TSMC’s statements fueled hopes that the global technology sector would see a recovery this year, the market said.
Bayer were at the bottom of the Dax with minus 2.1 percent. The losses were triggered by a report from the Bloomberg news agency, citing people familiar with the matter. Accordingly, the agricultural chemicals and pharmaceutical company could currently turn away from a possible split – this option, which the group had left open in November, had caused a certain amount of fantasy in the market.
Stock markets across Europe were on a recovery path: the Eurozone leading index EuroStoxx 50 rose by 1.13 percent to 4,453.05 points. The Cac 40 in Paris rose equally strongly. The FTSE 100 in London, however, only gained moderately.
The euro fell slightly and cost 1.0867 US dollars in the evening. The European Central Bank (ECB) set the reference rate at $1.0875 in the afternoon.
On the bond market, the current yield rose from 2.26 percent the day before to 2.31 percent. The Rex bond index fell by 0.27 percent to 125.53 points. The Bund future lost 0.20 percent to 133.94 points in the evening.
