Fears of a larger interest rate hike in the USA made investors on the German stock market cautious again on Wednesday. After the Dax went out of trading with losses the day before after a thirteen-month high, it is now showing little change. Statements by US Federal Reserve Chairman Jerome Powell before the US Senate Banking Committee are having an impact. The interest rate peak will probably be higher than previously assumed, he warned.
At lunchtime on Wednesday, the leading German index rose by 0.10 percent to 15,574.85 points. The MDax lost 0.42 percent to 28,735.39 points. It was similar across Europe.
Among the individual values, the shares of the fragrance and flavor manufacturer Symrise came into focus. In the morning he informed about his goals and expects, among other things, profitability at the lower end of his medium-term target range for 2023. But that was not all: The European Commission is investigating the industry on suspicion of price fixing. The shares lost 3.4 percent at the end of the Dax.
Adidas shares went down 2.2 percent. Because the shareholders of the sporting goods manufacturer have to adjust to a significantly lower dividend after the slump in profits last year.
Continental’s shares jumped to the top of the index with a plus of 5.4 percent and, with a plus of 37 percent since the beginning of the year, are the best-performing shares in the leading German index to date. After a slump in profits last year, the automotive supplier and tire manufacturer wants to make significant progress in its day-to-day business.
Brenntag shares went up and down before coming very close to their previous day’s close. Investors digested the chemical trader’s meager annual figures, a cautious outlook, which was rated quite positively by analysts, and the announcement of a share buyback program.
In the MDax, Fuchs Petrolub lost 5.0 percent. Although the lubricants manufacturer expects further growth in the current year, it has remained cautious about its profit target due to cost increases.
