Weak targets from the overseas stock exchanges pushed the German stock market a little further below the 14,000 point mark on the penultimate trading day of 2022. Concerns about rapidly increasing corona infections in China had weighed on the US stock exchanges the night before and on this Thursday morning also the large stock exchanges in Asia. Now the stock markets in Europe followed.
In the first few minutes, the leading German index fell by 0.16 percent to 13,903.11 points. The MDax of medium-sized companies fell by 0.21 percent to 25,147.33 points. The Eurozone leading index EuroStoxx 50 lost 0.24 percent to 3799.69 points. However, trading volumes remained low.
According to Stephen Innes, Managing Partner at SPI Asset Management, China’s opening up after three years of state-imposed isolation should actually be a blessing for the global economy. A deep recession should thus be averted and the mood for many financial investments should improve again after a tough year. Instead, the economically motivated departure of the Chinese leadership from the previously strict corona protection measures is causing the markets a headache again because of the explosive increase in the number of infections.
