The Dax made up further ground on Wednesday following its recent recovery rally. It wasn’t enough to make big price gains like recently, but with an increase of 0.24 percent it went up to 15,460.01 points. The MDax of medium-sized companies, on the other hand, lost 1.29 percent to 25,461.76 points in the middle of the week due to the price slide of index heavyweight Fresenius Medical Care (FMC).
The unexpectedly sharp rise in US producer prices in September hardly moved the markets. Recently, several US central bankers made moderate statements and gave hope for another interest rate break in the United States. This pushed the concerns that were still simmering at the beginning of the week about the acute conflict in the Middle East into the background.
After the market close here, investors are still waiting for the minutes of the US Federal Reserve’s September meeting, which could provide information about its further monetary policy course.
The high price losses of the dialysis provider FMC and its parent company Fresenius after a research success by Novo Nordisk caused a lot of discussion on the German stock market. The Danish pharmaceutical manufacturer had prematurely ended a study of its blockbuster drug Ozempic due to its proven effectiveness in chronic kidney patients. The medium to long-term growth in the number of dialysis patients is likely to be slowed down considerably, wrote JPMorgan analyst David Adlington.
While shares in Novo Nordisk rose significantly, FMC shares fell to their lowest level since the beginning of the year and closed 17.5 percent lower. Fresenius papers lost almost 8 percent at the bottom of the DAX.
At Porsche AG, investors took advantage of profits of more than four percent at times, and in the evening the shares achieved a price increase of half a percent over the finish line. Stock marketers referred to the last discussions with analysts before the upcoming reporting season as a driving force, which had given off positive signals. Confidence in the annual targets tended to be strengthened.
In a conference call, Porsche commented that orders in the third quarter were “robust” while price enforcement remained “intact.” Other auto industry stocks from the DAX also ended stronger than the overall market, led by Porsche Holding with a 1.3 percent increase.
At the top of the leading index, shares in the defense company Rheinmetall continued their recovery with an increase of 2.7 percent, with a positive recommendation from the British bank Barclays providing tailwind.
In the SDax, the securities of the wafer manufacturer Siltronic rose at the top by 6.2 percent. A buy recommendation from Citigroup proved to be the price driver. At the end of the index, shares in Xing parent New Work continued their recent decline and slipped to their lowest level since the end of 2014; at the final bell there was still a loss of more than nine percent. Analysts had recently expressed skepticism because of the weak labor market.
On the European stage, Wednesday brought slight losses, with the Eurozone leading index EuroStoxx 50 closing 0.11 percent lower at 4200.80 points. The day before, the selection index had made its biggest daily gain since the end of July. France’s Cac 40 lost 0.44 percent to 7,131.21 points, and Britain’s FTSE 100 closed 0.11 percent lighter at 7,620.03 points. In New York, the Dow Jones Industrial was almost standing still at the close of trading in Europe.
On the German bond market, the current yield fell from 2.82 percent the day before to 2.72 percent. The Rex bond index rose by 0.08 percent to 123.62 points. The Bund future gained 0.50 percent to 129.79 points.
The euro last cost 1.0611 US dollars. The European Central Bank (ECB) had previously set the reference rate at 1.0604 (Tuesday: 1.0582) US dollars. The dollar therefore cost 0.9430 (0.9450) euros.
