Uncertainty about monetary policy weighed on the German stock market on Thursday. The leading index Dax hovered around the break-even point for a long time, but then closed 0.2 percent lower at 15,070.22 points. The MDax of medium-sized stocks fell by 0.43 percent to 25,172.95 points.

The question still remains as to whether the central banks will continue to raise key interest rates in their fight against inflation. Analyst Pierre Veyret from the trading house Activtrades believes that the monetary policy uncertainties and the development of market interest rates continue to cause headaches for investors. “They are still struggling to assess the short- to medium-term prospects for riskier assets,” the expert said. Even mixed economic data from some European countries did not exactly increase risk appetite.

On the company side, there was more information on offer than before. The shares of sporting goods manufacturers came under pressure over the course of the day. This was particularly true for the shares of Puma, which slipped by 11.5 percent at the end of the MDax. Adidas shares were at the bottom of the Dax, down 3.7 percent. The strong pressure on the market was justified by rumors that analysts’ estimates were currently being dampened. It didn’t help that Puma announced that it was on track to meet its annual goals.

At the top of the MDax, shares in Redcare Pharmacy rose by 11.8 percent. The online pharmacy grew significantly in the third quarter thanks to a joint venture in Switzerland.

With a price jump of 7.4 percent, SMA Solar’s shares were the second best value in the MDax. The inverter manufacturer is benefiting from the boom in solar systems and raised its outlook for the full year.

The current yield on German federal bonds fell from 2.95 percent the day before to 2.93 percent. The Rex bond index rose by 0.13 percent to 122.58 points. The Bund future recently gained 0.36 percent to 128.10 points. The euro rose. The European Central Bank set the reference rate at 1.0526 (Wednesday: 1.0497) dollars.