Weak industrial data from Germany has made investors on the German stock market a little more cautious again. The Dax, which had closed above 16,700 points the day before, lacked momentum on Tuesday. Ultimately, the German leading index ended the day with a loss of 0.17 percent to 16,688.36 points. However, given the recent weakness of the US stock markets, this is quite remarkable.
The MDax of medium-sized stocks ended the day with a gain of 0.03 percent to 26,323.90 points. The Eurozone leading index EuroStoxx 50 fell by 0.41 percent to 4467.17 points and slight losses were also recorded in Paris and London. In the USA, the Dow Jones Industrial fell by 0.5 percent at the European market close. The Nasdaq indices recovered more clearly after a weak start and were last seen at the previous day’s close.
The clearest stock movements this Tuesday were primarily study-driven, with the exception of Covestro. The plastics manufacturer’s paper briefly went up and down in the afternoon before closing 1.0 percent lower. Traders referred to speculation on the financial website “Betaville”. Under the slogan “Uncooked Alert”, under which market rumors are passed on, it was reported that the takeover negotiations with the Arab oil company Adnoc were probably “not going as well as expected”.
Otherwise, BASF stood out in the Dax with a loss of 2.7 percent to 45.51 euros. They were burdened by a negative analyst study. Bernstein analyst Gunter Zechmann believes the chemical company’s share price is too high. In the MDax, Kion rose by 3.3 percent. The analysis house Jefferies counts the titles of the forklift manufacturer and warehouse technology specialist among its favorites in 2024. Jungheinrich posted price gains of 2.4 percent on Tuesday.
DWS, now recommended to buy by the US bank Goldman Sachs, gained 0.9 percent in the SDax small cap index. Deutsche Bank’s fund subsidiary has a strong offering in the areas of passive investing and alternative investments.
Wacker Neuson fell by 3.4 percent. Jefferies analyst Martin Comtesse received his buy recommendation for the stock. He expects an oversupply on the European sales markets in the agricultural and construction sectors. The year 2024 is therefore likely to be difficult for the construction machinery manufacturer. Morphosys, at the bottom of the SDax, continued to suffer from profit-taking at minus 8.5 percent.
The euro weakened against the US dollar, trading at $1.0934 in late afternoon trading. The European Central Bank set the reference rate at 1.0940 (Monday: 1.0946) dollars. The dollar therefore cost 0.9140 (0.9135) euros.
On the bond market, the current yield rose from 2.18 percent the day before to 2.21 percent. The Rex bond index fell by 0.11 percent to 126.24 points. The Bund future lost 0.34 percent to 135.38 points.
