Renewed interest rate concerns put the Dax off track on Friday. The leading index, which had reached its highest level since mid-October the day before, fell by 0.77 percent to 15,234.39 points. He thus reduced the weekly profit to 0.3 percent. The stock market barometer had risen sharply in the previous week.
Statements from Jerome Powell, head of the US Federal Reserve, had weighed on US stock markets the evening before. These losses continued on the German stock market. Before the weekend, weak economic data from the United States also weighed on share prices.
The MDax even fell by 2.05 percent to 25,290.82 points on Friday. However, the index of medium-sized stock exchange stocks has risen significantly more in the past few days compared to the Dax.
According to Powell’s statements, the Fed is not entirely convinced that it has tightened monetary policy sufficiently. The central bank chairman assured that they would not hesitate to raise interest rates again if it proved appropriate. Weak demand for 30-year US government bonds was also seen as a key theme in US trading.
The quarterly financial statements season continued on Friday with Allianz’s figures. The insurer’s shares closed slightly in the red. The severe storms in Germany, Italy and Austria cost the company dearly in the summer.
Negative price reactions dominated in the weaker market environment. Bechtle was one of the bigger price losers with a loss of 5.2 percent. The IT service provider’s sales recently fell short of expectations.
It didn’t help the shares from the United Internet group structure that the parent company expects more profits in the future thanks to the good development of the web hosting subsidiary Ionos. Ionos and the shares of the United Internet mobile communications subsidiary 1
Varta, on the other hand, fared better with a recovery of five percent. It was well received here that the ailing battery company sees itself on track to its annual targets after a solid third quarter.
Companies that make their money with hydrogen were also under pressure. The fuel cell specialist Plug Power from the USA warned of delivery problems and liquidity outflows in the course of its quarterly report. This also had a negative impact on German sector stocks: Thyssenkrupp Nucera and SFC Energy fell by 5.5 and 4.1 percent respectively.
Stock markets across Europe suffered losses. The Eurozone index EuroStoxx 50 fell by 0.75 percent to 4197.36 points. Paris’s Cac 40 fell 1 percent and London’s FTSE 100 fell 1.3 percent. The US leading index Dow Jones Industrial, on the other hand, was somewhat firmer at the European market close.
On the foreign exchange market, the euro exchange rate barely moved before the weekend; it was last quoted at 1.0667 euros. The European Central Bank had previously set the reference rate at $1.0683.
There were losses on the German bond market. The Rex bond index fell by 0.44 percent to 124.12 points. In return, the current yield rose from 2.66 percent the day before to 2.73 percent. The Bund future was up 0.03 percent at 129.83 points in the evening.
