The week started with slight losses on the German stock market. After an overall strong performance over the previous few days, investors took profits on Monday in a generally calm and lackluster environment. In addition, mixed economic data from China curbed the desire to buy. However, the important mark of 16,000 points in the Dax, which was briefly tested in the course, held, the leading German index went out of trading in the evening with a minus of 0.23 percent to 16,068.65 points. The MDax for medium-sized stocks closed 0.49 percent lower at 27,724.76 points.
Craig Erlam from broker Oanda spoke of a rather disappointing start to the week, with the China data not having helped. In the second-largest economy in the world, growth in gross domestic product fell short of expectations in the second quarter. Stockbrokers are hoping for more momentum as the week progresses with the reporting season also starting in Europe.
Looking at the sectors, the general reluctance to buy across Europe made itself felt in commodity stocks and technology stocks, which also rose sharply in the past week. In the Dax, the papers of the semiconductor group Infineon fell by 1.7 percent. Last but not least were the shares in the real estate group Vonovia with a 2.1 percent discount.
Banks were generally among the favourites, with Deutsche Bank up 2.4 percent on the Dax and Commerzbank up 0.8 percent. After the “solid” figures from some US banks, JPMorgan analyst Kian Abouhossein now expects that the forthcoming quarterly reports from European banks will be even better than those of the competition from the United States.
In the lower ranks, Krones stood out at the top of the MDax with a premium of 5.3 percent after a raised sales forecast by the bottling plant manufacturer.
Morphosys shares took the lead in the SDax with a price increase of five percent. The titles of the antibody specialist benefited from an upgrade by Deutsche Bank and are heading back to their high for the year of EUR 30. In a study, analyst Emmanuel Papadakis emphasized the opportunities for the cancer drug pelabresib, which is currently in a crucial testing phase.
Drägerwerk shares lost one percent. The medical and safety technology provider was not able to convince with its key data. Thanks to better delivery capability, the company managed to jump in sales in the second quarter and made operational profits again, but some experts had hoped for even more.
Trade in Europe was also paralyzed at the start of the week. The Eurozone leading index EuroStoxx 50 lost 0.98 percent to 4356.79 points. The French Cac 40 on the Paris stock exchange posted similarly high sales, while trading in London fared somewhat better with a moderate decline. Wall Street initially provided hardly any positive impetus: In New York, the leading index Dow Jones Industrial was up 0.2 percent at the end of European trading.
In the FX market, the euro bounced back after jumping to its highest level since February 2022 earlier in the day. Most recently, the European common currency cost 1.1235 US dollars. The European Central Bank (ECB) had set the reference rate at $1.1230 in the afternoon.
On the bond market, the current yield rose to 2.55 percent from 2.54 percent on Friday. The Rex pension index gained 0.01 percent to 124.34 points. The Bund future rose by 0.17 percent to 133.03 points.
