Weak foreign trade data from China put the Dax under pressure again on Tuesday after the most recent stabilization. In the afternoon, the drop in prices on the US stock exchanges increased the pressure on the leading German index, which closed 1.10 percent down at 15,774.93 points. However, it had already reached its daily low of 15,706 points before trading began in New York. The MDax for medium-sized companies fell by 0.41 percent to 27,911.39 points on Tuesday.
The Eurozone leading barometer EuroStoxx 50 said goodbye with a price drop of 1.12 percent. In Paris and London, the losses in the leading national indices were smaller. The leading US index Dow Jones Industrial was down almost one percent at the close of the European stock market.
News from China fueled economic concerns. There, the prospects for the economy, which for years was considered the driving force behind the global economy, continue to deteriorate. Chinese foreign trade shows no signs of recovery. The latest figures for July were worse than analysts had expected.
Banks were very weak across Europe on Tuesday. A new excess profit tax for Italian credit institutions depressed the mood across the industry. In addition, the US rating agency Moody’s downgraded the creditworthiness of ten small and medium-sized US financial institutions and announced that it might do the same for a handful of large companies. In the Dax, Deutsche Bank and Commerzbank were at the bottom with discounts of 3.8 and 3.3 percent respectively.
Bayer titles lost 0.1 percent after a few price fluctuations. The group published full quarterly figures and is also becoming more cautious about its pharmaceuticals division in addition to its agricultural business. There was nothing new about the future of Bayer under the new boss Bill Anderson, although he emphasized that every stone is currently being turned. A split is not excluded – this had apparently supported the share price in the meantime.
The VW umbrella company Porsche SE confirmed the annual targets, but the profit in the first half of the year fell. The shares lost 2.9 percent. The shares of the television group RTL lost one percent in view of the lower annual targets.
A forecast increase helped the shares of the truck supplier SAF-Holland to price gains of 5.2 percent and first place in the SDax small-cap index. The Frankfurt airport operator Fraport, whose shares in the MDax gained 7.5 percent, is also more optimistic for the current year.
The euro last cost 1.0952 US dollars. The European Central Bank (ECB) had previously set the reference rate at $1.0944.
On the bond market, the current yield fell from 2.59 percent on the previous day to 2.51 percent. The Rex pension index rose by 0.48 percent to 124.80 points. The Bund future gained 1.05 percent to 133.14 points.
