Before the interest rate decision by the US Federal Reserve, investors on the German market acted cautiously on Wednesday. The leading index Dax ended a seven-day winning streak and closed 0.61 percent down at 13,256.74 points. The MDax for medium-sized stocks fell by 1.12 percent to 23,751.12 points.
Against the interest rate backdrop, real estate stocks such as Dax member Vonovia showed general weakness with a setback of 5.6 percent. It was said here that the prospect of further rising interest rates is now weighing on the recently recovered sector stocks, which are considered to be particularly susceptible to rising capital market interest rates.
Teamviewer shares, which were badly hit after the first pandemic euphoria, recorded particularly significant price gains. The titles of the software provider specializing in remote maintenance jumped by 13.4 percent after good quarterly figures and thus secured the top position in the MDax. Stockbrokers were impressed by the adjusted operating margin and the invoiced sales.
The biggest losers in the MDax were the Varta papers, down 7.3 percent, after the analysis company Warburg had changed its previous recommendation from “buy” to the opposite, “sell”. The expert Robert-Jan van der Horst was more skeptical about the financial strength of the battery group, which was limited in the short to medium term.
Internet stocks were generally under pressure after a strong previous day. Despite good quarterly figures, the titles of the online retailer Auto1 followed suit with a discount of around six percent. This put the shares at the bottom of the SDax small-cap index. Analyst Marcus Diebel from the US bank JPMorgan praised the results, but sees little gain with them. Rather, it is likely to take a few more quarters before investor confidence returns given the good financial indicators.
At the top of the index, the Zeal Network shares gained almost six percent. The lottery broker had started a share buyback program.
The EuroStoxx 50, the leading index in the euro zone, fell by 0.79 percent to 3622.01 points. Paris’s Cac 40 and London’s FTSE posted losses of a similar magnitude. In New York, the Dow Jones Industrial fell 0.4 percent at the close in Europe.
The euro fell shortly before the US interest rate decision and was last listed at 0.9862 US dollars. The European Central Bank had previously set the reference rate at $0.9908 (Tuesday: $0.9947). The dollar thus cost 1.0093 (1.0053) euros.
On the bond market, the current yield rose from 2.01 percent on the previous day to 2.09 percent. The Rex pension index lost 0.55 percent to 127.61 points. The Bund future lost 0.05 percent to 138.69 points.
