After a two-day recovery rally, the Dax takes a breather on Wednesday. Around noon, the leading German index lost 1.00 percent to 12,543.30 points. The MDax for medium-sized companies fell by 1.47 percent to 23,153.42 points. The leading eurozone index, the EuroStoxx 50, fell by 1.1 percent. Traders spoke of profit-taking.
In the previous week, the Dax had fallen to 11,862 points, its lowest level since November 2020. From that level it was then able to recover by almost seven percent. In the USA, too, the stock exchanges have recently recorded strong price increases. In view of the recent weak US economic data, investors’ willingness to take risks was fueled by hopes that the US Federal Reserve would adopt a less restrictive monetary policy.
For the Dax, DZ Bank has now lowered its forecast at the end of the year to 12,800 points, but is again significantly more optimistic for mid-2023 with a forecast of 14,000 points. According to analyst Sven Streibel, the stock market should once again focus on the upcoming upswing in the first half of 2023.
The titles of the chip group Infineon, as a Dax top value, increased their previous day’s plus by 2.4 percent in the middle of the week. Market observers referred to optimistic statements by the group from a conference call. At the bottom of the leading German index were the shares of the automotive supplier Continental with minus 6.3 percent.
