At the end of a weak week, the Dax went further downhill. After the profit warnings of the past few days, Siemens Energy provided the next bad news on Friday with a cashed earnings forecast. In addition to weak economic data, concerns about interest rates that flared up recently continued to cloud the mood. The US stock exchanges, which were expected to be moderately negative, added additional pressure.
The leading German index slipped to its daily low in the afternoon and recently lost 1.27 percent to 15,784.95 points. On a weekly basis, he is threatened with a price decline of 3.5 percent. The MDax for medium-sized companies fell by 0.64 percent to 26,725.45 points and the leading eurozone index EuroStoxx 50 lost 0.88 percent to 4266.77 points. After the record high of 16,427 points a week ago, the Dax slipped back below 16,000 points on Thursday.
The latest economic data from Europe contributed to the gloomy economic picture. Business sentiment in the euro zone deteriorated more than expected in June, according to the S
At the end of the Dax, Siemens Energy collapsed by more than a third after the energy technology group withdrew its earnings forecast for the 2022/23 fiscal year due to ongoing problems at the wind turbine subsidiary Siemens Gamesa. It was only in May that management lowered its earnings forecast for the second time this fiscal year due to the weakness in the wind business and announced higher losses.
A trader spoke of very bad news for Siemens Energy, which also weighed on Siemens. The papers of the technology group, which has a stake of more than a third in Siemens Energy, lost 3.6 percent. In the MDax, the shares of the wind turbine manufacturer Nordex were affected with minus 3.6 percent.
The euro continued at 1.0886 US dollars from its previous day’s weakness. The European Central Bank set the reference rate at $1.0985 on Thursday. On the bond market, the current yield fell from 2.53 percent on the previous day to 2.45 percent. The Rex pension index rose by 0.39 percent to 125.01 points. The Bund future gained 1.11 percent to 134.26 points.
