In the week of interest rate decisions, investors on the German stock market continued to hold back on Tuesday. Investors are waiting for fresh impetus to push prices in a clearer direction, said ActivTrades analyst Pierre Veyret. In the afternoon, the Dax fell by 0.35 percent to 15,073.07 points. However, this does not cloud his strong performance in January: In the month that is ending, the leading German index has gained 8.3 percent so far.
The MDax of medium-sized companies lost 0.48 percent on Tuesday to 28,730.04 points. The EuroStoxx 50, the leading index for the eurozone, was 0.3 percent lower.
The US Federal Reserve will announce its interest rate decision on Wednesday, followed by the European Central Bank (ECB) and Bank of England on Thursday. Uncertainty about the central bank’s decisions also pushed positive economic data out of China on Tuesday, where the mood in the economy had brightened for the first time in months.
Pharmaceutical and healthcare stocks were weak. The stocks of the laboratory supplier Sartorius lost almost two percent and Fresenius Medical Care (FMC) around one and a half percent. Before the publication of the annual figures, Warburg Research remained pessimistic for the dialysis provider FMC.
Good quarterly figures from General Motors (GM) supported automotive stocks. BMW gained a good one percent in the Dax. Volkswagen and Mercedes-Benz ironed out their losses. According to Jefferies analyst Philippe Houchois, GM’s outlook signals confidence.
The armaments group Rheinmetall is raising money for the acquisition of the Spanish ammunition manufacturer Expal announced in November via a convertible bond. The group wants to raise a total of one billion euros. In the MDax, Rheinmetall fell by six and a half percent, with new shares threatening shareholders with a dilution of profits.
Meanwhile, optimistic analyst assessments of the travel and leisure sector gave Sixt shares a boost of more than four percent. Jefferies upgraded the car rental company’s papers from “hold” to “buy” and sees the travel industry in 2023 more resilient than initially thought.
Vantage Towers initially increased significantly after it became known that the activist US investor Elliott had secured a large stake in the radio tower company and could thus upset the plans of the Vodafone subsidiary. Recently, however, the shares turned moderately into the red.
The euro fell slightly, most recently the common currency cost 1.0836 US dollars. The ECB had set the reference rate significantly higher on Monday afternoon at $1.0903.
The current yield on the bond market remained at 2.28 percent. The Rex pension index fell by 0.11 percent to 125.97 points. The Bund future gained 0.13 percent to 136.81 points.
