The Dax gave way on Wednesday after Wall Street. Unexpectedly good quarterly reports from Microsoft and Alphabet from the US technology sector were not enough to lift the indices in this country into positive territory. After the bad news from the troubled US regional bank First Republic, economic confidence remains subdued.
In early Xetra trading, the leading German index lost 0.59 percent to 15,778.82 points. The MDax of medium-sized stocks fell by 0.83 percent to 27,317.78 points. The Eurozone leading index EuroStoxx 50 was 0.7 percent lower.
“In this reporting season, the stock exchanges are caught between tech and banks,” said market expert Thomas Altmann from asset manager QC Partners. Concerns about US regional banks just flared up again, while US big techs surprised with solid earnings. “Where this area of tension will drive the indices is still open,” says Altmann.
With quarterly figures in view, the consumer goods group Beiersdorf, the flavor manufacturer Symrise and the engine manufacturer MTU are on the German stock market in the middle of the week – all from the Dax. Despite a record quarter, MTU does not intend to raise its annual targets just yet. The shares lost around two and a half percent. Beiersdorf fell slightly below their record high. Strong demand for additives for pet food, beverages and desserts as well as price increases resulted in strong sales growth for Symrise at the start of the year. But the titles made little progress.
Vonovia raises one billion euros by selling a minority stake in a Südewo real estate portfolio. The transaction valued the Südewo portfolio at 3.3 billion euros, not including debt and cash – a discount of less than five percent to the fair value at the end of 2022. “Not the big hit, but a step in the right direction”, commented one trader. Vonovia gained more than three and a half percent at the top of the Dax.
In the MDax, the shares of the sporting goods manufacturer Puma SE fell by almost two and a half percent and tested chart technical resistance.
In the second-tier segment, Varta dropped by a good three and a half percent. The troubled battery company ended 2022 with a heavy loss.
