New US economic data on Thursday ultimately did not have a lasting impact on the Dax. With an increase of 0.18 percent at the end of trading to 15,533.64 points, the leading German index continued to be robust. The MDax for medium-sized companies rose by 1.32 percent to 29,027.85 points.
In the US, inflation at the manufacturer level continued to weaken in January, albeit not as significantly as expected. In addition, weekly initial jobless claims fell surprisingly, while the Philly Fed Index, which measures the business climate in the US region of Philadelphia, unexpectedly and significantly clouded over in February. Overall, US economic data indicated that the US Federal Reserve would continue to act decisively in the fight against falling but still high inflation.
The data initially put the Dax under significant pressure. They could not have been more changeable, said market expert Andreas Lipkow. Ultimately, however, investors saw the price declines in the afternoon as an opportunity to buy.
So far, investors have generally found it difficult to classify the economic data published in the USA this week. There is a growing perception that no matter how interest rates rise, a recession can probably be avoided. This gives the market a boost. The risk of interest rate hikes, on the other hand, is ignored. But it remains to be seen whether the companies that have so far coped well with the rise in interest rates will also be able to absorb further interest rate hikes, the authors of the Fuchs-Kapital market letter wrote in the current issue. “Because interest rate increases work very slowly, with a delay of several months.”
On the German market, attention was focused on company figures on Thursday. In the Dax, the focus was on Airbus shares – and at the end of the day with a price gain of 4.9 percent at the top. The aircraft manufacturer exceeded expectations with its annual results. Far behind in the leading index, Vonovia lost 1.9 percent, which was also among the biggest losers in the European real estate sector, which was burdened by interest rate concerns.
Stockbrokers were impressed by Commerzbank’s outlook for net interest income. After the highest profit in more than ten years, the Frankfurter Bank wants to further increase the result in 2023. With a price increase of 11.6 percent, the shares led the list of winners in the MDax. Commerzbank will most likely be back in the Dax shortly. Deutsche Börse will make the decision on Friday evening.
The papers of the wind turbine manufacturer Nordex defied a planned capital increase with plus 1.8 percent. The increase is to be made against a contribution in kind in the form of claims from the Acciona Group. The Spaniards currently hold 41 percent of Nordex. A stockbroker suspected speculation behind the price gains that the Spaniards would increase their share even further.
The EuroStoxx 50 closed 0.40 percent higher at 4297.24 points on Thursday. The French Cac 40 went up even more, over the course of which it had even reached a record high again after more than a year. The London FTSE 100 ended trading above 8000 points for the first time in its history. The New York Dow Jones Industrial was a good half a percent lower at the close of the European stock exchange, but, like the technology-heavy Nasdaq 100, recovered some of the losses previously recorded.
The euro was $1.0689 after the market closed. The European Central Bank (ECB) had set the reference rate in the afternoon at 1.07 (Wednesday: also 1.07) dollars, the dollar had cost 0.9346 (0.9346) euros.
On the bond market, the current yield rose from 2.41 percent on the previous day to 2.47 percent. The Rex pension index fell by 0.19 percent to 125.05 points. The Bund future fell by 0.09 percent to 134.72 points.
