The Dax gave up its opening gains on Wednesday by midday. Most recently, the leading German index was down 0.15 percent at 16,720 points. It remained within sight of the record high reached last week.

Meanwhile, with Christmas approaching, trading activity on the market is becoming increasingly sluggish. The MDax also lost 0.39 percent to 27,050.62 points on Wednesday. The Eurozone leading index EuroStoxx 50 fell by 0.18 percent to 4527.17 points.

Last week, the Dax shot to a record of 17,003 points, driven by interest rate cut signals from the US Federal Reserve for 2024. However, the European Central Bank remained significantly more defensive and thus slowed the rally.

Some experts see little room for further price gains. “It seems that the Dax has exhausted its short-term upward potential for the time being,” wrote Martin Utschneider from Finanzethos. For Jürgen Molnar from the broker Robomarkets, investors’ optimism and “greed” after the record hunt have not yet reached their limit, but he points out that there have already been significant price corrections in such market constellations.

Observers assume that the market’s high expectations of imminent interest rate cuts next year will have to contend with reality. Some Fed members had recently tried to dampen optimism again, but their statements came to nothing. The impressive winning streak of the Dow Jones Industrial on Wall Street is proof.

In the Dax, the DHL Group shares were in last place with a loss of 1.3 percent. Disappointing business figures and a poor outlook from US competitor Fedex weighed on industry sentiment. The shares of Deutsche Bank were the front runners. They rose by 1.7 percent, continuing their recent upward trend.

In the middle of the week, shares in the biofuel manufacturer Cropenergies stood out. Südzucker wants to take over its subsidiary completely and then end its stock market listing. To this end, the food company announced a takeover offer that should be worth 11.50 euros in cash per share certificate. The Cropenergies shares recently approached this with a price increase of more than two thirds to 11.46 euros.

United Internet caught the eye with a price gain of 7.8 percent at the top of the MDax. The internet company expects a further increase in sales and profits for the coming year. The share price of subsidiary 1 rose by more than six percent

Aurubis shares lost almost one percent after the presentation of business figures. A trader rated the outlook for the new 2023/24 financial year as cautious. Uncertainty about the future of the copper company’s board of directors could stand in the way of a clearer price recovery in the short term, explained analyst Christian Obst from Baader Bank. After some problems, the supervisory board wants to decide on the executive board at the beginning of the new year.

At ProSiebenSat.1, the media group’s business outlook for 2024 was not well received, with the shares losing a good six percent at the bottom of the SDax small cap index. Goldman Sachs analysts were bothered by the operating profit forecast, which was below market expectations.