The Dax continued its recovery course on Thursday. In the afternoon, the leading German index was up 1.03 percent at 15,486.25 points after important inflation data from Germany.
In view of the easing of concerns about the banking sector and based on the hope of a reversal in the interest rate policy of the central banks, investors again took more risks, wrote the market experts from the broker Aktivtrades. As on the previous day, the recovery in this country was supported by real estate and technology stocks and banks.
Meanwhile, initial reactions from experts to the economic data indicate that hopes on the market that the European Central Bank (ECB) will soon ease up could be premature.
In Germany, inflation had continued to fall from a high level in March, but the price increases for food and services in particular are still high, Ulrich Wortberg from Landesbank Hessen-Thüringen (Helaba) pointed out. “Therefore, the decline in the full-year rate is unlikely to further dampen interest rate expectations.”
Thomas Altmann from the asset manager QC Partners took a similar view: “The persistently high monthly payments will put the ECB under pressure to continue on the path of fighting inflation and keep turning the interest rate screw,” wrote the market observer.
Such considerations apparently had little effect on the market on the penultimate trading day of the week, the Dax only limited its gains to the data to a manageable extent. Shortly before the end of the quarter, the leading German index is now only a little more than 200 points short of the high for the year reached at the beginning of the month.
Positive development for the MDax
The MDax of medium-sized stock market values was last listed on Thursday afternoon, 1.67 percent higher at 27,332.24 points. The leading eurozone index, the EuroStoxx 50, recorded an increase of 1.20 percent to 4282.08 points.
In the Dax, Vonovia, Commerzbank and Infineon were ahead – the shares each rose by around four percent. The mood for the real estate sector, which was hit by rising interest rates and high energy and construction costs, had already turned 180 degrees across Europe by the middle of the week with hopes that the central banks’ tough course would soon come to an end. Commerzbank was helped by easing concerns about the banking industry, and Infineon’s recent upgrade in corporate forecasts lingered.
In the MDax, the shares in the telecommunications group United Internet stood out with a discount of almost four percent at the end of the index. One stockbroker rated the figures for the past year as mixed, as did the goals for the new year. Goldman analyst Yemi Falana wrote that higher start-up costs for the emerging mobile network are also likely to disappoint the market.
Shares in the solar technology specialist SMA were in demand after a revised forecast and were well ahead of the SDax with almost 22 percent. At the daily high, they were more expensive than they had been since 2010.
On the other hand, there were high price losses at the image processing specialist Basler (-17.4%) and at the radiation and medical technology group Eckert
The euro recently rose significantly and was quoted at 1.0904 US dollars. The European Central Bank (ECB) last set the reference rate at $1.0847 on Wednesday afternoon. The dollar had thus cost 0.9219 euros.
German Bund prices fell on Thursday. The current yield rose from 2.30 percent on the previous day to 2.33 percent. The Rex pension index fell by 0.31 percent to 125.99 points. The Bund future fell by 0.41 percent to 135.01 points.
