After stabilizing the previous day, the German stock market went down again on Thursday. The Dax once again struggled for the round and much-noticed mark of 12,000 points. In the afternoon, the leading index was 1.39 percent lower at 12,013.73 points, just above it. The MDax lost 1.72 percent to 21,943.40 points. The leading eurozone index, the EuroStoxx 50, was down around 1.3 percent.
“The Dax is currently being served one big chunk after the other almost every trading day,” remarked market expert Andreas Lipkow. The inflation data for Germany showed a double-digit increase in consumer prices for September. The momentum of the price increase is decreasing, but overall prices are continuing to rise. This is not a good omen for future developments and puts the European Central Bank under further pressure, said Lipkow.
The focus was on the IPO of Porsche AG – the sports car subsidiary of Volkswagen. In the midst of tense financial markets, there was the largest German IPO since Telekom in 1996. Measured against the daily high of EUR 86.76, it was successful. In the morning, however, the consortium banks had some trouble defending the level of the issue price of EUR 82.50. Most recently, the papers were only listed at 83.44 euros.
For shareholders of VW and their major shareholder Porsche SE, there was little reason to be happy. Papers from Porsche SE were hit particularly hard with minus 8.6 percent at the end of the Dax. The Volkswagen preferences lost 5.8 percent.
In the retail sector, too, investors across Europe had to accept heavy price losses again. After weak business in the third business quarter, the fashion group Hennes
Rational, on the other hand, saw a whopping price gain of more than 15 percent. After a strong quarter, the commercial kitchen outfitter is more optimistic about the future and has increased its targets for the year. Morphosys also continued its recovery rally, gaining another 2.7 percent. Here was encouraging data on blood cancer drug Monjuvi.
The reinsurers around Munich Re, which had been weak the day before, were also in demand, increasing by 2.4 percent at the top of the Dax. Hannover Re rose by 2.3 percent. They helped that hurricane “Ian” has meanwhile weakened on its way through the US state of Florida.
The euro recovered and was last traded at $0.9700. The European Central Bank (ECB) had set the reference rate at $0.9565 the day before.
On the bond market, the current yield fell from 2.21 percent on the previous day to 2.13 percent. The Rex pension index rose by 0.39 percent to 127.39 points. The Bund future fell by 1.20 percent to 136.75 points.
