Increasing concerns about the economy continued to weigh on the German stock market on Monday. After the very weak previous week, the Dax lost 0.16 percent to 15,805.26 points in the early afternoon. The MDax for medium-sized companies was last listed with a plus of 0.18 percent to 26,839.15 points. The Eurozone leading index EuroStoxx 50 was 0.1 percent higher.
In view of the gloomy economic prospects, bank share prices continued to fall. Possible loan defaults and higher provisions cloud the situation. The development of rising interest rates, which is actually positive for banks, which increases the income of credit institutions, is currently taking a back seat in view of the economic slowdown, according to the trade.
In addition to the general economic worries that are a burden for the banking sector, Commerzbank has its own problems, which is why its shares were even weaker than the sector at minus 1.5 percent on Monday. The Frankfurt institute has to shoulder additional millions in charges for its Polish subsidiary mBank, and the provisions are increasing.
After the turmoil in Russia at the weekend, armaments assets fell across Europe with significant taxes. In Frankfurt, Rheinmetall and Hensoldt fell by 3.1 and 2.1 percent, respectively. Stock market traders found it equally difficult to interpret the price losses. Some investors were now apparently expecting a relaxation, it said from the trade.
Siemens Energy lost another 3.5 percent after the titles of the energy technology group collapsed by more than 37 percent on Friday after withdrawn forecasts and thus suffered one of the largest daily losses in the Dax.
The euro was last listed at 1.0920 US dollars. The European Central Bank (ECB) had set the reference rate a little lower at $1.0884 before the weekend. On the bond market, the current yield fell from 2.45 percent on Friday to 2.41 percent. The Rex pension index increased by 0.14 percent to 125.18 points. The Bund future gained 0.45 percent to 134.70 points.
