Before the eagerly awaited publication of consumer prices from the USA, the Dax extended its moderate gains from the previous day on Wednesday. The stock market development on Wall Street supported, because the Dow Jones Industrial had also risen slightly there the day before. The technology-heavy Nasdaq exchanges, however, had given way.
The leading German index gained 0.34 percent in early trading to 15,708.09 points. The MDax of medium-sized stock market stocks went up 0.10 percent on Wednesday morning to 27,477.88 points. The Eurozone leading index EuroStoxx 50 increased by 0.14 percent to 4339.35 points.
The US consumer prices for the month of March are published one hour before the market open there. If the core rate of US inflation rises more than expected, “after the rather quiet start to the week, things could get uncomfortable on the stock market,” warned capital market strategist Jürgen Molnar of Robomarkets. If there are no negative surprises, according to Molnar, the Dax is about sustainably overcoming the 15,700 point mark in order to tackle the record high of just under 16,300 points.
In the Dax, the shares of Merck KGaA and Daimler Truck attracted attention at the end and start of the index. There was bad news from the drug and specialty chemicals manufacturer Merck: The US Food and Drug Administration (FDA) suspended the admission of new patients for therapy with the multiple sclerosis drug evobrutinib during the clinical trial of the drug. The reason for this is a suspicion of liver damage caused by the drug. After three friendly trading days, the papers temporarily fell to their lowest level since the beginning of November. Most recently, they gave way by around five percent.
The shares of the truck and bus manufacturer Daimler Truck, on the other hand, benefited with a plus of 3.3 percent from a strong first quarter of the competitor Volvo. In the SDax, the papers of the VW truck holding Traton rose by 4.9 percent as a favorite. According to the Canadian bank RBC, the Swedes’ adjusted operating profit was 46 percent above the average analyst estimate.
The carmaker Mercedes-Benz sold more cars at the beginning of the year and benefited above all from strong demand for expensive luxury models and electric cars. The papers rose by 0.5 percent.
Aroundtown gained 2.8 percent at the top of the MDax. The major French bank Societe Generale canceled its sell recommendation for the share and now even recommends buying it. The target price was left at EUR 2.25. The management of the real estate group has built up sufficient liquidity to avoid borrowing on the capital market for several years, wrote analyst Ben Richford.
