After a robust start, prices on the German stock market still came under some pressure on Thursday. As a result of the continued tightening of monetary policy by the US Federal Reserve, the Dax fell by 0.78 percent to 15,097.28 points around midday. The MDax turned negative by 0.21 percent to 26,808.29 points.
The Fed initially remained resolute in its fight against inflation, according to Commerzbank. As expected, the key interest rate was raised by 0.25 percentage points despite the recent turbulence in the banking sector. In addition, it was signaled that another interest rate hike is planned for this year. The Swiss central bank followed this up with an interest rate hike of 0.50 percentage points on Thursday.
In the banking sector, the mood remained marked by concerns, especially since US Treasury Secretary Janet Yellen spoke out against a “blanket” deposit guarantee to stabilize the US banking system the day before. After a robust start, the shares of Commerzbank and Deutsche Bank fell by 1.7 and four percent respectively on Thursday.
Since the Fed initially only signaled another rate hike the night before, investors in the tech industry became a little bolder. The sector index was recently the only winner in the European sector table. In the Dax, however, Infineon shares only managed a slight increase of 0.1 percent.
In the second and third series of stock exchanges, things went up particularly well for Nemetschek: The titles of the construction software manufacturer rose by 11.4 percent, although it expects slower growth in 2023 due to the switch to a subscription model. There was a clearly positive reaction at Scout24 with an increase of 3.2 percent. It was well received that the online real estate marketplace paid its shareholders more dividends after strong profit growth last year.
The shares of the event marketer CTS Eventim and the automotive supplier Vitesco showed great weakness with discounts of 5.4 and 8.2 percent. In both cases, year-to-date outlooks were viewed as a burden.
