The Dax continued to recover on Wednesday and tested the 13,100 point mark. After a friendly start to trading, which was supported by quarterly reports from domestic companies, which were initially overwhelmingly positive, things continued to rise. In the early business, the leading German index rose by 0.39 percent to 13,103.33 points. The MDax rose in the morning by 1.16 percent to 24,084.19 points. At the same time, the EuroStoxx fell by 0.05 percent to 3583.73 points.
“The fact that the after-hours price losses at Microsoft and Alphabet are not affecting the overall market is a good sign,” said market expert Jochen Stanzl from CMC Markets. Jürgen Molnar, capital market strategist at Robomarkets, added: Should the Dax be able to maintain the 13,000-point mark in the downward spiral of US tech stocks, “another milestone on the way to a sustainable recovery would be achieved”. According to experts, the short-term upward trend is still intact.
In the course of the reporting season, which has now also started with momentum in Germany, Deutsche Bank, Mercedes-Benz, Symrise and Puma presented their quarterly balance sheets in the morning. However, the enthusiasm of investors about Deutsche Bank’s annual report, which had boosted the share by almost two percent at the start of trading, quickly subsided. Most recently, the papers lost by 0.2 percent.
Analyst Kian Abouhossein from the US bank JPMorgan had expected a similar reaction. Although the figures are solid and business has continued to improve under CEO Christian Sewing, that is not entirely surprising. In addition, the costs were higher than expected and the share price had recently recovered significantly. The papers of the asset management subsidiary DWS in the SDax even went down by 1.8 percent. A trader spoke of weak figures.
The shares of Mercedes-Benz also fell by 1.0 percent in the Dax. Although the quarterly figures described as “strong” and the car manufacturer’s increased annual outlook were well received on the market, Jefferies expert Philippe Houchois qualified that the “adjusted” margin for the Mercedes brand was not exactly outstanding. According to the figures presented and confirmed annual forecasts, Puma fluctuated between profits and losses. Most recently, the shares of the Adidas competitor rose by 0.6 percent.
Meanwhile, Symrise’s shares showed a stable increase of 2.4 percent. Good business with additives for pet food and cosmetics makes the manufacturer of fragrances and flavorings even more optimistic. This Dax group therefore also raised its forecast for growth from its own resources – i.e. without takeovers and currency effects – to over 10 percent for 2022. It was only increased to more than 7 percent in the summer.
Covestro gained 3.0 percent after having weakened significantly the day before. Citigroup has now commented positively on the plastics manufacturer’s shares and recommended buying them. With a view to an economic recovery, this stock belongs in the portfolio, wrote analyst Mubasher Chaudhry. The healthcare group Fresenius recently increased by more than four percent and was the Dax leader.
