The recently weakened Dax made another attempt to stabilize on Thursday. Investors’ willingness to buy, however, was limited before the new US inflation figures. The leading German index was able to shake off its initial, moderate losses. More than an hour after the start of trading, however, it was only enough for a plus of 0.26 percent to 12,204.05 points. The MDax of medium-sized German companies contained its minus at 21,799.47 points to 0.43 percent, the Eurozone leading index EuroStoxx 50 recently lost 0.21 percent.
According to analyst Jochen Stanzl from broker CMC Markets, US consumer prices due this afternoon “have the potential to break the Dax’s resilience of the past few days and take the index to new lows for the year”. Capital market strategist Jürgen Molnar from RoboMarkets was similarly pessimistic, speaking of a “razor blade ride”.
The minutes of the September meeting of the US Federal Reserve published on Wednesday evening made it clear that the monetary authorities are not inclined to relax in the fight against high inflation by further raising interest rates. The US stock exchanges, which had previously been friendly, had then closed with little change.
Südzucker’s figures were the focus of attention on the German market. However, a surprisingly significant jump in profits in the first half of the financial year and a further increase in sales prospects only convinced investors for a short time: After a friendly start, the shares of the sugar producer turned negative and lost 2.6 percent to 12.31 euros. This makes them one of the weakest stocks in the SDax small-cap index.
Shares from the chip sector were also under pressure after negative industry news: the shares of the Dax group Infineon lost 1.6 percent, and the shares of the industry equipment supplier Aixtron went down by 3.3 percent.
The US industry equipment supplier Applied Materials reduced its outlook for the final quarter due to recent US restrictions on business relations with China. According to traders, this does not bode well for the prospects in the industry in general. In addition, the Taiwanese chip group TSMC announced that it would cut its planned investments in systems by ten percent this year. Stockbrokers rated this as a “dramatic signal for the current state of the tech industry”.
At the commercial real estate specialist Aroundtown, a deleted buy recommendation from Citigroup weighed on: The shares fell by 5.8 percent to a record low and were also the biggest loser in the MDax. Analyst Aakanksha Anand is now assuming a more severe recession and only gives a neutral investment rating. Real estate values overall continued to suffer from rising interest rates.
