Concerns about interest rates spilled over from the USA prevented the Dax from trying to recover again on Wednesday. The leading German index fell by 0.39 percent to 12,172.26 points after temporary excursions into the profit zone. The MDax for medium-sized companies fell by 1.34 percent to 21,894.40 points.
In the USA, inflation at the producer level has weakened again, as shown by producer prices for September. Economists had expected a more significant decline. Before the minutes of the last meeting of the US Federal Reserve Bank expected in the evening and further US inflation figures on Thursday, fears of continued rigid US monetary policy in the fight against high inflation apparently reawakened. Further hikes in key interest rates would further reduce the attractiveness of equities compared to fixed income securities.
Some German companies presented business figures on Wednesday. BASF shares gained 1.6 percent at the top of the Dax. A trader emphasized that the chemical company’s adjusted operating result exceeded market expectations.
In the third quarter, the special packaging manufacturer Gerresheimer was able to significantly increase sales from its own resources – i.e. without acquisitions and sales – and also the operating result. The shares secured first place in the MDax with a plus of 2.7 percent.
The shares of the Südzucker subsidiary Cropenergies led the list of winners in the SDax small-cap index with a price increase of almost ten percent. The biofuel maker also posted strong growth last quarter thanks to high ethanol prices.
In contrast, a price slump at Dutch medical technology manufacturer Philips caused the shares of German competitor Siemens Healthineers to fall by 4.8 percent. Philips had reported declining quarterly sales due to ongoing supply chain bottlenecks.
Klöckner shares
The Eurozone leading index EuroStoxx 50 closed 0.26 percent lower at 3331.53 points. On the national stock exchange in Paris, the Cac 40 also fell slightly, while the British leading index FTSE 100 lost almost 1 percent. On Wall Street, the Dow Jones Industrial was up 0.5 percent at the end of European trading.
The euro gave way: The European Central Bank set the reference rate at 0.9706 (Tuesday: 0.9723) dollars. The dollar thus cost 1.0303 (1.0285) euros. On the bond market, the current yield rose from 2.20 percent on the previous day to 2.22 percent. The Rex pension index fell by 0.12 percent to 126.71 points. The Bund future rose by 0.21 percent to 136.12 points.
