Record-high inflation in the eurozone didn’t calm the chafed nerves of many investors on Wednesday. At the end of trading, the Dax, which started off well, fell by 0.97 percent to 12,834.96 points after inflation in the euro zone had been estimated at 9.1 percent in August.
With a Dax loss of almost five percent, August is the third weakest month on the stock exchange this year. But it threatens to get even worse, since September is statistically considered the weakest month for stocks.
VW and Porsche: Investors press the brakes
The 13,000 point mark was again too high for the Dax in the middle of the week. After a setback of around 1000 points within two weeks, investors are also wondering to what extent tightening monetary policy to combat inflation has already been priced into the prices. The MDax closed 0.69 percent lower at 25,219.13 points on Wednesday.
On the corporate side, car manufacturers were in focus. Investors hit the brakes on the shares of VW and the group holding company Porsche SE with discounts of 2.6 and 3.1 percent respectively, after both shares had recently benefited from the idea of an IPO for the sports car manufacturer Porsche AG.
SAP papers increased slightly
Airbus was more affected by the news with a discount of 2.7 percent, while SAP rose by 0.4 percent. A high-ranking change of manager caused a stir among the two Dax heavyweights: Chief Financial Officer Dominik Asam will leave the aircraft manufacturer and switch to the software group in the same role.
The shares of the copper group Aurubis fell by 3.6 percent in a weak raw materials sector. The decline was topped by metal recycler Befesa, whose shares slipped 6.5 percent to their lowest level since November 2020. Prices have been reflecting the end of the commodity price boom for some time.
EuroStoxx 50 loses
The European stock exchanges also went down. The Eurozone leading index EuroStoxx 50 lost more than one percent. On Wall Street, the Dow Jones Industrial was moderately down at the close of European trading.
The euro rose after weak data from the US jobs market and was last paid at $1.0071. The European Central Bank had previously set the reference rate at exactly $1.0000.
On the bond market, the current yield rose from 1.36 percent the day before to 1.43 percent. The Rex pension index fell by 0.41 percent to 131.87 points. The Bund future fell by 0.30 percent to 148.02 points in the evening.
