Negative specifications from overseas slowed down the Dax again on Tuesday. Around noon, the leading German index lost 1.19 percent to 12,126.77 points, picking up where it lost after the strong start to the month. The weak US stock markets had already thwarted his recovery attempt at the beginning of the week. The MDax for medium-sized companies recently fell by 1.54 percent to 22,129.06 points and the Eurozone leading index EuroStoxx 50 fell by more than one percent.
Yesterday’s trading day showed the great uncertainty of investors, wrote analyst Christian Henke from Broker IG. “Even though, statistically speaking, the autumn rally has now begun, one cannot really speak of a golden October yet. A sustainable recovery is not going to succeed at the moment – countermovements seem to be used more as an exit than an entry.” Also with a view to the US inflation data due on Thursday, “market participants are staying away from the hustle and bustle on the stock exchange floor”.
Market observer Michael Hewson from CMC Markets also expects to be more cautious ahead of the minutes of the most recent meeting of the US Federal Reserve on Wednesday and the US inflation data. In November, the markets feared another interest rate hike by the Fed by 75 basis points. This also weighs on the US markets: On Monday, the Nasdaq technology exchange in particular went down significantly.
Qiagen and Symrise stood out in the Dax on Tuesday with significant price fluctuations. The titles of the laboratory service provider Qiagen conquered the top of the index thanks to a price jump of more than six percent after the “Wall Street Journal” reported on merger talks with US competitor Bio-Rad Laboratories, which had been going on for some time, citing insiders.
On the other hand, the flavor and fragrance manufacturer Symrise was one of the biggest losers in the leading German index with a minus of almost five percent. Shares were hurt by weak Givaudan sales figures.
Otherwise, it was primarily analyst comments that moved prices. Heidelberg Materials lost a good two percent after the US bank JPMorgan put the paper on “Negative Catalyst Watch”.
The forklift manufacturer Kion was one of the favorites in the MDax with a price increase of 1.8 percent after the US investment bank Bank of America had upgraded the paper and now recommends it for purchase. Analyst George Featherstone now sees a good investment opportunity after the price slide to a record low in recent weeks.
In contrast, the shares in the chemical company Evonik, which were strong at the beginning of the week, lost three percent. While the US bank Morgan Stanley dropped its buy recommendation, analyst Georgina Fraser from Goldman Sachs reiterated her sell vote – despite the earnings potential for the industry through the expert’s proposal for a German gas price brake. However, Fraser sees the Dax industry colleagues BASF and Covestro as their biggest beneficiaries. However, these also paid tribute to their good development from the previous day with significant discounts.
Vitesco shares went up and down and recently lost more than four percent after the drive specialist commented on the planned growth with electric car components. The fact that the company, which has been listed since September 2021, intends to pay the first dividend for the 2023 financial year, did not convince investors either.
About You’s shares fell by more than three and a half percent. The online fashion retailer presented final figures for the second financial quarter and now wants to counteract the sluggish consumer sentiment and the unexpectedly weak results with cost reductions. At the wind turbine manufacturer Nordex, an order from Poland left investors cold: the shares lost 1.3 percent.
