Investors’ appetite for risk remains subdued on German Unity Day. While rising yields make bonds more attractive, investors’ interest in stocks is decreasing. The Dax lost 0.25 percent to 15,208.42 points at lunchtime. In the morning, the leading index reached 15,160 points, its lowest level since March, which was reached a few days ago at 15,138 points. The MDax fell by 0.68 percent to 25,597.11 points on Tuesday. The Eurozone leading index EuroStoxx fell slightly by 0.1 percent.
According to Commerzbank, the high bond yields are linked to ongoing concerns about inflation and the associated need to keep interest rates high for longer.
On the company side, the news situation remained calm due to the holiday. News that weighed on Zalando came from UK competitor Boohoo with a lowered outlook. Zalando shares ended their recent recovery with a setback of 3.3 percent. They have now reached their low for a year near the 20 euro mark.
Because of the prospect of higher interest rates for longer, investors – as they did recently – gave the utility sector a wide berth, as it needed capital. Of this, the shares of RWE and Eon were recorded in the Dax with charges of up to 2.6 percent. As a result, RWE sank to its lowest level since March 2022.
Otherwise, analyst comments again caused movement. Rational shares fell by 2.1 percent in the MDax after private bank Berenberg abandoned its buy recommendation for the commercial kitchen equipment supplier. As a positive exception in the MDax, Nemetschek’s shares were up 2.1 percent. Here Barclays Bank gave up its previous negative vote.
