Renewed concerns about the economy and the weak Wall Street pushed the German stock market into the red. The leading index Dax fell on Tuesday by 0.52 percent to 15,397.62 points. Since the annual high of 15,658 points almost two weeks ago, the stock market barometer has not made any progress – mainly because of the fear of further rising interest rates. The MDax of medium-sized stocks lost 0.33 percent to 28,710.28 points.
Purchasing manager indices from Germany and France were received rather negatively in this country. According to the Landesbank Hessen-Thüringen (Helaba), the mood in industry was disappointing, while there were renewed improvements in the service sector. The Helaba expert Ulrich Wortberg said: “There is no reason for the economic optimism to intensify, because overall the figures suggest weak economic momentum.”
Investors also looked at Wall Street, which returned on Tuesday with significant losses from the long weekend. “The current weakness in New York is due to the change in sentiment in terms of monetary policy,” wrote market analyst Konstantin Oldenburger of trading house CMC Markets.
In the Dax, Zalando’s shares fell by almost two percent. After successful years in the pandemic, the online fashion retailer is increasingly struggling with consumers’ much lower buying mood. The Berlin company now wants to cut a few hundred jobs, as Zalando bosses Robert Gentz and David Schneider announced in a letter to employees.
Strong business numbers from Engie resulted in good investor sentiment across the European utilities sector. In Germany, the shares of RWE gained a good two percent as by far the best value in the Dax. Lufthansa’s shares in the MDax rose by 1.4 percent to EUR 9.67.
The EuroStoxx 50 closed 0.49 percent lower at 4250.40 points. The French Cac 40 and the British FTSE 100 also fell slightly. The New York Dow Jones Industrial lost 1.6 percent at the European stock market close.
The euro fell: The European Central Bank set the reference rate at 1.0664 (Monday: 1.0674) dollars. The dollar thus cost 0.9377 (0.9369) euros.
On the bond market, the current yield rose from 2.46 percent on the previous day to 2.51 percent. The Rex pension index fell by 0.14 percent to 124.83 points. The Bund future lost 0.60 percent to 134.02 points.
