Investors on the German stock market exercised caution before the quarterly figures of large US technology groups. The leading index Dax increased slightly by 0.05 percent to 15,872.13 points. The 16,000 point mark remains too high for the time being. The MDax of medium-sized stocks fell by 0.66 percent to 27,546.69 points.
In the US, corporate reports are presented that are globally significant for investor sentiment. The results of the tech giants Alphabet and Microsoft after the US stock market close should be mentioned in particular. According to market analyst Konstantin Oldenburger from the trading house CMC Markets, investors are hoping for signs of an improvement in spending when the balance sheet is presented, since most companies in the sector have now announced austerity measures and massively cut jobs.
Banks across Europe dampened the mood after quarterly figures from the Swiss UBS and the troubled US regional bank First Republic Bank, where customers had withdrawn more money than expected in the first three months of the year. UBS earned significantly less in the first quarter than in the previous year. However, the results are taking a back seat due to the upcoming merger with Credit Suisse. Management has not yet been able to answer most of the questions.
The quarterly report of the First Republic Bank puts the banking risk back into focus, explained Thomas Altmann from QC Partners. “Those who have already checked the banking crisis may have done so too early,” said the portfolio manager. Against the background of news from the banking industry, Deutsche Bank shares fell by 3.8 percent at the end of the Dax. Commerzbank shares fell 2.9 percent.
On the other hand, the quarterly figures from Daimler Truck were well received, as shown by the plus of 2.9 percent at the top of the leading German index. The commercial vehicle manufacturer had a surprisingly good start to the new year. In the MDax, the forklift manufacturer Jungheinrich had also pleased investors with a raised outlook. The shares soared 12.5 percent, making them the clear favorite in the index.
Atoss Software stocks in the SDax small-cap index rose by 7 percent. The HR software specialist started the current year with a significant increase in sales and profits. Thanks to a positive comment from the private bank Berenberg, Fielmann shares gained 7.4 percent and were ahead of the index. The optician chain should have made a solid start to the year, wrote Berenberg analyst Graham Renwick in an outlook on the forthcoming quarterly report. Consumer sentiment is more stable than feared.
The EuroStoxx 50, the leading index in the euro zone, closed 0.54 percent lower at 4377.85 points. France’s Cac 40 fell by a similar amount and Britain’s FTSE 100 fell 0.27 percent. In New York, the Dow Jones Industrial also fell slightly at the European close.
In view of the rather gloomy stock market environment, the euro came under pressure and was last listed at 1.0976 US dollars. The European Central Bank had previously set the reference rate at 1.1022 (Monday: 1.1002) dollars. The dollar thus cost 0.9072 (0.9089) euros. On the bond market, the current yield fell from 2.50 percent on the previous day to 2.48 percent. The Rex pension index fell by 0.14 percent to 125.06 points. The Bund future gained 1.16 percent to 134.99 points.
