market report
Status: 06.01.2023 07:32
The strong upswing on the German stock market since the beginning of the year is continuing. At the end of the week, the DAX is once again targeting the 14,500 point mark.
After a successful start to the year, the DAX bulls are not letting up. Yesterday’s slight price losses could only turn out to be a small respite on the way north. The DAX should start the last trading day of the week with a premium. In the morning, broker IG rated the German standard values 0.6 percent higher at 14,527 points.
DAX reaches price target of 14,500 points
From a technical point of view, the DAX would have reached the imputed target price of 14,500 points from the recent bottom formation. “Beyond this start-up target, the high points of June and March 2022 at 14,709/14,925 points mark the next barriers,” explains Jörg Scherer, Head of Technical Analysis at HSBC. On the downside, however, the high of December 22 at 14,161 points defines a first clear retreat mark.
Interest rate worries on Wall Street
With its recent strong performance, the DAX also showed relative strength to Wall Street: there, the prices of the more tech-heavy and thus interest-sensitive indices were recently under pressure. Yesterday, robust jobs data from private agency ADP reignited interest rate concerns among US investors.
The Dow Jones index of standard values closed 1.0 percent lower at 32,930 points. The tech-heavy Nasdaq fell 1.5 percent to 10,305 points. The broad S&P 500 lost 1.2 percent to 3808 points. Today, December’s official US jobs data, due out before the US markets open, should provide an important indication of how aggressively the Federal Reserve may be tightening monetary policy.
Asian stocks in demand
In the run-up to the important US data release, investors on the Asian stock exchanges are in a buying mood. The 225-stock Nikkei index was up 0.6 percent at 25,974 points at the close in Tokyo. The Shanghai stock exchange was up 0.4 percent. The index of the most important companies in Shanghai and Shenzhen gained 0.6 percent.
Dollar at three-month high
The dollar index, which measures the value of the US currency against a basket of currencies, continued to trade at a three-month high this morning. Interest rate speculation is giving the greenback a boost. The euro eases slightly to $1.0511.
BaFin again sees deficiencies in Deutsche Börse subsidiaries
On the German stock market, the focus is on Deutsche Börse. The financial supervisory authority has again targeted subsidiaries of the stock exchange operator for deficiencies. The Federal Financial Supervisory Authority (BaFin) identified weaknesses in Clearstream Banking AG and Clearstream Holding AG. Deficiencies were also reported at the subsidiary Eurex Clearing AG.
Mercedes-Benz is pushing ahead with its own e-charging network
Last night Mercedes-Benz announced its own network with 10,000 charging points worldwide by the end of the decade. The Stuttgart-based company wants to invest a single-digit billion amount. “We don’t want to watch and wait until it’s built, so we’re building a global fast charging network ourselves,” said Mercedes boss Ola Källenius.
VW with significant US sales minus
Persistent chip shortages and supply chain problems in the auto industry have bothered Volkswagen in the US market in 2022. Sales fell by 19.7 percent year-on-year to 301,069 new vehicles. In the fourth quarter, the company sold 22,303 cars – a drop of 20.5 percent compared to the same period last year.
Samsung with second consecutive slump in earnings
Weakening demand is accelerating the decline in earnings at Samsung Electronics. According to preliminary calculations, operating profit in the fourth quarter fell by 69 percent to 4.3 trillion won (3.2 billion euros), the world’s largest manufacturer of smartphones and memory chips announced. This is the lowest value in eight years.