market report
Status: 09.01.2023 07:39 a.m
After a truly outstanding start to the year, the chances of subsequent profits in the second week of the stock market are good. The DAX should saddle up a few more points.
A friendly start to the second week of trading is emerging on the German stock market. The DAX should continue where it left off in the first week of the still young stock market year – with significant price gains. The broker IG assesses the German standard values at the hour 0.7 percent higher at 14,706 points.
What a start to the year in the DAX!
In the first five trading days of the new year, the DAX gained an impressive 4.9 percent to 14,610 points. According to the five-day indicator, the traffic lights for stock market gains are now green for the year as a whole.
From a technical perspective, the leading German index is now eyeing the highs of 14,700 points at the beginning of the new stock market week. A rise above this level would complete further bottom formation, emphasizes Joerg Scherer, head of technical analysis at HSBC. A successful liberation would “gild” the good start to the year.
Easing interest rate concerns drive Dow & Co.
Tailwind for the DAX comes from Wall Street. There, on Friday, a solid US jobs report amid easing wage pressures has allayed interest rate worries on Wall Street investors. The Dow Jones index of standard values closed 2.1 percent higher on Friday at 33,630 points. The tech-heavy Nasdaq advanced 2.6 percent to 10,569 points. The broad S&P 500 gained 2.3 percent to 3895 points.
Gains in Asia, Tokyo closed
The good guidelines from Wall Street are also having a positive effect on the Asian stock exchanges. In addition, China has reopened its border after three years. Investors are betting that this could help China’s flagging economy. The Shanghai stock exchange was up 0.6 percent. The index of major companies in Shanghai and Shenzhen gained 0.8 percent. The stock exchanges in Japan remained closed for a public holiday.
Gold at six-month high
The dollar remains under pressure in Asian FX trading as US interest rate expectations ease. At the same time, the euro rose by 0.2 percent to $1.0679. A troy ounce of gold is trading as high as $1,879 this morning, marking its highest level in six months.
Mercedes-Benz relies on India
In the DAX, the focus is on the Mercedes-Benz share. The carmaker is expecting double-digit sales growth in India this year – although prices are likely to rise due to the weaker rupee. Last year, sales climbed 41 percent to a record 15,822 vehicles, Mercedes-Benz India managing director Santosh Iyer said in a Reuters interview.
Goldman Sachs is reportedly cutting thousands of jobs
According to insiders, Goldman Sachs is cutting thousands of jobs. The plans should be implemented from Wednesday, two people familiar with the project said on Sunday. One of the insiders said that the first plan was to cut a little over 3,000 jobs. However, the final number has not yet been determined. The Bloomberg news agency had previously reported that 3,200 jobs were to be cut. Goldman Sachs declined to comment.
FDA approves Biogen and Eisai’s Alzheimer’s drug
The US Food and Drug Administration (FDA) has granted accelerated approval for Biogen and Eisai’s antibody drug, which is designed to slow the progression of early-stage Alzheimer’s. In the weeks before the decision on Friday, criticism of the treatment with the antibody lecanemab had arisen because test series had shown side effects such as brain swelling and bleeding in the brain.