Market report
Status: 05.11.2021 07:40 a.m.
The DAX marked a new record high yesterday, opening the door wide for further price gains. Actually. But the performance of the DAX bulls was not quite as convincing.
The DAX is unlikely to start moving into the last trading day of the week. Banks and brokers currently rate the 40 German standard values just below their previous day’s closing rate.
Yesterday, the top German index had risen to 16,065 points, shifting its old all-time high from August by 35 points upwards.
In doing so, he sent one of the best buy signals technical analysis has to offer. Because in the “uncharted territory”, that is, in the new territory into which the DAX had ventured, there is naturally no resistance in the form of old highs.
But the DAX was unable to maintain the increased level, ultimately closing at 16,030 points, exactly at the height of its old record. Now it comes down to a convincing end of the week so that the price rally has a chance to continue in the new week. Ideally, today’s closing price should be above the 16,030 points.
Wall Street will once again decide whether the DAX can achieve this feat. Today, with the US labor market report for October, the second most important stock market event of the week – after the Fed meeting – is on the agenda.
Yesterday, the prospect that the Fed appears unwilling to step on the monetary brakes had helped some indexes on Wall Street to new records. Investors welcomed the realization that interest rates are likely to remain low for some time.
The market-wide S&P 500 and the technology-heavy Nasdaq 100 set new records. At the close of trading in New York, the S&P 500 was up 0.4 percent to 4,680 positions. The Nasdaq 100 even gained 1.3 percent to 16,346 points.
Only the Dow Jones Industrial Average remained without a record. After all, the world’s best-known stock barometer was able to limit its price losses at the close of trading to a minus of 0.1 percent to 36,124 points.
Above all, slipping stocks from the banking sector weighed on the Dow Jones. For banks, the continued record-low interest rates promised by the Fed are bad news, as they put a huge strain on their earnings.
In Asia, investor sentiment remains subdued. The Asian stock exchanges failed to take part in the global record rally over the course of the week. The Chinese stock exchanges in particular held back the region’s markets.
The Nikkei index, which comprises 225 values, ended the weekend in Tokyo with a discount of 0.9 percent to 29,794 points. The leading index of the Shanghai Stock Exchange, the SSE Composite, is currently 0.5 percent in the red.
On the German stock market, the Airbus share moves into focus in the morning. According to insiders, problems in the supply chain burdened the aircraft manufacturer in October. The number of deliveries in October fell from 40 in the two previous months to around 35 aircraft, writes the Bloomberg news agency. This would be the lowest value since February.
United Internet boss Ralph Dommermuth wants to increase his stake in the Internet company to a little more than half. Dommermuth is examining whether he is submitting a voluntary purchase offer for 17 million United Internet shares at 35 euros each through an existing or newly established company he controls. The proportion he controls would increase to around 51 percent.
At the fitness equipment specialist Peloton, the corona boom is finally over. The company has drastically cut its sales forecast for the current fiscal year. Peloton now only expects revenues between $ 4.4 billion and $ 4.8 billion. Investors reacted in shock and let the stock plummet by more than 25 percent in the after-hours.
The apartment broker Airbnb has shaken off the corona crisis and booked its most profitable and most profitable quarter to date. In the third quarter, revenues increased by almost 70 percent year-on-year to $ 2.2 billion. Net income was $ 834 million, 280 percent higher than a year ago.
After the slump in the corona pandemic, business at taxi competitor Uber continues to recover. In the third quarter, the company increased revenue 72 percent year over year to $ 4.8 billion. The main business with driving service agencies celebrated a strong comeback. The bottom line, however, was a loss of $ 2.4 billion.