market report
Status: 09/16/2022 07:43 a.m
Another weak trading day is imminent on the Frankfurt Stock Exchange. After significant losses in America, the DAX is likely to fall further at the start of trading.
According to calculations by banks and brokers, the indications on the DAX in pre-market trading are around 12,857 points. That would correspond to a further minus of 0.8 percent compared to the previous day’s level. The leading German index had already lost 0.6 percent yesterday. The DAX is now around 1000 points away from the intermediate high in mid-August.
Technology stocks in particular under pressure
Yesterday, the major stock indices on Wall Street and the Nasdaq posted price losses, with technology stocks in particular suffering. The Dow Jones index lost 0.6 percent to 30,961 points. The broad S&P 500 lost 1.1 percent to 3,901 points. The Nasdaq Composite Index fell 1.4 percent to 11,552 points.
Interest rate concerns once again dominated events. Especially after the recently surprisingly high inflation figures, investors are nervous about the interest rate decision by the US Federal Reserve next Wednesday. The Federal Reserve (Fed) is firmly expected to hike interest rates again by 0.75 percentage points, but a full point does not seem out of the question.
US Treasury yields rose across the board yesterday, with yields on the two-year note climbing to their highest levels since 2007.
Real estate shares under the magnifying glass
Studies by Goldman Sachs and JPMorgan could be topics of conversation on the Frankfurt Stock Exchange today. Many price targets have been lowered. In the interest rate turnaround, real estate values are currently in a head-to-head race with retailers for the weakest sector of the year.
In addition, the focus is on the great decline on the futures exchanges. “Today’s expiry of options on the DAX could be particularly interesting and trend-setting,” explained portfolio manager Thomas Altmann from QC Partners. “The 13,000 mark was recently the hard-fought mark between bulls and bears. With today’s expiry date, the options market could have a say in the future direction of the DAX.”
DaimlerTruck demands more charging stations
Daimler truck boss Martin Daum is calling for more action from the federal government with regard to the infrastructure for electromobility: “The federal government currently has many plans and announcements, but little concrete,” said Daum of the dpa. “What comes out in the end, what is actually implemented and at what speed? The will is there, the action is still missing.” A 300-kilowatt charging station is being celebrated today, which will be inaugurated somewhere. “But we need 700 kilowatts or one megawatt,” said Daum. But there is nothing of this magnitude yet.
FeDex warns
DHL rival FedEx is withdrawing its outlook for the full year due to the economic slowdown. In the second quarter, business conditions are likely to deteriorate further despite ongoing cost-cutting measures, the US company said. The group also announced aggressive savings. Capital expenditures for 2023 are expected to fall to $6.3 billion from previously forecast $6.8 billion.
The company, like its domestic rival UPS, is also considered a barometer of the US economy, as it transports goods from a wide variety of industries. FedEx shares fell more than 16 percent in after-hours trading in response to the bad news.