Of the DAX the new trading week started somewhat weaker and then dug deeper into the loss zone. At times it even fell below the 13,200 point mark – in the daily low it slipped to 13,189.27 units. At the end of trading, it was down 2.32 percent at 13,230.57 points. Of the TecDAX also started on red terrain and increased its losses significantly over the course of the game. Ultimately, it fell by 2.19 percent to 3,041.49 points.
Market observer Michael Hewson from CMC Markets told the German Press Agency that the DAX had approached a declining chart technical resistance line in the previous week, which results from the highs so far this year. Investors are currently positioning themselves more cautiously at this level and are waiting for further monetary policy signals. Stimuli could come from the US central bank meeting in Jackson Hole (Wyoming), which will take place on Thursday.
The mood was also depressed that the Russian state-owned company GAZPROM announced that it would shut down Nord Stream 1 for three days at the end of August for maintenance work. “We therefore have a difficult winter ahead of us,” said Economics Minister Robert Habeck.
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Of the EURO STOXX 50 was a little lighter when the starting bell sounded at 3,724.14 points and significantly expanded his discounts over the course of the day. At the end of trading there was a minus of 1.93 percent to 3,658.22 units on the price board.
At the start of the week, a wave of bad news weighed on the market and kept buyers away. The European gas price, for example, continued to rise, which is further exacerbating inflation in Europe and fueling fears of a recession. Investors are therefore turning their attention to the Fed meeting in Jackson Hole this week.
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Of the Dow Jones already weaker and then fell further and further behind. Ultimately, there were losses of 1.91 percent to 33,063.61 points on the scoreboard in New York. For the tech-heavy NASDAQ Composite it also went down at the start. Over the course of the year, it gave way continuously, ultimately the losses amounted to a whopping 2.55 percent at 12,381.57 units.
Interest rate and inflation concerns weighed on the US stock markets on Monday, which experienced a pitch-black trading day. Investors are already focusing on the central bankers’ meeting in Jackson Hole, which begins on Thursday. The market expects the Fed to continue its tightening stance to combat high inflation. The appearance of US Federal Reserve Chairman Jerome Powell is eagerly awaited. Broker Oanda analyst Craig Erlam believes Powell will reiterate what central bankers recently said publicly, without giving too much away ahead of the forthcoming September meeting, reports Deutsche Presse-Agentur.
Meanwhile, economic activity in the US strengthened in July. The Chicago Fed’s economic index rose to plus 0.27 from minus 0.25 in June – but the more meaningful three-month moving average remained stuck at minus 0.09.
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In Tokyo he noted Nikkei finally with minus 0.47 percent at 28,794.50 points.
In mainland China, the Shanghai Composite meanwhile by 0.61 percent to 3,277.79 points. Of the hang seng in Hong Kong fell 0.59 percent to 19,656.98 units.
The fear of further rate hikes remained an issue on the market worldwide. Impetus for this could come from a speech by Fed Chair Jerome Powell at the end of the week.
China, on the other hand, recently lowered interest rates in order to further stimulate the economy. According to market observers, however, this is seen as an admission of economic weakness, since the general monetary policy-Trend recently pointed in the opposite direction due to much too high inflation.
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