DAX expected to increase slightly: next attempt?

The DAX briefly reached the 16,000 point mark yesterday. Then it went down again because investors were frightened by statements by the ECB. The ascent in the morning will be difficult.

In pre-trading, it looks like small profits on the German stock exchange floor, the DAX should start trading at 15,880 points, 0.2 percent higher than yesterday’s closing level.

Investors are still struggling with the prospect of a more restrictive monetary policy from the European Central Bank (ECB). After inflation for the euro area had shown a rise to its highest level in almost ten years, statements by Austria’s central bank chief Robert Holzmann put downward pressure on the stock markets. Holzmann brought a reduction in corona pandemic aid into play.

The requirements from overseas are also mixed in the morning. On Wall Street, the indices paused after their record run the previous days. The US leading index Dow Jones lost 0.1 percent to 35,361 points. The technology-heavy Nasdaq traded barely changed at 15,259 points and the broad S&P 500 lost 0.1 percent to 4,523 points.

The opposite picture on the Asian markets, despite weak industrial data from China: The Japanese Nikkei index is 1.3 percent higher at 28,447 points shortly before the close of trading. The Shanghai stock exchange is up 0.2 percent. The index of the most important companies in Shanghai and Shenzen gains 0.6 percent.

Investors are ignoring problematic Chinese industrial sector data released earlier this morning. The Caixin / Markit Manufacturing Purchasing Managers’ Index (PMI) fell last month to 49.2 from 50.3 in July, slipping below the 50 mark for the first time in almost a year and a half, which signals growth. “The current weak phase in China will continue into the third quarter,” wrote Mansoor Mohi-uddin, chief economist at the Bank of Singapore, referring to the latest economic data from China.

On the foreign exchange market, the brief upward movement of the euro against the US dollar seems to be over again. In the morning, the common currency will fight for the $ 1.18 mark. Oil prices stabilized again yesterday after falling slightly. A barrel of North Sea Brent oil currently costs 72 dollars. The troy ounce of gold is barely changed at $ 1,814.

In the DAX, the VW share could be in the spotlight in the morning. The company is taking another legal dispute over the emissions scandal to the US Supreme Court. VW suffered a legal defeat against the state of Ohio in June, which could possibly lead to further sanctions for systematic exhaust gas manipulation in diesel cars. The company hopes the ruling will be overturned by the Supreme Court. VW is of the opinion that the claims of individual districts and states such as Ohio have already been compensated for by the penalties and compensation that the company had to pay for violating the nationwide US Clean Air Act.

In the conflict over the planned restructuring of the Airbus group, negotiations between IG Metall and the aircraft manufacturer begin today in Hamburg. The union has formulated demands for a social collective agreement. This should regulate the conditions for the employees who are affected by the conversion at the Airbus Operations and Premium Aerotec subsidiaries. IG Metall and works councils are demanding – so far in vain from their point of view – concrete promises to secure employment at the locations in northern Germany and Augsburg into the next decade.

Papers of the newcomer Auto1 could come under pressure in the morning. An existing shareholder from before the IPO sells shares in the online used car dealer. DN Capital wants to part with around 2.2 million papers, as reported by the Bloomberg news agency. This corresponds to around 0.9 percent of the share capital. The Auto1 shares fell in after-hours trading on Tradegate compared to the Xetra closing price by 1.4 percent to 36.32 euros, after they had already lost almost 6 percent in the main Xetra business.

According to media reports, there are problems in the iPhone manufacturer’s product pipeline: The start of sales of the new Apple Watch 7 could be delayed due to production problems. The difficulties could lead to delivery delays or a tight supply, as the Japanese business newspaper “Nikkei” reported on Tuesday. The switch to a larger screen and a faster processor caused problems. Apple has not yet given a date for a presentation of the new smartwatch, but experts are actually expecting this in the coming weeks.