market report
Status: 9/9/2022 7:37 a.m
The DAX should start a new stabilization attempt at the end of the week. After a turbulent week on the stock market, the leading German index is hardly moving in early trading. Investors still have a lot to process.
The DAX should start the last trading day of the week with a small premium. The broker IG assesses the German standard values 0.2 percent higher at 12,925 points. This indicates an attempt to stabilize the German stock market at the end of the week.
DAX: short-term downward pressure is easing
The leading German index slipped to 12,689 points yesterday in the wake of the interest rate decision by the European Central Bank (ECB). In the course of trading, however, he was able to reduce his losses significantly, so that in the end only a small minus of 0.1 percent to 12,904 points remained.
From a technical perspective, however, the DAX is still battered. After all, it was able to catch above its recent history low (12,603 points) and turn up. In the short term, this should take the worst downward pressure off German standard stocks.
Fed and ECB on tight monetary policy course
Investors remain under the spell of the central banks. The ECB hiked interest rates by a record 0.75 percentage points yesterday. At the same time, the US Federal Reserve tightened the prospects of an aggressive tightening of monetary policy.
Fed Chair Jerome Powell said the bank was “firmly committed” to controlling inflation. Rate hikes would therefore continue. “We now expect a 50 basis point hike in November, albeit a close decision,” Barclays analysts said.
Wall Street: Dow closes clearly in the black
The prospect of further sharp hikes by the Fed kept Wall Street investors from investing more yesterday. However, financials and health care stocks were in demand and supported the overall market. After a weak start, prices were able to make up ground.
The standard value index Dow Jones closed 0.6 percent higher at 31,774 points. The tech-heavy Nasdaq advanced 0.6 percent to 11,862 points. The broad S&P 500 gained 0.7 percent to 4006 points.
Price gains on Asian stock exchanges
Slightly positive guidelines for trading in this country come from the Asian stock exchanges, which were able to increase slightly in the morning. In Tokyo, the 225-value Nikkei index was 0.3 percent higher at 28,157 points. The Shanghai stock exchange was also able to gain 0.3 percent. The index of major companies in Shanghai and Shenzhen rose 0.8 percent.
New weakness signal from China
Fresh economic data indicate that the world’s second-largest economy continued to lose momentum in August. In the face of heat waves and lockdowns, consumer prices only rose by 2.5 percent. Producer prices rose by 2.3 percent compared to the previous year. This is the slowest increase since February 2021.
Euro clearly above dollar parity again
In the wake of the ECB decision, the euro is showing significant strength in Asian foreign exchange trading. The European common currency is clearly rising above dollar parity. It is currently gaining 0.6 percent to over $1.0068. Parity is a one-to-one exchange rate between two currencies.
The weaker dollar is also benefiting gold prices. The price of an ounce of gold rose 0.6 percent to $1,721.
Airbus delivered fewer machines in August
The world’s largest aircraft manufacturer Airbus has to keep up with its annual target after declining deliveries in August. In the past month, only 39 commercial aircraft found their way to customers. In the first eight months, the manufacturer has delivered 382 machines. That’s just a little more than half of the 700 jets that CEO Guillaume Faury announced at the end of July as the new delivery target for the current year.
Telekom satisfied with basketball broadcasts
Deutsche Telekom has so far been extremely satisfied with the TV interest in the European Basketball Championship. “We reach an audience of millions with our reporting at MagentaSport,” said Telekom manager Henning Stiegenroth of the German Press Agency at the end of the preliminary round. Telekom shows the EM games of the DBB selection free of charge on the Internet.
T-Mobile US announces share buyback
Deutsche Telekom’s successful subsidiary T-Mobile US has announced the buyback of its own shares in the tens of billions. The volume of the share buyback decided by the group’s executive committee amounts to up to 14 billion dollars by the end of September 2023. The program could be part of the measures with which Deutsche Telekom could increase its stake in the company to more than 50 percent.
Citi wins wire transfer litigation
The major US bank Citigroup has prevailed in the legal dispute over the reimbursement of around half a billion dollars that was accidentally transferred. A Manhattan appeals court overturned the lower court’s verdict and ruled that the financial group was entitled to the money. The recipients should have been aware that the transfer was a glitch, the judges reasoned.
Poland wants to buy military helicopters from Boeing
To further strengthen its army, Poland plans to procure a larger number of US-made military helicopters. Defense Minister Mariusz Blaszczak announced yesterday that Warsaw has submitted a request to the US to purchase 96 Apache attack helicopters. The manufacturer of the Apache attack helicopters is the US company Boeing.