Market report
Status: 02.11.2021 09:37 a.m.
The DAX has gained over 1000 points since its October low. Many indices are trading at record highs on Wall Street. In terms of investor sentiment, things can go further up. But there are also risks.
The DAX started the new trading day with a small premium. At the time of the XETRA opening, the German standard values were 0.1 percent higher at 15,825 points. In the first few minutes it goes up to 15,855 meters.
The German leading index is making a new attempt to conquer the resistance zone at 15,800 points. A sustained outbreak above this would pave the way for the 40 German standard values towards the all-time high (16,030 points). A false breakout, on the other hand, would herald a new downward round.
Thanks to the early price increase, the DAX is currently trading higher than it has been in over a month. The price gains since the October low (14,818 points) add up to over 1000 points.
Investor sentiment leaves room for improvement
The positive seasonality continues to provide a tailwind, as the six best months on the stock market, statistically speaking, began with the month of November (“Halloween effect”).
A look at investor sentiment is also promising. Despite the new record highs at Dow Jones and Co., the proportion of optimistic US private investors has recently fallen from 46.9 to 39.8 percent, according to a survey by the American Association of Individual Investors. So the sentiment is anything but overheated.
Fed before tapering begins
However, the US Federal Reserve’s two-day meeting also begins today. With inflation at a 30-year high, market observers firmly believe that the Federal Reserve (Fed) will announce the reduction of its monthly bond-buying program in the middle of the week.
This operation, known in technical jargon as tapering, is not without risk for the heated stock markets.
In the USA, the major indices had only set new highs yesterday. A largely successful profit season brightened the mood fundamentally.
Dow Jones index of default values closed 0.3 percent higher to 35,913 points. The technology-heavy Nasdaq advanced 0.6 percent to 15,595 points. The broad S&P 500 gained 0.2 percent to 4613 points.
Investors on the Asian stock exchanges are also looking forward to the Fed meeting with excitement. In the run-up, they were largely restrained. The stock exchange in Tokyo was weaker, the Nikkei index comprising 225 values was listed at the close of trading in Tokyo, 0.4 percent lower at 29,521 points. The Shanghai stock exchange lost 1.1 percent.
Oil prices rise slightly in early trading. A barrel (159 liters) of North Sea Brent for delivery in January costs $ 84.85. That is 0.3 percent more than the day before.
As a result, oil prices are still near their multi-year highs. According to raw material experts, the oil market is likely to remain tense. After all, the basic drivers – high demand combined with scarce supply – will remain in place for the time being.
The gold price is trending up slightly in the morning. One troy ounce of the yellow precious metal pays 1793 dollars, 0.1 percent more. The gold price continues to struggle to sustainably conquer the psychologically significant mark of $ 1,800. The euro rose slightly to $ 1.1606.
At the top of the DAX, HelloFresh shares soared by 13 percent. The Kochbox shipper dares to do more and has raised the sales forecast for the year as a whole. The DAX newcomer is now expecting an increase in sales of between 57 and 62 (previously 45 to 55) percent after adjusting for currency effects.
The health care group Fresenius is raising its growth targets for the current year again after the third quarter. Sales should now increase in the mid-single-digit percentage range instead of the low to mid-range target as previously targeted. The adjusted Group result is expected at the upper end of the forecast range, which envisages a plus in the low single-digit range.
The Fresenius subsidiary FMC wants to simplify its operating model and thus cut costs significantly. The dialysis specialist expects the annual cost base to be reduced by 500 million euros by 2025. However, this would also require one-off investments of around 450 to 500 million euros.
In view of the international chip crisis, the VW subsidiary Audi has finally given up its hopes for a new sales record this year. “The chip crisis is costing us a record year,” said Audi boss Markus Duesmann of the “Augsburger Allgemeine”. The distortions caused by the delivery bottlenecks would remain very strong until the end of the year and continue into the coming year.
The US electric car developer Rivian wants to collect up to $ 8.4 billion from investors when it goes public. The e-car company, whose major investors include Amazon and Ford, is listing its papers on the New York tech stock exchange Nasdaq under the ticker symbol “RIVN”. The retail premiere is expected in the coming week.