With a starting increase of 0.10 percent to 17,984.50 points, the DAX headed towards the historic 18,000 mark. He then made it past the count for the first time at 18,001.42 points, marking a historic milestone. However, the leading index cannot maintain the mark permanently; it recently fell slightly by 0.1 percent to 17,955 points.
Portfolio manager Thomas Altmann from QC Partners referred to above-average trading volumes during the record run that started the day before. “At the moment it is enough that there is no negative surprise in the really big numbers like the US inflation rate yesterday to drive the market further up.” From a technical perspective, however, he warned, the DAX remains “continued to be overbought”.
Interest rate hopes are driving the markets
Investors remain in good spirits in anticipation of interest rate cuts soon. In the USA, slightly higher than expected inflation was pushed aside the day before, Commerzbank experts said this morning. The indices there had set course for their record highs again. Investors are largely assuming that the longed-for monetary policy turnaround will come in June.
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Reporting season in its final stages
The reporting season in this country set another tone, as some high-profile German companies presented detailed figures. Zalando shares rose sharply and have more than made up for their losses since the beginning of the year. According to a retailer, the fashion retailer exceeded expectations with its annual operating profit despite a decline in sales. What was also well received was that Zalando sees new opportunities for growth in the medium term.
E.ON shares also posted significant price gains. The energy supplier impressed with its earnings targets for this year. This also pushed up RWE shares.
Meanwhile, at the end of the DAX, adidas shares lost a significant percent. The sporting goods manufacturer disappointed with its outlook. The forecasts already given have not been increased, according to the analysis company Jefferies. VW investors also got some food after Volkswagen presented complete figures. Some companies from the SDAX also presented annual figures and gave outlooks. Grand City Properties was then punished because the real estate group does not want to pay a dividend for 2023.
In contrast, Klöckner&Co’s shares rose. Although the steel trader was in the red in 2023 due to lower steel prices and value adjustments, it is still paying a dividend, albeit only half as high as in the previous year. KlöCo is also quite optimistic about business development in 2024.
Editorial staff at finanzen.net with material from dpa (AFX)
Image source: Julian Mezger for Finanz Verlag