Of the dax At the beginning of the week, it continued its Friday rally and temporarily surpassed the 13,000 point mark again. By the close of trading on Monday, profits had fallen by 0.6 percent to 12,960 points. The trigger for the friendly mood among investors was the hope of a growth spurt in the important trading partner China, after the Chinese central bank chief Yi Gang had committed to additional economic stimulus. Most recently, strict restrictions in the People’s Republic to combat the flare-up of the corona pandemic had hit the economy there and in the rest of the world. In addition, the latest comments from leading US central bankers, who expressed skepticism about a possible interest rate hike by a full percentage point, continued to have an effect.
In the Dax, the Volkswagen share was one of the top values with a plus of 2.8 percent. The VW group wants to list its sports car subsidiary Porsche this year if possible. So far, a listing is planned for the fourth quarter. Porsche wants to significantly increase its profitability in the coming years and is aiming for an operating profit of 20 percent of sales in the long term. With a premium of 2.1 percent, the shares of Covestro benefited from statements by the CFO of the chemical company. According to Toepfer, operating profit in the second quarter will be at the upper end of the forecast range thanks to the rapid recovery in China after the lockdown.
On Wall Street, price losses at the close of trading predominated. Of the Dow Jones went 0.7 percent lower at 31,073 points from trading. Two other major US banks, Goldman Sachs and Bank of America, reported on the course of the second quarter. The investment bank Goldman Sachs suffered a slump in profits in the second quarter despite significantly higher proceeds from the trading business. Nevertheless, the share reacted with price gains of more than two percent. Analysts had expected weaker numbers on average. Goldman Sachs also announced an increase in its quarterly dividend. Bank of America shares ended little changed despite a slump in earnings.