Fearing a setback for the economy, investors on the European stock markets shied away from larger purchases in the middle of the week. “As politicians scramble to band-aid what appears to be a longer-term energy crisis, the outlook for the global economy has clouded over once again,” said Hargreaves Landsdown analyst Susannah Streeter. “This puts the financial markets back into turmoil.” Of the dax closed Wednesday up 0.4 percent at 12,916 points.
Stock marketers were concerned, among other things, by disappointing economic data from China. Corona lockdowns, the heat wave and a weakening global economy hit Chinese foreign trade in August. “When Chinese exports fall dramatically, it means demand outside of China is falling, which in turn means the global economy is slowing at a time when traders are anticipating further rate hikes from various central banks,” said analyst David Madden of brokerage firm Equiti Capital. The European Central Bank (ECB) is expected to announce the new round of interest rate hikes by the major central banks this Thursday.
Utilities stocks rose sharply after a report on electricity price caps in Europe. RWE led the Dax winners with an increase of 7.2 percent, the shares of Verbund were at the top of the Austrian leading index ATX with 12.6 percent and the shares of Engie gained almost five percent in Paris. On the other hand, the shares of Deutsche Bank lost two percent at the end of the Dax. According to CEO Christian Sewing, there will be loan defaults in the industry in the next few months, but these are manageable. Allianz SE fell 1.6 percent after a downgrade by Morgan Stanley. On the other hand, the shares of the carbon specialist SGL Carbon rose by more than eleven percent after the outlook was raised. The titles will be listed again in the S-Dax small-cap index from September 19th. On Wall Street, the Dow Jones was 0.7 percent higher at 31,350 points at mid-market. When it came to companies, Apple took the spotlight. However, the share price of the electronics group hardly reacted to the presentation of the new iPhone 14.