Equities – strong US job data slow down Dax – economy

The German stock market gave up gains it had previously made on Friday after the official US job market report was published. Of the dax closed 0.2 percent lower at 14,460 points. More jobs than expected were created on the US labor market in May. Investors’ hopes of an interest rate pause in the fall are dwindling, it said.

In the Dax, Fresenius stocks rose by 1.6 percent and closed with a plus of 0.3 percent. According to a press report, the medical and hospital group wants to cut 2,000 jobs in its liquid medicine division Kabi. It was already known in the autumn that the dialysis subsidiary FMC plans to cut 5,000 jobs worldwide. Shares in Adidas benefited from positive signals from US sports goods retailer Lululemon and rose 0.3 percent.

The Compugroup Medical papers reduced their initial minus from almost nine percent to four percent. The software company specializing in medical practices is reorganizing its top management. The contract with CEO Dirk Wössner will end on June 30 due to different views on the company’s strategy, it said. This news is likely to cause at least some irritation, commented one trader.

Leonardo counted on the Milan stock exchange with a price increase of two percent. According to insiders, Rheinmetall has made a non-binding offer of up to 210 million euros for a 49 percent stake in the armaments group’s gun construction division. Rheinmetall shares rose by 5.3 percent in the M-Dax.

The strong US labor market data also dashed hopes on Wall Street that interest rates would slow. Of the Dow Jones ended the trading session one percent weaker. Twitter shares bucked the negative trend, gaining 0.6 percent. The short message service reported the end of a regulatory waiting period for the planned $ 44 billion takeover by Tesla boss Elon Musk. According to the so-called HSR law, planned large company mergers must be reported to the Federal Trade Commission and Department of Justice supervisory authorities before they are implemented, which then examine them within a certain period of time.

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