market report
The DAX is heading for a devastating monthly balance. After all, on the last trading day in September, German standard stocks could continue the slight recovery they embarked on yesterday.
The DAX is poised for slight price gains on the last trading day of the month. The broker IG currently values the 40 German standard stocks 0.1 percent higher at 15,345 points. They are likely to continue their recovery course for the time being. The day before, the DAX ultimately gained 0.7 percent to 15,324, after falling to a monthly low of 15,139 points in early trading.
The sharp turnaround in yesterday’s trading is raising hopes in the short term. However, the DAX remains stricken overall in terms of charts. Only a recapture of the lows from July and August at 15,456/15,469 would take the worst pressure off the German standard values and bring the DAX bulls back into the game.
Fresh impetus for prices could come from consumer prices in the euro zone, which will be published at 11 a.m. during trading. The day before, the significantly lower German inflation rate – also due to a base effect – had already brought relief among investors. The interest rate concerns were somewhat dampened.
Tailwind for the DAX also comes from Wall Street. Investors there put aside their interest rate concerns yesterday and dared to return to the stock market. Falling bond yields and the falling oil price supported prices. The Dow Jones index of standard stocks closed 0.4 percent higher at 33,666 points. The technology-heavy Nasdaq advanced 0.8 percent to 13,201 points. The broad S&P 500 gained 0.6 percent to 4,299 points.
Mixed signals are coming from the Asian stock markets this morning. Interest rate concerns in Japan once again depressed prices. The Nikkei index, which includes 225 stocks, is 0.5 percent lower shortly before the close of trading in Tokyo. In contrast, the Shanghai stock exchange is currently up 0.1 percent.
The euro rose 0.2 percent to $1.0581 in Asian foreign exchange trading, continuing its recovery. In the middle of the week, the European common currency had fallen to $1.0489, its lowest level since January. A troy ounce of gold costs $1,865 this morning.
Commerzbank shares will come into focus in the DAX this morning. The financial institution has set more ambitious goals for the next few years and wants its shareholders to participate more in the company’s success. For the financial years 2022 to 2024, a total of three billion euros will be distributed to shareholders through dividends and share buybacks. “In order to achieve this, the payout ratio for 2024 will be at least 70 percent,” said Commerzbank after consultations with the board of directors and supervisory board.
A multi-billion dollar deal between the car manufacturers Volkswagen and Stellantis and the Brazilian mining company Glencore to buy two mines for battery raw materials, supported by the financial company ACG, has collapsed. As the London-listed Special Purpose Acquisition Company (SPAC) explained yesterday, despite all efforts, no agreement was reached on the revision of the takeover agreement and the contract was therefore terminated.
According to a press report, Czech billionaire Daniel Kretinsky could soon join the steel division of the industrial group Thyssenkrupp. Representatives of the industrial group held in-depth discussions with it, the “Handelsblatt” reported, citing several people familiar with the events. According to the current status, Kretinsky should receive a 50 percent share in the division and Thyssenkrupp AG should remain involved in the same amount.
A decline in the home market of the USA slowed down the business of the sporting goods giant Nike in the last quarter. US revenue fell by two percent year-on-year to just over $5.4 billion. In other regions, however, there were increases, so that global sales increased by two percent to $12.94 billion. The bottom line is that profit fell by one percent to $1.45 billion, as Nike announced yesterday after the US stock market closed.
A US authority accuses Tesla in a lawsuit of allowing racist insults against black workers. The electric car manufacturer also took action against some affected employees who resisted it, according to the complaint published yesterday by the EEOC (Equal Employment Opportunity Commission). There was initially no reaction from Tesla to the allegations.