market report
After gains at the start of the week, the leading German index should also start in the black today. Favorable specifications from the USA from yesterday evening are helping. However, the way towards 16,000 points is long.
At around 15,695 points, the DAX should start trading on XETRA according to pre-market signals. That would correspond to an increase of 0.2 percent. Yesterday, the German stock exchange barometer closed almost half a percent higher at 15,673 points.
The US stock exchanges support the German stock market in the consolidation after the price slide in the past week. The Dow Jones index of standard values closed 0.6 percent higher at 33,944 points yesterday. The tech-heavy Nasdaq advanced 0.2 percent to 13,685 points. The broad S&P 500 gained 0.2 percent to 4409 points.
Wall Street thus braced itself against rather unfavorable signals from the US Federal Reserve. Federal Reserve (Fed) officials spoke out in favor of continuing the tightening course yesterday. “To ensure that inflation is on a sustainable and swift path back to 2 percent, I think the federal funds rate needs to rise a little further from its current level,” said Cleveland Branch Fed Chair Loretta Mester .
In Asia, too, prices rise in the morning. The Japanese Nikkei index was 0.3 percent higher at 32,280 points. The broader Topix index rose 0.1 percent to 2,246 points. The Shanghai stock exchange was up 0.3 percent. The index of major companies in Shanghai and Shenzhen gained 0.3 percent.
On the foreign exchange market, the euro has regained the $1.10 mark. The European common currency is trading at 1.1017 this morning, its highest level since May.
Oil prices are also continuing to rise after the major producing countries Saudi Arabia and Russia recently announced further restrictions on their supply. A barrel of North Sea Brent costs $78 in the morning, around half a percent more than yesterday. The price of a troy ounce of gold increased minimally to $1929.
On the German stock market, the title of the truck manufacturer Daimler Truck is in focus this morning. The group raised its forecast for this year last night. In 2023, an adjusted return of between 8.5 and 10.0 percent is expected in the industrial business with sales of 54 to 56 billion euros. So far, sales of between 53 and 55 billion euros and a return of 7.5 to 9.0 percent had been expected. The background is the strong first quarter and strong sales in the second quarter, the supply chains have stabilized. In addition, Daimler Truck announced a share buyback program.
Before the general meeting of the weakening battery group Varta, shareholder representatives were disappointed with the latest business development today. “In view of the great hope, the disappointment is all the greater,” said Nikolaus Lutje from the German Association for the Protection of Securities (DSW). With batteries, Varta is actually a company that fits in with the times in terms of technology. The company must get more out of this future topic, said Lutje. Varta wants to cut jobs in the face of losses.
In the collective bargaining dispute with the online retailer Amazon, the Verdi union has called on employees to go on warning strikes at several locations in North Rhine-Westphalia from Tuesday to Thursday. The union said the distribution centers in Dortmund, Werne and Rheinberg were affected. The reason for the warning strike is the bargain day “Prime Day” started by Amazon on Tuesday. According to the information, there is a strike in ten distribution centers across Germany.