market report
The DAX is still struggling to break the 16,000-point mark. Investors are getting nervous ahead of today’s US inflation data.
Investors are also on their guard in the middle of the week, as the eagerly awaited US inflation data is on the stock market agenda today, which is of central importance for the further course of monetary policy in the USA. Against this background, the DAX should not make any big leaps at the start of trading; the broker IG assesses the 40 German standard values at the hour just below their previous day’s closing price of 15,955 points.
In the run-up to this, the DAX is likely to continue to struggle to overcome the psychologically important mark of 16,000 points. Last week, the German stock market barometer started a short excursion above it and at 16,012 points marked the highest level since January 2022. But the leading German index did not manage to establish itself above the round mark and quickly slipped back below it. Market observers spoke of a false breakout. That shouldn’t make it any easier for the bulls on the German stock market to try again.
Mixed specifications for DAX trading come from Wall Street. Concerns about US inflation, the US debt ceiling and the bleak prospects for companies pushed the US stock markets into the red yesterday. The Dow Jones index of standard values closed 0.2 percent lower at 33,561 points. The tech-heavy Nasdaq fell 0.6 percent to 12,179 points. The broad S&P 500 lost 0.5 percent to 4119 points.
Profit-taking ahead of US inflation data later Wednesday pushed Asian markets lower this morning. The 225-stock Nikkei index slipped from a 16-month high and was 0.4 percent lower at 29,113 points. The Shanghai stock exchange was down 1.4 percent. The index of the most important companies in Shanghai and Shenzhen lost one percent.
In Asian forex trading, the dollar is showing some weakness. At the same time, the euro rose by 0.1 percent to $1.0974. A troy ounce of gold costs 0.3 percent less in early trading at a good $2,030.
In the DAX, the E.ON share moves into focus with numbers in the morning. A leap in earnings in the first quarter means that the board of the energy company is somewhat more optimistic about the year as a whole. He currently expects to reach the upper end of the forecast range for adjusted operating profit, adjusted net income and earnings per share.
The medical technology group Siemens Healthineers is giving up part of the business of its multi-billion takeover Corindus. The use of vascular operation robots in cardiology will be discontinued. This is reflected in a depreciation of 329 million euros in the figures for the second quarter of 2022/23 (as of the end of September). The depreciation decimated the net profit in the quarter to 108 (previous year: 583) million euros.
The Volkswagen Group intends to inform its shareholders about the current state of affairs at the Annual General Meeting starting at 10 a.m. today. Operational problems such as the ailing software development, the ailing business in the former VW bastion of China and the comparatively weak price development of VW shares have caused displeasure among some shareholders.
Missing parts from suppliers also weighed on the world’s largest aircraft manufacturer Airbus in April. Last month, the Boeing competitor handed over 54 machines to 32 customers. Since the beginning of the year, the aircraft manufacturer has now counted 181 deliveries, around a quarter of the 720 that CEO Guillaume Faury is aiming for for the year as a whole.
The delisting of mobile phone mast operator Vantage Towers from today frees up space for Hochtief in the MDAX. The railway technology specialist Vossloh is included for the construction company, which is rising from the SDAX to the index of medium-sized companies. Index changes are particularly important for funds that replicate indices in real terms (physically replicating ETFs).
The US financial investor Bain Capital is not giving up on Software AG. Rocket Software, which is controlled by the Americans, announced last night that it was prepared to pay up to 36 euros per share under certain conditions. Competitor Silver Lake had increased its initial bid from 30 to 32 euros a few days ago and enjoys the support of the board of directors, the supervisory board and the foundation.
The EU court will decide today (9.30 a.m.) whether the EU Commission should approve the federal government’s billion-dollar aid package for Lufthansa in the corona pandemic. Two competitors, Ryanair and Condor, had sued. In spring 2020, the federal government supported the largest German airline with six billion euros.
The apartment and room broker Airbnb disappointed investors after the US stock market closed with a cautious business outlook. In the current quarter, the company expects sales growth of between 12 and 16 percent compared to the same period last year. This corresponds to a significant weakening of the pace of growth. The stock fell more than 10 percent in after-hours trading.