market report
At the end of the week it will be exciting again on the German stock market: Can the DAX finally conquer the 16,000 point mark? This would lay the foundation for a year-end rally.
After yesterday’s Thanksgiving holiday, US investors are getting back into the action today. This also promises more sales and fresh impulses on the German stock market. The focus remains on the question: Can the DAX sustainably overcome the 16,000 point mark?
Already at the start of trading, the German leading index could peek above the round mark again. The broker IG currently values the 40 German standard stocks a few points higher at 16,001 points. The day before, the DAX had marked a new high since August at 16,005 in trading with little turnover and little movement.
This shows: The upward trend in the DAX is still intact. Good conditions to finally leave the important resistance at 16,000 points behind. But a look in the rearview mirror also warns of caution: At this point, the DAX had turned downwards several times in August and September.
The tailwind for the German stock market barometer continues to come from seasonality, as the statistically best six stock market months began in November. In addition, there is the statistical anomaly of the “Thanksgiving rally”: between the Wednesday before the US holiday and “Black Friday”, US stock markets often record disproportionately strong gains.
US futures are currently trading slightly higher. Trading on Wall Street will be shortened today, with the New York stock exchanges closing at 7 p.m. CET.
The Asian stock markets did not find a consistent direction at the end of the week. While the Shanghai stock exchange was down 0.6 percent, investors in Japan were in a buying mood – despite the slight increase in core consumer prices in October and the continued decline in industrial activity. The Nikkei index, which includes 225 values, ended the weekend with an increase of 0.5 percent to 33,626 points.
The euro is hardly moving in Asian foreign exchange trading. The European common currency is currently trending sideways at $1.0907. A troy ounce of gold costs $1,993 this morning, about the same as the day before.
In the DAX the focus will be on BASF shares this morning. According to a media report, the oil company Adnoc from the Emirate of Abu Dhabi is considering a takeover offer for the BASF-controlled oil company Wintershall Dea. The Arab company, which is currently looking to expand its global presence with spectacular takeovers, has been examining a purchase offer for Wintershall for some time, the Bloomberg agency reported, citing insiders.
The head of the general works council at Mercedes-Benz has called for an extension of job security until 2035. “The environment is becoming more difficult,” said Ergun Lümali to the German Press Agency. In uncertain times, employees need security. So far, securing the future, internally called “Zusi 2030”, generally excludes terminations for operational reasons until the end of 2029.
The Swedish investor Northvolt has called on the federal government to quickly clear the way for promised state financial aid for its planned battery factory in Heide, Schleswig-Holstein. His company now needs clarity on this issue within days, said German managing director Christofer Haux to the “Frankfurter Allgemeine Sonntagszeitung”. This will involve state financial aid of 550 million euros, which was previously supposed to come from the climate transformation fund.