market report
Status: 09.12.2022 07:31 a.m
After the significant price losses over the course of the week, investors can hope for a conciliatory conclusion. The DAX is likely to start a recovery attempt.
After a weaker week so far, the DAX has the chance of price gains at the end. The broker IG assesses the leading German index 0.5 percent higher at 14,330 points. In the course of the week so far, the 40 German standard values have lost around two percent, after having reached another high since June in the previous week.
DAX is technically ailing
From a technical perspective, the DAX has since slipped below its uptrend since mid-October and below the November 29 low (14,327 points). The signs point to correction. The next support runs at 14,149 points. Yesterday, the DAX had already approached this mark at the daily low of 14,197 points, but without really testing it.
Recovery rally on Wall Street
But it looks as if the DAX could not escape Wall Street’s good expectations. The US stock exchanges recovered yesterday after the sell-off of the past few days. The Dow Jones index of standard values closed 0.6 percent higher on Thursday at 33,781 points. The tech-heavy Nasdaq advanced 1.1 percent to 11,082 points. The broad S&P 500 gained 0.8 percent to 3963 points.
The increase in weekly initial jobless claims helped, according to Credit Suisse. This eased interest rate concerns, which had been the main theme of the correction over the past few days. “Markets appear to have found a small window of opportunity for a recovery rally ahead of next week’s inflation data as they were oversold,” said Dennis Dick, analyst and trader at broker Triple D Trading.
Tokyo Stock Exchange closes significantly higher
The Asian markets followed the US recovery in the morning: The Tokyo stock exchange was stronger and said goodbye to the weekend with an increase of 1.2 percent to 27,901 points. The Shanghai stock exchange was up 0.1 percent. The index of major companies in Shanghai and Shenzhen gained 0.3 percent.
Euro on course towards 1.06 dollars
Investors’ waning risk aversion is meanwhile also reflected on the foreign exchange market: the dollar is weakening across the board in Asian foreign exchange trading. In return, the euro can gain again. The European common currency is up 0.2 percent to $1.0578.
Vonovia gets new head of the supervisory board
Former McKinsey consultant Clara Streit is to become the new head of the Vonovia real estate group’s supervisory board. Vonovia announced yesterday evening that incumbent Jürgen Fitschen does not want to stand for re-election because of the age limit of 75 years that applies in the group. The 53-year-old dispute has been a member of the supervisory board since 2013 and chairs the finance committee.
VW does not feel any pressure because of the battery factory
The Volkswagen Group and its battery subsidiary PowerCo have not yet made a decision on a location for a possible electric car battery factory in Central Eastern Europe. There is no pressure to act, it said in a statement for the Czech media.
Sartorius takes a stake in the Swedish Bico Group
The pharmaceutical and laboratory equipment supplier Sartorius is participating in a cooperation with the Swedish Bico Group. In the future, the DAX group will work together with the smaller industry colleagues in terms of technology as well as sales and marketing.
FTC wants to prevent Microsoft from buying Activision
The US antitrust authority FTC wants to prevent the mega takeover of the computer game manufacturer Activision Blizzard by the software company Microsoft. The agency filed a lawsuit against the planned $69 billion purchase yesterday. The authority fears that the transaction could harm competition.
The way for Tesla expansion in Grünheide is clear
The car manufacturer Tesla can expand its production facility in Grünheide near Berlin. The municipal council cleared the way for this yesterday evening and agreed to the establishment of a new development plan. This means that the US electric car manufacturer can buy an area of over 100 hectares of forest and build on the site