Price gains at the start: DAX bulls defend themselves

Market report

As of: 13.09.2021 9:41 a.m.

After the disappointing end of the week, the DAX bulls are well aware of the seriousness of the situation: They now have to counteract quickly and decisively to prevent the worst. And they do that too.

The DAX is making up a lot of ground at the start of the week. At the start of trading on Xetra, the German standard values ​​soared 0.5 percent to 15,681 points. In the first few minutes of trading, it goes up to 15,725 meters.

The bulls (buyers) send a strong signal right at the opening. This is also sorely needed, since the DAX had completed a chart-technical reversal pattern with the weekly closing price below the important 15,622 point mark, the low in mid-August, which is regarded as a harbinger of further price losses. The calculated downward potential amounts to “around 400 points or a target price of a good 15,200 points”, emphasize the experts from HSBC Trinkaus & Burkhardt.

Now it remains to be seen whether there is more to the early price gains than a technical countermovement. According to the HSBC analysts, the starting position would only really improve if the most recent downward price gap was closed (15,755 to 15,827 points).

Wall Street has negative guidelines for DAX trading. The Dow Jones index of standard values ​​closed on Friday 0.8 percent lower to 34,607 points. The technology-heavy Nasdaq fell 0.9 percent to 15,115 points. The broad S&P 500 lost 0.8 percent to 4458 points.

Rising inflationary pressures put many investors in a bad mood to buy. Producer prices rose more sharply in August over the course of the year than in almost eleven years. This fueled new fears of a rapid turnaround in monetary policy.

The President of the US Federal Reserve in Philadelphia, Patrick Harker, said he wanted to start tapering later this year – in case the surge in inflation proves to be more than temporary. On the stock exchange, the reduction in bond purchases by the central bank is called tapering.

In addition, price drops at the stock market heavyweight Apple dampened the mood on the US stock exchanges. More than three percent went down for papers from the iPhone manufacturer. A US federal judge ruled that Apple had to accommodate game developers with payment options.

On the Asian stock exchanges, a possible tightening of the monetary policy reins remained the central issue. “The global markets are fixed on the timing of the end of the quantitative easing (QE) by the central banks, especially the Fed,” wrote the analysts from ANZ. The Nikkei index, which comprises 225 values, was 0.2 percent higher at 30,447 points at the close of trading in Tokyo.

In contrast, the Hong Kong trade went down significantly, especially for technology stocks, with the Hang Seng index plummeting 2.1 percent. There was a media report about a planned split of the payment service provider Alipay of the Alibaba subsidiary Ant Group. This re-fueled fears of a regulatory wave in China.

Oil prices started the trading week with slight increases and are thus continuing their recovery course from Friday.

In the morning, a barrel (159 liters) of North Sea Brent costs $ 73.23. That is 0.5 percent more than on Friday. The price of a barrel of the American West WTI variety rose 0.4 percent to $ 70.01.

The gold price has already lost its early gains with the rising stock markets: The price of the troy ounce of gold is trending sideways at $ 1,788.

The dollar is rising slightly, in return the euro is falling. In the low, only 1.1777 dollars are paid for one euro – 0.3 percent less than the previous day and less than in two weeks.

On the German stock market, the Zooplus share comes into focus in the morning. In the fight for the online pet supplies retailer, the financial investor Hellman & Friedman has increased its offer from 390 to 460 euros. H&F had already submitted a bid in mid-August that was supported by the company. Since then, two more interested parties have appeared with EQT and KKR.

The biggest winner in the DAX is initially the BMW share. Bankhaus Metzler has upgraded the automaker from “Hold” to “Buy” and raised the price target from 90 to 95 euros. The Munich-based “masters of product development” seemed to be the winners of this year’s IAA with their iX and i4 electric models, wrote analyst Jürgen Pieper.

The Volkswagen Group subsidiary Skoda can build around 100,000 fewer vehicles than planned due to a lack of chips. Skoda will be slowed down considerably by the lack of chips, said company boss Thomas Schäfer of the “Augsburger Allgemeine”.

As announced by Deutsche Börse, the Regensburg-based auto supplier Vitesco will be included in the Dax for one day on Thursday. The former drive division of Continental is brought onto the market as part of a spin-off. The DAX is thus calculated for one day with 31 stocks.

More passengers took off and landed at Frankfurt Airport in August than in any other month since the beginning of the Corona crisis. The airport operator Fraport counted almost 3.4 million passengers at Germany’s largest airport. That was around 123 percent more than in August 2020, but still 51 percent less than before the Corona crisis in August 2019.

The entertainment group will initially run its remaining films from this year exclusively in theaters before they are made available on the Disney + streaming service. Most films should run in theaters for at least 45 days, the company said.

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