Market report
Status: 02.09.2021 07:44 a.m.
The DAX should start the new trading day with losses. The leading German index has tried the 16,000 point mark three times. He failed three times.
The DAX is likely to experience slight losses at the start of trading on XETRA. Banks and brokers are currently assessing the 30 German standard values 0.2 percent lower at 15,787 points. The most recent unsuccessful attempts to sustainably overcome the round mark of 16,000 points weigh heavily.
Yesterday, the DAX tried to conquer the 16,000 for the third time and failed again. Just below that, at 15,982 meters, the German standard values turned south. Before that, the DAX had already reached quotations above the 16,000 point mark twice, but had not been able to save this level across the finish line.
Wall Street is sending mixed signals for DAX trading. The US standard value index Dow Jones lost 0.1 percent to 35,312 points. The broad S&P 500 was barely changed at 4524 meters from the market.
On the other hand, things went better for technology stocks. The Nasdaq Composite closed 0.3 percent higher to 15,309 points, marking a new high. This rally was supported by price gains at large corporations such as Apple and Google parent Alphabet, whose shares also reached new highs.
Hope for the Fed
Disappointing labor market data from the private agency ADP were received positively in the markets, as speculation arose that the US Federal Reserve would continue to loose monetary policy.
If the official data developed similarly on Friday, the Fed will withhold any signals in the direction of curbing its asset purchases until the labor market is back on track, said Sam Stovall, chief investment strategist at research firm CFRA.
Today, the Asian stock exchanges are mostly up. The Nikkei index, which comprises 225 values, is currently 0.3 percent higher at 28,525 points. The Shanghai stock exchange is 0.6 percent up.
Negative China data is largely ignored by investors. Surveys in the manufacturing sector in the People’s Republic indicated that the supply bottlenecks were worsening again as a result of the restrictions to contain the virus pandemic, with eight out of nine Asian countries reporting longer delivery times.
The euro fell slightly in early trading to currently 1.1834 dollars, but it is still well above the 1.18 dollar mark. The euro is being supported by the recent speculation that the European Central Bank (ECB) will tighten its policy, while the greenback, i.e. the dollar, is being weakened by the prospect of an even longer-term ultra-loose monetary policy by the Fed.
The gold price is also defending an important mark: the price of the troy ounce of gold fell 0.1 percent in the morning to $ 1,812, but remained above the psychologically significant mark of $ 1,800. The yellow precious metal is benefiting from a weaker dollar.
Oil prices tend to be weaker in the morning. The price of a barrel (159 liters) of the North Sea Brent is 0.3 percent to 71.37 dollars. A barrel of the US WTI variety costs 68.31, 0.4 percent less than the day before. The day before, the OPEC + countries had agreed to expand production quotas by 400,000 barrels per day.
The VW share is moving into focus on the German stock market. The automaker has agreed to a $ 42 million deal in the United States in the case of potentially dangerous airbags made by Takata. 1.35 million vehicles were affected. Seven other large manufacturers have already reached agreements in related proceedings.
The US automaker Tesla is postponing the planned delivery of its roadster model by one year to 2023. CEO Elon Musk said on Twitter that 2021 would be the year of “super crazy” supply chain problems. “If 2022 doesn’t turn out to be a mega-drama, the new Roadster will be delivered in 2023.”
According to a media report, the Alphabet subsidiary Google has to prepare for another antitrust case in the USA. The US Department of Justice is preparing a second lawsuit, reports the Bloomberg agency, citing a person familiar with the matter. The reason is the business with digital advertising.