The energy crisis and fears of the economic consequences of rising interest rates had investors in Europe firmly in their grip at the start of the week. The leading index dax expanded its recent price losses significantly on Monday and dropped by 2.3 percent to 13,231 points. The central bank meeting beginning on Thursday in Jackson Hole, Wyoming, is casting its shadow. Investors are speculating that the US Federal Reserve will continue to tighten tightly in order to get the high price increases under control. In addition, the shortage of gas will keep inflation in Europe at a high level. “The first bills from the gas suppliers are there and are shocking their recipients,” said investment strategist Jürgen Molnar from the brokerage house Robo-Markets. This depresses consumers’ willingness to spend and also affects the investment behavior of companies.
At the companies, the focus was on personnel changes in the boardrooms. Adidas separates prematurely from its boss. Kasper Rorsted will leave the company in the coming year, the sporting goods manufacturer announced on Monday after a meeting of the supervisory board. Adidas shares lost 5.2 percent in value in the Dax. The medical and hospital group Fresenius was also in view because of the replacement of CEO Stephan Sturm. On Friday evening, the supervisory board appointed Michael Sen, who was previously responsible for the medical subsidiary Kabi, as his successor on October 1st. The market said it was a move investors were hoping for as the share price has fallen to its lowest level since 2012. The Fresenius papers rose by 3.5 percent at the top of the Dax. The shares of the subsidiary Fresenius Medical Care held up against the negative trend.
Uniper’s shares in the M-Dax fell by 7.7 percent. The further rising gas prices are increasing the pressure on the ailing energy company, it said. Away from the major indices, Borussia Dortmund shares suffered from profit-taking and fell by 13.5 percent. On Wall Street, the Dow Jones was down 1.3 percent by mid-market.