A cocktail of energy crisis, bleak growth prospects and concerns about inflation and interest rates paralyzed investors in the middle of the week. However, after the recent heavy losses, the Dax can assert itself.
The German stock market continued to stabilize somewhat on Wednesday in the internationally battered stock market environment. The leading index dax ended the trading session 0.2 percent higher at 13,220 points after only falling slightly on Tuesday. At the beginning of the week, the stock market barometer fell by more than two percent in view of renewed interest rate fears and fears of further rising energy prices. Weak economic data underscored the difficult path for the central bankers to fight inflation driven by energy prices with higher interest rates and to protect the economy at the same time, it was said on the market. It has therefore been eagerly awaited for days to see what statements will be made at the central bank symposium in Jackson Hole, Wyoming, from Thursday. Order data from industry gave further impressions of the economic picture in the USA.
In Germany, the focus was particularly on CTS Eventim. After a strong boost in profits in the first half of the year, the organizer and ticket seller is optimistic about a significant recovery from the corona pandemic. The shares fluctuated significantly in the course of trading and most recently rose by 2.6 percent to the strongest values in the M-Dax. A gloomy outlook from US branded fashion retailer Nordstrom dampened sentiment in the retail sector. Like US department store chain Macy’s, Nordstrom is feeling the effects of declining consumer purchasing power and has to cut prices to reduce its high inventories. The papers gave way in New York around 18 percent. In the wake of Nordstrom, Hugo Boss shares in Germany lost up to two percent in value at times. Zalando titles fell three percent at the top.
Away from the major indices, strong half-year figures gave SFC Energy shares a plus of more than 13 percent. Analyst Johannes von der Ohe from Bank Oddo BHF attested the fuel cell manufacturer a respectable first half of the year with a second quarter that exceeded its expectations in terms of both sales and operating profit.
Was on Wall Street Dow Jones half a percent higher at 33,070 points in the middle of trading.