The Dax is not making much headway. The question of how the central banks will react to high inflation in the future is making investors cautious. Uniper continues to lose value in terms of individual shares.
Economic data from Germany have supported prices on the European stock markets. However, the current interest rate skepticism prevented larger gains. Of the dax closed Thursday 0.4 percent higher at 13,272 points. Support came from data from the German economy, which unexpectedly grew slightly in the second quarter. In addition, the Ifo business climate fell to its lowest level since June 2020 in a monthly comparison. However, analysts had expected a clearer slowdown. Investors remained cautious given the Federal Reserve meeting in Jackson Hole, USA. “The question should be how the central banks, especially the Fed, want to bring the inflation rate to its knees without sending the economy into a major recession,” said Christian Henke from broker IG.
On the corporate side, the topic of gas did not let go of investors. Uniper shares lost seven percent after a sell recommendation from Citigroup in the M-Dax. The analysts pointed out that the share of shareholders would be severely diluted by the government support package. The federal government has put together an aid package worth billions because Uniper is making high losses due to the cut in Russian gas supplies. The share was also weighed down by speculation that the state bank KfW could be forced into an even greater commitment to the ailing energy company.
Investors were also interested in Aroundtown. The commercial real estate specialist got a boost in the first half thanks to its residential real estate subsidiary Grand City Properties. According to dealers, the operating profit was better than expected. The titles still gave way one percent. In the Dax, Munich Re made a positive impression after an optimistic study by analysts. With a plus of 1.5 percent, the reinsurer’s paper was one of the top favorites in the leading index.
On Wall Street it went Dow Jones just under one percent higher from retail. Against the positive trend, Salesforce shares slipped by almost four percent. Although the software company exceeded expectations with sales and earnings in the second quarter, it lowered its forecasts for the current financial year.