Two days before the interest rate decision by the US Federal Reserve, the tension on the European stock exchanges has grown. “With the ever-increasing fears of a recession, there is some hope among investors that the Fed could significantly slow down the pace of its interest rate turnaround,” said analyst Jochen Stanzl from online broker CMC Markets. Of the dax found mostly no clear direction on Monday and ended the trading session 0.3 percent lower at 13,210 points.
Among the companies, the focus was on Volkswagen after the carmaker announced a change in leadership. The VW shares and those of the major shareholder Porsche SE each lost 1.3 percent, which put them at the bottom of the Dax. On Friday after the stock market closed, VW announced that CEO Herbert Diess would be leaving at the beginning of September and being replaced by Oliver Blume, head of the sports car subsidiary Porsche AG.
In the M-Dax, encouraging quarterly results pushed Bechtle’s shares to the top of the list of winners. The IT company’s shares rose 4.8 percent. The numbers are above expectations and growth has returned to the level before the outbreak of the corona pandemic, praised analyst Martin Comtesse from the investment bank Jefferies. A drop of bitterness, however, is the apparently declining order intake. Increased full-year targets encouraged investors to invest in Baywa. The shares of the agricultural group rose by seven percent and were the top favorite in the S-Dax.
On the other hand, Philips stocks on the Amsterdam stock exchange fell by almost eight percent after the medical technology company announced disappointing quarterly results and slashed its targets. Jefferies analysts wrote that the reduction in sales forecasts comes as no surprise. The prospects for the operating profit margin, on the other hand, have been reduced more significantly than expected.
On Wall Street he commuted Dow Jones mostly around its Friday close and closed slightly higher. There was hardly any news on the company side. In the next few days, however, the business figures from Apple, Google’s mother Alphabet, Facebook’s mother Meta and Amazon are expected.