Stock exchange in Frankfurt: Dax falls back again

Frankfurt Stock Exchange
Dax falls back again

The Dax fell again significantly on Thursday after the strong recovery the day before.

In addition to disappointed hopes for progress in ending the Ukraine war, the interest rate decision by the European Central Bank (ECB), which was due in the early afternoon, caused investors to be cautious.

Around noon, the leading German index lost 2.08 percent to 13,559.27 points. On Wednesday he had put in a brilliant recovery rally. The MDax for medium-sized companies recently fell by 1.31 percent to 29,650.86 points. The Eurozone leading index EuroStoxx 50 fell by 2.12 percent to 3686.12 points.

The eagerly awaited foreign ministers’ meeting of Ukraine and Russia in Antalya, Turkey, ended after an hour and a half. According to Ukrainian Minister Dmytro Kuleba, there has been no significant progress.

Before the ECB interest rate decision on midday, bank stocks were among the biggest losers across Europe. In the Dax, Deutsche Bank fell by almost four and a half percent. Commerzbank was the biggest MDax loser with a drop of over six and a half percent.

In addition, the reporting season in Germany continued. The fertilizer and salt company K+S was at the top of the MDax thanks to a price increase of a good seven percent. Hannover Re’s share price fell by around 2.7 percent. After a jump in profits in the second Corona year, the reinsurer wants to increase the dividend sharply to a total of EUR 5.75 per share. However, the special dividend contained therein is lower than hoped for, the Jefferies analysts complained.

Hugo Boss shares lost more than six percent, although the fashion group had reported a significant increase in sales and earnings for the past year. Despite the current geopolitical and economic uncertainties, the Metzingen-based company expects a record year in 2022. One trader saw the outlook below expectations but acknowledged it could prove conservative.

dpa