Stock exchange in Frankfurt
Dax with some headwind at the start of October
The Dax is the most important stock index in Germany. photo
© picture alliance / dpa
Investors on the German stock market are entering October cautiously. After a positive start thanks to the agreement in the US budget dispute, the tailwind for the Dax was lost over the course of the day on Monday. In the afternoon, the Dax was down 0.28 percent at 15,343.93 points. The MDax of medium-sized companies lost 0.67 percent to 25,900.53 points. The Eurozone leading index EuroStoxx 50 fell by 0.3 percent. The US stock markets are also expected to be somewhat weaker on Monday.
Investors on the German stock market are entering October cautiously. After a positive start thanks to the agreement in the US budget dispute, the tailwind for the Dax was lost over the course of the day on Monday. In the afternoon, the Dax was down 0.28 percent at 15,343.93 points. The MDax of medium-sized companies lost 0.67 percent to 25,900.53 points. The Eurozone leading index EuroStoxx 50 fell by 0.3 percent. The US stock markets are also expected to be somewhat weaker on Monday.
According to stockbrokers, it only brought some temporary relief that Democrats and Republicans agreed on a transition budget in the USA over the weekend. According to analyst Pierre Veyret from broker Activtrades, this is positive, but will only boost sentiment for a short time, as it will not solve the long-term debt problem in Washington. An impending insolvency of the US government was initially only postponed.
Purchasing managers’ indices from Europe meanwhile painted a weak economic picture: the mood in industrial companies in the Eurozone deteriorated slightly in September from an already low level. In the afternoon, attention will then turn to the ISM index for US industry, which is important as a leading indicator for the US Federal Reserve’s monetary policy leeway. According to LBBW’s assessment, the index should show a certain improvement in sentiment.
Fresenius with a three percent loss
On the bridge day before German Unity Day, the news situation on the company side remained thin. At Allianz it was about personnel decisions. The insurer’s shares were recently 0.6 percent weaker. The CFO will soon move to competitor Generali and CEO Oliver Bäte can stay until 2028.
At the end of the Dax, Fresenius shares ended up with a discount of more than three percent. A press report was seen as a burden here, according to which the medical group could possibly refrain from paying dividends and management bonuses because of government aid to offset high energy costs in the hospital business.
Analyst comments occasionally caused movement, such as a buy recommendation from Baader Bank for the car rental company Sixt. Its shares recovered at the top of the MDax by 3.8 percent. Vonovia was at the top of the Dax with a plus of 1.8 percent. Goldman Sachs had put the real estate group’s stocks on a new list of values that industry experts are particularly convinced of.
The euro came under some pressure. In the afternoon the common currency cost 1.0532 US dollars. It was trading slightly above the previous week’s low since January of just under $1.05. In the morning the euro had risen to almost $1.06. The European Central Bank (ECB) set the reference rate at $1.0594 on Friday afternoon.
On the bond market, the current yield rose from 2.86 percent on Friday to 2.87 percent. The Rex bond index fell by 0.02 percent to 122.62 points. The Bund future fell by 0.18 percent to 128.22 points.