The disappointing quarterly reports of the US giants Amazon and Apple also weigh on the European technology sector. On the other hand, the Daimler share, which climbed to its highest level in six years, made a positive impression.
Disappointing news from the two technology companies and stock market favorites Apple and Amazon put pressure on the mood on the German stock market at the end of the week. Of the Dax gave in on Friday by 0.1 percent to 15,689 points. “Both the online retailer and the iPhone provider are the dreaded burden from the reporting season, which has the potential to slow the market down significantly,” commented portfolio manager Thomas Altmann from QC Partners. Both companies went down three percent in retail in New York on Friday. European technology stocks like AMS, STMicronelectronics were hit, falling one percent. In contrast, Infineon shares rose by 0.7 percent.
“In general, however, it can be said that the companies’ quarterly reports were mostly positive,” said Jürgen Molnar from the brokerage firm Robo-Markets. “Today’s damper could be history again in the coming week – also because the European Central Bank currently sees no need for action on either the key interest rate or the bond purchases despite the rising prices.”
The gloomy mood eluded the shares of Daimler, which with plus 2.3 percent were among the biggest DAX winners and reached their highest level in six years. The automaker’s focus on more profitable models has had a positive effect on the profit margin, praised analyst Philippe Houchois of the Jefferies investment bank. In addition, despite the lack of chips and high energy prices, Daimler is optimistic about the coming year. The quarterly figures from MTU were also well received, with the share price gaining 2.6 percent. The engine manufacturer earned more than expected in the third quarter.
Meanwhile, Volvo Cars celebrated a brilliant debut in Stockholm. The titles of the car manufacturer belonging to the Chinese Geely group rose by 27 percent above the issue price of 53 kroner. The issue was worth around two billion euros. Volvo Cars intends to use the proceeds, among other things, for the expansion of electromobility.
Of the Dow Jones traded 0.2 percent higher at 35 801 points at mid-trading.