The initial euphoria on the Frankfurt Stock Exchange following the interest rate decision by the US Federal Reserve dissipated again on Thursday. First was the dax followed the US stock exchanges, which had risen sharply the evening before, but in the afternoon the gains were completely lost again after trading resumed in New York. In the end, the Dax lost 0.5 percent to 13,903 points, at the top it had gained almost 2.5 percent. As expected, the Fed hiked interest rates by 50 basis points. However, Fed Chair Jerome Powell explicitly ruled out a 75 basis point rate hike in an upcoming meeting. Nonetheless, investors’ fears of aggressive monetary tightening in the face of high inflation quickly flared again. “I would say that the markets are not buying into the Fed’s dovishness,” said Callie Cox, US investment analyst at broker eToro.
In addition to the monetary policy signals, the balance sheet season provided impetus. The online fashion retailer Zalando, which had to accept a decline in sales for the first time since the company was founded 14 years ago, caused disappointment. The days of significant growth may be over for now, a trader said. The titles lost 10.6 percent, making them the biggest Dax losers. The shares of the real estate group Vonovia increased by 1.8 percent. Figures and outlook paint a mixed picture, but are good enough for rising prices, one trader said. In the M-Dax, Aixtron slipped by 3.2 percent despite a significant increase in sales in the first quarter. Since the beginning of the year, however, the titles of the plant manufacturer producing for the chip industry have increased by a good 36 percent. According to optimistic statements about the summer season, Lufthansa shares also made good progress at first, but later turned negative and closed two and a half percent lower.
Investors’ fears of ever larger interest rate hikes by the US Federal Reserve boomeranged back on the US stock exchanges and sent Wall Street plummeting. Of the Dow Jones lost more than 1200 points or 3.7 percent to 32 797 points. Above all, technology stocks got under the wheels. The index of the Nasdaq Composite technology exchange fell by up to 5.3 percent.