STORY: In anticipation of new interest rate concerns, Dax investors were cautious at the start of the week. The leading German index lost 1.2 percent after opening on Monday. The simple stock gains were made in the summer rally, says Robert Halver, head of capital market analysis at Baader Bank. Now the old problems are back. “And they are more stubborn than expected. Take China, for example. China now has to lower interest rates again. Which clearly shows that even the world’s temple of growth is slowly cracking.” Investors are already turning their attention to the central bankers’ meeting in Jackson Hole, USA, at the end of the week. The question is whether there will be further sharp interest rate hikes in the fight against inflation. Halver does not expect this to happen at the European Central Bank. “The ECB should, according to its mandate, fight inflation. But it knows very well that if it does that, with significant interest rate increases, then it is playing with the risk of financial stability in the south of the eurozone. And it doesn’t want to risk that. Its stability is important of the euro zone rather than the stability of prices.” Investors are also concerned about energy security. The gas price climbed by more than ten percent to 282.50 euros per megawatt hour. The Russian exporter Gazprom announced on Friday that it would again temporarily interrupt operations on the Nord Stream 1 pipeline at the end of the month for maintenance work.