market report
Status: 11/24/2022 07:35 a.m
The German stock market has to do without fresh impulses from the world’s leading stock exchange in New York. Wall Street is closed for Thanksgiving. The DAX should not make any big leaps today.
After Wall Street’s robust reaction to the minutes of the Fed’s most recent central bank meeting, there are signs of a calm start in the DAX. The broker IG assesses the leading German index 0.1 percent higher at 14,449 points.
Standoff between DAX bulls and bears
The upward trend in the DAX is still intact. The past few days had shown two things. Firstly, hardly any invested investor wants to sell. Profit-taking, which would not be surprising after a 2400-point rally like the DAX put on the floor, simply did not want to appear.
Secondly, the further way up is no longer child’s play. The strong upward momentum in the DAX had recently slowed down significantly. Market observers speak of a stalemate between bulls and bears.
US stock markets boosted by Fed minutes
Positive guidelines for DAX trading come from Wall Street. The Dow Jones and S&P 500 ended the holiday break at their highest level since August and September. The US stock exchanges will be closed today on Thanksgiving, and there will only be shortened trading until 7 p.m. CET tomorrow on Black Friday.
The Dow Jones index of standard values went up 0.3 percent to 34,194 points from trading. The tech-heavy Nasdaq advanced one percent to 11,285 points. The broad S&P 500 gained 0.6 percent to 4027 points.
Markets were buoyed by the minutes of the Fed’s latest rate meeting earlier in the month, released last night. After that, there were increasing signals in the US Federal Reserve that it would switch to a less aggressive stance on interest rate hikes.
Fed signals push Nikkei
Markets in Japan followed Wall Street’s course higher this morning. The Nikkei index, which comprises 225 stocks, was 1.0 percent higher at 28,383 points at the close of trading.
On the other hand, concerns about the effects of the corona restrictions on the economy continued to dominate the Chinese stock exchanges. In China, the number of corona cases has risen to the highest value of the current year. The Shanghai stock exchange was down 0.1 percent. The index of the most important companies in Shanghai and Shenzhen lost 0.3 percent.
Euro again clearly above 1.04 dollars
The dollar has weakened across the board in Asian FX trading as the prospect of less aggressive rate hikes makes the US currency less attractive. At the same time, the euro rose by 0.2 percent to $1.0436. A troy ounce of gold costs 1753 dollars in the morning.
Conti-Hacker was in the IT system much earlier
In the DAX, the Continental share is once again in focus this morning. The car supplier and tire manufacturer apparently only noticed the hacker attack on its IT systems in the summer after about four weeks. As the financial news agency dpa-AFX learned from corporate circles, the cyber attackers are said to have gained access to data in the Hanover-based company’s network as early as July 4th.
All VW brands suspend advertising on Twitter
The Volkswagen Group has stopped all paid activity on Twitter. All brands in the Volkswagen Group – i.e. VW, Audi, Seat, Cupra, Lamborghini, Bentley, Ducati and Porsche – have frozen their advertising activities on the social media platform until further notice, said a spokesman for the Wolfsburg carmaker yesterday. After Elon Musk took over Twitter, Audi even decided to stop all activities on Twitter, such as direct posts.
Uniper rescue is becoming more and more expensive for the state
The rescue of the tumbling gas giant Uniper will be more expensive for the German state than previously assumed. In addition to the already known rescue plans, authorized capital of up to 25 billion euros is to be created by issuing new shares against cash and/or non-cash contributions, the group announced yesterday. Together with the measures already announced or ongoing, the rescue of the largest German gas importer could cost up to 51.5 billion euros.