ROUNDUP/Aktien Frankfurt Opening: New attempt to stabilize ahead of US data | news
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FRANKFURT (dpa-AFX) – The recently weakening Dax (DAX 40) made another attempt to stabilize on Thursday. Investors’ willingness to buy, however, was limited before the new US inflation numbers.
The leading German index was able to shake off its initial, moderate losses. More than an hour after the start of trading, however, it was only enough for a plus of 0.26 percent to 12,204.05 points, which still left it well above the much-noticed 12,000-point mark. The MDAX of medium-sized German companies contained its minus at 21,799.47 points to 0.43 percent, while the eurozone leading index EuroStoxx 50 (EURO STOXX 50) recently lost 0.21 percent.
According to analyst Jochen Stanzl from broker CMC Markets, US consumer prices due this afternoon “have the potential to break the Dax’s resilience of the past few days and take the index to new lows for the year”. Capital market strategist Jürgen Molnar from RoboMarkets was similarly pessimistic, speaking of a “razor blade ride”. Producer prices from the USA had already thwarted an attempt to recover by the Dax on Wednesday.
The minutes of the September meeting of the US Federal Reserve published on Wednesday evening also made it clear that the monetary watchdogs are not showing any greater inclination to relax in the fight against high inflation by further raising interest rates. The US stock exchanges, which had previously been friendly, had then closed with little change. From here there was just as little tailwind for the Dax as from the Asian stock markets, which gave way on Thursday.
Looking at the minutes of the latest meeting, Molnar says it is unlikely that the Fed will raise interest rates by less than 0.75 percentage points in November. “However, today’s inflation figures are likely to help decide what comes next: How many more interest rate hikes will follow and when can the central bank finally slow down the high rate of interest rate hikes and calm the markets.”
Südzucker’s figures were the focus of attention on the German market. A surprisingly significant jump in profits in the first half of the financial year and a further increase in sales prospects only convinced investors for a short time: After a friendly start, the shares of the sugar producer turned negative and lost 2.6 percent to 12.31 euros. They are thus among the weakest stocks in the SDAX small-cap index and also slipped below the 200-day line, which is considered an indicator of long-term price development.
According to a retailer, the new sales forecast is higher than the consensus estimate. However, he had already warned before the market about possible profit-taking after the recent recovery and, with a view to the profit targets that had only been confirmed, complained that the earnings dynamic was lagging behind the revenues.
Against this background, the Südzucker subsidiary Cropenergies also paid tribute to yesterday’s price jump after good numbers: With minus 4.3 percent, the shares of the biofuel manufacturer slipped to the bottom of the index.
Shares from the chip sector were also under pressure after negative industry news: the shares of the Dax group Infineon lost 1.6 percent, and the shares of the industry equipment supplier Aixtron (AIXTRON SE) went down by 3.3 percent.
The US industry equipment supplier Applied Materials reduced its outlook for the final quarter due to recent US restrictions on business relations with China. According to traders, this does not bode well for the prospects in the industry in general. In addition, the Taiwanese chip group TSMC announced that it would cut its planned investments in systems by ten percent this year. Stockbrokers rated this as a “dramatic signal for the current state of the tech industry”.
At the commercial real estate specialist Aroundtown (Aroundtown SA), a deleted buy recommendation from Citigroup weighed on: The shares fell by 5.8 percent to a new record low and were also the biggest loser in the MDax. Analyst Aakanksha Anand is now assuming a more severe recession and only gives a neutral investment rating. Real estate values as a whole continued to suffer from the rising interest rate level./gl/stk