Frankfurt am Main – After all: After all the setbacks for the Dax, it’s now a lead for the third consecutive day.
The index therefore remained on a stabilizing path. While US exchanges made a strong recovery after a public holiday and then recovered a positive start to the week on other exchanges, the increase in Frankfurt was unfortunately only moderate.
The leading German index was up 0.20 percent to 13,292.40 points from trading.
MDax gained 0.11% to 27,512.54 points.
At the same time, the Dow Jones Industrial was up 1.8% and New York’s tech stocks were even stronger.
“Investors don’t trust the Wall Street rally,” said a market analyst. He referred to the painful experience that the strong start of trading in the US in recent weeks has subsequently led to price losses. The expert assessed the rally in the New York share price as a “short squeeze”, ie driven by the buying of investors who have recently been biased very unilaterally to the downside.
Another expert also fears the turbulent last few weeks on the stock market are not over yet. “The rest of the summer will probably bring more. Everyone is looking for the bottom, but there is a lot of uncertainty about the prospects, “he stressed. So far, there are no fundamentally encouraging signs.
The main themes on the markets remain immensely high inflation and countermeasures by global central banks with hikes in interest rates. A support for the Dax on Tuesday was auto values, which were supportive in the context of the recovering international stock market, as they showed price gains of between 1.2 and 1.9 percent at BMW, Mercedes- Benz, Volkswagen and Porsche VW-Holding. On the other side of the index, however, individual companies with negative news were concentrated.
Bayer shares fell 2.1%. Disappointment has spread here because the US Supreme Court rejected a request from the Dax Group to look into a case in the long-running dispute over the alleged cancer risks of glyphosate-containing herbicides. The rejection wasn’t really a surprise, so the initial strong reaction lessened over time.
Things were even bleaker at Fresenius Medical Care (FMC), also due to a US Supreme Court decision against US competitor Davita. It raises concerns about the level of revenue from dialysis services for some patients. In the Dax, shares of FMC fell 9%. This also weighed on the shares of the parent company Fresenius by almost five percent.
Among German small caps, Nordex shares fell more than seven percent. In a generally weak environment for energy stocks, investors were particularly troubled by the key obscure data for the first quarter with a slippage reported in the operating loss zone. Newspapers recently demoted from SDax had even lost 13 percent at the top.
Online broker Flatexdegiro has also been a topic of conversation, which, in light of the latest business development, predicts a decline in client activity this year. However, the share still relativized significant losses at times to less than 1.5%. Analyst Charles Mayne has significantly reduced his target price from € 32 to € 20, but still sees the potential for doubling.
The euro appreciated slightly in an overall friendly environment. More recently, the common currency cost US $ 1.0549. The European Central Bank had meanwhile set the reference rate at 1.0550 (Monday: 1.0517) dollars.
On the bond market, the current yield rose on Tuesday from 1.55% the day before to 1.64%. The Rex pension index fell 0.41% to 131.09 points. The Bund futures rose 0.03 percent to 143.33 points.