The Dax continues to weaken: After a week of reduced trading, the main German index started the weekend with a strong daily loss on Friday.
Fear of a rise in interest rates pushed investors on the defensive on Friday. In view of high inflation and economic risks, the yield on 10-year Bunds has risen to the highest level in the last seven years.
In the US, the signs clearly point to a rise in interest rates. Another risk factor came with the presidential elections in France on Sunday. A victory for right-wing extremist candidate Marine Le Pen could “lead to significant disruption in the financial markets,” Landesbank Helaba warned.
The Dax it lost 2.48 percent to 14,142.09 points after two strong trading days. With this largest daily loss in six weeks, interim earnings on a weekly basis were again a waste. Share prices also fell in the second row of exchanges: the MDax for midsize shares lost 2.05 percent to 30,800.16 points.
Tech stocks under pressure
High-tech growth stocks are seen as particularly hard hit by rising interest rates. Against this backdrop, German online companies such as Delivery Hero Zalando or Hellofresh with up to minus 5.7 percent among losers in the Dax.
The quarterly season, which has gone well so far, has brought mixed news ahead of the weekend: SAP, also assigned to the tech sector Shares fell 2% on a disappointing profit margin.
But there was even better news: the Metro retail group looks more positively at the current year, which has given the stock a price increase of a good five percent.
Adler Group at the heart of investors
Optimistic outlook from Swiss building materials group Holcim withdrew shares in cement producer Heidelbergcement with on. With a gain of 0.8 percent, the newspapers were the only winners among the 40 Dax titles.
Covestro they were only visually at the bottom of the main index, because the shares of the plastics group were trading ex-dividend. The same was true of the automotive supplier Schaeffler in SDax .
After an early price increase of the Adler Group of 20 percent, the profit fell to a small percentage at the close of trading. The result of KPMG’s audit survey initially provided some relief to investors. The real estate group is now relieved of allegations of systematic fraud. After the initial jump in the price, however, investors took profits again.
European stock exchanges closed in red
Equity markets across Europe were under pressure before the weekend. The EuroStoxx 50 it lost 2.24 percent to 3,840.01 points. The French Cac 40 recorded an equally high loss at the FTSE 100 in London the minus was a little smaller. In New York, the leading Dow Jones Industrial index even at the close of European trading it fell significantly.
The euro, in high demand the day before, slipped into the foreign exchange market up to $ 1.0785 in the evening. The European Central Bank had previously set the reference rate at 1.0817 (Thursday: 1.0887) dollars. The dollar therefore cost 0.9245 (0.9185) euros.
On the bond market, the current yield rose from 0.79 percent the previous day to 0.83 percent. The Rex Pension Index fell 0.24 percent to 135.81 points. The future of the Bund it fell 0.29 percent to 153.30 points in the evening.