Bull and bear in front of the German stock exchange in Frankfurt am Main: Dax with price jump
Photo:Rupert Oberhäuser / imago images
Price rally on the stock exchanges, and auto shares storm ahead: The German leading index Dax made the jump over the round mark of 13,000 points on Tuesday morning. At the top it moved up to 13,033 points, the highest price in almost three weeks. Most recently, the Dax won 2.66 percent. The focus is on the next resistance zone around 13,100 points. For the MDax of the medium-sized values, it was 2.1 percent high. The EuroStoxx 50 won 2.2 percent.
This Tuesday, several positive factors helped the Dax back on its feet again: The specifications from overseas were good, the hope of an agreement in US policy on another economic stimulus package lives on and quarterly figures were received positively. In addition, there was a significantly better than expected ZEW economic index and tailwind from the Chinese car market . Data from the industry association PCA (China Passenger Car Association) confirmed the already positive figures from the manufacturers association CAAM last week. The car market in China continues to recover and in particular the more environmentally friendly electric cars are in demand again, said market expert Andreas Lipkow from the Comdirect Bank. "The shares from the German automotive sector benefit from this and push the Dax." In addition, the ZEW index, which reflects expectations of an improvement in the economy, jumped to its highest level in 16 years.
The positive requirements from overseas also serve as a support. In New York, the Dow Jones - unlike the Nasdaq indices, which have recently avoided technology stocks - expanded its profits the previous evening. The good mood then spilled over to Asia and now probably also to Europe.
Investors are still confident that the political parties in the US will agree on another stimulus package, said AxiTrader's analyst Milan Cutkovic. The pressure is increasing because the central bank alone cannot save the troubled US economy. Even if a positive outcome is already largely included in the prices, an agreement could at least give the stock markets a small boost.
HelloFresh is heading for a record high
The cook box mail order company HelloFresh had again increased its forecast the evening before and is increasingly becoming one of the biggest winners of the Corona crisis. On Tuesday, things went up significantly towards the record high and most recently, with a little less force, still by almost 3 percent.
The copper group Aurubis confirmed its outlook for the year. The shares rose 0.9 percent. Zalando prices rose by 3.7 percent. Analyst Volker Bosse from Baader Bank called the results of the online fashion retailer very strong. Corestate slipped more than 8 percent. The numbers were weak as feared, it said from Baader Bank. Deutz lost 2.6 percent. The Cologne made even more loss in the second quarter. With a plus of 2.3 percent, Jungheinrich returned to its high from the end of July.
Asian stock exchanges are predominantly increasing
After a cautious start to the week, the majority of the Asian stock markets picked up momentum on Tuesday. The good guidelines from the USA also provided support here. There were also positive signals from the Chinese car market.
"The speculation on a US corona aid package is currently providing tailwind on the stock markets," said analyst Christian Schmidt from Helaba in a comment. Wall Street was therefore primarily looking for cyclical stocks.
In Japan, the leading Nikkei index closed 1.88 percent firmer at 22,750.24 points. The CSI 300 with the 300 most important shares of the Chinese mainland stock exchanges fell slightly in late trading by 0.19 percent to 4715.80 points. In Hong Kong, however, the Hang Seng recently increased significantly by 1.83 percent to 24,824.19 points.
On the Singapore stock exchange, however, there were somewhat more significant losses. The economy of the Asian city-state has been hit harder by the Corona crisis than previously thought. In the second quarter, economic output plummeted by 13.2 percent year-on-year, according to the Ministry of Commerce.
Dow at its highest level since late February
The US leading index, the Dow, regained its highest level in just over five months on Monday. Shortly after the start of trading, the Wall Street Index left its early June high behind and climbed towards 28,000 points. Support for Wall Street came from the prospect of expected further aid to the troubled US economy.
At the close of trading, the Dow Jones was up 1.30 percent to 27,791.44 points, its highest level since February 25. A few days before this date, the coronavirus panic had hit the stock exchanges and sent them into a steep decline by mid-March. The market-wide S&P 500 advanced 0.27 percent to 3360.47 points on Monday, while the Nasdaq 100 fell 0.49 percent to 11085.17 points. The technology-heavy Nasdaq selection index had only reached a new record high on Thursday.
On Sunday, US President Donald Trump simply ordered the new Corona economic stimulus package because negotiations between Republicans and Democrats in Congress had failed. Trump promised much-needed aid, including more money for millions of unemployed. Critics, however, complain that the US Congress has yet to approve these measures. The increasing tensions between the US and China in the dispute over the restriction of Hong Kong's autonomy have been largely ignored.
Euro exchange rate hardly changed
The euro has not continued the losses of the past trading days for the time being. The common currency was trading at $ 1.1752 on Tuesday morning, slightly higher than on Monday evening. The European Central Bank (ECB) last set the reference rate on Monday afternoon at 1.1763 (Friday: 1.1817) dollars.
Recently, a dollar strength had weighed on the euro. Better than expected data from the US labor market and the decision of US President Donald Trump to extend existing relief measures in the corona crisis by decree provided a boost for the US currency.
In the morning, market observers spoke of a rather low-momentum trade. There is only a few important economic data on the program during the course of the day for investors to orientate themselves on.
Oil prices continue to rise
Oil prices rose a little on Tuesday, building on the slight gains from the previous day. In the morning, a barrel (159 liters) of North Sea Brent cost 45.19 US dollars. That was 20 cents more than the day before. The price of a barrel of US West Texas Intermediate (WTI) oil rose 32 cents to $ 42.26.
On the market, the rise in oil prices was further explained by a higher demand forecast by the Saudi Arabian oil company Saudi Aramco and the recent development of the corona pandemic in the USA. Most recently, the number of new infections in important US states fell again.
In addition, oil prices were also supported by a comparatively low dollar exchange rate. Although the dollar has been able to recover somewhat since the beginning of the week, it had lost significant value in the past week. Since crude oil is traded in dollars on the world market, a weakness in the exchange rate of the American currency makes the raw material cheaper outside the dollar area and thus strengthens demand.
mg / dpa-afx / Reuters
