Election day in the USA: the Dax rises, the dollar falls
Photo: Arno Burgi / dpa
The Dax continued its recovery on the day of the presidential election in the USA.
The Dax advanced by 1.4 percent to 11,967 points by noon on Tuesday, bringing the 12,000 mark back into focus.
On Monday, the Dax had already risen by 2 percent after losing almost 9 percent in the previous week as the corona crisis worsened.
To compensate for the losses of the previous week, the Dax is still around 600 points missing.
The winners in the leading German index include the shares of Daimler and MTU with gains of 4 percent each, while Bayer shares continued to decline against the positive trend.
Investors were disappointed with the quarterly figures.
The MDax of the 60 medium-sized stocks last rose by 1.5 percent on Tuesday.
The leading barometer of the Eurozone, the EuroStoxx 50, gained 1.4 percent.
Analyst Stephen Innes from the trading house Axi wrote of a "better mood" on the eve of the election, with a view to the also on Wall Street rising stock exchange prices, because the latest polls still indicated a victory for the Democrat
He warned that the races in the electoral states were close.
Börse bets on Biden and on clear conditions in the Senate
"Currently the market is betting on a victory for the Democrat Joe Biden," said Christian Stocker, strategist at UniCredit.
Many stockbrokers are counting on the fact that relations between the USA and Europe will improve again under a US President Biden.
"Clear majorities would be the best thing that could happen to the stock exchanges, although the Democrats, because of their willingness to borrow a lot for new economic stimulus programs, are likely to be preferred by investors, at least in the short term," said Jochen Stanzl, chief market analyst at brokerage firm CMC Markets.
"An election result that brings weeks of uncertainty or a potential mutual blockade in Congress would be more of a disadvantage for the further development of the stock market."
Should the Democrats win a majority in the Senate again, Mitch McConnell (Moscow-Mitch), Republican majority leader in the Senate and one of the gravedigger of American democracy alongside Trump, would have to leave.
With a premium of up to 6.6 percent, the shares of bank BNP Paribas were at the top of the Paris benchmark index.
The French institute benefited from investment banking and generated more profit than expected in the third quarter.
Bayer falls short of expectations
At a discount of 1.9 percent, Bayer shares were at the bottom of the Dax.
Billions in write-offs in the agricultural business broke the company in a loss in the third quarter.
The glyphosate comparison in particular is becoming more expensive.
With the operating result (Ebitda) before special items, the group also fell short of market expectations.
The mail order company HelloFresh, one of the winners of the corona crisis, confirmed the previously raised annual targets.
The shares gained 2.5 percent at the Xetra close.
The shares of the fertilizer group K + S are in view after, according to dealers, disappointing quarterly reports from North American competitors such as Mosaic and Nutrien.
On Tradegate Klöckner & Co. were positive. One trader described the steel trader's quarterly figures as slightly positive on balance.
Berenberg Bank upgraded Vossloh from "Hold" to "Buy".
The rail technology company is benefiting from the green megatrend, wrote analyst Otto Sieber in a study published on Tuesday.
The corona crisis hit the group less hard than expected.
On Tradegate the shares gained 3 percent.
Dax, Dow and stocks at a glance:
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Euro on course for recovery, dollar under pressure on US election day
The euro has recovered somewhat from its losses in the past few days.
On Tuesday morning, the common currency cost 1.1655 US dollars, a little more than in Asian trade.
The European Central Bank (ECB) had set the reference rate on Monday afternoon at 1.1652 dollars.
The dollar depreciated.
The euro rose 0.5 percent to $ 1.1697.
Antje Praefcke, a foreign exchange analyst at Commerzbank, said the final election result could only be available later than expected and the incumbent Donald Trump doubted it.
"Also riots in the USA cannot be ruled out, which could induce the market to sell the dollar."
In the wake of the dollar's weakness, the gold price rose again on Tuesday.
Oil prices are rising sharply again
There was also a strong upward trend on the oil market.
The price of a barrel of Brent North Sea oil soared 3.6 percent to $ 40.38, while US light oil rose 3.9 percent to $ 38.26.
Here, too, speculators were caught on the wrong foot, who had bet on a further decline in prices and would now have to close out their positions, said Tamas Varga, an expert at the oil brokerage company PVM.
"It would be tempting to see that the recovery is picking up pace after last week's price slide, but that's just not a plausible scenario."
Market observers interpreted statements from Russia as meaning that the oil cartel Opec will postpone its production increases planned for the beginning of next year.
"Something must be done on the part of the suppliers if prices are to stabilize - and the comments from Russia indicate that," said Michael McCarthy, chief analyst at the analysis company CMC Markets.
However, the main concern is demand, here the corona crisis continues to weigh heavily.
with dpa-afx / Reuters