Market close: Dax rises thanks to Wall Street recovery, cryptocurrency Bitcoin over 50,000 US dollars, Facebook shares in the black

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Bitcoin:

The cryptocurrency climbs above $ 50,000 to a four-week high

Photo: CRISTOBAL HERRERA-ULASHKEVICH / EPA

The German stock market recovered on Tuesday from its clear previous day's losses and gained noticeably in the wake of the much firmer Wall Street.

After three consecutive days of losses, the Dax closed with a gain of 1.05 percent at 15,194.49 points.

The MDax of the medium-sized stock market values ​​gained 0.57 percent to 34,022.91 points.

The US stock exchanges received a boost from unexpectedly strong US economic data.

The mood in the US service sector surprisingly brightened in September.

The purchasing managers index of the Institute for Supply Management (ISM) rose compared to the previous month, while experts had expected a decline.

Accordingly, the Dow Jones Industrial in New York recently rose by around 1.3 percent.

The other leading European exchanges also saw an upward trend on Tuesday.

The leading Eurozone index EuroStoxx 50 advanced by 1.73 percent to 4,065.43 points.

The Paris Cac 40 climbed by around 1.5 percent and the London FTSE 100 by around 0.9 percent.

Infineon increases prognosis

Regardless of the current upswing, the stock market is facing a difficult autumn according to Axel Botte, market strategist at the investment house Ostrum Asset Management: "Given the sharp rise in energy prices, growth difficulties in China and weak economic surveys, investors must expect higher price fluctuations in the fourth quarter." The strategy of some investors, which has been successful so far this year, of buying in when prices have fallen, is reaching its limits.

Positive news came from Infineon: The semiconductor manufacturer expects increasing sales and results for the coming fiscal year.

The targets are above the current expectations of the analysts, wrote Sandeep Deshpande of the US investment bank JPMorgan.

Infineon is currently profiting from the booming demand for chips.

The shares of the semiconductor manufacturer rose as the biggest winner in the Dax by 4.8 percent.

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In contrast, the often corona-related scarcity of computer chips is affecting more and more companies in many areas of the economy.

New business collapsed at the IT leasing specialist Grenke.

According to the company, this was due to global delivery bottlenecks, especially at manufacturers of computer and office technology.

The shares fell 6.7 percent.

Hellofresh's stocks stopped their most recent slide and rose 3.6 percent.

In spite of massive investments, the cash in hand of the cooking box supplier is so ample that investors could take part in the form of share buybacks, wrote analyst Sarah Simon from the private bank Berenberg.

At the end of the MDax, Rational's shares lost 4.8 percent.

Because of delivery problems, there is a question mark behind thousands of oven deliveries at the commercial kitchen supplier, wrote analyst Sebastian Kuenne from the Canadian bank RBC.

Bitcoin breaks the $ 50,000 mark

Bitcoin cryptocurrency continued its recovery on Tuesday and continued to benefit from growing investors' inflation concerns.

By midday, Bitcoin had increased by up to 2.8 percent to $ 50,367, breaking the $ 50,000 mark for the first time in four weeks.

The course of the cyber currency had already recovered significantly on Friday.

Other crypto stocks such as Ether, Cardano or XRP also increased significantly.

The market value of all around 12,000 crypto investments rose again over the mark of two trillion dollars.

A sell-off in cryptocurrencies had pushed the oldest and largest cyber currency down to $ 40,596 in September. Positive comments from regulatory authorities have recently made investors more confident again. "The Fed's commitment to cryptocurrencies is grist to the mill of investors," said analyst Timo Emden from the analysis service of the same name. US Federal Reserve Chairman Jerome Powell had promised to regulate digital currencies, but not to ban them.

The attitude is much more moderate than the efforts of the Chinese political leadership, which is very critical of private-sector digital currencies.

Just a few days ago, the Chinese central bank had emphasized that trading in crypto values ​​was illegal.

China has long been striving for its own state-controlled digital currency.

The digital yuan is considered to be very advanced in development and is already being tested in practice.

Robust US economic data is slightly depressing the euro

The euro gave way on Tuesday.

In the afternoon, the common currency cost $ 1.1590.

In early trading, it was still above $ 1.16.

Last week, the euro fell to its lowest level since July 2020 at $ 1.1563.

The European Central Bank (ECB) set the reference rate in the afternoon at 1.1602 (Monday: 1.1636) dollars.

The dollar cost 0.86192 (0.85940) euros.

The euro was also weighed down somewhat by robust economic data from the USA.

US stock exchanges: Dow Jones in the black

The US stock exchanges went on a recovery course on Tuesday.

Shortly after the start of trading, support came from the better-than-expected sentiment data from the service industry.

However, market observers see more of a backlash in the rising prices after the setback at the beginning of the week.

It is said that the recovery is mainly due to the recently particularly weak technology stocks.

According to them, the market will remain ailing for the time being.

Facebook share starts recovery attempt

On Wall Street, Facebook was once again in the spotlight.

The hours of failure of the Facebook, Instagram and WhatsApp services fueled criticism of the predominance of the online network.

"In addition, the revelations about questionable business practices are likely to increase regulatory pressure and further damage the company's reputation," warned DZ Bank analyst Ingo Wermann.

A former Facebook manager should be heard on Tuesday in the US Congress.

The company's shares gained 1.7 percent after falling just under five percent on Monday.

Oil prices continue to rise after OPEC meeting

Oil prices rose significantly again on Tuesday. A scarce supply with high demand at the same time was a driving force. Most recently, a barrel (159 liters) of North Sea Brent cost 83.07 US dollars. That is the highest level in three years. That was $ 1.82 more than Monday. The price of a barrel of the American West Texas Intermediate (WTI) rose by $ 1.85 to $ 79.47. This is the highest level since 2014.

On Monday, oil prices had risen sharply after the oil network Opec + failed to respond to the call for a stronger expansion of production.

The 23 countries of the OPEC + production network confirmed their course on Monday, which envisages an expansion of production in November by 400,000 barrels per day.

Many experts consider this to be too little, as demand is high due to the economic situation and there are bottlenecks in the oil supply.

with news agencies