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Stock market: Dax stabilizes, Bitcoin again above 30,000 US dollars

2022-05-10T15:58:01.186Z


Recovery attempt stopped: The Dax gives up a large part of its early gains. In the US, Dow Jones and Nasdaq continue their slide and fall to yearly lows. Bitcoin climbs back above the $30,000 mark.


Enlarge image

Anxious times on the stock market:

The Dax is in a downward trend

Photo: Frank Rumpenhorst/dpa

After the high losses at the start of the week, stock prices in the USA stabilized in early trading on Tuesday, but then stopped trying to recover.

Investors have been caught between stubbornly high inflation and tightening central bank policies that could slow economic growth and even plunge some countries into recession.

The leading US index

Dow Jones Industrial

initially rose by 1.4 percent, but after two hours of trading it turned negative by 0.2 percent and fell to its lowest level in a year.

Of the

The Nasdaq 100, which was initially up 2.2 percent, was last down 0.1 percent, its lowest level in 18 months.

The Dax also gave up a large part of its gains in late trading.

By the afternoon, the leading German index had only increased by around 1 percent.

The MDax gained 1.1 percent, the EuroStoxx 50 was only 0.9 percent higher.

ZEW index no longer quite so gloomy

In addition to the good indications from the USA, the economic expectations of German financial experts had surprisingly brightened from a low level.

The mood barometer of the Mannheim research institute rose by 6.7 points to minus 34.3 points in May compared to the previous month, as reported by the Center for European Economic Research (ZEW).

The assessment of the economic situation, on the other hand, deteriorated by 5.7 points to minus 36.5 points.

According to the ZEW, the considerable corona restrictions in China led to a significant deterioration in the assessment of the economic situation there.

"This is a heavy burden for future economic growth in Germany."

Bayer stock gains about 5 percent

Henkel

's consumer goods shares

attempted to bottom out at the top of the Dax with a plus of 5.3 percent.

Bayer

advanced by 5 percent, and thanks to strong growth in the agricultural business, the group is on track to meet its annual targets.

According to business figures, Siltronic

from the MDax stopped their downward trend with a plus of 5.9 percent.

Increased sales prices and an unchanged high demand for semiconductor wafers provided momentum at the beginning of the year.

In the SDax small-cap index, the shares of the automotive supplier

Schaeffler

jumped by 8.7 percent.

The outlook is a little below market expectations, but the fact that Schaeffler is giving a forecast again at all, together with the figures for the first quarter, is a relief, said a dealer.

Shop pharmacy

lost more than 14 percent.

The reason for this was renewed delays in the electronic prescription.

Crash on installments on Wall Street

Wall Street breaks off its recovery attempt in the afternoon.

The leading indices Dow Jones, Nasdaq and S&P 500 each fall by half a percent after initial gains.

With 32,085.29 points, 11,570.48 counters and 3970.95 digits, they are as low as they were last more than a year ago.

The Nasdaq 100 even marks an 18-month low.

"Recoveries are used by investors to reduce holdings of risky assets, which in turn triggers new sales - a typical feature of rallies in a bear market," says analyst Konstantin Oldenburger.

"Most investors are not yet ready to buy stocks as their confidence in the economy and corporate earnings growth has plummeted."

Exchange rate losses in Asia

In Asia, most of the major equity markets fell on Tuesday due to weak US guidance.

In Japan, the Japanese Nikkei index lost 0.7 percent and thus fell further.

The

Hang Seng

in the Chinese special administrative region of Hong Kong fell around 2 percent after there was no trading on Monday due to a holiday.

On the other hand, the

CSI 300

index with the 300 most important companies from mainland China rose slightly.

This recently increased by 0.6 percent

Bitcoin climbs back above $30,000

The world's best-known digital currency, Bitcoin, also fell significantly and at times fell below the $30,000 mark.

At $ 29,833, the lowest level since July 2021 was marked on Tuesday night.

Recently, however, the cyber currency has recovered and is listed on the Bitstamp trading platform at 31,781 US dollars.

Just a few days ago, a bitcoin cost over $10,000 more.

The cryptocurrency has been under pressure for weeks.

Bitcoin hit a record high of $69,000 in November last year.

Oil prices fall again

Oil prices on Tuesday significantly widened their markdown from the previous day.

Most recently, a barrel (159 liters) of North Sea Brent cost $104.15.

That was $1.79 less than Monday.

The price of a barrel of West Texas Intermediate (WTI) grade fell $1.66 to $101.43.

Market participants partly explained the discounts on the oil market with the rising dollar exchange rate.

As a result, oil became more expensive for those interested outside the dollar area, which weighed on their demand.

The commodity is traded internationally in US currency.

At the beginning of the week, oil prices had already fallen significantly.

Market participants pointed to difficulties within the EU in agreeing on an embargo on Russian crude oil.

Resistance comes mainly from Hungary, which fears considerable economic damage due to its high level of dependency.

With news agencies

Source: spiegel

All news articles on 2022-05-10

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