Dax with price slide: Nasdaq crash and price drop in the Dow Jones continue, cryptocurrency Bitcoin buckles

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Trader on the German stock exchange:

The price drop in the Dow and on the Nasdaq also weighs on the Dax

Photo: Frank Rumpenhorst/ DPA

The heavy price losses on Wall Street the day before are likely to push the

  back well below the 14,000 point mark on Thursday.

The weakness of the previous day on the German stock market is thus continuing.

Especially on the technology-heavy US stock exchange Nasdaq, the prospect of rising interest rates weighed heavily on prices.

But the leading US index, the Dow, had also come under a lot of pressure.

The broker IG assessed the

  around 90 minutes before the start of trading 1 percent lower to 13,880 points.

Investors continue to flee the US stock markets for fear of more drastic interest rate hikes by the Fed and the consequences for the economy.

The

standard value index fell 3.5 percent on Wednesday to 31,490 points.

The tech

was down almost 5 percent by the close in the US on Wednesday, while the broader Nasdaq 100 index fell 5.4 percent and fell well below the 12,000 mark.

It is the lowest level on the Nasdaq in more than a year.

The market-wide S&P 500 fell 4.04 percent to 3923.68 points - this was its highest daily loss since June 2020.

"The increase in the cost of living is underestimated," wrote Robin Beugels of private bank Merck Finck in an analysis of the high losses in technology stocks.

Consumers would have less disposable income in the face of soaring costs, while wages have not kept pace with rising costs.

"So consumers have to save somewhere and will continue to have to make compromises."

In principle, the cards for tech and non-tech companies would be reshuffled in 2022.

"Markets don't like uncertainty," said Brooke May, partner at wealth management firm Evans May. "It's unclear how far the Fed will have to go to get inflation under control. Higher interest rates are hurting consumer spending as well as corporate earnings. "

Fed Chair

had earlier reiterated his commitment to fighting inflation and had not ruled out more aggressive rate hikes.

The dollar index, which tracks rates against major currencies, then returned to its most recent 19-1/2-year high, up 0.3 percent to 103.64 points.

Some stockbrokers feared that tightening monetary policy too quickly would plunge the economy into a recession.

Therefore, they parted ways in anticipation of falling demand for commodities.

The price of the industrial metal copper fell by 1.7 percent to $9,206 per ton.

US wheat futures fell 3.7 percent to $12.295 a bushel.

In addition, weak signals came from the US construction industry in the middle of the week.

The number of new houses started and the number of building permits declined.

The construction industry is also having problems with rising mortgage interest rates and increased material costs due to delivery bottlenecks

Tesla stock plummets nearly 7 percent

was hit by being kicked out of an index

.

The papers of the electric car manufacturer gave way almost 7 percent.

The index provider S&P Dow Jones Indices has reportedly removed the company from the S&P 500 ESG index.

The reason for this is Tesla's handling of investigations into accidents in connection with the autopilot function of the vehicles and allegations of racism.

ESG indices only include companies that meet certain criteria for environmental protection (Environmental), social commitment (Social) and responsible corporate management (Governance).

Siemens Energy wants to take over Siemens Gamesa completely

The fact that

confirmed considerations about a complete takeover of the Spanish wind power

caused the shares of the energy technology group to rise by 4.3 percent.

They took the top spot in the MDax.

The Siemens Gamesa shares on the stock exchange in Madrid were temporarily suspended from trading after an 11 percent jump in price.

Bitcoin falls below $30,000 mark

The world's best-known digital currency, Bitcoin, fell back below the 30,000 point mark on Thursday.

The cyber currency was last listed on the Bitstamp trading platform at around 28,500 US dollars.

Bitcoin fell to $26,283 last week.

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

Since then, the rating has more than halved.

Oil prices slightly higher

Oil prices have risen moderately.

Most recently, a barrel (159 liters) of North Sea Brent cost 112.70 US dollars.

That was 77 cents more than the day before.

The price of a barrel of the US West Texas Intermediate (WTI) variety rose by $1.27 to $113.67.

The prospect of a somewhat relaxed corona policy in China continues to provide a boost on the oil market.

After weeks of drastic curfews in the economic metropolis of Shanghai, no new virus infections have been reported there for the fourth day in a row.

China's strict corona course is weighing heavily on the world's second largest economy and dampening its energy demand.

With news agencies