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Central bank in China:
The interest rate cut in the People's Republic only pleases investors for a short time - the Dax returns its gains in late trading
Photo: JASON LEE/ REUTERS
With a tailwind from the Asian stock exchanges, the German stock market also tried to recover on the last trading day of the week - but this was canceled again in late trading due to weak US stock exchanges.
China wants to mitigate the economic slowdown by lowering an important reference interest rate for long-term loans.
The German leading index Dax initially gained almost 2 percent to 14,170 points, but gave up these gains almost completely in late trading.
The
MDax
for medium-sized companies was last up 0.8 percent.
The leading eurozone index , the
EuroStoxx 50
, was up 0.5 percent.
In the USA in particular, high inflation and the associated prospect of sharply rising key interest rates have weighed heavily on the stock exchanges in recent weeks.
Compared to the leading US index Dow Jones Industrial, the Dax had recently done well.
Hellofresh, Delivery Hero and Zalando winners
In the Dax, the papers of the former corona profiteers
Hellofresh, Delivery Hero
and
Zalando
were at the forefront.
They gained up to 5.4 percent.
Auto stocks also showed strength, reacting positively to the economic stimulus in China, an important sales market.
In the SDax of the smaller stocks,
Instone Real Estate
fell by 3.5 percent, weighed down by a canceled buy recommendation from Deutsche Bank.
Borussia Dortmund
shares
rose by 4.5 percent.
BVB separates from coach Marco Rose.
According to Sky TV, Edin Terzic will be Rose's successor.
Metro
shares
rose 2.6 percent.
According to an Indian business newspaper, the retail group could sell its business in India for billions.
That went down well with investors.
Dow Jones and Nasdaq turn negative: slide continues
After two days of losses, some of them heavy, the US indices continued their descent on Friday.
Most recently, the
Dow Jones Industrial
was down around 0.5 percent.
The day before, it had fallen to its lowest level since March last year.
In the course of the week, a loss of almost 3 percent is currently looming for the best-known Wall Street index.
The tech
-heavy Nasdaq 100 fell
another 0.6 percent after an hour's trading.
It had fallen to its lowest level since November 2020 in the past week.
His weekly loss is almost 5 percent.
Among the individual stocks in the US,
Foot Locker
and
Deere & Co
are attracting investor interest.
After solid first-quarter results, Andrew Page, chief financial officer of sporting goods retailer Foot Locker, now expects full-year sales and adjusted earnings per share to come in at the high end of guidance.
The stock was up 4 percent premarket.
The agricultural machinery manufacturer Deere & Co. was also more confident for the year as a whole after presenting its figures for the second quarter of the financial year.
Accordingly, he raised his forecast range for net profit.
However, the share reacted with violent fluctuations and recently fell by almost 6 percent.
On Wednesday, the retailer Target, which is represented in the S&P 100, sent the share prices of US retailers plummeting with its profit warning.
High inflation and rising transport and labor costs are currently putting pressure on profit margins in the industry.
Asia's stock exchanges firmer after interest rate cut
The major Asian stock markets rose on Friday.
The Chinese stock exchanges in particular went up, but the more technology-heavy financial centers also recorded noticeable gains.
On a weekly basis, the markets in the Asia-Pacific region are now slightly up despite the sales of the previous day.
The strongest impetus came from China.
The country wants to mitigate the economic slowdown by lowering an important interest rate for long-term loans.
The five-year prime rate, a benchmark for real estate loans, was cut from 4.6 to 4.45 percent, the Chinese central bank announced on Friday.
Economists had expected a reduction, but to a lesser extent.
The rate cut is intended to boost demand for loans as coronavirus lockdowns and a real estate crisis weigh on consumer and business sentiment.
The
CSI 300 index
of the 300 most important mainland Chinese companies gained 1.83 percent to 4072 points.
The tech -heavy
Hang Seng
of Hong Kong SAR even rose 2.49 percent to 20,622 points in late trading.
The gains on the Japanese stock market were not quite as strong.
The Japanese Nikkei index closed 1.27 percent higher at 26,739 points.
The country's consumer price index in April posted the highest year-on-year gain since October 2014, market strategists at Deutsche Bank noted.
In addition, the increase was significantly higher than in March.
"This means that the recently weakening yen should remain under pressure," predicted the Baden-Württemberg state bank.
Bitcoin falls back below $30,000
The digital currency Bitcoin continued to fluctuate around the round mark of 30,000 US dollars on Friday. Most recently, the cyber currency on the Bitstamp trading platform was just below this mark.
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 hardly changed
Oil prices fell on Friday.
Most recently, a barrel (159 liters) of North Sea Brent cost 111.57 US dollars.
That was 47 cents less than the day before.
The price of a barrel of West Texas Intermediate (WTI) fell $1.36 to $110.85.
Market observers spoke of a slight countermovement after oil prices had risen significantly on Thursday evening with a general brightening of the mood on the financial markets.
Oil prices have fluctuated significantly over the course of the week.
At times, a gloomy mood on the financial markets pushed prices for crude oil down sharply.
In general, however, a tight global supply supports the demand for crude oil and caused price jumps on the oil market.
Above all, the harsh sanctions imposed by western industrialized countries against Russia because of the war in Ukraine play a role here.
Even if an embargo on Russian oil by the European Union is still a long time coming due to the resistance of some EU member states, Brent oil from the North Sea has become more expensive by more than 40 percent since the beginning of the year.
With news agencies