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Dax in the plus:
Despite the fragile situation, share prices increased
Photo:
Boris Roessler / dpa
Tech stocks rebound: Strong price gains in technology stocks drove the Nasdaq tech index up by almost 3 percent on Thursday evening.
The index closed 2.7 percent higher at 12,892 points.
Tesla and Nvidia stocks, each up more than 4 percent, led the rally.
The standard values in the USA also started to recover in the shadow of the tech rally.
The Dow Jones and S&P 500 each gained around 1.2 percent and also closed at daily highs.
These are good prospects for the Dax to continue its recovery on Friday.
The leading German index was already up 1 percent from trading on Thursday and is likely to leave the 14,500 point mark behind again on Friday.
The MDax increased by 1.63 percent to 30,234 points.
The EuroStoxx 50 followed the Dax up 0.95 percent to 3795 points.
Investors also put up with rather disappointing economic data from the USA, especially since this is not exactly putting more pressure on the Fed with its monetary tightening.
The markets focused primarily on the oil alliance Opec+, which intends to significantly accelerate its production increases in the summer in order to compensate for Russia's loss on the oil market.
According to the Comdirect market expert Andreas Lipkow, such a measure can help to reduce inflation dynamics and reduce the cost pressure on companies.
Consumption-heavy corporations win
While stocks from the tech sector such as the chip company
Infineon
and the food delivery service
Delivery Hero
rose by up to 4.5 percent, investors were again interested in cyclical sectors, such as the friendly automotive sector.
Here the
BMW
shares advanced by 1.8 percent.
Among the big Dax winners were also consumer-oriented sporting goods groups, above all
Puma
with an increase of 3.8 percent.
Adidas
shares gained
2.3 percent.
They were last traded in the Stoxx Europe 50 as a candidate for relegation, but will remain in the pan-European leading index for the time being.
On the other hand, the shares of Wacker Chemie
,
Aixtron
and
Telefonica Deutschland
are included in another European index
, which could attract international investors' attention.
The three stocks will soon be part of the broad Stoxx Europe 600 Index.
Of the three values, Wacker was particularly noticeable with an increase of 2.4 percent.
Otherwise, larger winners came from the steel industry – led by the papers from
Salzgitter
.
On the day of the Annual General Meeting, they increased by 5.7 percent.
The shareholders should get 75 cents per share - it is the highest payout since 2008.
Wall Street on course for recovery
US investors initially pushed aside their concerns about interest rates and the economy on Thursday and grabbed shares.
The
Dow Jones index
of blue chips rose 1.2 percent by the close in the US.
The index of the technology
exchange Nasdaq
was up 2.8 percent at the end of trading.
Investors were
particularly interested in large tech companies such as
Tesla, Nvidia,
Apple
, Google's parent company
Alphabet
and
Amazon .
Stockbrokers eagerly awaited the official labor market data on Friday.
The first signals came from the data from the personnel service provider ADP.
Accordingly, 128,000 jobs were created in May, experts had expected an increase of 300,000.
If the US job market should defy the weakening economy, the US Federal Reserve will probably not slow down as hoped, stockbrokers said.
Fed Deputy
Chairwoman Lael Brainard
also told CNBC that she saw little reason for a pause in September's rate hikes.
Meanwhile, a lowering of the forecast for the fourth quarter by
Microsoft
put pressure on the mood .
Unfavorable exchange rates make the software company more cautious for the current quarter.
Against this background, the company now expects additional charges of almost half a billion US dollars in sales and a quarter billion in profits, according to a statement on Thursday.
Shares initially fell 3 percent, but then recovered.
Hewlett Packard
also
disappointed investors with its quarterly figures and forecasts.
The papers lost around 6 percent.
Mixed data from US jobs
There was initially gloomy news from the labor market: according to data from the personnel service provider ADP, only 128,000 new jobs were created in May, while experts had expected an increase of 300,000.
The numbers give a taste of Friday's official data.
Meanwhile, initial jobless claims have also fallen over the past week.
The Department of Labor in Washington said the number had fallen by 11,000 to 200,000.
It is the second decline in a row.
Analysts had expected an average of 210,000 applications.
The level of aid applications has been at a low level for several months, which in turn points to a robust US job market.
The weekly initial claims are considered a short-term indicator for the development of the US labor market.
The US government will release the official May jobs report this Friday.
Oil prices are rising again
Oil prices initially came under pressure on Thursday.
After the Opec+ countries had agreed to increase production, prices went up again.
Brent crude oil from the North Sea rose to $117.49 per barrel (159 liters) – $1.20 more than the previous day.
The price of a barrel of the US West Texas Intermediate (WTI) variety rose by $1.56 to $116.80.
The oil cartel Opec+ wants to increase its production volume in the summer much more than in the past few months.
Instead of the additional 430,000 barrels to be pumped into the market in June, daily production in July and August is expected to increase by around 650,000 barrels each, the group announced after an online meeting.
Opec+ justified its decision with the end of lockdowns in important business locations and the seasonally increased demand from refineries.
According to the statement, despite the announced EU embargo on Russian oil, Russia continues to participate in the production agreements.
Apparently, the markets were expecting an even more significant increase in the production volume.
In addition, an exclusion of Russia would probably have enabled an even more significant increase in production for countries such as Saudi Arabia and the United Arab Emirates.
Bitcoin back above $30,000
The world's best-known digital currency, Bitcoin, was last listed on the Bitstamp trading platform at 30,207 US dollars.
Bitcoin hit a record high of $69,000 in November last year.
With news agencies
