Course slide in the Dax near annual low due to government crisis in Italy around Mario Draghi

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Losses in the Dax:

The leading German index is only just above the low for the year

Photo: A3399 Arne Dedert/ dpa

The price slide continues: The Dax continued to fall on Thursday.

Investors held back before the forthcoming quarterly figures from large US banks.

Most recently, the leading German index lost 1.2 percent to 12,606 points.

It is only just above the low for the year.

The

for medium-sized companies fell by 1.2 percent.

The leading eurozone index , the

, fell by 1 percent.

The day before, the Dax had reacted visibly negatively to data on the still immensely high US inflation, but contained its losses by the end of trading.

The US stock exchanges had also shown a similar development.

Government crisis in Italy weighs on Italian bonds

A further burden for the stock markets is the possible end of the Draghi government in Italy: The impending fall of the Italian government means that the country's bonds have suffered the biggest slide in prices in three months.

In return, the yield on ten-year bonds increases to 3.474 percent.

The co-governing 5-star movement wants to stay away from a vote of confidence.

Against the background of the consequences of a change of government for budgetary management, the price fluctuations are moderate, says Rabobank investment strategist Richard McGuire.

He assumes that Prime Minister Mario Draghi will muddle through to next year's parliamentary elections, despite growing tensions in the coalition.

Telekom sells radio tower division

Before that, the focus was on local company news on the German stock market.

shares

fell by 1.7 percent as the biggest Dax loser.

The Bonn-based company is selling a 51 percent majority in its radio tower business to an investor duo consisting of the Canadian financial investor Brookfield and the US infrastructure investor Digital Bridge.

According to a trader, the price is just below the unofficially circulating value, which probably weighs on the share.

The fact that

is now more confident after a surprisingly good second quarter for the year as a whole caused the fashion group's shares to rise by 3.7 percent to EUR 56.32.

This makes them one of the MDax favorites.

The figures and outlook received a lot of praise from analysts.

Deutsche Bank's Michael Kuhn questioned whether the new targets might still be overly cautious.

The upper end of the new guidance still implies a decline in operating profit in the second half of the year.

Semiconductor stocks were also among the winners on encouraging news from Taiwan Semiconductor Manufacturing Company (TSCM).

The company, which is one of the world's largest semiconductor manufacturers, published surprisingly strong quarterly figures and increased its sales outlook.

In the Dax,

rose by 1.7 percent, and in the MDax the shares of the high-tech machine manufacturer

by 1.4 percent.

European industry stocks such as

and

were also in demand .

losses in the United States

The leading US index Dow Jones Industrial extended its recent losses on Wednesday.

Recession fears have increased after the Labor Department reported surprisingly high consumer prices for June.

Consumer prices rose 9.1 percent year-on-year in June.

It is the highest value for over 40 years.

The development speaks in favor of further significant interest rate hikes by the US Federal Reserve to combat inflation.

Even an interest rate hike of one percentage point, as undertaken by Canada's central bank in the middle of the week, currently seems possible.

However, the figures did not change the fundamental expectation that the Fed would be able to quickly and resolutely continue along the course it had started.

Against this background, the stock market was able to absorb the inflation figures relatively well overall.

In the end , the

fell only 0.67 percent to 30,772 points after losing around 1.5 percent in early trading.

After brief trips into the profit zone, the market-wide

ultimately fell by 0.45 percent to 3801 points.

The technology selection index

lost 0.14 percent to 11,728 points.

profits in Asia

Hopes of better business for export-oriented companies are giving the Japanese stock market a boost.

The Nikkei index rose 0.6 percent on Thursday to 26,651 points.

The

Stock Exchange was down 0.2 percent at 3279 points.

There, falls in real estate and financial stocks offset a rally in technology stocks.

The indices for these two sectors fell by up to 2.5 percent.

According to a Chinese newspaper report, more and more buyers are refusing to service mortgages on stalled real estate projects until construction work resumes.

So far, the volume of loans that are not being serviced is not significant, said analyst Alvin Wong from brokerage house CLSA.

But that could change and weigh on consumer sentiment.

Bitcoin remains at $20,000

The digital currency Bitcoin continues to hover around the $20,000 mark.

Most recently, the cyber currency on the Bitstamp trading platform was slightly higher than the previous day at 20,100 US dollars.

The cryptocurrency has been under pressure since the beginning of the year.

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

Oil prices are stabilizing

Oil prices started trading with minor fluctuations on Thursday and are thus continuing to stabilize after the significant losses on Tuesday.

A barrel (159 liters) of North Sea Brent cost 100.05 US dollars in early trading, 0.48 cents more than on Wednesday.

The price of a barrel of the US West Texas Intermediate (WTI) variety rose by 28 cents to $96.58.

The two types of oil thus cost significantly less than in mid-June, when a barrel of Brent oil cost around $125.

On Tuesday alone, oil prices had fallen by up to 8 percent.

The decisive factor was the fear of an economic downturn as a result of an impending energy crisis in Europe.

With news agencies