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Stock market:
The Dax rises well above 13,000 points again
Photo: DANIEL ROLAND/ AFP
At the start of the new stock exchange week, the Dax started with price gains on Monday and has thus continued its recent recovery.
In the late morning, the index
was up 1.7 percent at 13,321 points
.
The leading German index had already gained 1.4 percent on Friday.
The MDax of medium-sized stock exchanges and the Eurozone leading index EuroStoxx 50 also started the new week with gains.
The specifications from the USA are good, Dow Jones and Nasdaq had clearly increased in late trading on Friday.
The Japanese Nikkei was also up on Monday.
BASF, VW and Porsche in demand: Porsche's IPO drives shares
Among the individual stocks in the Dax, the focus was primarily on BASF, Volkswagen and Porsche.
The BASF share had recently collapsed due to the sharp rise in gas prices, because the chemical company produces very energy-intensively.
But now, given the slightly falling gas prices on Monday, the BASF share rose by more than 3 percent and was one of the biggest winners in the Dax.
The winners also included the stock of the VW investment company Porsche SE with a plus of 3.3 percent and the preferred share of VW also gained 2.8 percent.
On the market, reference was made to statements by Lutz Meschke, CFO of the sports car manufacturer Porsche AG.
Merschke told the Italian newspaper "Il Sole 24 Ore" that Porsche AG wanted to be ready for the planned IPO "as soon as possible" as investor interest was high.
Even more money for pilots: Lufthansa buys a breather
In the MDax, the Lufthansa share gained around 2 percent.
Although the airline has to dig deep into its pockets for another salary increase for its top earners, it will be spared further strikes by Lufthansa pilots at least until mid-2023.
The pilots' union VC was satisfied with the salary increase.
During the pandemic, taxpayers paid Lufthansa pilots to do nothing.
Dow Jones and Nasdaq with clear gains
Buoyed by price gains in technology stocks, the US stock exchanges rose on Friday.
The Dow Jones gained 1.2 percent to 32,152 points.
The tech-heavy Nasdaq was up 2.1 percent to 12,112 points and the broad-based S&P 500 was up 1.5 percent to 4067 points.
For the week, the S&P was up 3.6 percent, the Dow was up 2.7 percent and the Nasdaq was up 4.1 percent.
After the strong sell-off in the last few weeks of August, a catch-up race is now underway, said trader Dennis Dick from broker Triple D Trading.
Next week's inflation data should point the way ahead, providing an indication of the pace of rate hikes by the US Federal Reserve.
Fed Chair Jerome Powell recently announced further tightening.
Fed Chairman Chris Waller sees a reduced fear of a recession as the basis for further aggressive interest rates.
Interest rates at the short end rise, the price of gold rises slightly
Investors now see around an 85 percent chance that the Fed will hike another 75 basis points at this month's meeting.
"We've seen more hawkish comments from central banks not just in the US but around the world - from the Bank of England and the ECB," said Matthias Scheiber, global head of portfolio management for multi-asset solutions at wealth manager Allspring.
"You can see that in short-term interest rates."
Profit-taking pushed the dollar index, which tracks the rate against major currencies, down half a percent on Wednesday, which hit a 20-year high.
Investors boldly grabbed most commodities because the devaluation of the world's leading currency makes them more attractive for investors outside the USA.
Gold gained almost half a percent to $1,715 per troy ounce (31.1 grams).
Nikkei up, stock markets in China closed
The Tokyo stock exchange initially showed stronger on Monday in hopes of a cooling of the heated US inflation.
Investors are hoping that Tuesday's expected US consumer price data will signal a peak in inflation.
Ethan Harris, an economist at Bank of America (BofA), worries that central banks could go too far in their rate hikes if they only focus on actual inflation.
"For investors, this means more pressure on interest rates, more weakness in risky assets and further support for the super-strong dollar," Harris said.
The Nikkei index, which comprises 225 stocks, was 1.1 percent higher at 28,529 points.
The broader Topix index rose 0.7 percent to close at 1,980 points.
The markets in China, Hong Kong and South Korea remained closed for a public holiday.
In Asian currency trading, the dollar gained 0.3 percent to 143.01 yen and slipped 0.5 percent to 6.9240 yuan.
Compared to the Swiss currency, it was hardly changed at CHF 0.9596.
At the same time, the euro rose by 0.4 percent to $1.0076 and rose by 0.3 percent to CHF 0.9673.
Sterling gained 0.2 percent to $1.1605.
Bitcoin continues recovery
The world's best-known digital currency, Bitcoin, continued its recovery over the weekend and was last listed at just under 22,000 US dollars on the Bitstamp trading platform.
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 slightly weaker
Oil prices started the week at a discount on Monday.
A barrel (159 liters) of North Sea Brent cost $91.46 in the morning.
That was $1.38 less than Friday.
The price of a barrel of West Texas Intermediate fell $1.49 to $85.30.
Prices are thus continuing their descent of the past few weeks.
Fears about the economy, rising key interest rates and China's corona policy have triggered concerns about demand.
However, the price declines are starting from a high level, as supply is still considered to be scarce.
This is primarily a consequence of the Ukraine war and Western sanctions against Russia.
With news agencies
