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Price slide in the Dax: Investors remain nervous
Photo: Lucas Jackson / REUTERS
Weak specifications from overseas slowed down the Dax again on Tuesday.
After midday, the leading German index contained its losses to just under 0.5 percent and was quoted at 12,200 points.
The weak US stock markets had already thwarted his recovery attempt at the beginning of the week.
The MDax for medium-sized companies fell by 1.1 percent to 22,227 points and the leading eurozone index, the EuroStoxx 50, fell by almost 0.3 percent.
Market sentiment is likely to remain tense ahead of Wednesday's minutes of the US Federal Reserve's most recent meeting and US inflation figures due on Thursday.
Investors expect the Fed to hike rates again by 75 basis points in November.
The weak US stock markets had already robbed the Dax of its previous recovery gains at the beginning of the week.
The Nasdaq technology exchange in particular had gone downhill significantly: the Nasdag 100 selection index had slipped to its lowest level in around two years due to weak chip values.
Price leap at Qiagen and Symrise
In the Dax,
Qiagen
and
Symrise
stood out on Tuesday with significant price fluctuations.
The titles of the laboratory service provider Qiagen conquered the top of the index thanks to a price jump of more than six percent after the "Wall Street Journal" reported on merger talks with US competitor Bio-Rad Laboratories, which had been going on for some time, citing insiders.
In contrast, the flavor and fragrance manufacturer Symrise was one of the biggest losers in the German leading index with a minus of almost 5 percent.
Shares were hurt by weak Givaudan sales numbers.
Otherwise, it was primarily analyst comments that moved prices.
Heidelberg Materials
lost a good 2 percent after the US bank JPMorgan put the paper on "Negative Catalyst Watch".
The forklift manufacturer
Kion
was one of the favorites in the MDax with a price increase of 1.8 percent after the US investment bank Bank of America had upgraded the paper and now recommends it for purchase.
Analyst George Featherstone now sees a good investment opportunity after the price slide to a record low in recent weeks.
In contrast, the shares in the chemical
company Evonik
, which were strong at the beginning of the week, lost three percent.
While the US bank Morgan Stanley dropped its buy recommendation, analyst Georgina Fraser from Goldman Sachs reiterated her sell vote – despite the earnings potential for the industry from the expert proposal for a German gas price brake.
However, Fraser sees the Dax industry colleagues BASF and Covestro as their biggest beneficiaries.
However, these also paid tribute to their good development from the previous day with significant discounts.
Vitesco
shares went
up and down and recently lost more than four percent after the drive specialist commented on the planned growth with electric car components.
The fact that the company, which has been listed since September 2021, intends to pay the first dividend for the 2023 financial year, did not convince investors either.
About You under pressure after quarterly figures
About You's shares fell by more than three and a half percent.
The online fashion retailer presented final figures for the second financial quarter and now wants to counteract the sluggish consumer sentiment and the unexpectedly weak results with cost reductions.
At the wind turbine manufacturer Nordex, an order from Poland left investors cold: the shares lost 1.3 percent.
Wall Street attempts to stabilize
After a four-day loss on the US stock exchanges, there are signs of another price slide on Tuesday.
Shortly after the start of trading, the
Dow Jones Industrial
fell 0.3 percent to 29,130 points.
Since the interim high of 30,454 points last week, the leading US index has lost more than 4 percent.
The
S&P 500
lost 0.7 percent and the
Nasdaq 100
even more.
Shortly before, the International Monetary Fund had downgraded its forecast for the global economy.
"Furthermore, the international stock markets are very volatile without taking a clear direction," wrote Frank Wohlgemuth from the National Bank on Tuesday.
This is not surprising either.
"The stressful subject areas are diverse."
Solutions are very difficult, if at all, to come by.
The uncertainty is therefore very high.
Wohlgemuth believes that an upward trend break is unlikely for the time being, as long as there are no signals that the steep interest rate hikes will come to an end.
Against this background, we are eagerly awaiting what will be published in the minutes of the US Federal Reserve Board meeting on Wednesday.
Also, the latest US inflation figures are already casting their shadows, which are due on Thursday.
Chip stocks may be further weighed down as sentiment in the tech sector remains tardy amid rapidly rising interest rates.
In addition, the US government recently announced further restrictions on China's access to American semiconductor technology.
For example, the shares of
Nvidia
went down by half a percent before the market.
Those of the industry
equipment supplier KLA
lost two percent after it announced that it would follow the regulations.
Investors in Asia nervous
Markets in Asia are unstable Tuesday after multiple Russian attacks on Catholic cities.
"Investors are incredibly concerned about what happens next, how it will impact supply chains and whether it will exacerbate the energy crisis," said Danni Hewson, financial analyst at brokerage AJ Bell.
The Nikkei index, which comprises 225 values, was 2.3 percent lower at 26,481 points.
The broader Topix index fell 1.8 percent to 1,872 points.
Bitcoin scratches the 19,000 point mark
The world's best-known digital currency, Bitcoin, was last listed on the Bitstamp trading platform at 19,093 US dollars.
The cryptocurrency has lost more than half of its valuation since the start of the year.
Bitcoin is miles away from the record high of over $60,000.
Oil prices down
Oil prices fell on Tuesday.
However, as on the previous day, the price losses were limited.
In the morning, a barrel (159 liters) of North Sea Brent cost $95.69.
That was 50 cents less than the day before.
The price for a barrel of the US West Texas Intermediate (WTI) variety is 58 cents at $90.55.
Trade is determined by the falling supply after a production cut by the Opec+ oil network and growing concerns about the economy.
According to market observers, concerns about the economy have recently come to the fore.
Among other things, it is expected that the International Monetary Fund could lower its forecast for global economic growth.
A slowdown in the global economy would result in lower demand for crude oil.
With news agencies
