Enlarge image
First of all downwards: After the interest rate decision in the USA, the Dax gives way
Photo: DPA
The good run of the Dax in the second half of October is followed by disillusionment.
The realization that there were still no signs of a pause in interest rate hikes in the USA weighed on prices in this country, as they did on Wall Street.
With 13,059 points, the leading German index lost 1.49 percent in the afternoon.
Mixed quarterly reports didn't help.
The MDax fell even more significantly by 2.75 percent to 23,098 points, while the leading euro zone index EuroStoxx 50 lost 1.4 percent.
The US interest rate hike by 75 basis points to the new range of 3.75 to 4.00 percent had been expected by stockbrokers.
However, Federal Reserve Chairman
Jerome Powell
subsequently dampened investors' hopes of an interest rate pause.
In view of the inflation that is still far too high, it is far too early for that, he stressed.
Analyst Callie Cox from broker Etoro noted that interest rates will remain high for quite some time and should primarily weigh on high-growth stocks.
According to Commerzbank, Powell made it clear that what matters is not the speed of the rate hikes, but the final peak.
"And according to central bankers' estimates, that should be higher than they had previously assumed," wrote Commerzbank analyst Thu Lan Nguyen.
BMW under pressure
There were particularly large losses in the auto sector, led above all by
BMW
.
According to figures, the title of the car manufacturer lost 5.2 percent.
Merely confirmed annual targets apparently did not satisfy investors.
According to RBC analyst Tom Narayan, many of them were hoping for a higher outlook.
The deductions at
Mercedes-Benz
,
VW
and
Continental
ranged from 1.6 percent to 5.5 percent.
Real estate values also remained under general pressure because high interest rates increase financing costs.
With
Patrizia
and
Dic Asset
, two companies lowered their profit forecasts.
The courses of the two SDax values slipped by 6 and 2.3 percent.
Thyssenkrupp with a double-digit price slide
Thyssenkrupp
shares plummet after negative analyst comment.
The paper fell 11.1 percent to 4.49 euros after Deutsche Bank downgraded its rating to "hold" from "buy".
The reasons given by the analysts were the difficult macroeconomic environment and the overly complex corporate structure.
Due to the interest rate prospects, the securities of banks and insurers recorded comparatively small price losses, since they can even benefit to a certain extent from higher interest rates.
However, an increase at
Hannover Re
proved to be unsustainable.
According to the figures from the reinsurer, the titles in the weaker market fell by 1.5 percent.
At
Zalando
, investors needed some time to classify the quarterly report: after early fluctuations, the price rose by 4.4 percent.
This year, the online fashion retailer is now advising the lower end of the previous target ranges.
According to the Baader expert Volker Bosse, the numbers were better than feared.
His JP Morgan colleague Georgina Johanan expected some relief from investors.
Losses on Wall Street
The US stock exchanges continued their losses from the previous day on Thursday.
Most recently, the leading index
Dow Jones Industrial
lost 0.7 percent to 31,920 points, the technology-heavy
Nasdaq 100
fell by 1.2 percent.
A surprisingly weak increase in unit labor costs and productivity in the third quarter was apparently not able to noticeably allay investors' fears of a further tightening of US monetary policy.
By the middle of the week, the US stock exchanges had suffered significantly from statements by the US Federal Reserve after reaching an interim high.
Peloton with course slide
Peloton
shares
stood out on Thursday with a price slide of almost 14 percent.
The ailing sporting goods specialist fell short of expectations both in terms of sales in the past quarter and in terms of sales prospects for the current quarter.
A good four weeks ago, Peloton announced that hundreds of other jobs would be cut and questioned the company's independence if the trend reversal did not succeed within six months.
Bitcoin above $20,000
The world's best-known digital currency, Bitcoin, defended the $20,000 mark.
Bitcoin was last listed at $20,302.
In November last year, the crypto currency reached a record high of 69,000 US dollars.
Oil prices drop
a bit
Oil prices fell on Thursday.
Market observers spoke of a slight counter-movement after prices on the oil market had risen in the past two trading days.
A barrel (159 liters) of North Sea Brent for delivery in January last cost US$ 95.70.
That was 46 cents less than the day before.
The price of a barrel of West Texas Intermediate (WTI) for delivery in December fell 59 cents to $89.41.
In addition, the market referred to the latest statements by the US Federal Reserve.
These would have generally slowed down the buying mood on the financial markets, which also weighed on oil prices.
In addition, the falling oil prices on the market were also explained by the latest statements by the authorities in China on the country's further corona policy.
The top health authority has made it clear that the important crude oil importer will continue to take tough measures to contain the corona virus.
There had previously been speculation that China could abandon the consistent zero-Covid strategy so that the world's second-largest economy could regain momentum.
With news agencies