The Dax is the most important stock index in Germany. © Fredrik von Erichsen/dpa
The German stock market slipped into the red on Whit Monday after initial gains. The Dax recently traded 0.35 percent lower at 15,928.45 points. The MDax of medium-sized companies fell by 0.15 percent to 26,950.82 points. The EuroStoxx 50 fell by around 0.5 percent.
Frankfurt/Main - In addition to weaker economic data from China, the focus is on the settled US debt dispute, which probably avoided a US default and negative consequences for the global economy at the last minute. US President Joe Biden and Kevin McCarthy, the Republican leader in the House of Representatives, said on Saturday that they had reached a preliminary agreement to increase the debt ceiling for solvency by 2025. The project still has to be approved by Congress.
Profits of industrial companies in China fell by more than 20 percent in the first four months of the year, underscoring the cooling of demand in the world's second-largest economy.
Among the individual stocks, the shares of Borussia Dortmund are the focus of interest after the unexpectedly lost German championship of the Bundesliga club. The missed title also caused disillusionment among the club's investors: BVB shares slumped by more than 30 percent at times and were recently down 26 percent.
Talanx shares rose by 1.2 per cent. The insurance group is taking over the Latin American business from the US insurer Liberty Mutual Insurance. According to the report, the acquisition covers Liberty's retail banking business in Brazil, Chile, Colombia and Ecuador and has a gross premium volume equivalent to around EUR 1.7 billion.
The euro was little changed and last traded at $1.0711. The European Central Bank (ECB) had set the reference rate at $1.0751 on Friday. On the bond market, the current yield fell to 2.54 percent from 2.51 percent on Friday. The Rex bond index rose by 0.19 percent to 125.18 points. The Bund future gained 0.66 percent to 134.22 points. Dpa
