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Sluggish start to the week in the Dax with thin Pentecost trading

2023-05-29T11:51:08.306Z

Highlights: The Dax was unable to maintain its initial gains and the 16,000 point mark and was recently 0.01 percent higher at 15,985.90 points. On Friday, the German benchmark index had gained 1.2 percent in the wake of the strong US stock markets, reducing its weekly loss to 1.8 percent. The MDax of medium-sized companies rose by 0.10 percent to 27,017.77 points on Monday. The EuroStoxx 50 fell by around 0.1 percent.



The Dax is the most important stock index in Germany. © Fredrik von Erichsen/dpa

The apparently settled dispute over an increase in the debt ceiling in the USA gave the German stock market a slight boost on Whit Monday. A US default and presumably negative consequences for the global economy were thus probably avoided at the last minute.

Frankfurt/Main - However, the mood of the few investors is dampened by weaker economic data from China. Due to the holidays in some European countries as well as in the USA, trade is running very calmly.

The Dax was unable to maintain its initial gains and the 16,000 point mark and was recently 0.01 percent higher at 15,985.90 points. On Friday, the German benchmark index had gained 1.2 percent in the wake of the strong US stock markets, reducing its weekly loss to 1.8 percent. The MDax of medium-sized companies rose by 0.10 percent to 27,017.77 points on Monday. The EuroStoxx 50 fell by around 0.1 percent.

From a company's point of view, new news is very rare due to the holidays. Investors are primarily focused on the shares of Borussia Dortmund after the unexpectedly defeaten German championship of the Bundesliga football club. The missed title not only plunged the fans into deep mourning, but also caused disillusionment among the club's investors: BVB shares collapsed by almost 29 percent to their lowest level in more than a month. In the previous week, investors had already pre-celebrated in the firm hope of the championship and pushed the stock up by 32 percent to its highest level since autumn 2021 within five trading days.

Talanx shares rose by 1.0 per cent. The insurance group is taking over the Latin American business of US insurer Liberty Mutual Insurance for the equivalent of around 1.38 billion euros. 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. Dpa

Source: merkur

All news articles on 2023-05-29

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