Status: 10.11.2023, 18:09 PM
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The Dax is the most important stock index in Germany. © Fredrik von Erichsen/dpa
Newly ignited interest rate worries put the Dax off the road to success on Friday. The benchmark index, which had reached its highest level since mid-October the previous day, fell by 0.77 percent to 15,234.39 points. It thus reduced the weekly gain to 0.3 percent. In the previous week, the stock market barometer had risen sharply.
Frankfurt/Main - Statements by Jerome Powell, the head of the US Federal Reserve, had weighed on the US stock markets the evening before. These losses continued on the German stock market. Ahead of the weekend, weak economic data from the United States also weighed on share prices.
The MDax even fell by 2.05 percent to 25,290.82 points on Friday. However, the index of medium-sized stock market stocks had also risen significantly more strongly in recent days compared to the Dax.
According to Powell's statements, the Fed is not fully convinced that it has tightened monetary policy sufficiently. The central bank chairman assured that there would be no hesitation in raising interest rates again if it proves appropriate. Weak demand for 30-year U.S. Treasuries was also seen as a key theme in U.S. trading.
The season of quarterly results continued on Friday with the figures from Allianz. The insurer's shares closed slightly in the red. The severe storms in Germany, Italy and Austria cost the Group dearly in the summer.
In the weaker market environment, negative price reactions dominated. Bechtle was one of the bigger price losers, down 5.2 percent. The IT service provider's revenue recently fell short of expectations.
The shares of United Internet's group structure were not helped by the fact that the parent company expects more profit in the future thanks to a good development of the web hosting subsidiary Ionos. Ionos and the shares of United Internet's mobile communications subsidiary 1&1 lost a good three percent, United Internet even more than seven percent. In terms of operating profit in the third quarter, all three companies had missed expectations.
Varta, on the other hand, fared better with a recovery of five percent. It was well received here that the crisis-stricken battery group sees itself on track to its annual targets after a decent third quarter.
Companies that earn their money with hydrogen were also under pressure. In the course of its quarterly report, the fuel cell specialist Plug Power from the USA warned of supply problems and liquidity outflows. This also had a negative impact on German sector stocks: Thyssenkrupp Nucera and SFC Energy slumped by 5.5 and 4.1 percent, respectively.
Stock markets across Europe suffered losses. The Eurozone index EuroStoxx 50 fell by 0.75 percent to 4197.36 points. Paris' Cac 40 fell 1 percent and London's FTSE 100 fell 1.3 percent. The US leading index Dow Jones Industrial, on the other hand, was slightly firmer at the close of European trading.
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On the foreign exchange market, the euro hardly moved before the weekend, it was last quoted at 1.0667 euros. The European Central Bank had previously set the reference rate at $1.0683.
There were losses on the German bond market. The Rex bond index fell by 0.44 percent to 124.12 points. The current yield, on the other hand, rose to 2.66 percent from 2.73 percent the previous day. The Bund future was up 0.03 percent at 129.83 points in the evening. Dpa