Frankfurt stocks: Lockdown worries slow down Dax – ECB puts pressure on banks
FRANKFURT (dpa-AFX) – Uncertainty about a possible renewed lockdown in Germany hit investors’ record mood on Friday. In addition, losses are also expected on New York’s Wall Street at the start of trading. The rise in producer prices in Germany, on the other hand, had hardly been able to slow down the leading index, although the rise in prices was more pronounced than expected and was also as violent as it was 70 years ago.
The Dax (DAX 40) gave up its early gains and fell in the afternoon by 0.65 percent to 16 115.52 points, which is currently a minimal weekly plus of 0.1 percent. On Thursday it had crowned its almost seven-week rally with another high of 16,290 points before slight profit-taking began. His gain over this period is now a little less than nine percent from the October 6 low.
At the end of the week, the MDAX of medium-sized stock exchanges fell by 0.62 percent to 35,744.76 points. The leading Eurozone index EuroStoxx 50 (EURO STOXX 50) lost 1.03 percent.
“The worries about the further progress in relation to the corona pandemic are a burden,” said market expert Andreas Lipkow from Comdirect. Correspondingly, the shares of the classic “stay-at-home winners” benefited from this again, while cyclical companies such as MTU (MTU Aero Engines), Volkswagen (Volkswagen (VW) vz) / Porsche SE (Porsche SE Vz) or even on the losing side Airbus (Airbus SE (ex EADS)) would stand.
The last three fell in the Dax by three and a half percent. MTU lost 4.7 percent in the Dax and suffered from a target price reduction by Bank of America. The major US bank praised the engine manufacturer’s growth targets announced on the day before the capital market, but cut its estimates because of company comments about the medium-term margins in the spare parts and maintenance business.
Delivery Hero (Delivery Hero), Zalando and HelloFresh, on the other hand, gained between 1.0 and 5.8 percent at the upper end of the DAX list.
The situation was similar in the MDax, where Lufthansa or Fraport, as losers in the corona crisis, lost four and a half percent each, while the shares of the software manufacturer TeamViewer rose by around 2.6 percent.
The shares of the Deutsche Bank (Deutsche Bank) lost 5.3 percent as the bottom of the Dax and those of Commerzbank lost 4.0 percent. They suffered from statements by ECB President Christine Lagarde. The latter cannot be disturbed by the sharp rise in inflation rates and rejected a more rapid exit from the policy of cheap money. As Lagarde said, the European Central Bank (ECB) will continue to support the economy even after the acute pandemic is over. This also includes an “appropriate calibration” of the central bank’s bond purchases.
The euro, which had already come under pressure again in the face of corona worries, continued to decline and fell to another low since July 2020. In the afternoon it was traded at 1.1285 US dollars. The ECB had set the reference rate on Thursday at $ 1.1345.
On the bond market, the current yield fell from minus 0.37 percent the previous day to minus 0.43 percent. The Rex bond index (REX total price index) rose 0.37 percent to 145.47 points. According to Lagarde, the Bund future rose sharply by 0.57 percent to 172.25 points./ck/mis
— By Claudia Müller, dpa-AFX —
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