Dax continues to fall – Economy & Volkswagen – News

Dax continues to fall – Economy & Volkswagen – News

Frankfurt/Main. With heavy losses, the Dax is headed for a red week on Friday. Interest rates and recessionary concerns also dominated investors in the big expiration date before the weekend. Germany’s leading Dax index lost 1.80 percent to 12,723.93 points in the afternoon and was only slightly above its daily level.

The MDax of mid-sized stocks even fell to the lowest since May 2020 – recently there was a minus of 2.42 percent to 23,862.44 points. The EuroStoxx 50 fell by almost one and a half percent.

In the case of companies in the leading German index, post office papers stood at a steep discount. They fell to the lowest since mid-2020 and recently lost more than five percent. Weak data and withdrawn earnings forecasts by US competitor Fedex sent prices down. As justification, the Americans had referred to the poor economic environment.

At the end of the Dax, former Corona winners from the pharmaceutical industry, which is considered to be increasingly burdened by the energy crisis and inflation, gathered. Merck, Siemens Healthineers and Sartorius are three and a half to eight percent cheaper. Chemical stocks, which are considered the biggest consumers of gas in Germany, also fell. Wacker Chemie, for example, was in last place on the MDax with 5.8 percent, while BASF in the Dax lost 2.2 percent.

On the other hand, investors across Europe again held utility stocks, which are considered defensive. Shares of RWE led the Dax with an increase of 0.6 percent, competitor Eon braced against market weakness with only a moderate minus. Shares in the ailing Uniper, on the other hand, remained in drag. However, they controlled their losses during the trading session to minus 4.6 percent, in the morning they had fallen to another record with a reduction of two percent.

The euro weakened to trade at $0.9955 during the day. The European Central Bank set the reference rate at $0.9992 (Wednesday: $0.9990) on Thursday. So that dollar cost 1.0008 euros (1.0010).

In the bond market, the current yield rose from 1.64 percent the day before to 1.68 percent. The Rex pension index fell by 0.31 percent to 130.20 points. Bund futures (December contract) fell 0.19 percent to 142.66 points.

© dpa-infocom, dpa:220916-99-783097/5 (dpa)