Hopes of a deal on the debt crisis push the Dax – Economy & Volkswagen – News

Hopes of a deal on the debt crisis push the Dax – Economy & Volkswagen – News

Hopes of an early agreement in the US debt crisis gave the Dax a conciliatory end to the week on Friday. Early in the afternoon, the leading German index flipped the switch to a daily low. As trading continued, it continued to connect with strong US stock markets, closing 1.20 percent higher at 15,983.97 points, reducing its weekly loss to 1.8 percent. Last Friday it had reached a record high of 16,331 points.

The MDax of medium-sized companies also managed to change direction before the Pentecost weekend: it ended up gaining 0.76 percent to 26,991.28 points. The euro zone’s leading index, the EuroStoxx 50, ended trading 1.6 percent higher, with Paris and London also higher. On the New York stock market, the leading Dow Jones Industrial Average rose 0.8 percent in late European trade. The tech-heavy Nasdaq 100 extended its previous day’s rally with a 1.9 percent gain.

There appears to be movement in the debt ceiling crisis. This is shown by the report of “New York Times”, according to which negotiations from Democrats and Republicans have begun to prepare legal texts.

Television company ProSiebenSat.1, which slipped into the red due to weak TV advertising business, was tracking quarterly figures on Friday. Shares had their minus with the market up 0.6 percent to the end.

Hensoldt’s shares fell by more than twelve percent in the MDax at one point, but eventually reduced the minus to 4.2 percent. The electronics expert disputed a report by the news magazine “Der Spiegel” about signs of unfair business practices and ineffective internal controls.

Shares of Siltronic and Süss Microtec extended the previous day’s gains by 7.1 percent and 5.2 percent, respectively. Nvidia’s strong outlook gained semiconductor stocks a day earlier and continued to deliver momentum.

Software provider Suse was the undisputed leader in the SDax small-cap index. Analysts’ comments also led to movement, for example in wind power group Nordex. Buoyed by a buyout proposal from Societe Generale, shares gained nearly two percent. Hauck Aufhäuser Investment Banking’s buy vote helped shares of IT consultant and cloud specialist GFT Technologies rise 4.9 percent.

The euro was little moved at $1.0717 after falling to a two-month low of $1.0702. The European Central Bank (ECB) set the reference rate at $1.0751.

In the bond market, the current yield rose from 2.51 percent the previous day to 2.54 percent. The Rex pension index fell by 0.28 percent to 124.95 points. Bund futures fell 0.05 percent to 132.99 points.