Adidas shoot up 21 percent
DAX ends the week with a big plus
11/04/2022, 8:11 p.m
Renewed speculation of an easing of China’s zero-Covid policy is driving the DAX, as is robust US jobs data. A jump in the price of Adidas shares also attracted attention.
The leading German index DAX ended the week up by after two weak trading days 2.51 percent to 13,459.85 points completed. On a weekly basis, this means an increase of 1.63 percent. Of the MDAX of mid-caps moved on Friday 2.43 percent to 23,811.57 points on.
The leading German index was driven by news from the USA and China. Significantly more jobs were created in the USA in October than expected, and wage growth also picked up some momentum. Steel stocks rallied amid rumors of an imminent end to China’s zero-Covid policy ThyssenKrupp, Kloeckner & Co and Salzgitter noticeable. They increased by a good five to almost eight percent.
Gulden soon Adidas CEO?
Also the shares of the two sporting goods manufacturers Adidas and Puma initially benefited significantly from this speculation because China is an important market for them. After a personnel bang in the Franconian sporting goods metropolis of Herzogenaurach, Puma’s shares suddenly plummeted, while those of Adidas continued to soar: Puma CEO Björn Gulden will not extend his contract and could soon be at the helm of larger rival Adidas switch.
The news shocked Puma investors only briefly. The share certificates almost completely made up for their significant losses in the meantime and closed 0.5 percent in the red. The Adidas papers went up by a good 21 percent.
The shares of Continental secured second place in the Dax behind Adidas with an increase of 9.5 percent. She was pulled up with Italian tire manufacturer Pirelli. This was able to significantly increase sales prices in the third quarter. The EuroStoxx 50, the leading index in the euro zone, rose by 2.65 percent to 3688.33 points. Paris’ Cac 40 and London’s FTSE also rallied sharply.
In New York, the Dow Jones Industrial posted moderate gains at the close in Europe. The euro rose on the dollar weakness following the US jobs report, last trading at $0.9918. The European Central Bank had previously set the reference rate at $0.9872 (Thursday: $0.9753). The dollar thus cost 1.0130 (1.0253) euros.
On the bond market, the current yield increased from 2.17 percent on the previous day to 2.19 percent. The Rex pension index fell by 0.13 percent to 126.91 points. The Bund future fell by 0.51 percent to 136.69 points.