The sharp rise in the number of new corona infections and the hanging game over the US economic stimulus package are giving the German stock market more blows. The investors flee, the Dax is heading for the fourth day of losses in a row.
The German stock market seems to be followed by a fourth after the three losing days in a row. On Thursday morning, the Dax fell below the highly regarded 12,500 point mark, its lowest level in around a month. At the start of trading, the leading index was 1.6 percent lower at 12,383 points. It then recovered a little and was most recently 0.54 percent lower at 12,490 points. On Monday, the Dax was still above the 13,000 point mark in trading. Then he lost 2.7 percent by Wednesday. The MDax of the 60 medium-sized stocks fell by 0.57 percent to 27,010 points. The leading Eurozone index EuroStoxx 50 lost around 0.6 percent to 3162 points.
Because of the drastic increase in the number of corona infections, the buying mood of consumers fell significantly in October, as the Nuremberg-based consumer research company GfK reported. The negotiations between Republicans and Democrats in the US about new financial aid in the corona pandemic have recently sent contradicting signals. Nancy Pelosi, the Democratic spokeswoman for the House of Representatives, was more confident. On the other hand, the Republican majority leader in the Senate, Mitch McConnell, warned against an agreement before the presidential elections in early November.
After a weaker start, the Adidas shares made it to the top of the Dax with a plus of 3.1 percent. A boost was given by a report in "Manager-Magazin", according to which the Herzogenaurach-based company has now initiated the sale of its subsidiary Reebok after the restructuring had failed. There had already been speculation about a Reebok sale in the past.
The Varta papers came under considerable pressure. In the first hour of trading, the battery company's stocks fell by over 11 percent. Most recently they were around 5 percent lower. Stockbrokers blamed the losses on automatically triggered sell orders.
For most of the other individual stocks, company balance sheets moved prices. Continental's shares lost around 0.4 percent, although the auto supplier and tire maker did better than expected in the third quarter. Many investors had already bet on a positive surprise in advance and therefore cashed in, said a trader. Adva Optical papers saw an increase of around 6.5 percent. The network equipment supplier is confident of increasing sales and operating profit this year.
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Hypoport are going crazy
After a decline in earnings in the quarter, investors threw Hypoport shares out of their portfolios. The papers of the financial service provider as the bottom of the pack on the MDax collapsed at times by more than 21 percent. At 429 euros, they have now dropped to their lowest level since mid-August and were most recently just under 17 percent lower at 453 euros. In the third quarter, Hypoport's operating profit fell by around a fifth to around EUR 7 million compared to the same period in the previous year.
The forklift manufacturer Jungheinrich increased its annual targets after an upturn in demand. For several weeks now, customer demand has been gradually picking up, which is why higher sales than initially planned can be expected in the rest of the year, it said. The austerity measures introduced should continue to have a positive impact on the result. The Jungheinrich stocks rose by 4.3 percent.
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