Frankfurt / Main (dpa) – The German stock market closed with slight gains on Tuesday after the publication of the eagerly anticipated US inflation data. “The market is cautiously positive that there was no negative surprise,” said a trader.
For the US Federal Reserve, the figures are initially a confirmation of its wait-and-see monetary policy course, commented analyst Konstantin Oldenburger from CMC Markets. Therefore, investors would have put their inflation concerns aside for the moment.
After trading with little movement for long stretches, the Dax rose somewhat in the afternoon, but crumbled again in late trading. Ultimately, the leading index rose by 0, 10 percent to 15.722,99 Points. The MDax of the 60 medium-sized stock market values ended with a plus of 0, 20 Percent at 35. 871, 75 Counters.
The leading indices on Europe’s most important stock exchanges, however, did not find a clear direction. The EuroStoxx 50 closed 0, 05 Percent higher at 4191, 67 points. The Cac 40 in Paris, however, fell by around 0.4 percent. The London-based FTSE 100 lost around 0.5 percent. In New York, the Dow Jones Industrial was around 0.4 percent lower at the close of trading in Europe.
In the USA, the rise in consumer prices had slowed somewhat in August from a high level. For the first time since October 2020, the corresponding index was weaker than expected by the market. “The price pressure is still considerable, even if the rates are slightly lower both in the monthly and year-on-year comparison,” commented Ulrich Wortberg from Helaba.
Inflation is still well above the US inflation target -The Fed, which is aiming for two percent. However, the Fed mainly blames temporary factors for the high rate. The markets are currently puzzled over the further steps to be taken by the US monetary authorities, who will meet for the next meeting in the coming week. Most recently, the Fed had signaled that it would slow down its bond purchases.
Merck KGaA’s shares slipped 1.2 percent after a sell recommendation by UBS after they had recently climbed to a record high. Analyst Michael Leuchten considers the high rating to be exaggerated and doubts that the medium-term growth targets targeted by the pharmaceutical and specialty chemicals group will have an equal impact on earnings on the papers of the German competitor Adidas, which lost 1.3 percent. According to traders, Wall Street analysts had expressed themselves pessimistically in a study on Nike and pointed to problems in the industry’s supply chains.
Delivery Hero slipped 1.7 percent from the bottom of the DAX. A buy recommendation from the analysis company Oddo that had been canceled was the main burden.
In the MDax, Siemens Healthineers were among the favorites with a premium of 3.1 percent. Stock marketers referred to the generally good mood for the share of the medical technology group with the imminent Dax rise and the prospect of an increase in the medium-term targets. In addition, the Berenberg analysts were positive.
A raised annual forecast by Deutz caused the shares at the top of the SDax to rise by 5.2 percent. The stocks of connection technology specialist Norma, on the other hand, fell to their lowest level since November 2020 after a reduction in the margin targets and ultimately lost just a little 16 percent.
Compugroup’s shares advanced by 1.8 percent. The software provider specializing in medical practices and hospitals wants to become significantly more profitable again in the medium term after its current investment program.
The euro was last traded at 1. 1824 US dollars. The European Central Bank (ECB) set the reference rate in the afternoon at 1. 1814 dollars.
On the bond market, the current yield rose from minus 0. 39 percent on Monday to minus 0, 38 percent . The Rex bond index fell by 0, 05 percent to 145,02 Points. The Bund future rose by 0, 10 percent to 171,93 Points.