Frankfurt / Main (dpa) – The Dax cut its losses on Friday following the US labor market report. More recently, Germany’s leading index was just 0.61 percent lower at 12,491.58 points.
Earlier, profit-taking after the price spike of the past few days had weighed further on the index. The weekly plus is currently just over eight percent, making up for most of the extremely weak previous week’s losses.
“The job structure in the US is best measured against expectations. However, this should not hide the overall still unsatisfactory situation, ”analyzed Thomas Gitzel, chief economist at VP Bank. “Yes, job creation is progressing, but only in small steps.”
The MDax of the 60 median values fell 0.62 percent to 27,327.11 on Friday afternoon. The EuroStoxx 50, the leading index in the euro zone, fell 0.4 percent.
The prospect of an election victory for Democratic presidential candidate Joe Biden had put investors in a buying mood this week. The outcome of the US elections has yet to be determined.
Before the weekend, the focus on the German stock market was Allianz with quarterly figures. The insurer was able to surprisingly increase its profits in the summer despite the Corona crisis. The shares were up 0.8 percent.
In the case of Deutsche Telekom shares, it was up 2.6 percent. T-Mobile US, the US subsidiary of the Bonn group, presented strong figures and raised the forecast.
After initially significant price gains, Rheinmetall shares turned red. In the afternoon they lost two percent. One trader attributed this to a surprisingly cautious sales forecast for the arms business. On the other hand, the group has more confidence in the automotive supplier division. However, auto stocks were generally very weak in line with the European sector on Friday. On the Dax, Continental posted the biggest losses at 2.4 percent.
Renewed speculation about the Bilfinger acquisition caused the construction services company’s share price to skyrocket by more than eight percent. This placed the stocks at the top of the SDax of the smallest stocks in the stock market by a wide margin.
The euro rose and last traded at $ 1.1888. The European Central Bank (ECB) set the benchmark rate on Thursday at $ 1.1855. The current yield in the bond market was unchanged at minus 0.64 percent. The Rex bond index fell 0.02 percent to 146.61 points. The future of the Bund fell 0.10 percent to 176.22 points.