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Dax stable after spectacular gains the day before | Free Press

Frankfurt / Main (dpa) – After impressive daily gains earlier in the week, the German stock market has been stable.

The surprisingly gloomy economic expectations of German financial experts in November received little attention. The Dax leading index fell 0.20 percent to 13,070.60 points around noon. The MDax of the 60 median values ‚Äč‚Äčlost 0.44 percent at 27,671.99 meters. Meanwhile, the leading euro zone index, EuroStoxx 50, was up 0.45 percent.

The day before, the prospect of an imminent corona virus vaccine had euphoric investors and catapulted the Dax to just under 13,300 points in the course of trading. With the support of the victory in the presidential election of Democrat Joe Biden in the United States, it increased almost 5 percent. There were even new records on Wall Street: The Dow Jones Industrial climbed near the 30,000 mark before giving up some of its gains again shortly before the close of business.

Biden’s victory in the presidential race and the vaccine developed by Biontech and Pfizer could, according to the banking house Donner & Reuschel, “bring significant changes for the next few months and even years.” Portfolio manager Thomas Altmann of asset manager QC Partners cautions: Despite all the positive outlook at this time, “there are still some tough economic months to come.” Investors must be prepared for this.

On Tuesday, attention turned back to the reporting season: Sporting goods maker Adidas provided information on the completed quarter and Dax’s new one. After a price increase of nearly 8 percent the day before, its shares are now down just over 5 percent. The outlook for the fourth quarter was not well received despite the positive third quarter results.

Deutsche Post’s stock fell nearly 6 percent after the group now released detailed figures and raised its free cash flow target. According to the consumer goods group’s full quarterly report, Henkel shares were up 1 percent. For the first time, the Siemens Energy subsidiary, which spun off from Siemens, released quarterly figures, bringing the share down 3 percent.

In MDax, shares in software provider Teamviewer fell a further 3 percent after losses of nearly 9 percent the day before. Business in the third quarter grew significantly slower than at the height of the first Covid-19 wave in the spring. However, the Board of Directors continues to assess the outlook as stable and slightly raised its annual forecast for invoiced sales.

Lufthansa, whose price had soared almost 20 percent the day before as a result of the vaccine euphoria, reported on the posting of a convertible bond for 525 million euros. This could not hurt the share price. It was up another 4 percent.